RIU Resurgence 2020 Conference Companion

Australasia’s Leading Resources Financial Advisor Introduction to Argonaut Argonaut is a full-service corporate finance, stockbroking and investment house with offices in Perth and Hong Kong. We are technically driven & focused on natural resource companies & businesses that service the metals, mining, energy, industrial and agribusiness sectors.

Argonaut is led by an experienced executive team with deep industry knowledge, who have previously held senior executive roles at leading international investment and securities houses.

In our target markets, we are recognised as a trusted, independent corporate advisor with a strong track record of success. We strive to have expertise across the full capital spectrum, being able to deliver our clients financial solutions during their entire company life cycle.

We have an unblemished record and are fully licensed in Australia and Hong Kong to provide corporate finance, stockbroking and research and have a Foreign Broker-Dealer Agreement for the USA and International Dealer Exemption for Canada.

Sihayo Gold

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Salt Lake Potash

Pantoro

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$50,000,000

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Joint Lead Manager & Joint Underwriter

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Advisor and Co-Manager

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Lead Manager

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AIC Mines

Genesis Minerals

De Grey Mining

Atrum Coal

Bellevue Gold

$4,700,000

$19,500,000

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Tigers Realm Coal

St George Mining

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$10,000,000

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Ongoing

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Telephone +61 8 9224 6888

www.argonaut.com

WALLY GRAHAM

as bryan ferry once sang,

“You never miss your water ‘til your well is dry” and we can honestly say we never really knew what that meant until this year.

In February we attended the RIU Explorers Conference in Fremantle, along with the virtual who’s who of the Junior mining and exploration sector.

A record crowd had turned out for the week to launch what was promising to be a momentous year for the industry.

And in a blink of an eye, everything changed. 2020 became our year of living dangerously, our annus horribilis.

We could no longer physically show up to conferences, mainly because they had been cancelled or postponed.

Much to my personal chagrin, I realised I had become rather blasé about fronting up to the airport every month or two to jet across the country and rub shoulders with industry elites, grumbling about the lack of variety on both the in-flight entertainment screens and the QANTAS lounge buffet.

Now, like Bryan above, I was missing my frequent flyer points gathering opportunities, restaurant meals and not having to make the bed in the morning.

It also meant that new skills had to be learnt, and they were.

Zoom was a noise that others had always made as they ran past me on the football field when I was a younger man, now it was a face to face meeting with all and sundry from across the industry in a daily George Jeston-esque encounter.

These meetings became the new normal, and were soon the way The Roadhouse was operating.

Online television had arrived and we embraced it with open arms and The Resources Roadhouse You Tube channel was soon a popular go-to for our loyal readers.

But we weren’t exactly on our own out there on the interweb and every news outlet and public relations flunky worth their salt were doing as much as they could to gain that all important five minutes of punter interest.

Everything was now on-line as auditoriums became webinars and company presentations were delivered with the coldness of a mother-in-law’s kiss.

Punters could watch or listen, but they couldn’t participate.

They couldn’t bail-up the company managing directors who were looking after their investments and ask the questions they felt they so much wanted to.

As much fun as it was learning all these new platforms and associated skills, I missed the most important part of what a conference delivers, personal contact.

There is more to be gained from a casual conflab at a conference booth that what can be gleaned from any online presentation.

And here we are, back where we all belong, this time at the Hyatt in Perth for the RIU Resurgence Conference.

This is the first physical conference to be held since we were all locked down in COVID-19 hibernation and you can lay London to a brick that all participants, be they presenters, exhibitors, or delegates will be keen as mustard to get in amongst it all again.

Sure, there will be a few changes. Physical distancing may make it easier for company folk and their PR reps to dodge investors who ask the hard questions, but the important thing is that they’re here and, once cornered, can answer what needs to be answered.

More importantly they have more time to take delegates through their stories in more depth, which most of the time removes the need for those pesky questions in the first place.

There won’t be party pies for morning tea, but that’s just a small price to pay. We’re back and, hopefully, we’re here to stay.

Front cover: Drilling underway at Musgrave Minerals’ Starlight Gold Discovery. Photo courtesy of Musgrave Minerals

resourcesroadhouse.com.au © Copyright Resources Roadhouse Pty Ltd September 2020 No representation or warranty is made by the Publisher as to the accuracy, completeness or reasonableness of the information in this publication. Some articles have been commissioned by the featured company. The Publisher does not accept responsibility or liability for any loss or damage of whatever nature (including, without limitation, for negligence) suffered or incurred by you relating in any way to information published on the Site including, without limitation, for any errors or omissions or for lack of accuracy, completeness, currency or reliability of the information.

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The content of this publication contains general information only. You should not treat the contents, or any information provided in connection with it, as financial advice, or advice relating to legal, taxation or investment matters.

The publication does not purport to contain all the information that a prospective investor may require in connection with any potential investment. You must make your own independent assessment before making any investment and you should consult your own advisers and conduct your own investigations and analysis.

All information and content in this publication is subject to copyright by the Publisher. Should you wish to publish content in whole or in part, you must attribute the source as Resources Roadhouse.

Thou Shalt Not COVID Thy Neighbour’s Economy The world economy has endured COVID-19 like a pimply-faced teenager encounters puberty. both enjoyed an 11-year growth spurt that suddenly stopped,

giving time for reflection on where they are now, and what clothing they are likely to wear until they have to contend with a middle-age spread.

When COVID-19 hit the headlines economists and predictors of fiscal fortunes recognised there was bound to be some reversal of prosperity, however after 11 years of growth, nobody was as prepared for what was to come as they thought.

True, we had been through the Global Financial Crisis (GFC) of 2008/9, but that was a man-made crisis, from the office-bound finger tips of greedy financial types, all of whom had a reasonable idea of what they may be getting us into, and had sound Plan Bs in place to ensure they would bounce back – again - as they had the time before and the time before that.

The ‘Global’ moniker attached to the GFC was also misleading as it was truly a first world affliction, while COVID-19 has truly hit on a global scale, having no discrimination of social standing nor Gross Domestic Product.

Australia weathered the stormy GFC seas thanks mainly to mainland China and its infrastructure drive, a policy that is still contributing to sustained high prices for the bellwether commodities of iron ore and gold.

COVID-19 may be influencing current iron ore pricing, but up until it struck, Australian producers were enjoying a buoyant run pre-pandemic that was fuelled by the misfortunes of global competitors, mainly Vale in Brazil and the collapse of the Brumadinho tailings dam, which made it difficult to re-rail operations.

It has been reported that Vale is back in the game, hitting export numbers of 5 million tonnes per week, however to keep the Brazilian government happy pressure is mounting to increase those figures to six million tonnes per week.

The Department of Industry, Science, Energy and Resources, Commonwealth of Australia Resources and Energy (DISER) had forecast Australian iron ore export earnings to top $100 billion in 2019-20, and in its recent March Quarterly Report suggested this, “appears to have been achieved”.

The iron ore price recently hit US$120 per tonne driven by demand, mainly from China, and tightness in the medium grade fines segment.

Gold has also been making the most of global pandemic-related panic, which was recently pointed out by good friend of The Resources Roadhouse, industry analyst Gavin Wendt.

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Wendt opined that although mainstream media sought to correlate gold’s rise with the Covid-19 pandemic, just like iron ore, it too had its origins of ascent well before the outbreak reached the airwaves.

He dated the start of the latest gold run way back in 2015, when the gold price was sitting around US$1,050 per ounce.

Cries of industry joy were again heard in 2018 when gold hit around US$1200 per ounce.

Looking at gold’s recent peak of around US$2,050 per ounce, Wendt calculated gold to have almost doubled in price over the past five years, and is up by two-thirds over the past two years alone.

“Gold’s ascent began five years ago, with interest rates low and question marks beginning to be asked about the world economy,” Wendt explained.

“Interest rates were kept low during and subsequent to the GFC, as a means of accelerating and maintaining economic growth, but have never been allowed to return to ‘normalised’ levels.

“There are inherent dangers in keeping interest rates too low for too long, as they create asset bubbles and lead to artificially high equity markets, as investors chase returns.”

Gold has long been a safe haven, physical gold that is, which in times of strife, in the form of gold bars, or bullion, as it is known to its friends has been the way people have protected their wealth.

They buy it, store it, and every now and then take it out and look at it, then put it away again, if not in the shape of bars, perhaps as jewellery, either way the physical stuff traditionally been more favourable than paper, be that money or shares.

Until recently, that is, when the most renown of all investors, Canadian wunderkind Warren Buffet forked out US$564 million for a stake in Barrick Gold Corporation.

It’s not known for certain whether he was aware that Barrick had sold its stake in the Kalgoorlie Superpit, but Buffet was not setting a trend, but merely following one that had been kicked off

by Australian fund manager, David Paradice, who was followed down the golden adit by London-based compatriot, Michael Hintze.

Have they all read the gold tarot cards correctly? Only time will tell, but safe to say such big investments from such big players can only encourage others to follow suite.

Nickel prices were already on the swing in 2019, way before COVID-19 had emerged from a Chinese wet market.

In the second half of 2019, the metal was shifting between US$10,400 and US$18,600 a tonne, averaging US$13,900 a tonne, thanks mainly to uncertainty from Indonesia’s planned nickel ore export ban.

Prices fell in early 2020 hitting a market low of US$11,055 per tonne, until July when a major boost in the shape of Tesla boss, Elon Musk appeared, who openly pleaded with nickel miners around the world to pull their collective fingers out.

“Any mining companies out there, please mine more nickel,” Musk pleaded.

“Tesla will give you a giant contract for a long period of time, if you mine nickel efficiently and in an environmentally sensitive way.”

The market reaction was similar to the rally Musk set off in 2017 for tin when he expounded on the virtues of that particular commodity in the production of modern gadgetry.

This time he spoke nickel and the spot nickel price reacted accordingly, rebounding to US$13,460 per tonne on the London Metals Exchange.

“Given its exposure to China’s stainless steel and electric vehicle (EV) production, there is wide consensus that nickel is one of the best placed base metals to rebound as the world, and particularly China, starts to recover economically from the COVID-19 pandemic,” DISER said.

Regardless of your analyst of choice, most predict a rise in the fortunes of nickel in coming years with some 1.1 million tonnes earmarked for use in the production of 30 million Electric Vehicles (EVs) by 2030.

That rise is anticipated to be shared by copper, of which around 4.1 million tonnes is expected to be used in making our roads cleaner and quieter.

A double-edged sword of COVID-19 and a general pessimistic world economic outlook conspired early in 2020 to bring copper prices down to their lowest levels since 2016 at US$4,620 per tonne, since then it has fought back to be knocking around the US$6,000 mark.

Australia’s recent fall in mined copper production, around 4.6 per cent, has not been directly due to any COVID-19 issues, but has been more in line with the closure of two Western Australian mines – the Nifty and Golden Grove mines.

Production from South Australia also fell with the closure of Hillgrove Resource’s Kanmantoo operation and the changing of ore bodies at Oz Minerals’ Prominent Hill mine.

Zinc prices have not had a fun time during the pandemic and have been predicted to remain so for the duration of 2020.

According to the boffins at DISER, zinc prices should enjoy a modest rise of around 3.1 per cent to US$2,055 a tonne over 2020 to 2022.

Australia’s zinc production is expected to gain traction increasing from an estimated 1.3 million tonnes (in metallic content terms) in 2019–20 to 1.6 million tonnes in 2021–22, however DISER forecasts Australia’s zinc export earnings to decline from $3.5 billion in 2019–20 to around $3.2 billion in both 2020–21 and 2021–22 based on an appreciating Australian dollar, despite increasing production and rising prices.

Lithium continues to be a conundrum wrapped up in onion clothing having suffered due to a COVID-19 induced slump in global automotive sales globally.

Whether it has been needed or just because they can, China upped its imports of lithium carbonate by a whopping 544 per cent year-on-year for April 2020 and up 284 per cent for the four months, January to April 2020, on a year-on-year basis as it cashed in on falling prices to place large lithium orders.

