RIU Explorers 2022 - Conference Companion

WALLY GRAHAM

The new normal for the 2022 RIU Explorers Conference is COVID-19 and all its accoutrement, and that means change.

Masks, certificates proving level of vaccination, social distancing, and hand hygiene are front and centre for all delegates walking through the front door this year.

If the COVID-19 pandemic has done anything, it has demonstrated the ability of people to adapt to change.

Now, I may not listen to much new music, or recognise the people acting in the movies I go to see, but I have over the past two years, paid more attention than I used to when our political masters front the media to inform us about what is going on.

It seems I’m not alone in this with The Global Pandemic making a new entry, at number four out of ten, in KPMG’s Australian Mining Risk Forecast 2021-2022.

“Although the sector has demonstrated great agility and skill managing during the pandemic, no one knows when the end might be, but it has certainly awoken the sector to the threat of pandemics in general,” KPMG said.

The industry’s COVID reservations were highlighted earlier last year by The WA Resources Sector – Navigating through COVID-19 and recovery report, co-developed by the WA Chamber of Minerals and Energy with EY. The report was based on interviews with senior executives from the CME member companies conducted in mid-2020 after the WA’s COVID-19 lockdown.

These folk were followed up between September and November 2020 after the state, and business, had been let out to play once again.

“Results showed 52 per cent of companies reported being either ‘well prepared’ or ‘very well prepared’ to handle the

initial disruption caused by COVID-19 but that 98 per cent of companies said they were affected in some way by the pandemic, primarily because of workforce constraints and inbound supply chain interruptions,” the CME Report said.

As it turns out, this does seem prophetic, especially in terms of supply chains, which have now combined with erratic weather patterns around the country to be a very real cause for concern.

Pandemic concerns weren’t the only newbie in this year’s KMPG survey, with Access to Key Talent sliding in at number eight as another COVID-19 associated problem.

“Several prominent miners have attributed missing production targets due to shortages of workers such as truck drivers – and whilst for a number of years the industry has been aware of a looming potential shortage in skilled staff, this dearth of staff across the board was not expected,” KPMG observed.

The FIFO lifestyle is not one that suits everybody, and even before the pandemic had reared its head, mental health of mine workers had already been raised as a serious issue.

The CME report noted that companies already had measures and programs in place to look after employee mental health and wellbeing.

Although, a number closer to 100 per cent instead of the 74 per cent of companies that said it was, “necessary to provide additional support through steps such as building in more fatigue breaks around extended rosters, paying wages to workers in isolation and supporting relocations of interstate employees and in some cases their families”, would have much better demonstrated the industry’s desire to respond to worker’s anxieties.

With the KPMG survey having been conducted much later down the pandemic track, and with Health, Safety, and Security Risks moving from tenth place last year to seventh this year, it appears there might be a slight shift in managerial attitude.

“Health and safety is always the primary concern in mining, but a broader conception of wellbeing has now firmly established itself in management consciousness,” KPMG said.

With all this in mind, we encourage you to enjoy the 2022 RIU Explorers Conference, and to ensure you do so safely, and by doing so cater for the safety of others, we ask you to abide by the rules.

Front Cover Picture: Diamond Drilling at Nepean Nickel Project, WA Courtesy of Auroch Minerals

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This award is in memory of Craig Oliver who passed away on Saturday 19 June 2010, aged 46.

Craig was on the Sundance Resources plane which tragically crashed in the Congo with the loss of all people on board.

Craig made a lasting contribution to Australian mining over the course of his 20 year career.

He was an all rounder who was involved in many aspects of the industry, including exploration, mining, financing and developing new projects, promoting companies and fighting political battles. He was one of the key people behind the successful Anti-Resources Tax rally held in Perth in mid 2010.

The Craig Oliver Award will be presented annually to an ‘all round’, small to mid cap Australian mining company which has excelled in areas including exploration, mining, corporate, market results, environmental and community over the past 12 months.

Previous winners were:

2014

Northern Star Resources Ltd

2018

Pilbara Minerals Ltd

2011

Independence Group NL

2015

Doray Minerals Ltd

2019

MOD Resources Ltd

2012

Silver Lake Resources Ltd

2016

Metals X Ltd

2020

Stavely Minerals Ltd

2013

Sirius Resources NL

2017

Evolution Mining Ltd

2021

Chalice Ltd / Bellevue Gold Ltd

2022 Award Nominees De Grey Mining (ASX: DEG)

Liontown Resources (ASX: LTR)

Sandfire Resources (ASX: SFR)

Western Areas (ASX: WSA)

The winner of the 2022 Craig Oliver Award will be announced at 8.40am on Tuesday 15 February in the Main Auditorium

Venture Minerals (ASX: VMS)

Venture Minerals has a suite of projects at its fingertips and is focused on a fresh approach to develop its flagship Mount Lindsay tin-tungsten project in Tasmania, while Joint Venture partner Chalice Mining has generated multiple new electromagnetic targets at its ‘Julimar lookalike’ South West nickel-copper-PGE project in Western Australia.

Venture views the new EM targets as similar strength conductors to those that yielded “wide and significant palladium intervals” during early drilling at Chalice’s Julimar discovery.

“To have a partner that has ‘one of the largest greenfield nickel-copper-PGE sulphide discoveries in recent history’ will be of huge benefit in this very important second stage of the JV with Chalice, including a maiden drill program at Thor,” managing director Andrew Radonjic said.

Meanwhile, tin and tungsten prices have increased about 185 per cent and 85 per cent respectively since early 2016 and Venture notes tin is now recognised as a fundamental metal to the battery revolution.

The company recently wrapped up a $6 million share purchase plan, which will fully fund Mount Lindsay’s updated feasibility study and an accelerated exploration program.