China also increased its imports of lithium hydroxide by 262 per cent, month-on-month for April as trade reopened after the COVID-19 outbreak.

Throw in an offtake agreement or two the country inked during COVID-19, and one would have to assume its appetite for lithium remains strong.

South Korea was not to be outdone and increased importation of lithium carbonate by 28 per cent month-on-month in April, again as trade resumed post the COVID-19 outbreak.

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Although we in Australia are yet to see any substantial uptake in the electric vehicle market, at least not until prices come down to generate interest, sales elsewhere are healthy enough.

This resulted in DISER to predict, “global lithium demand to rise from 258,000 tonnes (lithium carbonate equivalent) in 2020 to around 414,000 tonnes by 2022 as car plants in Germany and China commence production and ramp up, after being slowed down by COVID-19”.

“Electric vehicles sales are forecast to drop by 18 per cent in 2020 due to the effects of COVID-19,” DISER said.

“Global electrical vehicle sales slumped by 44 per cent for the March quarter, but were offset by stronger European sales based on emissions restrictions due to come into force on 1 January 2021.”

If an unwinner were to be declared at this time it would be Australian LNG exporters with prices falling to record lows.

As countries have knuckled down to contain COVID-19 there has been a proportionate drop in gas and LNG demand across global power, industrial and transport sectors, which has increased the over-supply of LNG, thereby resulting in weakened prices.

How long we have to wait for these markets to rebound is anybody’s guess, however with vaccines rumoured to be closer to becoming an actual thing, countries will again be looking to kick-start their economies and spot and contract LNG prices will once again be on the rise.

According to DISER, Australia exported some $47 billion of LNG in 2019–20, a figure way down on the previous year, in fact 4.6 per cent lower than 2018–19.

Australia’s LNG export earnings are forecast to fall back sharply again in 2020-21 by 26 per cent to $35 billion.

“Oil prices are a key sensitivity for Australian LNG export earnings, and there is substantial uncertainty underpinning the outlook for oil prices,” DISER said.

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COVID-19 and the inability of OPEC+ countries to play nicely have resulted in wild fluctuations of oil prices throughout 2020, although this instability has abated since May 2020 that still suggests a high degree of uncertainty in the short-term.

“This uncertainty presents significant risks to the outlook for the Australian commodity sector,” DISER explained.

“Although Australia is not a major oil producer or exporter, almost three quarters of Australian LNG exports are sold under oil-linked long-term contracts.”

It has to be of little surprise that China is mentioned throughout – and in most economic analysis – as the country is an important trade partner to most others.

However, a significant factor to be included in any global economic equation has to be the probability of a Donald Trump re-election.

When elected in 2016, Trump had his sights on a trade war with China, and the upshot is that for the majority of 2019, Australian trade with China was negatively affected by tensions with the US. This wasn’t helped by our own Prime Minister rattling the Chinese COVID-19 cage by calling for an investigation into the pandemic spread.

Since then there has been a Sino challenge to the import of Australian barley, beef, and most recently wine.

Although these commodities don’t lend much to the omnipotent Chinese infrastructure build as those we dig out of the ground, they do reflect how the country’s elite wish to enjoy the western things in life.

Trump, if you will pardon the pun, is the Joker in the pack and his possible re-election could extend the ongoing trade tensions that were in place before we all caught the nastiest of colds.

R

NO W The ideal environment for investors and brokers to meet and hear from some of the leaders in Australia’s technology sector

IS TE

Hear from WA based ASX tech and medtech companies

RE G

Australia’s Largest Investment Conference for the Tech Sector is Coming to Perth!

Tuesday 8 December, 2020 Ritz Carlton Perth

Interested in the electric car scene?

This event features the ASX listed resources companies operating in minerals associated with technology, battery storage and emission free power transmission.

Our World is changing and this event highlights some of the leading Companies who are making an effort to sustain our environment for future generations.

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www.verticalevents.com.au

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Apollo Consolidated Ltd

Black Cat Syndicate Ltd

(ASX: AOP)

(ASX: BC8)

Apollo Consolidated has signalled its intentions to continue its drilling campaign centred around three key deposits at the company’s 100 per cent-owned Lake Rebecca gold project east of Kalgoorlie in the West Australian goldfields.

In February 2020, Apollo announced a maiden JORC 2012-complaint Mineral Resource estimate the project’s Rebecca, Duchess and Duke deposits.

The three deposits returned total combined Mineral Resources of 27.1 million tonnes at 1.2 grams per tonne gold for 1.035 million ounces of gold, 53 per cent of which is sitting in the Indicated category.

Mineral Resources comprise: Rebecca at 19.1 million tonnes at 1.3g/t gold for 775,000 ounces; Duchess at 5.7 million tonnes at 1g/t gold for 180,000 ounces; and Duke at 2.3 million tonnes at 1.1g/t gold for 80,000 ounces.

Drilling carried out by Apollo in the first half of 2020 returned encouraging results from the central and southern parts of the project’s main 775,000-ounce Rebecca deposit.

Other results included an encounter within an under-explored four-kilometre zone between the Duchess and Cleo deposits, at both of which wide extensional intercepts were returned.

Apollo has taken confidence from the drilling at Duchess, which it considers to bolster the deposit’s Mineral Resources while continuing to build the company’s understanding of its mineralised dimensions.

Apollo is of the opinion that the drilling results received to date at Duchess demonstrate it could be a major contributor to any commercial gold operation at Lake Rebecca, and is only part of the Mineral Resource upgrade and extensional drilling planned at this location.

At time of writing the Duchess deposit remained open at strike and depth, with several promising under-tested structural targets sitting to the north and south of the drilling area.

Black Cat Syndicate has provided shareholders with much joy in 2020 with the company’s share price enjoying a steady rise throughout the year to be, at time of writing, hovering close to the 90-cent mark.

The improvement can be attributed to activities throughout the year, which included acquiring two gold projects from Silver Lake Resources (ASX:SLR), conversion of 2004 JORC Resources to 2012-compliance, the intersection of further high-grades at the Myhree deposit, and a share placement that dropped a lazy $10 million into the company coffers.

Black Cat picked up the Fingals gold project, located some 30 kilometres from its main Bulong gold project and the Rowe’s Find gold project that sits around 100km away, increasing its landholding in the region from to 233 square kilometres.

“Fingals and Rowe’s Find have clear synergies to our Bulong gold project,” Black Cat Syndicate managing director Gareth Solly said.

“With this acquisition, we will…add high quality exploration targets as well as near term mining opportunities.”

Black Cat soon converted the 2004 Resources to 2012 numbers, resulting in total reportable Resources of 8.7 million tonnes at 2.6 grams per tonne gold for 711,000 ounces.

RC drilling at Myhree returned numerous zones of shallow, thick, high-grade mineralisation.

The results will be added to the Resource model and the Myhree Feasibility Study during the September 2020 quarter.

“The continued shallow, high-grade results bode well for early cashflow from potential mining operations at Myhree,” Solly said.

A recent share placement at 82 cents per share raised $10 million to bankroll the company’s quest to increase its Resource base to one million ounces as it looks to establish sufficient Resources/Reserves to underpin its first three years of production.

EMAIL info@apolloconsolidated.com.au WEB www.apolloconsolidated.com.au DIRECTORS Roger Steinepreis, Nick Castleden, Tony James, Rob Ghergetta

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EMAIL admin@blackcatsyndicate.com.au WEB www.blackcatsyndicate.com.au DIRECTORS Paul Chapman, Gareth Solly, Les Davis, Alex Hewlett, Tony Polglase

Alicanto Minerals Ltd

Kin Mining NL

(ASX: AQI)

(ASX: KIN)

Alicanto Minerals has maintained a busy schedule at the company’s portfolio of 100 per cent-owned projects, located within the highly endowed copper-gold-zinc-silver-lead Bergslagen Mining District of Southern Sweden.

Oxberg and Naverberg Projects In May, Alicanto announced the identification of multiple, new, undrilled, Electro Magnetic (EM) conductors prospective for high-grade copper-gold-zinc-lead-silver mineralisation at the Naverberg project.

The EM conductors are located across more than 10 kilometres of mapped Limestone Mineralised Horizon along strike of the historic, high-grade Falun Mine that was closed in the 1990’s, but not before yielding 28 million tonnes at 4 per cent copper, 4 grams per tonne gold, 5 per cent zinc, 2 per cent lead, 35g/t silver.

Alicanto believes the newly-identified EM conductors could correspond to undrilled semi-massive and massive sulphide bodies.

Wolf Mountain Project In February 2020, the company completed a phase one maiden diamond drilling program at the Wolf Mountain prospect, drilling six holes to define widespread broad and strongly altered skarn mineralisation, it has interpreted to represent the margins of a potentially large mineralised system with grades of up to 2.1 per cent copper, 69g/t silver and 1.3 per cent zinc.

Heden Project In June 2020, Alicanto identified multiple, new, undrilled copper-gold skarn targets within 20km of Wolf Mountain, encouraging it to apply for an additional 158 square kilometres of prospective tenure, increasing its land position to 275sqkm.

The Heden prospect is a high priority drill target the company considers the best example of regional scale copper skarn mineralisation in the Bergslagen district it has observed to date.

The near surface observation of copper skarn mineralisation and alteration at Heden, allows Alicanto to advance directly to ground Electromagnetics (EM) surveying before commencing drilling scheduled later in 2020.

Kin Mining’s main objective is the development of the company’s 100 per cent-owned Cardinia gold project (CGP) located in the highly prospective North-Eastern Goldfields region of Western Australia.

The CGP has an 945,000 ounces of gold Mineral Resource defined in both oxide and deeper primary mineralisation.

Kin believes there is considerable potential to grow this resource with further drilling.

To that end the company has made satisfactory progress with its Phase 3 Cardinia Hill RC program that was designed to in-fill at the southern end of the deposit and to step out and test for potential strike and depth extensions in the northern end of the deposit.

The program was successful in both objectives, providing Kin with a refined and updated geological understanding of the Cardinia Hill prospect, paving the way for resource drilling, which is planned to commence as soon as possible.

In-fill drilling at the southern end produced intercepts of 17m at 2.35 grams per tonne gold 6m, confirming the tenor of the mineralisation originally encountered in this part of the deposit.

Deeper RC holes intersected narrower mineralised zones, such as 2m at 3.17g/t gold from 160m, confirming continuity of the mineralised structures at depth.

At the northern end of the deposit, intersections including 4m at 3.89g/t gold from 57m extended the strike length of the deposit to the north with mineralised intercepts encountered in all RC holes drilled.

“The initial phase of RC drilling at Cardinia Hill undertaken as part of the broader Phase 3 program has been successful in upgrading our understanding of the geometry and scale of the deposit — providing a solid foundation for planned resource drilling,” Kin Mining managing director Andrew Munckton said.

EMAIL info@alicantominerals.com.au WEB www.alicantominerals.com.au

EMAIL info@kinmining.com.au WEB www.kinmining.com.au DIRECTORS Joe Graziano, Andrew Munckton, Brian Dawes, Nicholas Anderson, Hansjoerg Plaggemars

DIRECTORS Ray Shorrocks, Didier Murcia, Peter George

ALIC ANTO MINERALS LIMITED

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Azure Minerals Ltd

Kalamazoo Resources Ltd

(ASX: AZS)

(ASX: KZR)

Azure Minerals shifted its gaze to domestic exploration possibilities by acquiring a 60 per cent interest in the Andover nickel-copper project and 70 per cent interests in the Turner River, Meentheena and Coongan gold projects from The Creasy Group, controlled by prominent mining prospector Mark Creasy.

All projects are located in the Pilbara region of Western Australia, far from Azure’s Mexico-based exploration projects that were affected by the COVID-19 pandemic.

The company believes gold and nickel projects in Western Australia allow it to continue exploration activities.

The four projects acquired also allow Azure to reduce risk by diversifying across commodities and jurisdictions, providing exposure to an on-trend WA gold exploration district and an advanced nickel-copper project.

Andover is a highly prospective base metal project where a nickelcopper discovery was made by the Creasy Group from drilling that demonstrated potentially economic grades and widths.