The study assessing underground mining is already underway at what is one of the largest undeveloped tin projects in the world, containing more than 80,000 tonnes of tin metal and a globally significant tungsten resource of 3,200,000 metric tonne units of WO3.

Intersections reported in December included 147m at 1 per cent tin and 0.2 per cent tungsten from 90m.

“At current metal prices, this 147m drill intersection has an average recovered value of $680 per tonne, taking into account metallurgical recovery test work from our previous feasibility study,” Radonjic said.

The company made the transition to producer in 2021 at its neighbouring Riley iron ore mine, which is on care and maintenance awaiting improved market conditions.

Back in WA, Venture has expanded its nickel-copper-PGE portfolio by securing highly prospective tenure at its Kulin project, proximal to the Julimar deposit.

To the north, Venture has intersected up to 7 per cent zinc, 1.3 per cent copper and 2.2 grams per tonne gold and identified additional targets at its Golden Grove North project, along strike from the world-class Golden Grove zinc-copper-gold mine.

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

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Red 5 (ASX: RED)

Red 5 is poised to emerge as a new Australian mid-tier gold producer as it aims for the first pour from its second operation by mid-year.

The company expects first gold at its 2.4 million ounce, 16-year life-of-mine King of the Hills (KOTH) project in the Eastern Goldfields in the June quarter.

KOTH is described as a top 10 Australian gold mine by ore reserve and is forecast to produce an average annual 176,000 ounces in years one to six.

Red 5’s existing Darlot operation, also acquired in 2017, is slated to produce 62,000-72,000 ounces of gold in FY22.

A new mine plan will see Darlot underground transition to become an additional medium-term, high-grade feed source for KOTH from the June quarter and facilitate a step-change in production cost.

“In the future, the KOTH processing hub will be fed with three ore sources, the KOTH open pit, KOTH underground and Darlot underground,” Red 5 managing director Mark Williams said.

“This will further de-risk the KOTH ramp-up and also alleviates labour force pressures given the transfer of our highly skilled Darlot surface team to KOTH.” Meanwhile KOTH construction and development progress was on schedule and within budget as 2021 ended.

“The site continues to be a hive of activity as we power on towards our goal of achieving first gold production in the June quarter 2022,” Williams said.

The company is firmly focused on its Western Australian assets, recently selling its Siana gold project in the Philippines for US$19 million and a net smelter return royalty with an estimated future value of US$36 million.

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Red 5 is also conducting a major exploration program across its strategic footprint in the Leonora-Leinster mineral district.

Recently reported high-grade assay results from resource definition and exploration drilling at its Cable and Mission prospects, 10km north of Darlot, included 0.74m at 164.4 grams per tonne gold from 111m at Cable and 4m at 14.7g/t from 53m at Mission.

“We’re particularly encouraged by the delineation of a significant new zone of gold mineralisation below the known oxide zone at Cable, which presents opportunities for resource growth,” Williams said.

EMAIL info@red5limited.com WEB www.red5limited.com DIRECTORS Kevin Dundo, Mark Williams, Andrea Sutton, Ian Macpherson, John Colin Loosemore, Steve Tombs

Poseidon Nickel (ASX: POS)

Aspiring producer Poseidon Nickel has a resource base of about 400,000 tonnes of nickel at its three past-producing projects in Western Australia and 180,000 ounces of gold at its Windarra tailings project.

The company’s experienced team is working towards a restart of its Black Swan nickel project in the Goldfields, with a final investment decision expected in July.

The move is buoyed by a forecast supply deficit, thanks to car makers’ growing investment in electric vehicles driving nickel demand.

Poseidon’s current focus is to “fill the mill” at Black Swan and refurbish the existing 2.2 million tonne per annum plant to a 1.1Mtpa circuit to maximise production from different sources, namely the Black Swan pit, Silver Swan tailings plus the higher-grade underground deposits at Silver Swan and Golden Swan.

It announced a maiden resource for its Golden Swan discovery in November and the following month reported high-grade intersections at Silver Swan including 15m at 17.92 per cent nickel.

“The resource drilling programs on the Black Swan disseminated orebody and within the Silver Swan Channel continue to deliver positive results which show potential for an increase in the mining inventory for the restart,” managing director and CEO Peter Harold said.

Harold was managing director for 18 years at Panoramic Resources, which developed and operated the Savannah and Lanfranchi nickel sulphide underground mines.

Poseidon is targeting mid-March for a further internal preliminary economic assessment on Black Swan, ahead of bankable feasibility study due in June.

At Lake Johnston, the company is updating a study on the restart of Maggie Hays and prioritising exploration targets, including extension drilling at its Abi Rose discovery.

At Mt Windarra to the north, Poseidon is investigating trucking nickel to either Black Swan or Leinster.

On the gold front, the company is looking for a partner or sale to monetise its asset after releasing a “robust” definitive feasibility study on retreating tailings at Windarra and nearby Lancefield.

The study had outlined a modest development capital cost of $25.8 to $29.5 million, producing up to 55,200 ounces over 45 months at an all-in sustaining cost of $1,393 per ounce.

EMAIL admin@poseidon-nickel.com.au WEB www.poseidon-nickel.com.au DIRECTORS Derek La Ferla, Peter Harold, Felicity Gooding, Dean Hildebrand, Peter Muccilli

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Northern Minerals (ASX: NTU)

Northern Minerals aspires to become a principal supplier of ethically produced rare earth metals and separated products, starting with the company’s Browns Range pilot project in northern Western Australia.

Northern Minerals aspires to build its operation “into a significant world producer of dysprosium outside of China”, which has traditionally dominated the rare earths market.

Dysprosium is the key value driver at Browns Range.

The rare earth element is an essential ingredient in dysprosium neodymium iron-boron magnets, which are used in clean energy, military and high technology applications including electric vehicles and wind turbines.