Mineralisation is hosted in the Andover Complex, a layered mafic-ultramafic intrusive complex similar to the Gonneville Intrusive Complex that hosts the new Julimar nickel-copper-PGE discovery of Chalice Gold Mines.

The Turner River gold project is located in the Mallina region where recent discoveries have highlighted it as being an emerging gold province with the potential to be of world-class scale.

Azure’s recently-acquired property is adjacent to De Grey Mining’s project, which contains the Hemi gold discovery plus gold resources of 2.2 million ounces.

Turner River hosts similar geology to De Grey’s ground, including 12 kilometres of the fertile Berghaus Shear and parallel structures associated with the Hemi deposit.

Although its projects in Mexico remain important, Azure Minerals considers its new projects an exceptional opportunity to explore quality ground in partnership with a proven world-class mine-finder.

Kalamazoo Resources recently added to its portfolio of Pilbara-based gold assets with the acquisition of the highly prospective Ashburton gold project from Northern Star Resources (ASX: NST).

The Ashburton gold project, located on the southern edge of the Pilbara Craton in Western Australia, comes with a solid history and inventory having produced 350,000 ounces of gold in the period 1998-2004 and currently contains a JORC 2012-compliant Mineral Resource estimate of 20.8 million tonnes at 2.5 grams per tonne gold for 1.65 million ounces.

Northern Star accumulated this Resource by way of drilling at the Mount Olympus and Peake deposits throughout 2012 that supports Kalamazoo’s due diligence assessment that the project hosts both excellent brownfields and greenfields exploration potential.

Kalamazoo has signalled its primary exploration objective is to increase the resource base through a systematic, effective, and innovative exploration process.

Kalamazoo has already identified several prospect areas that require immediate follow up evaluation and drill testing.

The Ashburton project is located approximately 200km from Northern Star’s Paulsens gold mine, which has been on care and maintenance since 2018.

Should this plant be re-commissioned, Kalamazoo could investigate the feasibility of mining and hauling high-grade oxide to Paulsens for processing.

To fund the acquisition, Kalamazoo negotiated an early payment of $3.25 million owed to it from the recent sale of the Snake Well project.

The company declared these funds will now be allocated and used exclusively for next stage exploration and drilling activities at the Ashburton gold project.

The early payment of the Snake Well sale is positive news for Kalamazoo shareholders it now means there will be no need to pursue a capital raising to fund the project’s immediate planned exploration program.

EMAIL admin@azureminerals.com.au WEB www.azureminerals.com.au

EMAIL admin@kzr.com.au WEB www.kzr.com.au

DIRECTORS Peter Ingram, Tony Rovira, Dr Wolf Martinick

DIRECTORS Luke Reinehr, Angus Middleton, Paul Adams

resources

10

RareX Ltd

Peel Mining Ltd

(ASX: REE)

(ASX: PEX)

RareX acquired 100 per cent of the Cummins Range project in the Kimberley region of Western Australia 2019, after which it quickly completed a geophysical program to identify potential drill targets.

Drilling was originally scheduled to begin in April 2020, but was delayed due to the COVID-19 pandemic, however the company has since been able commence drilling at Cummins Range, the first time the project has been subjected to such activity since 2011.

A program of Reverse Circulation (RC) drilling is targeting new discoveries, extensions to known Resources, conversion of Inferred to Indicated Resources within the known mineralisation and the collection of samples for metallurgical testwork.

Mineralisation at Cummins Range is hosted within a weathered laterite horizon above the carbonatite intrusion — a similar geological setting to the world-class Mt Weld Rare Earths Deposit owned by Lynas Corporation.

RareX is confident the program will deliver the results it needs to advance Cummins Range as an important rare earth asset in Australia at a time of increasing geopolitical tensions and strong forecast demand growth for rare earth permanent magnets.

While all this has been happening the company also received encouraging news from drilling on porphyry copper-gold systems at the Trundle gold-copper project Joint Venture in New South Wales with Kincora Copper (Kincora 65%: RareX 35%).

Kincora reported assay results for the first diamond hole to be drilled at the Mordialloc target, the second diamond hole drilled at the Trundle project.

Assay and petrography results demonstrated the presence of a mineralising porphyry copper-gold system at the Mordialloc target, confirming previous visual and internal interpretations.

Indications from the Mordialloc drilling show it to remain open in all directions and to depth.

Peel Mining recently moved to ensure it retained ownership of the Mallee Bull project in New South Wales.

Mallee Bull hosts one of the highest-grade undeveloped copper resources in Australia and Cobar-style zinc, lead silver and gold mineralisation.

Peel’s hand was called when its Joint Venture partner, CBH declared its intention to sell its 50 per cent interest to a third party.

Peel, however, held a Joker in the form of a pre-emptive right to purchase the interest, which it has played by announcing a share placement to raise funds to meet the $17 million price tag.

The Joint Venture consists two tenements, EL7461 and ML1361, and contains the namesake Mallee Bull copper-polymetallic deposit as well as the May Day gold-polymetallic deposit.

By moving to 100 per cent-ownership of the Mallee Bull deposit, Peel consolidates its global resource base to more than 10 million tonnes, whilst the May Day deposit presents a relatively low-cost opportunity to establish potential shallow gold-dominant mineable resources.

Mallee Bull contains a JORC Resource of 6.76 million tonnes at 1.8 per cent copper, 31 grams per tonne silver, 0.4g/t gold, 0.6 per cent lead, 0.6 per cent zinc.

Peel has signalled its intention to improve and grow resources, for establishment of ore reserve and mining inventory, to form the basis of a robust stand-alone processing operation supported by multiple mines.

The company will engage with engineering firms to commence conceptual polymetallic designs for a mill to process approximately 1.2 million tonnes per annum centrally located amongst Peel’s projects.

This includes drilling planned to follow-up previously intersected gold-rich mineralisation on the Southern Nights-Wagga Tank deposits where a scoping study is anticipated to be concluded later this year.

EMAIL info@rarex.com.au WEB www.rarex.com.au

EMAIL info@peelmining.com.au WEB www.peelmining.com.au

DIRECTORS John Young, Jeremy Robinson, Shaun Hardcastle, Cameron Henry

DIRECTORS Rob Tyson, Simon Hadfield, Graham Hardie, Jim Simpson

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Encounter Resources Ltd

Comet Resources Ltd

(ASX: ENR)

(ASX: CRL)

Encounter Resources controls a major ground position in the Paterson Province of Western Australia where the company is exploring for gold-copper deposits in the Telfer region and sedimentary coppercobalt deposits at Yeneena.

Encounter provides shareholders exposure to multiple, well-funded, exploration programs via Joint Ventures with Newcrest Mining in the Tanami and West Arunta regions of WA, one of the most highly sought-after gold exploration districts in Australia.

It also shares a JV with IGO Limited in the renown Paterson Province copper-cobalt district in WA. These JVs allow the company to also focus on its portfolio of 100 per cent-owned gold, copper and IOCG targets around the country.

The company recently announced assays from diamond drill completed at the 100 per cent-owned Lamil copper-gold project in the Paterson Province where drill hole ETG0201 returned: 36 metres at 0.5 grams per tonne gold from 28m, extending supergene gold mineralisation on a single section of drilling at the Gap prospect to over 180 metres wide.

Follow up drilling at Lamil is scheduled to commence in September.

Newcrest is sole funding exploration activities across a series of JVs in the Tanami and West Arunta Provinces.

The Aileron JV in the West Arunta district contains a number of structural targets identified through aerial magnetic surveying, including a large, discrete magnetic anomaly consistent with the scale of an Ernest Henry or Carrapateena style system.

In March, IGO struck an earn-in and JV agreement to sole fund up to $15 million in exploration at the Yeneena copper-cobalt project to earn a 70 per cent interest.

This decision followed collaborative deployment of a suite of new exploration technologies at Yeneena during 2019, which defined new, large scale copper-cobalt targets.

Comet Resources has not allowed the disruption of the COVID-19 pandemic to slow it aspirations.

Comet Resources recently announced the acquisition of the Barraba copper project in Northern New South Wales.

Located just 550 kilometres north of Sydney, Barraba sits along the Peel Fault line and encompasses the historic Gulf Creek and Murchison copper mines in a region known to host volcanogenic massive sulphide (VMS) style mineralisation containing copper, zinc, lead and precious metals.

The historical mine at Gulf Creek was mined for high-grade copper mined around the turn of the 19th century at an average copper grade of five per cent. Zinc was also noted in historical records but not assayed.

The Barraba copper project has never been systematically tested by modern exploration techniques, however, based on recent site work, Comet will focus initial exploration on the Gulf Creek deposit area, which it considers prospective.

“We’re now finalising a drilling plan aimed at confirming the presence and extent of mineralisation there not just for high-grade copper but also for other base and precious metals,” Comet Resources managing director Matthew O’Kane said.

In June Comet announced acquisition of the Santa Teresa gold project in Baja California, Mexico.

The project hosts a high-grade mesothermal lode gold quartz vein system, with historical drilling intersecting grades up to 958 grams per tonne gold where Comet sees opportunity for resource growth through further exploration work.

The deal includes gold streaming and royalty financing to fund activities at the project for up to US$20 million (initial minimum of US$6 million).

Due diligence work was underway at the time of writing, and Comet hopes to close the transaction during Q3 and then move into field activities as soon as possible.

EMAIL contact@enrl.com.au WEB www.enrl.com.au DIRECTORS Paul Chapman, Will Robinson, Peter Bewick, Dr Jon Hronsky, Philip Cructhfield

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EMAIL comet@cometres.com.au WEB www.cometres.com.au DIRECTORS Matthew O’Kane, Alex Molyneux, Hamish Halliday, David Prentice

Panoramic Resources Ltd

Legend Mining Ltd

(ASX: PAN)

(ASX: LEG)

Panoramic Resources owns the Savannah nickel project in the East Kimberley, which operated from 2004 until 2016 before a decline in the nickel price saw the mine placed on care and maintenance.

The company never lost confidence in the mine and after the discovery of the Savannah North orebody, the mine was recommissioned in 2018 before operations were temporarily suspended in 2020.

Panoramic has completed an updated Mine Plan and updated Ore Reserve estimate for Savannah in July 2020, outlining a near-term nickel sulphide mine restart opportunity.

The total Savannah Ore Reserve (including Savannah North), at 30 June 2020, stood at 8.3 million tonnes at 1.23 per cent nickel, 0.59 per cent copper and 0.08 per cent cobalt for 102,000 tonnes nickel, 48500 tonnes copper and 7000 tonnes cobalt contained metal.

The updated Mine Plan includes some Inferred Resources located near Ore Reserves, increasing the mining inventory to 10.4 million tonnes at 1.22 per cent nickel, 0.54 per cent copper and 0.08 per cent cobalt for 127,000 tonnes nickel, 56,000 tonnes copper and 8,500 tonnes cobalt contained metal.

“The updated Mine Plan and Ore Reserve for Savannah underpin the potential future restart of the operation and confirm the significant value of the asset,” Panoramic Resources managing director and CEO Victor Rajasooriar said.

“The Mine Plan provides an attractive base case for Savannah, with significant capacity to further enhance the mining inventory by converting the Inferred Resources at Savannah North and the orebody remaining open at depth and along strike.

“We now have a firm foundation to recommence underground pre-production development next month, to complete ventilation works for Savannah North and complete areas of capital development to lay further groundwork for a potential restart of operations.”

Legend Mining demonstrated how a major discovery can have a transformative effect on a junior explorer.

In 2019 Legend Mining announced the discovery of the Mawson massive-sulphide-nickel deposit within the company’s Rockford project in the highly prospective Fraser Range district of Western Australia.

The discovery came via diamond drillhole RKDD007 that returned an intersection of: 14.9 metres at 1.07 per cent nickel, 0.75 per cent copper, 0.06 per cent cobalt from 114m, including 2.1m at 2.03 per cent nickel, 1.34 per cent copper, 0.11 per cent cobalt from 115.5m.

At the time Legend declared the 14.9m sulphide zone occurred within a larger 70.15m disseminated sulphide halo.

“This discovery hole at Mawson is an outstanding exploration success and a watershed moment for all Legend stakeholders and indeed all of the Fraser Range,” Legend Mining managing director Mark Wilson said at the time.

“The 2.1 metres high-grade intercept within a 14.9 metres sulphide zone is within a 70 metres disseminated sulphide halo and has all the hallmarks of a large mineralised system.”

The diamond drilling continued to deliver improving grades, including: RKDD018 4.5m at 3.05 per cent nickel, 2.32 per cent copper, 0.19 per cent cobalt from 103.7m.

A run on the company share price took its market cap to $340 million, gaining it a place in the recently re-shuffled All Ordinaries Index.

Shareholders showed their approval of the company’s effort by supporting a share placement that raised $20 million to fund ongoing activities at the Mawson discovery.

Recent downhole electromagnetic (DHTEM) surveys identified an exciting development in the shape of a substantial downhole conductor at the Mawson prospect that Legend has interpreted as the possible northeast extension of the mineralisation at Mawson.

EMAIL info@panres.com.au WEB www.panoramicresources.com DIRECTORS Nicholas Cernotta, Victor Rajasooriar, Peter Sullivan, Rebecca Hayward, Gillian Swaby

WEB www.legendmining.com.au DIRECTORS Michael Atkins, Mark Wilson, Derek Waterfield

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Blackstone Minerals Ltd

Corazon Mining Ltd

(ASX: BSX)

(ASX: CZN)

Blackstone Minerals continued its encounters with high-grade massive sulphide nickel-copper-PGE at Ban Chang, part of the company’s Ta Khoa nickel-copper-PGE project in Vietnam.

At the time of writing the company had completed the first four holes of a maiden drilling program at Ban Chang, all having encountered sulphide mineralisation.

BC20-04, returned: »» 21.5 metres at 0.69 per cent nickel, 0.66 per cent copper, 0.03 per cent cobalt and 0.81 grams per tonne PGE from 71m »» 13.4m at 1.01 per cent nickel, 0.96 per cent copper, 0.05 per cent cobalt and 1.14g/t PGE from 76m, including 2.1m at 2.53 per cent nickel, 1.36 per cent copper, 0.11 per cent cobalt and 0.76g/t PGE from 77.6m.

The four maiden drill holes, were drilled more than 1.2km apart and along strike within a 1.2km-long massive sulphide target zone defined by high priority EM plates.

Blackstone began an aggressive drill out phase to delineate a maiden resource at Ban Chang to supplement the ongoing studies focused on producing nickel sulphate for the lithium-ion battery industry.

The company purchased a third drill rig to follow its geophysics crew throughout the Ta Khoa nickel sulphide district, testing high-priority EM targets generated from 25 MSV prospects, including King Snake, Ban Khoa, Ban Chang, and Ta Cuong.

The largest rig will continue drilling at the King Cobra Discovery zone (KCZ), while the two smaller drill rigs will operate at Ban Chang East and Ban Chang West.

Blackstone’s Scoping Study on downstream processing to produce nickel sulphate for the lithium-ion battery industry and Ban Phuc maiden resource are on track for completion in Q3, CY20.

Corazon Mining has consolidated the entire historical Lynn Lake nickel copper cobalt mining centre in the province of Manitoba, Canada.

It is the first time Lynn Lake has been under the control of one company since mine closure in 1976.

Previous drilling at the A Orebody within the Lynn Lake Mining Centre intersected near surface sulphide mineralisation, including: 37 meters at 1.34 per cent nickel, 0.5 per cent copper, 0.04 per cent cobalt from 8m, including 8.35m at 2.36 per cent nickel, 0.66 per cent copper, 0.063 per cent cobalt from 17m; and 21m at 0.67 per cent nickel, 0.5 per cent copper, 0.02 per cent cobalt from 8m.

Drilling commenced in April 2020 at the Fraser Lake Complex (FLC), but was disrupted in early-May by localised flooding from seasonal meltwaters.

Corazon Mining recommenced drilling in August, revisiting a priority drill target at the FLC in the shape of the first hole (FLC202022) that had reached the top of the defined target anomaly at a downhole depth of 523.4 metres (approximately 400 metres below surface).

The unstable surface conditions caused by the northern hemisphere spring melt mentioned above halted proceedings, however with surface conditions stabilised Corazon recommenced drilling.

“There were a couple of small frustrating delays, outside the control of the team, but it’s been a huge effort to get back over the hole, and we’re drilling now,” Corazon Mining managing director Brett Smith said on recommencing.

Lynn Lake currently hosts a substantial Resource with potential for additional ‘easy start-up’ tonnages that would be beneficial for any new mining operation at Lynn Lake.

Defining such tonnages is a key priority for Corazon as it moves towards feasibility work.

EMAIL admin@blackstoneminerals.com.au WEB www.blackstoneminerals.com.au DIRECTORS Hamish Halliday, Scott Williamson, Andrew Radonjic, Steve Parsons, Hoirim Jung

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EMAIL info@corazon.com.au WEB www.corazon.com.au DIRECTORS Terry Streeter, Brett Smith, Jonathan Downes, Dr. Mark Yumin Qiu

Venture Minerals Ltd

Galan Lithium Ltd

(ASX: VMS)

(ASX: GLN)

As we were going to print Venture Minerals had its finger poised to push the big green button at the company’s Riley iron ore mine in Tasmania.

The 100 per cent-owned Riley DSO project is located 10 kilometres from the company’s Mt Lindsay tin-tungsten deposit and occurs as a hematite rich pisolitic and cemented laterite.

The deposit is all at surface, located less than 2km from a sealed road that accesses existing rail and port facilities.

A maiden resource statement of 2 million tonnes at 57 per cent iron was defined in 2012, which resulted in the company doubling its overall DSO resource base, including the Livingstone deposit to 4.4 million tonnes at 57 per cent iron.

Venture was quick to pounce upon Riley’s short mine life and quick time to production, which it believes presents a unique opportunity to capitalise on the current historically high iron ore price and generate cashflow in the near-term.

Over in the west, Venture Minerals completed EM surveys over the Vulcan copper-gold prospect at its Golden Grove North project, claiming discovery of three high priority conductors.

Venture has interpreted these conductors to represent massive sulphide targets within a highly prospective VMS target area, along strike from the world class Golden Grove VMS Mine, located in the state’s premier VMS district.

“Each of these high priority targets exhibit multiple geological characteristics that similarly led to the first two major VMS finds at Golden Grove in the 1970s which are still being mined today, nearly half a century later,” Venture Minerals managing director Andrew Radonjic said.

“Venture will proceed immediately with drilling approvals as the recently completed placement affords shareholders the opportunity of bringing forward a potential new copper-gold discovery.”

Galan Lithium continued to progress the company’s Hombre Muerto West (HMW) lithium brine project located in Catamarca province, Argentina by releasing revised JORC 2012-compliant reported Mineral Resource estimate.

HMW is located on the western shores of the Hombre Muerto, a world-renowned lithium bearing salar.

Galan Lithium announced a maiden resource estimate for HMW in March, which has been updated to include the company’s acquisition of Deceo III, adjacent to the Pata Pila licence area.

The resource estimate was also re-classified from Inferred to Indicated as part of the revision.

This re-classification was based on several factors, including the increased land holding in the area, the resulting contiguity of the hydrogeologic domains and the more robust QA/QC work completed to support the assessment.

Deceo III, Pata Pila and Rana de Sal were combined to produce an indicated resource of 1.37 million tonnes of contained lithium carbonate equivalent (LCE) product grading at 946mg/l lithium (with no Li cut off).

“HMW is not only growing its resource estimate by 27 per cent, but more significantly on a 100 per cent basis, from the Inferred to Indicated JORC Resource category,” Galan Lithium managing director JP Vargas de la Vega said.

“The increase from 1.1 million tonnes to 1.4 million tonnes of LCE is a major advance for the project’s economic and technical potential that will be reflected in Galan’s ongoing Scoping and Pre-Feasibility Studies.

“Galan continues to validate the high-grade, low impurity nature of its HMW and Candelas projects.

“With a new combined resource of 2.06 million tonnes of LCE and the flexibility of two solid projects, our strategy remains well on course to advance towards commercial development by demonstrating the economic viability of its projects.”

EMAIL admin@ventureminerals.com.au WEB www.ventureminerals.com.au DIRECTORS Mel Ashton, Hamish Halliday, Andrew Radonjic, John Jetter

EMAIL admin@galanlithium.com.au WEB www.galanlithium.com.au DIRECTORS Richard Homsany, JP Vargas de la Vega, Daniel Jimenez, Christopher Chalwell, Terry Gardiner, Jinyu (Raymond) Liu

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Blue Star Helium Ltd

Atrum Coal Ltd

(ASX: BNL)

(ASX: ATU)

Blue Star Helium is an independent helium exploration and production company with operations and exploration in North America.

Blue Star’s strategy is to provide exposure to multiple high-value helium projects in North America where it recently staked the first well at the company’s Enterprise prospect in Colorado, USA. The staking of the well followed Blue Star’s US-based operations team having been in the field evaluating various potential well locations across its Enterprise and Galileo prospects.

Drilling at the well is anticipated to commence in the later part of 2020, after the company receives permit approval.

Blue Sky has been given engineering estimates that have confirmed dry hole drilling costs of US$300,000, with a further US$100,000 required to complete the well as a producer upon success.

All that aside, Blue Sky is confident that, based on the work it has done to date, the chance of development, upon a discovery, remains strong.

The company has identified several development options to be available and has entered into detailed discussions with service providers with a view to selecting a preferred option and supplier.

Skid mounted, modular surface processing equipment is readily available with six months delivery time and may be secured under a rental contract.

This equipment is standard-sized at 2 million cubic feet per day (mmcf/d) raw gas and would concentrate the helium in the raw gas stream to 98%+ gaseous helium which would then be loaded onto an off-taker’s tube trailer for transport to a liquefaction plant or end-user.

In the event the company elects this type of rental option for the surface processing equipment, the majority of the development capital expenditure would be related to drilling and completing development wells.

Atrum Coal is a metallurgical coal developer operating the 100 per cent-owned Elan hard coking coal project in southern Alberta, Canada.

The Elan project hosts large-scale, shallow, thick, hard coking coal (HCC) deposits with a current resource estimate of 454 million tonnes (142Mt Indicated and 312Mt Inferred).

The company completed RAB drilling at the project’s Isolation South area that demonstrated continuity of target coal seams in Inferred resource areas of the deposit that were excluded from the mine schedule in the Elan project Scoping Study that was completed earlier this year.

The 2020 exploration program at Isolation South consisted 60 RAB holes primarily testing the Inferred resource areas in the central to northern domains at Isolation South.

The initial drilling established that the coal seams of the Mist Mountain Formation are largely continuous over the pit shell area the company identified during the Scoping Study.

This has demonstrated potential for the Inferred resource areas that were excluded from the Scoping Study mine plan to be upgraded in classification and incorporated into the PFS mine schedule.

The company has indicated the entire 115-hole RAB drilling program and Stage 1 of a LDC program (22 LDC holes of the 32-hole program) are planned to be completed prior to an interim Elan project resource update targeted for 4Q 2020.

An airborne LiDAR (Light Detection and Ranging) survey has been flown in order to provide improved confidence in the topography for detailed mine planning.

A shallow 2D seismic survey consisting of 15 line-kilometres is planned between August and September, which the company hopes will assist in the interpretation of structural features, including thrust faults that result in stacking and the structurally thickened coal zones observed in some areas.

EMAIL info@bluestarhelium.com WEB www.bluestarhelium.com DIRECTORS Ross Warner, Joanne Kendrick, Trent Spry

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EMAIL info@atrumcoal.com WEB www.atrumcoal.com.au DIRECTORS Charles Blixt, Andrew Caruso, Richard Barker, George Edwards, Charles Fear, William Fleming

Vimy Resources Ltd

Riversgold Ltd

(ASX: VMY)

(ASX: RGL)

Vimy Resources completed a $5.5 million capital raising in June that is being used to advance a refresh of the 2018 Definitive Feasibility Study for the company’s Mulga Rock project in Western Australia, as well as exploration activities at the Alligator River project in the Northern Territory.