Northern Minerals exported and sold 39 tonnes of heavy rare earth carbonate to ThyssenKrupp Materials Trading GmbH during the September quarter as part of an offtake agreement.

The company is progressing its ore sorting project enhancement initiative and commissioned and tested the system in 2021.

It’s now producing ore sorted material and converting this to a 30 per cent total rare earth oxide (TREO) concentrate in its Browns Range beneficiation plant.

The ore sorter will be tested for its economic and technical feasibility at the front end of the pilot plant.

A feasibility study is underway.

“In the coming year, we will look to complete a feasibility study for a full-scale beneficiation plant, continue studies in downstream processing, look for exploration success on the back of increased drilling to expand our resource and reserve base with the aim of being in a position at the end of 2021–22 to hopefully push the button on the full-scale beneficiation plant if all of the planets align,” CEO Mark Tory said in the company’s annual report.

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Within a 200km radius of Browns Range, Northern Minerals also has the John Galt exploration project in WA and Boulder Ridge across the border in the Northern Territory.

The company bolstered its board late last year, appointing Nick Curtis as chairman and Adam Handley as non-executive director.

Curtis was previously at the helm of Lynas Corporation, which developed the Mt Weld rare earths deposit in WA, and Handley is the national vice president and director of the Australia China Business Council, a bilateral trade and investment association.

EMAIL info@northernminerals.com.au WEB www.northernminerals.com.au DIRECTORS Nick Curtis, Ming Lu, Liangbing Yu, Bin Cai, Adam Handley

Genesis Minerals (ASX: GMD)

Gold explorer Genesis Minerals is poised to shift gear, with former Saracen Mineral Holdings and Northern Star Resources boss Raleigh Finlayson set to become managing director in March.

The company is focused on its 1.6 million ounce Ulysses gold project in Western Australia, about 30km south of St Barbara’s Gwalia gold mine.

Genesis announced its restructure in September, along with the news Finlayson would cornerstone a $20.8 million capital raise, which included a $3 million investment by Northern Star.

The leadership changes and funding would position Genesis to maximise the opportunities at Ulysses “as well as consider value-enhancing strategic acquisitions,” chairman Tommy McKeith said.

Genesis had acquired Ulysses in 2015 and completed two open pit mining campaigns at the West Pit in 2016 and 2017.

The company’s acquisition of the neighbouring Kookynie tenements a year ago was dubbed a game-changer, expanding Ulysses’ size and scope.

A resource update in March 2021 saw a 26 per cent resource to 27.3 million tonnes at 1.8 grams per tonne for 1.6 million ounces.

Reverse circulation drilling last year continued to confirm the potential to grow all key deposits which formed part of Ulysses.

Resampling a hole at Admiral Deeps returned “a bonanza intersection” of 4m at 263g/t from 264m, including 1m at 1,049g/t, while further drilling below the Admiral Deeps resource included 12.55m at 4.22g/t.

Drilling results reported in June from Genesis’ Puzzle North discovery, 700m from the shallow 59,000 ounce Puzzle resource, included 40m at 2.52g/t from 44m.

A resource update for Ulysses is expected this quarter.

A feasibility study for the construction of a standalone treatment facility was originally due in the September quarter, however, this was deferred to enable the scope to be reassessed and optimised, given the company’s strengthened balance sheet, exploration results and board and management changes.

Immediately north of Ulysses, Genesis has the right to earn 80 per cent of Desdemona South, a Joint Venture with Kin Mining.

Further afield, it has a 65 per cent stake in the Barimaia gold exploration project in the Murchison district.

Genesis plans to outline its objectives and path forward late in the March quarter.

EMAIL info@genesisminerals.com.au WEB www.genesisminerals.com.au DIRECTORS Tommy McKeith, Michael Fowler, Gerry Kaczmarek, Neville Power, Michael Bowen

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Bellevue Gold (ASX: BGL)

Bellevue Gold is fully funded through to production and is aiming for first gold in 2023 from its high-grade, namesake project near Leinster in Western Australia.

The company executed a project loan facility of $200 million in December which, combined with its existing cash reserves of $188 million, means development is fully funded along with an aggressive exploration program.

Bellevue is confident its dual track pathway of development and exploration is designed to capture the gains achieved by a company in exploration phase but also benefit from creating the pathway to production.

Its updated stage two feasibility study (FS2) released in September showed Bellevue was forecast to enter the top 20 largest producing gold mines in Australia.

The study outlined average annual production of 183,000 ounces for 8.1 years at an all-in sustaining cost of $1,014 per ounce, with a rapid post-tax payback period of 1.4 years.

The net present value was put at $943 million post-tax and the internal rate of return at 62 per cent.

Only half of Bellevue’s 3 million ounce resource, grading 9.9 grams per tonne, sits within the 1.5 million ounces mine plan.

Reserves comprise 1 million ounces at 6.1g/t gold.

Managing director Steve Parsons said FS2 established Bellevue, “as a member of the exclusive club of global gold miners with first-class technical and financial characteristics”.

“Only seven other assets in the world boast a grade of more than 5g/t and annual production of +180,000oz in a tier-one location,” he said.

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The company sees strong potential to continue to expand the reserve base and life of mine, pointing to drilling results outside FS2 including 7.5m at 53.3g/t.

It noted the processing plant had been designed to be readily expandable from the current one million tonnes per annum processing rate.

Bellevue has also forecast the mine to be the lowest carbon emitter per ounce in the Australian gold industry.

The company has a vision to be one of Australia’s best in class “green and gold” miners.

For the same carbon emissions, Bellevue is forecast to produce 3.6 ounces compared to one ounce for the average Australian gold mine.

EMAIL admin@bellevuegold.com.au WEB www.bellevuegold.com.au DIRECTORS Steve Parsons, Kevin Tomlinson, Shannon Coates, Fiona Robertson, Michael Naylor

Carawine Resources (ASX: CWX)

Carawine Resources anticipates a strong news flow for 2022 as exploration continues at its wholly-owned projects and Joint Ventures with companies including Rio Tinto.