Vimy is undertaking the Definitive Feasibility Study refresh to reassess capital and operating costs across major work areas covered by the 2018 DFS. While mining methods and the flowsheet are not changing (i.e. open pit mining with acid leach and ion exchange extraction), all areas of the DFS have been assessed.

Vimy has re-evaluated mining operations and the associated fleet which, in the 2018 DFS, assumed an owner-operator model that has since been changed.

The preliminary results of the refresh have so far been positive in potentially reducing both capital expenditure and operating costs.

Vimy’s commencement of the Alligator River 2020/21 field season was delayed by the COVID-19 pandemic, however, the company has now been able to arrange access to site and preparations to re-open the camp and commence exploration were recently carried out.

Final approvals and access arrangements are in progress for a substantial reverse circulation drilling (RC) campaign that, at time of writing, was anticipated to commence in the September quarter.

Plans are also afoot to undertake surface exploration including RC drilling, ground geophysics (passive seismic), termitaria and rock chip sampling programs as well as low level environmental surveys to follow up previously achieved geochemistry results.

The field season programs are fully funded including $79,000 the company secured under the Northern Territory Geophysics and Drilling Collaborations and Territory Supplier Incentive programs, aimed to attract new exploration investment in greenfields areas.

Riversgold has a portfolio of highly prospective gold and copper-gold exploration projects in three world-class regions: Eastern Goldfields of Western Australia; Gawler Craton of South Australia; and Tintina Gold Province in southwest Alaska, USA. In Western Australia, Riversgold controls a 1,050 square kilometre portfolio of mineral exploration tenements east of the historic regional mining centre town Kalgoorlie.

The projects are located along major structures and within proximity to transport infrastructure, existing gold processing facilities and emerging gold discoveries.

Riversgold has assembled a field crew to conduct extensive near surface sampling during 2020 to extend known prospects and to seek new ones.

These target generation activities are expected to progress to the point where they can be followed by infill and extensional drilling programs.

The beginning of drilling activities will depend on target generation, follow-up field activities and drill rig availability.

The company raised $1.5 million to fund geological and geophysical works as well as execution of drilling campaigns within the Eastern Goldfields projects.

In South Australia, Riversgold is exploring for a large iron-oxide copper-gold deposit in the Olympic Copper-Gold Province.

Riversgold has a 100 per cent interest in the Southwest of Alaska in projects located at the western end of the Tintina Gold Province, which hosts the giant 45 million-ounce Donlin Creek gold deposit, along with other intrusion-related gold (IRG) deposits such as Fort Knox, Pogo and Livengood.

The company recently inked an agreement between Afranex (Alaska) Limited and Mamba Minerals LLC that grants Mamba exclusive rights to acquire an aggregate of 70 per cent interest in the Joint Venture property by making milestone cash payments and spending an earn-in expenditure in accordance with the agreement.

EMAIL info@vimyresources.com.au WEB www.vimyresources.com.au DIRECTORS The Hon. Cheryl Edwards (AM), Mike Young, David Cornell, Tony Chamberlain

EMAIL info@riversgold.com.au WEB www.riversgold.com.au DIRECTORS Xavier Braud, Simon Bolster, Simon Andrew, Justin Boylson

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Altech Chemicals Ltd

Matsa Resources Ltd

(ASX: ATC)

(ASX: MAT)

Altech Chemicals had its high purity alumina (HPA) project formally assessed as GREEN by the independent Centre of International Climate and Environmental Research (CICERO) based in Oslo, Norway.

This assessment is a positive for the project as it deems the HPA project to be suitable for finance via green bonds and can be considered by green bond market investors, a market is approaching US$250 billion annually with a large portion situated in Europe.

The report formalised Altech’s single step HPA process as an energy efficient green process — a real game changer in terms of environmentally friendly, energy efficient and consequently lower cost production of high purity alumina.

The assessment hit at the right time for Altech as activities at the company’s HPA site in Johor Bahru, Malaysia, recommenced in June 2020 following the lifting of the Malaysian government COVID-19 pandemic Movement Control Order.

Subsequently, in July 2020, Altech Chemicals announced that the remaining Stage-2 construction work had been completed.

This activity involved completion of the site electrical substation, which primarily consisted of internal fit-out, drainage, sewage and landscaping.

These works being completed marks the completion of all works included in the Stage 2 construction scope by the appointed EPC contractor Metix (a wholly owned subsidiary of SMS group, Germany).

A formal handover inspection of the substation was conducted toward the end of June 2020 and a small number of identified punch list items were all rectified by 30 June 2020.

The electrical substation is a critical path item and Altech will now proceed to make the substation available to the local electricity service provider TNB (Tenaga Nasional Berhad) for the installation of switchgear and the incorporation of the substation into the local electrical grid.

Much of Matsa Resources’ recent activities have centred around the company’s Lake Carey gold project in Western Australia.

Attention has been on development and production of gold ore at the Red October gold mine that increased its quarterly output to 23,320 tonnes at 4.22 grams per tonne gold, compared with 16,036 tonnes at 3.36g/t gold in the March 2020 quarter, an 82.35 per cent increase.

Lateral development at Red October accessed new production areas identified by Matsa while all mining areas performed above expectations.

Stoping conducted on established stoping panels returned gold grades generally meeting or exceeding expectations with the majority of stope production from the northern decline where drilling and development was completed during the March 2020 quarter.

“This quarter’s production was absolutely pleasing in that we achieved record production and became cash flow positive,” Matsa Resources executive chairman Paul Poli said.

“Of course, this quarter was as a result of the previous quarters’ development and investment.

“I believe that our continued success in what we do, will result in a re-rating of the company.”

The company executed a $7 million agreement with IGO Newsearch Pty Ltd on the Symons Hill project (E69/3070), which is located in the Fraser Range Tectonic Zone south of the Nova mine owned by Independence Group.

IGO Newsearch can earn a 70 per cent interest in the Symons Hill nickel project where regional aeromagnetic and gravity information has indicated similarities in geological setting to the Nova mine.

Consultations with Ngadju Native Title Aboriginal Corporation (NNTAC) concerning planned ground geophysics and aircore drilling exploration is expected to commence towards the end of this year with access preparation during the September 2020 quarter.

EMAIL info@altechchemicals.com WEB www.altechchemicals.com

EMAIL reception@matsa.com.au WEB www.matsa.com.au

DIRECTORS Luke Atkins, Iggy Tan, Daniel Tenardi, Peter Bailey, Tunku Khyra, Uwe Ahrens

DIRECTORS Paul Poli, Frank Sibbel, Andrew Chapman

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Prodigy Gold NL

Musgrave Minerals Ltd

(ASX: PRX)

(ASX: MGV)

Prodigy Gold has been busy drilling at the Tulsa prospect, located within the company’s 100 per cent-owned North Arunta project in the Northern Territory.

The North Arunta project hosts a number of drill ready targets previously identified by Newmont, many of which remain undrilled.

The region has several known mineral occurrences including gold, copper, nickel, zinc, tin and tantalum.

The Tulsa prospect is located along strike from the high-grade Kroda gold prospect which returned highly-encouraging results from drilling carried out earlier in 2018, including 5 metres at 15 grams per tonne gold Au and 9m at 11.5g/t gold.

Prodigy Gold considers the Tulsa target to be a compelling analogue of Kroda and hosted by the same structure.

Results from the initial program of 50 aircore drill holes at the Tulsa prospect will be used to rapidly determine a follow-up reverse circulation (RC) drilling program later this calendar year.

The company is casting its drill net wide with, 19 high-priority targets prospective for large-scale gold deposits earmarked for exploration during the FY2021 field season across the Tanami and North Arunta regions.

Aircore drilling is planned at Bluebush, West Bonanza, Tregony, Hyperion and the North Arunta projects with targets expected to be progressed to RC drilling following results of initial aircore drilling programs.

“North Arunta is a province scale gold opportunity that hosts several multi-kilometre structural targets and we believe there is excellent potential for gold structures to be located under shallow cover,” Prodigy Gold managing director Matt Briggs said.

“Tulsa is the first of five targets being drilled at North Arunta this campaign and we will use the data generated from this aircore drilling to undertake follow-up RC drilling later this year.”

Musgrave Minerals has lit up the boards of the ASX recently, due mainly to RC and diamond drilling results from its new Starlight and White Light gold discoveries at Break of Day within the company’s Cue gold project in Western Australia.

Musgrave’s RC and diamond drilling intentions are to deliver an updated JORC resource estimate for Break of Day that will include Starlight by late Q3, 2020.

The drilling defined the Starlight lode over a strike length of approximately 100m with the deepest intersect to date at 275 vertical metres.

The Starlight lode remains open at depth.

RC intercepts from the Starlight lode, include: 20MORC068 14 metres at 191.1 grams per tonne gold from 4m, including 3m at 884.7g/t gold from 5m, including 1m at 2,518.8g/t gold from 6m.

Diamond drilling at Starlight returned: 20MODD008 16m at 13.7g/t gold from 18m, including 4m at 40.8g/t gold from 18m and 9m at 6.1g/t gold from 25m.

Drilling also identified a second high-grade gold lode, 75m to the south and parallel to the Starlight lode named White Light, which was confirmed by RC and diamond drilling with new intercepts aligning with a number of historical isolated gold intersections over a strike extent of more than 100m.

These intercepts above are not included in the current Break of Day JORC resource estimate and RC and diamond drilling at Starlight and White Light is ongoing.

High-grade mineralisation, also outside the existing Break of Day resource boundary, was intercepted south of the existing resource on the Twilight Lode.

Musgrave has identified eighteen regional gold targets that show an analogous setting to Starlight and was anticipating to commence drill testing of these new targets in mid-August.

EMAIL admin@prodigygold.com.au WEB www.prodigygold.com.au DIRECTORS Tommy McKeith, Matt Briggs, Brett Smith, Mike Stirzaker

EMAIL info@musgraveminerals.com.au WEB www.musgraveminerals.com.au DIRECTORS Graham Ascough, Rob Waugh, Kelly Ross, John Percival

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Image Resources NL (ASX: IMA) EMAIL info@imageres.com.au WEB www.imageres.com.au DIRECTORS Robert Besley, Patrick Mutz, Chong Veoy (Aaron) Soo, Peter Thomas, Chaodian Chen, Fei (Eddy) Wu, Huang Cheng Li

20

The exploration portfolio of Image Resources is almost exclusively focused on mineral sands with all related tenements located in the North Perth Basin of Western Australia across a combined area of 1,085 square kilometres.

The one anomaly in the company’s showbag is the exception of one exploration licence with a focus on gold, which is also located in WA. The North Perth Basin tenements consist of 12 named project areas, each with identified Mineral Resources.

The company’s current exploration priority is focused on the zircon-rich Boonanarring project area and the development of additional Mineral Resources for conversion to Ore Reserves under a formal program of work code-named Project MORE. Image completed a strong June quarter at Boonanarring with heavy mineral concentrate (HMC) production of 82,900 tonnes, which was broadly in line with its record-setting March quarter and on pace with guidance.

Consequently, CY2020 production guidance of 300,000 to 330,000 tonnes HMC is unchanged.

“In the first half of 2020 Image has demonstrated strong operational performance with production of 167kt HMC, despite the significant adjustments to daily work practices aimed at minimising the potential spread of COVID-19,” Image Resources managing director and CEO Patrick Mutz said.

The objective of Project MORE is to evaluate areas of mineralisation within economic pumping (or hauling) distance from the current location of the wet concentration plant (WCP), as rapidly as practicable.

Another stated goal of Project MORE is to identify two years of new Ore Reserves at Boonanarring prior to the end of December 2020.

Recent focus areas under Project MORE include the Boonanarring Southern Extension Area, Boonanarring Northern Extension Area, Boonanarring NorthWestern Extension Area, Boonanarring West (including Trandos Blue Lake) and Gingin North.

Winchester Energy Ltd

Impact Minerals Ltd

(ASX: WEL)

(ASX: IPT)

Winchester Energy was established in 2014 with the objective of acquiring oil and gas leases and working interests in the Eastern Shelf of the Permian Basin in Texas, USA, Winchester currently controls over 17,000 acres in the Permian Basin, currently producing oil predominantly from the Fry Member of the Strawn Formation.

Further upside for the company comes in the shape of numerous unconventional and conventional targets in the shallower clays and sands including the Wolfcamp, Cline, Canyon, Cisco and Ellenburger Formations.

Winchester is currently producing the majority of its oil from the Strawn Formation and produces from the Ellenburger and Cisco Formations.

Using inexpensive drilling and well completion techniques has enabled Winchester to rapidly and efficiently build its production profile, with an initial objective of using cash flow to finance all future drilling and completion work.

The company recently commenced re-entry and re-completion activities at the White Hat 2004 well, which it drilled in late 2019, targeting the Strawn Fry Sand Member within the Mustang Oil Field.

In addition to the White Hat 2004 program, Winchester has carried out detailed assessments of well log data and new 3D seismic interpretation that have identified several opportunities for completions in currently untested zones in existing wells.

Potential pay zones were identified in several wells in formations including the Fry Sands, Cisco Sands and sands within the Three Fingers Shale.

Several of these re-completions, if successful, have considerable commercial implications given the lateral extent of the formations as well as the high availability of historic wells for re-entry.

Winchester is in the process of designing and prioritising re-completions and will move onto the next re-entry following operations at White Hat 2004.

Impact Minerals owns 100 per cent of four exploration projects with numerous, high-grade targets progressed to active drill testing, all located within Australia (NSW, QLD, WA), encapsulating gold, silver and base metal resources.

Most noise of late has sprung from the Commonwealth project, located near Orange, NSW in the prolific gold and copper rich Lachlan Fold Belt.

Impact has defined Inferred Resources at the Commonwealth project that contain 88,800 ounces of gold, and 3,300,000 ounces of silver with substantial zinc and lead credits, all within 250 metres of surface and with potential for bulk open pit mining.

Commonwealth’s potential was confirmed recently by new rock chip assay results from four prospects: Boda South, Apsley, Spicers Creek and Greenobbys, which are along trend from and close to the Boda-Kaiser porphyry copper-gold discovery of Alkane Resources.

Of these, Apsley stood out, where near-textbook examples of the zones of metal assemblages expected around major alkalic porphyry copper gold complexes were defined from new soil geochemistry and airborne magnetic data.

The zones highlighted three priority areas for follow up work, each of which may contain a mineralised porphyry intrusion at depth.

Impact fast-tracked exploration activities to identify specific drill targets and had commenced an Induced Polarisation (IP) ground geophysical survey with results expected by late September.

“These results have far exceeded our expectations as they suggest that the entire Apsley prospect is potentially part of one very large porphyry copper-gold complex,” Impact Minerals managing director Dr Mike Jones said.

“The zonation we see, in particular the gold-copper-palladium-platinum association so characteristic of alkalic systems like Cadia and North Parkes, is almost textbook in nature and we now need to define specific targets using IP.”

WEB www.winchesterenergyltd.com

EMAIL info@impactminerals.com.au WEB www.impactminerals.com.au

DIRECTORS Laurence Roe, Neville Henry, James Allchurch, Larry Cheng Kang Liu, Tony Peng

DIRECTORS Peter Unsworth, Dr Mike Jones, Paul Ingram, Dr Markus Elsasser

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Eagle Mountain Mining Ltd

Ausgold Ltd

(ASX: EM2)

Ausgold’s main project is the company’s 100 per cent-owned Katanning gold project (KGP) that covers over 4,000 square kilometres of the underexplored Katanning greenstone belt in south-western Western Australia.

Gold mineralisation has been identified over 20km of strike at the KGP that hosts a JORC 2012-compliant Mineral Resource of 25.1 million tonnes at 1.29 grams per tonne gold for approximately 1.2 million ounces, of which 483,210 ounces sit in the Measured and Indicated categories.

Ausgold is currently drilling at KGP, implementing a program of reverse circulation (RC) drilling on the Central Zone.

The drilling is based on down hole electromagnetic (DHEM) and Moving Loop EM (MLEM) to target drilling located along strike from areas of high-grade gold mineralisation intercepted at the project’s Jinkas South and Jinkas areas.

Results achieved at the time of writing had validated both the geological model the company is using to predict the location of high-grade gold mineralisation and the effectiveness of the geophysics being used to directly target this mineralisation.

The results have also demonstrated the potential for the Jinkas South lode to add substantial high-grade ounces to the existing 1.2 million ounce gold Resource at Katanning.

“The Mineral Resource at the KGP is currently 1.2 million ounces with clear extensions to mineralisation as demonstrated by the recent round of high-grade drill results which should add to the current gold Resource at Katanning and further improve the project economics,” Ausgold managing director Matthew Greentree said.

“Further drilling is planned to target high-grade mineralisation down dip and north along strike where it remains open.”

Ausgold undertook a share placement to raise $6.35 million to underpin the current extensive exploration and Resource expansion drill program.

Eagle Mountain Mining is focused on exploration and development of advanced and greenfields projects in Arizona.

The company’s 80 per cent-owned Oracle Ridge copper mine is a high-grade, advanced stage underground copper-gold-silver project with a NI43-101 resource of 11.7 million tonnes at 1.57 per cent copper, 17.47 grams per tonne silver and 0.18g/t gold.

Eagle Mountain believes potential exists to expand known resources through drilling, along with exploration at depth to define the source of mineralisation.

Thoughts obviously shared by shareholders that participated in raising $3 million to fund a surface diamond drilling program at the Oracle Ridge project targeting extensions to high-grade portions of the existing Mineral Resource Estimate (MRE) in three priority zones.

Since mining ceased in 1996, there has been no modern exploration applied and very minimal drilling beyond the defined MRE. Eagle Mountain’s exploration objective at Oracle Ridge is to both define extensions to the known Resources along with locating the source of the existing skarn mineralisation.

The programs and analysis of historical work completed at Oracle Ridge defined a substantial Exploration Target outside of the existing mineral resource, in zones the company believes to have potential higher grade and/or thickness.

“Following the recent capital raising, we are now fully funded for this drill program and are planning to mobilise the drill crews shortly,” Eagle Mountain Mining CEO Tim Mason said.

The company’s 100 per cent-owned Silver Mountain project comprises three main prospects known as Pacific Horizon, Scarlett, and Red Mule.

Recent work completed at Silver Mountain has included a field mapping and sampling program, in addition to a ground radiometric survey.

The survey and mapping covered exploration targets defined by previous geochemical and geophysical surveys.

EMAIL info@eaglemountain.com.au WEB www.eaglemountain.com.au DIRECTORS Rick Crabb, Charles Bass, Tim Mason, Roger Port, Brett Rowe

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(ASX: AUC)

EMAIL info@ausgoldlimited.com WEB www.ausgoldlimited.com DIRECTORS Richard Lockwood, Matthew Greentree, Denis Rakich, Neil Fearis, Geoffrey Jones

Genesis Minerals Ltd

Kairos Minerals Ltd

(ASX: GMD)

(ASX: KAI)

Genesis Minerals recently consolidated its land holding in the southern extension of the Leonora Gold Corridor in Western Australia by acquiring 100 per cent of the Kookynie gold project, the next-door neighbour to the company’s 100 per cent-owned Ulysses gold project.

The Kookynie project comes complete with a JORC 2012-compliant Indicated and Inferred Mineral Resource totalling 8.53 million tonnes at 1.5 grams per tonne gold for 414,000 ounces, a highly prospective 248 square kilometre tenement portfolio, and numerous exploration targets Genesis considers to have potential to expand the existing Resources and deliver new discoveries.

Genesis’ landholding also includes tenements alongside the southern boundary of its Ulysses gold project that hosts three shallow gold deposits with a combined Mineral Resource of 246,000 ounces, being — Admiral, Butterfly and Clark — all of which have experienced very little drilling below 100m depth and have strong geological similarities to the Ulysses deposit in its early stages of exploration.

“This is an acquisition which ticks every box for us from a strategic, corporate, geological and tactical perspective. It provides the springboard for a significant re-boot of the Genesis story and puts us on a firm growth trajectory towards the establishment of a significant new standalone gold mining and processing operation at Ulysses,” Genesis Minerals managing director Michael Fowler said.

“It gives us an immediate opportunity to in-fill and extend the current Resources at the Admiral, Butterfly and Clark deposits — drawing on the geological IP we have developed on our neighbouring ground at Ulysses.

“We see enormous potential to extend the existing Resources down-dip, to find new high-grade lodes just as we did at Ulysses, and to make potential new discoveries and find parallel structures along strike.”

Kairos Minerals is using funds from a $4.2 million raising as a launching pad for a multi-pronged exploration campaign targeting resource growth and new intrusion-hosted gold discoveries across its portfolio of Western Australia gold projects.

The company has been inspired to re-evaluate a number of intrusion-hosted gold exploration targets on its portfolio of regional gold projects by the recent Hemi gold discovery made by its neighbour De Grey Mining, just 20 kilometres north of Kairos’ Kangan project.

“Like De Grey, we have been operating in the Pilbara for a number of years and, apart from amassing a large strategic land-holding, we have been able to develop a significant bank of exploration IP,” Kairos Minerals executive chairman Terry Topping said.

“We now have the cash to get on with the job of exploring for the next major gold discovery in the Pilbara, and we are exciting about what the next few months could deliver.

“Our 2020 exploration campaign…is about to move up a gear with the commencement of a 5,000 metres RC program across the Mt York and Croydon projects.

“We are also currently processing data from the airborne magnetic and radiometric survey, which will help us enormously in trying to identify prospective target areas for intrusive-related gold discoveries.”

Kairos’ Pilbara gold project comprises an extensive 1,547 square kilometres exploration portfolio targeting gold and copper mineralisation and a substantial gold Mineral Resource at the previously mined Mt York project, south-east of Port Hedland.

At Mt York, Kairos has defined total Indicated and Inferred Resources of 20.9 million tonnes at 1.3g/t gold for 873,000 ounces (comprising Indicated Resources of 6.8Mt at 1.3g/t for 285,000oz and Inferred Resources of 7.6Mt at 1.47g/t for 358,000oz).

EMAIL info@genesisminerals.com.au WEB www.genesisminerals.com.au DIRECTORS Tommy McKeith, Michael Fowler, Craig Bradshaw, Gerry Kaczmarek, Nic Earner

EMAIL info@kairosminerals.com.au WEB www.kairosminerals.com.au DIRECTORS Terry Topping, Neil Hutchison, Bruno Seneque

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Great Southern Mining Ltd

Nexus Minerals Ltd

(ASX: GSN)

(ASX: NXM)

Great Southern Mining has a portfolio of gold exploration projects housed in Western Australia and Queensland.

In North Queensland at the Edinburgh project, recent processing of hyperspectral data identified nineteen illumination targets consistent with porphyry mineralisation alteration systems that will become the focus of future field assessments.

Most recent activity has been in WA, including a two-phase drilling program at its 100 per cent-owned Cox’s Find project designed to test lateral extensions of known mineralisation as well as testing down plunge extensions on the high-grade quartz load that was historically mined.

The program involved five diamond drill holes, of which hole 20CFRCD0004 returned visual gold identified in the interpreted main Cox’s Find lode with a gold intersection of: 5.65 metres at 80 grams per tonne gold from 160.05m, including a bonanza intercept of 1.1m at 404g/t gold from 164.6m.

RC drilling encountered gold mineralisation of: 20CFRC0015 »» 9m at 5g/t gold from 142m within a broader zone of 16m at 3.7g/t gold from 138m; and 20CFRC0014 »» 2m at 14g/t gold from 146m.

“We are now seeing high-grade mineralisation outside the historical main mining lode,” Great Southern Mining CEO Mark Major said.

“The knowledge acquired and the in-ground results have been excellent.

“We are now looking forward to finishing off the RC drilling, completing the diamond core processing and obtaining the assays for the other half of the program to undergo detailed interpretation.”