The company raised $4.9 million in November to expand exploration at its Tropicana North gold project and at its Big Bang nickelcopper sulphide targets in the Fraser Range.

Carawine is targeting a major new gold camp at Tropicana North, where high gold grades reported in December from the Hercules prospect included 1.05m at 10.7 grams per tonne.

Hercules, the advanced Atlantis prospect and the Big Freeze gold zone are on Carawine’s 90 per cent-owned Thunderstruck JV, which forms part of Tropicana North.

“Our goal now is to test the extents of mineralisation and establish the grade distribution characteristics of the deposit,” managing director David Boyd said.

“With our recently completed capital raising, we are well placed to achieve this in the New Year, in parallel with an extensive regional exploration program targeting additional large deposits in this highly prospective belt.”

Carawine was spun out of minerals sands-focused Sheffield Resources and listed on the ASX in 2017 after a $7 million IPO. It says its “exploration DNA” has generated large landholdings in major mineral provinces and it has Joint Ventures where the exploration stage, style or target commodities fall outside Carawine’s strategy focus.

In the nickel-copper space, Carawine holds 100 per cent of Big Bang, while nickel producer IGO is earning into five of the company’s Fraser Range tenements and currently holds 70 per cent.

In the exploration hotspot of the Paterson Province, Rio Tinto has the right to earn up to 80 per cent of Carawine’s West Paterson Joint Venture.

Fortescue Metals Group can earn 75 per cent of its Coolbro JV by spending $6.1 million over seven years.

ASX-listed Black Canyon can earn 75 per cent of Carawine’s Oakover manganese project in the Pilbara and it wrapped up a drilling campaign before Christmas, with assays pending at the time of writing.

Finally, Carawine planned to review the ongoing work program for its Jamieson gold-base metals project in Victoria’s Lachlan Fold Belt early this year.

EMAIL info@carawine.com.au WEB www.carawine.com.au DIRECTORS Will Burbury, David Boyd, David Archer

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Helix Resources (ASX: HLX)

Helix Resources is focused on its copper assets in New South Wales’ well-endowed Cobar Basin, recently reporting visible copper sulphide mineralisation at the Canbelego Main Zone target.

The Canbelego Joint Venture project with Aeris Resources (HLX 70%: AIS 30) has a JORC 2004 resource of 1.5 million tonnes at 1.2 per cent copper, and Helix’s fully-owned Central Zone (CZ) deposit on the Collerina trend has 2Mt at 2 per cent copper and 0.1 grams per tonne gold.

The company intends to focus on Canbelego this quarter, to identify new copper lodes and build up the advanced copper targets based on a “Cobar style” deposit model.

“What better way to start the new year than to intersect massive copper sulphides within an overall 29m incipiently mineralised interval, reinforcing the potential of the Canbelego area,” managing director Mike Rosenstreich said.

“We have done a lot of work to understand the prospect scale geology and controls on the copper mineralisation – including how to target some of the higher grade, massive copper-sulphide shoots such as we hit in May last year, 18 metres at 3.4 per cent copper.”

Helix was also poised to undertake a major regional program to identify and systematically test new targets at CZ. Drilling results from CZ last year included 7m at 2.64 per cent copper and 1.18g/t gold, within 25m at 0.94 per cent copper from 20m, in a new shallow, open-ended, high-grade copper-oxide zone.

The company recently increased its prospective ground holdings by 670 square kilometres, contiguous with its Collerina trend tenure and south of Aeris’ Tritton copper operations.

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Helix established its exploration base in Orange in 2021, a year that also saw the resolution of several issues.

“Having dealt with all the legacy matters and identified the data gaps, we are now gaining traction across both the advanced projects and regional targets in our technical data and geological understanding to make new discoveries and grow the copper inventory,” Rosenstreich said.

The company was also working on extracting value from its non-core assets, such as its advanced Collerina nickel-cobalt project, Chile copper projects and its iron ore royalty interests.

EMAIL helix@helixresources.com.au WEB www.helixresources.com.au DIRECTORS Peter Lester, Tim Kennedy, Jason Macdonald, Mike Rosenstreich

Technology Metals Australia (ASX: TMT)

Technology Metals Australia is focused on developing its wholly-owned Murchison Technology Metals project (MTMP).

It’s also aiming to be the first fully integrated mine to battery vanadium electrolyte producer in Australia.

Towards this end, the company announced an expanded a memorandum of understanding in January with LE Systems, one of Japan’s leading research and development companies for vanadium redox flow batteries (VRFB).

The expanded MOU provides the framework for Technology Metals and LE Systems to jointly undertake a feasibility study into the development of vanadium electrolyte production capacity in Australia, using vanadium from the MTMP and LE Systems’ proprietary technology.

“We view the downstream processing opportunities for vanadium from the MTMP as important for both the future demand of vanadium but also as key to addressing climate change,” managing director Ian Prentice said.

Vanadium is traditionally used to strengthen steel but is seeing emerging demand from the VRFB sector, with the large-scale batteries providing efficient storage for renewable energy.

Technology Metals’ MTMP comprises the Gabanintha and Yarrabubba deposits, 20km apart, south of Meekatharra in Western Australia.

The company is working to integrate Yarrabubba into the development of the MTMP after reporting a 32 per cent increase in Yarrabubba’s resource in November, which included a high-grade component of 19 million tonnes at 1.1 per cent vanadium pentoxide (V2O5).

A definitive feasibility study on Gabanintha alone in 2019 confirmed lowest quartile operating costs and average annual production of 27.9 million pounds V2O5 over 16-plus years, set to make it the largest single primary vanadium producer in the world.

Technology Metals has been granted mining licences for Gabanintha and teed up offtake for 75 per cent of its average annual output.

Yarrabubba’s integration is expected to extend MTMP’s life beyond 25 years, based on a global measured and indicated resource of 50.2 million tonnes at 0.9 per cent V2O5, which the company said confirmed MTMP’s position as one of the highest-grade vanadium projects globally.

Resource Capital Fund VII LP came on board as a cornerstone investor in September as part of a $20 million placement.

Technology Metals expects to make a project development decision in the second half of 2022.

EMAIL investors@tmtlimited.com.au WEB www.tmtlimited.com.au DIRECTORS Michael Fry, Ian Prentice, Jacqueline Murray, Sonu Cheema

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Calidus Resources (ASX: CAI)

Calidus Resources is on track to become Australia’s next gold producer by the June quarter this year.

The company’s 1.5 million ounce Warrawoona gold project in the Pilbara is forecast to produce up to 105,000 ounces per annum, with the potential to increase to 130,000ozpa when the nearby, high-grade Blue Spec project is developed.

The historically-mined Blue Spec takes the overall resource to more than 1.7 million ounces thanks to its 219,000 ounces at 16.3 grams per tonne.

On a separate front, Calidus recently formed a new Pilbara lithium exploration Joint Venture, Pirra Lithium, owned equally with Haoma Mining and with rights to more than 1,000 square kilometres.

“As part of this strategy to create additional value for our shareholders while maintaining our sharp focus on Warrawoona, we are establishing a separate dedicated team to pursue this lithium opportunity,” managing director Dave Reeves said.

Warrawoona was 78 per cent complete in December 2021.

“The focus of the team on site is now swinging from construction to operational readiness with mining and recruiting activities ramping up,” Reeves said.

Calidus committed to a renewable energy micro grid for Warrawoona in January, a cornerstone of its carbon reduction plan in line with its environmental, social and governance initiatives.

The emerging miner executed an agreement with Zenith Pacific (WRW) for the construction of a four megawatt solar farm, with 3.5MW battery energy storage system.

Reeves said Calidus was pleased to extend the relationship with Zenith, which is currently constructing an 11MW gas-fired power station at Warrawoona under a power purchase agreement.

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Calidus is aiming to start development at Blue Spec once it’s achieved steady state production at Warrawoona.

Drilling as part of a definitive feasibility study for Blue Spec returned “exceptional high-grade results” in November including 1.1m at 100.7g/t gold, within 4.1m at 33.6g/t from 194.9m.

“These are the first holes Calidus has drilled at Blue Spec and it is significant that we have already validated the very high-grade nature of the deposit,” Reeves said.

EMAIL info@calidus.com.au WEB www.calidus.com.au DIRECTORS Mark Connelly, David Reeves, John Ciganek, Keith Coughlan

AuTECO Minerals (ASX: AUT)

AuTECO Minerals said exceptional drilling results were pointing to a “significant increase” in the resource – imminent at the time of writing – at its flagship, high-grade Pickle Crow gold project in Canada.

AuTECO had already increased Pickle Crow’s inferred resource last year by 71 per cent to 1.7 million ounces at 8.1 grams per tonne.

Drilling results reported in January from outside the current resource area included 7.3m at 33.3g/t from 9.4m and 1.5m at 35.2g/t from 541.5m.

The results were set to be included in a resource update slated for February 2022.

“The more we drill, the more gold we find,” executive chairman Ray Shorrocks said.

“This outstanding success rate reflects the world-class quality of the Pickle Crow mineralised system.

“AuTECO remains fully funded to continue the exploration and growth campaign.”

It started the December quarter with more than $16 million in cash.

The company has earnt 70 per cent of Pickle Crow from TSX-listed First Mining Gold and can buy a further 10 per cent for C$3 million.

It intends to continue a dual-tracked approach to drilling for the rest of 2022, with a combination of extensional in-mine resource growth drilling and regional exploration.

AuTECO made the Carey and Tyson discoveries at Pickle Crow last year, with shallow, high-grade intersections at Carey indicating open pit potential at the former underground operation and the new Tyson vein system demonstrating how under-explored the project was.

AuTECO has begun testing regional exploration targets, with the first results expected early in the June quarter.

Pickle Crow is in Ontario in the Uchi sub province of the Western Superior Craton, with the Archean Granite-Greenstone terrane hosting gold mines, including Evolution Mining’s Red Lake and Newmont’s Musselwhite.

Pickle Crow previously produced 1.5 million ounces at 16.1g/t between 1935-1963.

The project has infrastructure including a processing plant, which was never commissioned.

In anticipation of success, AuTECO has said it’s planning high-level activities to demonstrate the pathway to production.

Finally, the company recently executed a binding term sheet to acquire Mithril Resources’ interest in the Limestone Well vanadium-titanium project in Western Australia, which will end a 2018 Joint Venture agreement.

EMAIL info@autecominerals.com WEB www.autecominerals.com DIRECTORS Ray Shorrocks, Michael Naylor, Steve Parsons

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Hot Chili (ASX: HCH)

Glencore-backed Hot Chili has begun port negotiations as it aims to become one of Chile’s top copper miners.

The Australia-based company also listed on the TSX Venture Exchange in January after a successful IPO raised more than C$33 million.

It expects to announce a global mineral resource upgrade later this quarter for its Costa Fuego project, where the Cortadera deposit is described as one of two major copper discoveries globally since 2016 alongside Rio Tinto’s Winu in Western Australia.

Costa Fuego is envisaged as a development hub and currently contains a measured and indicated 1.7 million tonnes of copper, 1.5 million ounces of gold, 4.2Moz of silver and 37,000 tonnes of molybdenum.

It also has an inferred resource comprising 1.2Mt copper, 1.2Moz of gold, 5.6Moz of silver and 27,000t of molybdenum.