Still in WA, at the Mon Ami project, RC drilling was commenced to build on a 2018 RC drill program along the extensive shear zone, which resulted in a maiden Mineral Resources Estimate of 59,000 ounces at an average grade of 1.7g/t gold using a 1g/t cut-off grade.

Nexus Minerals boasts a portfolio of gold projects in the Eastern Goldfields of Western Australia across which it is actively exploring for gold deposits.

The company’s Wallbrook gold project is an amalgamation of tenements previously held by Nexus with other tenements the company acquired from Saracen Mineral Holdings and Newmont Exploration.

Nexus Minerals’ other main project is its Pinnacles gold project Joint Venture with Saracen.

These tenements remain largely underexplored and sit less than five kilometres to the south of, and along strike from, Saracen’s Carosue Dam mining operations.

The JV’s JORC-2012-compliant resource was updated earlier this year and currently stands at 609,000 tonnes at 4 grams per tonne gold for 78,000z from surface to 350m.

This comprises of open pit of 159,000 tonnes at 2.4g/t gold for 12,000 ounces and underground of 450,000 tonnes at 4.6g/t gold for 66,000 ounces.

Nexus has commenced a Feasibility Study on its Pinnacles JV project having received positive results from an independent Scoping Study paving the way for the project to advance.

As part of the Pinnacles Feasibility Study, Nexus is looking at the viability of the open cut potential of the Pinnacles East gold resource area, with deeper mineralisation to be considered as a potential underground operation.

The Feasibility Study will incorporate additional resource definition drilling, geotechnical drilling, environmental studies and metallurgical test work along with other key assessments and permitting.

The company is also investigating funding alternatives for production assuming a positive outcome from the Feasibility Study.

Nexus Minerals recently received firm commitments to raise approximately $3.38 million through the issue of approximately 75.1 million fully paid ordinary shares at 4.5 cents via a two-tranche placement to sophisticated and professional investors.

WEB www.gsml.com.au DIRECTORS John Terpu, Kathleen Bozanic, Andrew Caruso

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WEB www.nexus-minerals.com DIRECTORS Paul Boyatzis, Andy Tudor, Dr Mark Elliott, Bruce Maluish

Dreadnought Resources Ltd

Middle Island Resources Ltd

(ASX: DRE)

(ASX: MDI)

Dreadnought Resources is concentrating on a portfolio of Western Australia-based projects.

The Tarraji-Yampi nickel-copper-gold project in the highly prospective West Kimberley, the Illaara gold-VMS project northwest of Kalgoorlie, and the Rocky Dam gold-VMS project located just outside of Kalgoorlie.

Dreadnought controls the second largest land holding in the West Kimberley where its main project area, Tarraji-Yampi, is located only 85 kilometres from Derby and has been locked up as a Defence reserve since 1978, having only recently opened under the Commonwealth Government’s co-existence regime.

Dreadnought considers Tarraji-Yampi to be a rare first mover opportunity with known outcropping mineralisation and historic workings from the early 1900s, which have seen no modern exploration.

Several nickel, copper and gold drill targets have been identified by recent VTEM surveys, combined with historical drilling and surface sampling of outcropping mineralisation.

The Illaara gold-VMS project is considered prospective for typical Archean mesothermal lode gold deposits and copper-zinc VMS mineralisation.

Dreadnought consolidated the Illaara Greenstone Belt mainly through an acquisition from Newmont Goldcorp, which had defined camp-scale targets that were undrilled due to a change in corporate focus.

Prior to Newmont, the Illaara greenstone belt was held predominantly by iron ore explorers, resulting in minimal gold and base metal exploration since the 1990s.

Illaara contains several drill ready gold targets and it is thought the Eastern and Western VMS Horizons could produce drill targets with the application of modern exploration technology.

Rocky Dam sits 45kms east of Kalgoorlie in the Eastern Goldfields Super-terrane and is considered prospective for typical Archean mesothermal lode gold deposits and copper-zinc VMS mineralisation.

Rocky Dam has known gold and VMS occurrences with drill ready gold targets based historically ignored 1990s mineralised gold intercepts.

Middle Island Resources has sharpened its focus on the recommissioning of the company’s 100 per cent-owned Sandstone gold processing plant by implementing a strategy based on discovery and definition of viable satellite open pit deposits within its permitted Sandstone tenure in order to enhance the front end of the proposed production re-start schedule.

An exhaustive, ongoing drilling campaign throughout 2020 proved extremely successful, identifying five new satellite gold deposits, in the form of McClaren, McIntyre, Ridge, Old Town Well and Plum Pudding.

Middle Island believes the new satellite deposits will considerably enhance the planned open pit mining inventory to underpin a feasibility study and planned recommissioning of the Sandstone gold project.

The company continued to produce exciting results from Phase 2 of the campaign, hitting “bonanza gold grade intercepts” at the Ridge satellite deposit.

New Phase 2 reverse circulation (RC) intercepts at Ridge include: »» 4m at 99.5 grams per tonne gold; 4m at 50.5g/t gold; 4m at 2.42g/t gold “Phase 2 RC drilling at the new Ridge satellite deposit confirm the previous drilling and, subject to pending drilling results from the northern extension, provide further encouragement that Ridge likely represents another new open pit deposit to supplement the planned Sandstone mill recommissioning inventory,” Middle Island Resources managing director Rick Yeates said.

The on-going Phase 2 RC and diamond programs are focussed on infilling and extending the five new satellite deposits identified by the Phase 1 RC campaign.

All new satellite deposits are located on existing Mining Leases within 2.5 kilometres of the company’s 100 per cent-owned gold processing plant that was constructed in 1994 with a capacity of 250,000 tonnes per annum and upgraded to 600,000tpa facility in 1999.

EMAIL info@dreadnoughtresources.com.au WEB www.dreadnoughtresources.com.au

EMAIL info@middleisland.com.au WEB www.middleisland.com.au DIRECTORS Peter Thomas, Rick Yeates, Beau Nicholls, Dennis Wilkins, Brad Marwood

DIRECTORS Paul Chapman, Dean Tuck, Ian Gordon, Paul Payne

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Ardiden Ltd (ASX: ADV) Ardiden is focused on building gold resources at the company’s 100 per cent-owned Pickle Lake gold project in one of Canada’s most prolific gold mining districts in Northwest Ontario, Canada.

The Pickle Lake project consists of over 664 square kilometres of highly prospective landholding across three deposits, Kasagiminnis (Kas), Dorothy and Dobie.

Ardiden has established a maiden Inferred 110,000 ounces high-grade gold resource (790,000t at 4.3g/t gold) at the Kasagiminnis deposit.

To put this in perspective it is worth noting Kasagiminnis represents only a small section (600m) of a continuous 120 kilometres strike length at the Pickle Lake project.

Ardiden commenced Phase 1 of its Kasagiminnis resource definition drill program this year, targeting a 3,000-metre program at the western extension of the existing JORC (2012) Resource area that will test just one of about 20 structural targets identified along the greater Kasagiminnis structural trend.

The zone includes a historical drill intercept of 4.24m at 21g/t gold about 700m south of the main JORC resource area.

This drill intercept has never been followed-up, however, Ardiden believes it could represent a parallel mineralisation trend along the southern shear zone boundary.

More recently, Ardiden engaged geophysics specialist TerraQuest to conduct a detail High-Resolution Aeromagnetic survey over the entire New Patricia Property at Pickle Lake.

The New Patricia Property is a brownfields gold discovery opportunity directly along strike of the Golden Patricia gold mine (Barrick) and Ardiden’s Dorothy-Dobie gold deposit.

The survey will include High-Resolution Aeromagnetic, Horizontal Gradiometer, Radiometrics and Matrix Digital VLFEM and apply modern technology including advanced gridding techniques and leading-edge proprietary digital VLF-EM Systems.

Over 3000 line-kilometres will be flown to provide coverage of the highly prospective, yet largely under-explored property.

EMAIL info@ardiden.com.au WEB www.ardiden.com.au DIRECTORS Neil Hackett, Rob Longley, Pauline Gately

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Aruma Resources Ltd (ASX: AAJ) Aruma Resources upped its gold ante project generation strategy to secure new prospective gold project areas by adding four new gold projects, strategically located in major, active gold mineralised belts, three in Western Australia and one in New South Wales.

The four new gold projects are: »» Saltwater — in the Pilbara region of WA. »» Melrose — adjacent to Northern Star Resources’ Paulsens gold mine in WA. »» Scotia South — at the southern end of the Norseman-Wiluna greenstone belt, in south-east WA. »» Capital — a possible extension of stratigraphy and structure of Sky Metals’ Hume gold discovery, in the Goulburn region of NSW. The Saltwater project consists of four granted ELs (52/3816, 52/3818, 52/3825 and 52/3830) and one ELA (52/3837) and covers over 65 kilometres of the Nanjilgardy fault, the same regional structure reported as the primary source of mineralisation at Northern Star Resources’ Paulsens gold mine and the Mt Olympus gold mine.

The Melrose project consists of five ELAs (08/3183, 08/3184, 08/3188, 47/4362 and 08/3219) on the same regional structure. The structural corridors that control the mineralisation at Paulsens appear to continue into the Melrose project area, where initial exploration targets have been identified.

The Scotia South gold project encompasses ELA 63/2037 and covers an area of 217 square kilomteres at the southern end of the Norseman-Wiluna greenstone belt. It is located approximately 200km south of Kalgoorlie, and approximately 60km south of Norseman.

The Capital gold project comprises three ELAs (5955, 5956 and 5987) in the Goulburn region of NSW and is located within the Lachlan Fold Belt covering a possible extension of the stratigraphy and structure that hosts Sky Metals’ recent Hume gold discovery at its Cullarin gold project.

EMAIL info@arumaresources.com WEB www.arumaresources.com DIRECTORS Paul Boyatzis, Peter Schwann, Mark Elliott, Phillip MacLeod

Bulletin Resources Ltd

Stavely Minerals Ltd

(ASX: BNR)

(ASX: SVY)

Bulletin Resources’s Lake Rebecca gold project is located in gold country, just outside of Kalgoorlie in Western Australia.

Another important aspect of the project’s location is that it has recently been confirmed to be immediately along strike of Apollo Consolidated’s 1.03 million ounce Rebecca gold project.

Bulletin Resources conducted wide spaced RC drilling to extended the Rebecca mineralisation at least 600 metres along strike into Bulletin’s ground and with the gold trend remaining open to the northwest.

Assay results from 3m composite sampling of the drilling include: 20LRRC014 »» 3 metres at 1.44 grams per tonne gold from 72m; 20LRRC012 »» 6m at 1.24g/t gold from 93m; and 20LRRC015 »» 18m at 0.58g/t gold from 57m.

The drilling also identified another gold trend in the southwest corner of Bulletin’s tenement.

Although the strike of this trend in Bulletin’s ground is limited, the company believes identification of an additional gold trend suggests the wider Lake Rebecca area has potential to host other larger scale gold deposits.

“Bulletin is extremely energised by the results of this initial explorative drill program, which confirms our belief that our neighbour’s gold trend does in fact extend well into Bulletin’s ground,” Bulletin Resources chairman Paul Poli said “The identification of another separate gold trend reinforces our view that the Lake Rebecca gold project does offer an excellent opportunity to host gold mineralisation in addition to the Rebecca gold trend.”

Bulletin is reviewing its tenement package including recent acquisitions to identify other possible target areas plus possible extensions to Apollo’s Rebecca deposit and other trends identified by recent drilling.

Preliminary results from this work has identified targets under Lake Rebecca and planning for drilling on the lake is underway.

Stavely Minerals captured a lot of thunder by completing a fund raising of $28 million to fast-track exploration, continued evaluation and development of the company’s 100 per cent-owned Stavely copper-gold project in western Victoria.

Of late Stavely’s attention has been on the Cayley Lode discovery, part of the Thursday’s Gossan copper-gold prospect.

Stavely is throwing the kitchen sink at Cayley with three diamond rigs recently spinning, dedicated to ongoing resource drilling at the shallow high-grade copper-gold discovery.