Hot Chili took full ownership ahead of schedule in September of Cortadera and owns 80 per cent of the other key deposit, Productora.

Glencore made a $14.4 million strategic investment for 9.99 per cent of Hot Chili in August.

The pair are expected to reach an off-take agreement for 60 per cent of the first eight years of production this quarter.

Hot Chili announced new drilling results from Cortadera in January, including 156m grading 0.4 per cent copper-equivalent from surface.

Managing director Christian Easterday said it was pleasing to see further growth in Cortadera’s open pit potential, adding 2022 was shaping up to be an exciting year.

“A resource upgrade this quarter and a combined pre-feasibility study in the third quarter will position Costa Fuego as a production front-runner in the senior copper development space,” he said.

The company said advantages to Costa Fuego’s “rare development setting” included its low altitude, infrastructure access and location about 50km to port.

Hot Chili executed a letter of intent in January with Puerto Las Losas SA (PLL) to negotiate a port access and port services agreement, which was the final critical infrastructure item required for the development of Costa Fuego.

Leveraging off existing port infrastructure was expected to materially reduce the project’s environmental footprint and have a positive impact on construction capital requirements and permitting timelines.

EMAIL admin@hotchili.net.au WEB www.hotchili.net.au DIRECTORS Murray Black, Christian Easterday, Dr Allan Trench, Roberto Adriasola, Randall Nickson, Mark Jamieson, Dr Nicole Adshead-Bell

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Auroch Minerals (ASX: AOU)

Auroch Minerals has resource updates and scoping studies slated for this year at its Saints, Nepean and Leinster nickel sulphide projects in Western Australia.

The company is leveraged to the strong nickel price, noting it surged to a decade high in January amid a supply squeeze.

Auroch also has exploration targets across future-facing minerals including copper, zinc and lithium and has three earlier-stage exploration projects in South Australia.

The company kicked off a major diamond drill program at Saints in late January, to update its high-grade resource of 1.02 million tonnes at 2 per cent nickel for 21,400 tonnes.

Managing director Aidan Platel said the program was fundamental for an ongoing scoping study, due at the end of March.

“We are well-funded and in a great position to continue with our aggressive exploration programs in parallel to our mine viability studies at Saints and Nepean as we push to create real shareholder value in 2022,” he said.

Auroch claims Nepean as Australia’s second producing nickel mine, churning out more than 32,000t of nickel at an average recovered grade of 2.99 per cent between 1970 and 1987.

Auroch has an 80 per cent interest in the project near Coolgardie, where an IP survey was set to resume this quarter.

Auroch has said there’s “huge potential to build a significant high-grade nickel sulphide inventory” at Nepean at three key areas – the historic mine area, below the workings at Nepean Deeps and in regional exploration.

It also confirmed lithium mineralisation in pegmatites at Nepean in December, reporting rock chip samples of up to 1.05 per cent lithium.

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To the north, Auroch has drilling planned for Leinster where the Horn prospect has a JORC 2004 resource of 8,300t of nickel and 1,800t of copper.

Auroch has the Arden, Lake Torrens and Bonaventura projects in SA and resumed drilling at Arden’s Ragless Range zinc prospect in January.

Previous intersections included 3.65m at 15.47 per cent zinc from 62.15m.

The company had more than $10 million in hand in mid-January, confident it is well-funded for aggressive exploration and news flow in 2022 and beyond.

EMAIL admin@aurochminerals.com WEB www.aurochminerals.com DIRECTORS Edward Mason, Aidan Platel, Mike Edwards, Trevor Eton

Azure Minerals (ASX: AZS)

Azure Minerals is advancing its flagship Andover nickel-copper-cobalt project in Western Australia – giving shareholders exposure to “clean and green” battery metals – plus keeping its WA gold assets firmly in the frame.

The company started a maiden drilling program on its Barton gold project in January targeting Daisy Corner, immediately adjacent to Genesis Minerals’ Puzzle North gold discovery near Kookynie.

Azure is following up historical gold intersections at Daisy Corner, including 7m at 1.26 grams per tonne from 42m, and testing for northern extensions of the Puzzle North mineralisation.

It’s also resumed drilling at Andover in the Pilbara, where it’s advancing through the mineral resource and scoping study stages.

The Creasy Group owns 40 per cent of Andover, which Azure believes has the potential to become a major nickel-copper sulphide project.

Azure is close to releasing a maiden resource for Andover’s VC-07 East, with drilling results in December continuing to confirm strong internal continuity and extensions of high-grade nickel-copper mineralisation.

Metallurgical testwork last year resulted in separate marketable, high-grade nickel and copper concentrates achieved by selective flotation.

The company also announced the Skyline discovery at Andover in December – a new nickel-copper sulphide zone 300m west of the VC-23 prospect.

The first three drill holes at Skyline intersected nickel-copper mineralisation coinciding with electromagnetic conductors, including 7.4m of disseminated nickel-copper sulphides from 55.5m.

Drilling at VC-07 West has also continued to return substantial nickel-copper sulphide mineralisation, managing director Tony Rovira

said, and the company has numerous EM targets and outcropping gossans yet to be drilled.

Located in a region renowned for iron ore and gold mining, Andover has access to “first class” infrastructure and logistics.

The Pilbara also hosts Azure’s Turner River gold project, near De Grey Mining’s new 6.8 million ounce Hemi gold deposit.

Turner River, along with the Meentheena and Coongan gold projects, are held 70 per cent by Azure and 30 per cent by the Creasy Group.

Azure had more than $20 million in hand in December, having raised $37 million in November 2020 to advance its projects in WA, as it looks to sell its assets in Mexico.

EMAIL admin@azureminerals.com.au WEB www.azureminerals.com.au DIRECTORS Brian Thomas, Tony Rovira, Annie Guo, Hansjörg Plaggemars

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Centaurus Metals (ASX: CTM)

Centaurus Metals is focused on the development of its advanced Jaguar nickel sulphide project in Brazil’s Carajás mineral province.

It recently updated Jaguar’s resource by 30 per cent to 80.6 million tonnes at 0.91 per cent nickel for 730,700 tonnes of contained nickel, saying this made it one of the largest undeveloped nickel sulphide projects globally.

Assays announced in January, including 40m at 1.04 per cent nickel, pointed to further resource growth, Centaurus said.

The company raised $75 million in January, to complete Jaguar’s definitive feasibility study this year, as well as for pre-development and financing activities ahead of a final investment decision.

Centaurus has lodged an updated mining lease application for Jaguar with Brazil’s national mining agency and is adding more drills to its resource growth and development program, with 14 rigs expected to be operating by the end of February.

It believes the plus-20,000t per annum operation will have an “extremely low carbon footprint” as a result of Brazil generating 80 per cent of its grid power from renewable sources.

Managing director Darren Gordon said the company was delighted with the strong interest from global investors for the recent $75 million raising, which put Centaurus in “an outstanding position to realise our objective of becoming one of the world’s next significant green nickel producers”.

“It also reflects the strong macro environment for the nickel, which recently hit 11-year highs on the strong demand outlook from the burgeoning EV, renewable energy and lithium-ion battery sectors,” he said.

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The company also has the Jambreiro iron ore project in south-east Brazil, which has an 18-year mine life according to a preliminary feasibility study updated in 2020.

Centaurus said the project’s potential economics had improved since a 2019 PFS and it continued to explore avenues to realise its value, adding it had begun the process to refresh licences needed to develop Jambreiro.

Centaurus’ shares also started trading in the US on the OTCQX platform on December 30 under the ticker OTCQX: CTTZF, which Centaurus said would enhance its visibility and accessibility to the extensive market of North American retail, high net worth and institutional investors.

EMAIL office@centaurus.com.au WEB www.centaurus.com.au DIRECTORS Didier Murcia, Darren Gordon, Bruno Scarpelli, Mark Hancock, Chris Banasik

Torque Metals (ASX: TOR)

Western Australia-focused gold explorer Torque Metals hit the ground running after listing on the ASX in June 2021 following an IPO that raised $5.5 million.

Its flagship asset is the Paris gold project, which hosts a 314,000 tonnes resource grading 3.24 grams per tonne for 32,700 ounces at the Paris and HHH deposits, 40km north-east of the Higginsville gold mine.

Torque reported an intercept over one ounce per tonne gold from first pass drilling last year.

An intercept next to Paris’ historical open pit included a “bonanza grade” of 6m at 34.6g/t from 141m, within 24m at 10.7g/t.

The company also reported two gold discoveries at the project last year – Observation and Strauss.

Initial results from Observation, 2.5km north-west of the former Paris mine, included 9m at 11.52g/t from 63m.

First pass drilling results from Strauss included 3m at 4.23g/t and 6m at 2.32g/t from 39m.

More drilling is underway and high-grade, shallow intercepts from Observation reported in January included 6m at 9.86g/t from 57m and 6m at 8.45g/t from 51m.

“What a fantastic result to be continuously encountering high grade gold in the Boulder-Lefroy corridor, not too far from the major mining hub of Kalgoorlie,” executive chairman Ian Finch said.

“Encouragingly these initial results from Observation are relatively shallow at around 50 to 75 metres and are returning increasing grades at depth.

“Torque has been a highly active explorer ever since listing on the ASX last year and we certainly have a lot more to drill, with these results providing us with some top tier targets.

“Importantly, with a larger drill rig coming on site in the next few weeks we will be able to test the extensions and depth of these targets beyond 100 metres in order to rapidly increase the project’s resource base.”

Torque also has a Joint Venture with ASX-listed Jindalee Resources over several tenements next to Paris, where a SensOre subsidiary can earn into one of the licences which contains the Maynard’s Dam prospect.

To the west, Torque’s planning to soon start drilling at its Bullfinch gold project near Southern Cross, where targets include Withers and Rutherford’s Find.

EMAIL admin@torquemetals.com WEB www.torquemetals.com DIRECTORS Ian Finch, Tony Lofthouse, Pat Burke, Neil McKay

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Vimy Resources (ASX: VMY)

Emerging uranium developer Vimy Resources is targeting production in 2025 at its Mulga Rock project east of Kalgoorlie in Western Australia, slated to be the state’s first uranium mine.

With a resource of 90.1 million pounds, Mulga Rock is one of Australia’s largest undeveloped uranium resources.

The company also has the 25.9Mlb Alligator River uranium exploration project in the Northern Territory, where it recently took full ownership after acquiring Rio Tinto’s 20.89 per cent stake.

Vimy made a substantial start at Mulga Rock late last year and has since made further progress, including starting mining activities at the Ambassador North pit.

Steven Michael was appointed managing director and CEO in late January.

“Steven’s appointment, along with the recent appointment of Dr Tony Chamberlain as chief operating officer, significantly enhances Vimy’s executive management team as we progress the Mulga Rock project through a bankable feasibility study during 2022 and continue to advance the Alligator River project,” said chairman Cheryl Edwards, who is set to retire this quarter.

Vimy’s progress comes as the uranium spot price shot up during 2021 from less than US$30/lb to more than $51/lb in September.

The company describes a global change in sentiment for nuclear as the baseload energy of choice.

A definitive feasibility study for Mulga Rock, refreshed in 2020, estimated annual production of 3.5Mlb U3O8 over 15 years at all-in sustaining operating costs of US$31.22/lb.

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It put the total capital cost at $393 million and anticipated a pre-tax internal rate of return of 31.1 per cent and a 2.4-year payback, assuming a uranium price of US$55/lb.