At 1.5 kilometres long, and growing, the Cayley discovery zone has consistently delivered widths of high-grade copper, gold and silver.

In addition to drilling for a much-anticipated maiden JORC Mineral Resource estimate later this year, Stavely has commenced various ancillary programs, including metallurgical test-work.

“Concurrently with the economic studies, drill rigs will be redeployed to defining the Cayley Lode at depth — and we have reasonable grounds to expect it will continue to depths in-excess of a kilometre given we have intercepted similar mineralisation at 850 metres to 925 metres drill depths hosted in the North-South Structure,” Stavely Minerals executive chairman Chris Cairns said.

“Additionally, we now have the funds to do the drilling required to test other lodes in favourable dilatant north-west orientations like the Copper Lode Splay that could, if continuity and grade can be demonstrated, make a significant contribution to the economics of both the potential Phase 1 Open Pit and the potential for a Phase 2 Underground.

“We have a huge amount of drilling, logging and sampling ahead of us in order to achieve our aspirations, but we are very excited that we have secured the financial backing of some of the most sophisticated institutional investors in the resources sector globally.”

EMAIL admin@bulletinresources.com WEB www.bulletinresources.com

EMAIL info@stavely.com.au WEB www.stavely.com.au DIRECTORS Chris Cairns, Jennifer Murphy, Peter Ironside, Amanda Sparks

DIRECTORS Paul Poli, Frank Sibbel, Robert Martin, Daniel Prior

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Meteoric Resources NL

Alto Metals Ltd

(ASX: MEI)

(ASX: AME)

Meteoric Resources will have a local tale to tell having recently acquired the Palm Springs gold project near Halls Creek in the Kimberley of Western Australia.

The Palm Springs project is an advanced exploration play containing historical drill intercepts beneath a historical open pit operation.

Meteoric has interpreted previous work to indicate potential for a substantial untested gold system plunging south, away from the Butchers Creek historic mine that has not been subjected to active exploration this century.

The lack of drilling, geophysics or structural analysis has Meteoric excited to get the drill rigs spinning as soon as possible at already identified drill targets and potential ore zones exposed at the bottom of the historic open pit.

A 6,500 metres Stage 1 drilling program, which will consist of both reverse circulation (RC) and diamond drilling, has been designed to confirm and extend the known high-grade gold mineralisation associated with the plunging anticline to the south of the existing Butchers Creek open pit.

“Starting exploration in Australia for the first time in several years has been an exciting journey,” Meteoric Resources managing director Dr Andrew Tunks said.

“In preparation for our first drilling program, we have constructed a model for gold mineralisation in the southern end of the deposit and we really like what we are seeing.

“The data paints a very clear picture, with high-grade gold mineralisation sitting in the existing pit floor and the southern extension of the orebody is virtually untested.”

In Brazil, Meteoric commenced drilling at Juruena targeting the Dona Maria gold prospect where a 2019 drilling program confirmed continuity of two high-grade shoots (north and south) that remain open at depth beneath the existing resource.

While fighting off a string of takeover bids, Alto Metals was still able increase the Mineral Resources at the Lord Nelson deposit at the company’s Sandstone gold project in Western Australia.

The JORC 2012-compliant Inferred Mineral Resource for the Lord Nelson deposit increased to 1.8 million tonnes at 1.9 grams per tonne gold for 109,000 ounces gold, representing an increase of 840,000 tonnes (+86%) for an increase of 41,000 ounces gold (+60%).

This took total Indicated and Inferred (JORC 2012) Mineral Resources for the Sandstone gold project to 6.2 million tonnes at 1.7g/t gold for 331,000 ounces gold.

Of note is that the Mineral Resources occupy a small portion of the100 per cent-owned, 800 square kilometres landholding, which the company believes has potential to further increase current resources.

Subsequent drilling produced further encouragement with assay results from five infill and step out RC drill holes targeting primary gold mineralisation beneath the current Lord Nelson pit returning: SRC184 »» 28 metres at 3.1g/t gold from 228m, including 12m at 5g/t gold from 244m, including 4m at 11.3g/t gold from 244; and SRC187 »» 12m at 1.6g/t gold from 140m.

“The drilling at Lord Nelson continues to deliver impressive results from both below the current pit and near surface, along strike,” Alto Metals managing director Matthew Bowles said.

“We are particularly encouraged by the extent of mineralisation from SRC184, which demonstrates not only does Lord Nelson continue to carry high-grade gold beneath the pit, but there is also huge scope to increase the tonnages.

“These results, in addition to the latest shallow results from 200m south of the pit, continue to support our long-held view that Lord Nelson is part of a much larger gold system.”

WEB www.meteoric.com.au

EMAIL admin@altometals.com.au WEB www.altometals.com.au

DIRECTORS Patrick Burke, Dr Andrew Tunks, Paul Kitto, Shastri Ramnath

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DIRECTORS Richard Monti, Matthew Bowles, Terry Wheeler, Dr Jingbin Wang

Strickland Metals Ltd Up until very recently Strickland Metals (ASX: STK) had been known as Alloy Resources and had been busy in the acquisition stakes, picking up 80 per cent of the Doolgunna project in support of an earlier acquisition of the Bryah Basin project.

The Doolgunna project was one of the last remaining Exploration Licences that was not controlled by Sandfire Resources.

Strickland considers it to have potential for a Volcanic Massive Sulphide mineral deposit (VMS) similar to Sandfire’s DeGrussa copper-gold deposit.

“We were offered an opportunity to look at the merits of this project after acquiring the Bryah Basin project from Gateway Mining Limited earlier this year, and have identified some compelling geological reasons to look further into the potential of this property,” Strickland Resources executive chairman Andy Viner said.

“We are looking forward to hitting the ground running…and hopefully committing to an accelerated exploration program.”

Earlier this year, Strickland, through Alloy’s subsidiary company Dingo Resources, acquired Gateway Mining’s interests in Bryah Basin tenements E51/1738, E51/1842, E52/3273 and E52/3510.

Now called the Bryah Basin project, the tenements are considered

by Strickland prospective for copper-gold mineralisation similar to neighbouring deposits being developed by Sandfire Resources and gold mineralisation similar to that being developed by Westgold Resources.

“The Bryah Basin project is a unique large landholding which has numerous early stage copper-gold targets right in the middle of Sandfire Resources exploration areas,” Viner said.

“We saw that there was very good geological confirmation that both soil and drill anomalies are related to recognisable structures and alteration which is very encouraging.

“Our neighbours have confirmed that regional exploration drilling within similar geology along strike has located strong gold mineralisation, which can only mean the prospectivity of the project area is being enhanced.”

EMAIL info@stricklandmetals.com WEB www.stricklandmetals.com DIRECTORS Andy Viner, Gary Powell, Paul Skinner, Kevin Hart

Moho Resources Ltd (ASX: MOH) Moho Resources is focused on gold and nickel exploration at Silver Swan North, Empress Springs, and Burracoppin.

Moho Resources recently acquired the remaining 30 per cent interest in M27/263, which includes a number of auger geochemical anomalies and the East Sampson Dam gold prospect.

The tenement forms part of Moho’s Silver Swan North project, located north of Kalgoorlie close to established mine infrastructure and gold processing facilities.

Acquiring 100 per cent of East Sampson Dam removes any budget and management constraints associated with the now terminated Joint Venture and enables Moho to advance exploration and mining studies under its own management.

To that end, the company has planned several stages of RC, aircore and diamond drilling at East Sampson Dam to infill and extend the existing zone of mineralisation, which it anticipates to build on the substantial gold results achieved in the last RC drill campaign it completed in 2019.

Elsewhere in Western Australia, Moho Resources completed its commitment as per the Farm-In and Joint Venture Letter Agreement it held with IGO Limited (ASX: IGO), to earn a 70 per cent interest in E70/4688, which is part of Moho’s Burracoppin gold project and incorporates the Crossroads gold prospect, located 22 kilometres west of the Edna May gold processing facility operated by Ramelius Resources.

Moho and IGO have subsequently formed an unincorporated Joint Venture for the purposes of exploring and, if warranted, developing and mining on the tenement in question.

IGO’s 30 per cent interest will be free carried until completion of a pre-feasibility study, at which time IGO may elect to contribute pro-rata to ongoing work or convert its 30 per cent interest to a 10 per cent free carried interest.

EMAIL admin@mohoresources.com.au WEB www.mohoresources.com.au DIRECTORS Terry Streeter, Shane Sadlier, Ralph Winter, Adrian Larking

29

Hammer Metals Ltd

Alchemy Resources Ltd

(ASX: HMX)

(ASX: ALY)

Hammer Metals recommenced aircore drilling at the company’s North Orelia project in Western Australia in mid-June, after suspending activities in March due to COVID-19.

The drilling was designed to follow up on encouraging results previously achieved at Target 1 and returned results showing shallow gold mineralisation at various points over a two-kilometre strike length.

Numerous gold anomalies were identified at shallow depths from the first 66 holes, results include: BWSAC0434 »» 4 metres at 5.79 grams per tonne gold from 40m; BWSAC0448 »» 4m at 4.38g/t gold from 48m; BWSAC0460 »» 4m at 1.87g/t gold from 12m; BWSAC0417 »» 4m at 1.4g/t gold from 20m; BWSAC0428 »» 4m at 1.58g/t gold from 20m.

“All of the elements for a successful gold discovery are starting to align at Target 1 at North Orelia,” Hammer Metals managing director Daniel Thomas said “The target sits along a highly prospective trend of historical gold producing mines and we’ve managed to produce a number of highly anomalous mineralised gold intercepts at shallow depths along an extended trend of this prospective area.

“This all points to a promising reverse circulation program to be completed over the next quarter.

“The ongoing support of our shareholders and the option holders who have converted their options to shares allows us to be more aggressive with our plans for the Yandal region with a number of exciting prospects to be drilled in the second half of this year.

“In addition to the RC drilling program at Target 1, we will drill test the Ken’s bore target where historical high-grade gold samples have been identified at surface sited above an electromagnetic anomaly, whilst also embarking on our first diamond drill program at the sparsely tested Bronzewing South property.”

Alchemy Resources is focused on growth through the discovery and development of gold, base metal and nickel-cobalt resources within Australia.

The company holds two 100 per cent-owned exploration licence packages in the Kurnalpi Terrane in the Eastern Goldfields of Western Australia.

The Karonie project surrounds Silver Lake Resources’ Karonie/ Harry’s Hill and French Kiss deposits and is along strike to the south of Breaker Resources’ Bombora deposit.

The Karonie project includes eleven exploration licences and three exploration licence applications covering 1,209 square kilometres of mineralised structures within Kurnalpi Terrain greenstones east of Kalgoorlie.

The Lake Rebecca project is located to the southeast of the Saracen Mineral Holdings’ Carosue Dam gold deposit, and immediately west of the Apollo Consolidated’s Rebecca, Duchess and Duke deposits.

Alchemy Resources has a 51 per cent interest in the Lachlan/Cobar Basin projects in New South Wales and maintains an interest in the Bryah Basin project in the gold and base metal- heavy Gascoyne region of Western Australia.

Recent activities have centred around RC drilling at the Taupo and Parmelia gold prospects, and soil sampling and mapping in the Roe Hills area, and at the Calista prospect within the Karonie project.

Twelve prospective, exploration licence applications were pegged forming the new Lake Rebecca project approximately 40km north of the Karonie project.

Two highly prospective gold and base metal exploration targets were identified within the Yellow Mountain project in NSW, and diamond drilling is due to commence at the Overflow and Yellow Mountain Mine prospects later this year.

Within the Bryah Basin project, a moving loop EM survey was completed and drill rig access clearing commenced for proposed aircore drilling within the Fiddler tenements with drilling imminent.

EMAIL info@hammermetals.com.au WEB www.hammermetals.com.au DIRECTORS Russell Davis, Daniel Thomas, Ziggy Lubienieki, David Church

30

WEB www.alchemyresources.com.au DIRECTORS Lindsay Dudfield, Leigh Ryan, Liza Carpene, Anthony Ho

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