“Bringing Mulga Rock into production will materially mitigate global GHG emissions and enhance Western Australia’s ESG credentials,” Michael said.

After attracting unsolicited approaches last year, Vimy began a strategic review process to de-risk the execution of Mulga Rock and consider the value that might be achieved through potential corporate transactions with recognised industry participants, as an alternative to advancing Mulga Rock on a 100 per cent basis.

The company has adopted Towards Sustainable Mining, an accountability framework to reinforce its commitment to continuous improvement in safety, environmental and social governance.

EMAIL info@vimyresources.com.au WEB www.vimyresources.com.au DIRECTORS Cheryl Edwardes AM, Dr Tony Chamberlain.

Wayne Bramwell, Steven Michael

Matador Mining (ASX: MZZ)

Matador Mining has, “one of the highest-grade undeveloped open pit projects in a first world jurisdiction” at the company’s Cape Ray gold project in Canada’s Newfoundland.

The company increased its holdings in the province last year to 750 square kilometres, adding two blocks to Cape Ray and acquiring the Hermitage project to the east on a similar structural setting to New Found Gold’s Queensway project.

Cape Ray has a near-surface 837,000 ounce resource grading 2 grams per tonne.

A 2020 scoping study outlined an initial seven-year mine life and forecast a strong post-tax internal rate of return of 51 per cent, rapid 1.75-year payback and low all-in sustaining costs of US$776 per ounce.

Matador is aiming to grow the resource and sees plenty of upside in the burgeoning exploration hotspot.

It raised $16 million in July and is fully funded through the 2021/22 exploration seasons with a 45,000m diamond drilling program underway in its largest exploration program yet.

The directors are looking to replicate their successes at other mining companies, including executive chairman Ian Murray who led ASX-listed Gold Road Resources in its transition from explorer to large-scale gold producer.

“We know what it takes to take a junior, and then deliver to a strategy to make it bigger for shareholders,” he said.

Brownfields expansion drilling at Window Glass Hill Granite reported in the September quarter returned intercepts including 19m at 4.2g/t, while initial infill drilling at the Window Glass Hill resource included 4m at 4g/t.

December drill hits including 1m at 6.7g/t from greenfield diamond drilling at the Big Pond Area highlighted the potential for new discoveries, Matador said.

“I am pleased to see gold mineralisation intersected from our first reconnaissance diamond drilling program assessing multiple conceptual targets in the Big Pond Area,” Murray said.

“This initial greenfield drilling success confirms the efficacy of our integrated exploration targeting approach and highlights the discovery potential of the large and prospective district we control.”

The company was named Prospector/Explorer of the Year in November for its progress and results at Cape Ray by the Canadian Institute of Mining, Metallurgy and Petroleum’s Newfoundland and Labrador branch.

EMAIL info@matadormining.com.au WEB www.matadormining.com.au DIRECTORS Ian Murray, Dr Nicole Adshead-Bell, Justin Osborne, Mick Wilkes

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RareX (ASX: REE)

Explorer RareX is focussed on its Cummins Range rare earths project in Western Australia’s Kimberley, as prices rise for crucial low-carbon economy elements.

Cummins Range has an 18.8 million tonne resource at 1.15 per cent total rare earth oxides (TREO) and 0.14% niobium, including a higher-grade component of 6.5Mt at 1.98 per cent TREO and 0.21 per cent niobium.

RareX began the first diamond drill program in 40 years at Cummins Range in 2021, which started returning “exceptional high-grade intercepts” in the primary zone of mineralisation including 3m at 10.6 per cent TREO with 1.8 per cent neodymium-praseodymium (NdPr).

The potential to substantially increase the resource was reinforced in January with further assays delivering multiple intercepts above the resource grade, as well as silver intercepts of up to 138 grams per tonne.

Results included 16.5m at 2 per cent TREO and 50 grams per tonne silver, and 11m at 2.3 per cent TREO with 0.4 per cent NdPr, 0.1 per cent niobium and 138g/t silver.

Managing director Jeremy Robinson said the primary zone was shaping up as a, “game-changer” for Cummins Range.

“With interest in the rare earths sector continuing to increase amid rising prices and concerns over supply shortages, we are looking forward to what we anticipate will be a breakthrough year for RareX,” he said.

The company noted a sharp rise in the NdPr oxide price recently, reaching US$149 per kilogram in late January.

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RareX began a scoping study on Cummins Range last year, targeting the March quarter for release, allowing time to continue to develop the resource and integrate this with metallurgy and processing design.

Elsewhere, it spun out its Byro East nickel-copper-PGE project in WA and its Orange East gold project in New South Wales into Cosmos Exploration in December after a $5 million IPO. Also in NSW, RareX retains a 35 per cent free-carried interest in the Trundle project, with exploration being funded by ASX-listed Kincora Copper that recently reported higher-grade zones expanding the copper-gold system at the Trundle Park prospect.

RareX announced its environmental, social and governance framework in September, to support its journey from exploration to operational mining activities.

EMAIL info@rarex.com.au WEB www.rarex.com.au DIRECTORS John Young, Jeremy Robinson, Shaun Hardcastle, Cameron Henry

Legend Mining (ASX: LEG)

Legend Mining claims “the biggest block on the best street” at its circa 3,000 square kilometre Rockford project in Western Australia’s Fraser Range.

The company also benefits from the regional experience brought by its joint venture partners and major shareholders, namely the Creasy Group and ASX-listed producer IGO. Legend made the Mawson nickel-copper-cobalt discovery at Rockford in 2019 and since discovered more massive nickel-coppercobalt zones and prospective regional targets.

The company is taking a systematic and scientific approach to exploration, including carrying out the first 3D seismic survey at Rockford late last year.

The final processed results are expected to be received in February.

The surveys are more commonly used in the oil and gas industry but were a key exploration tool for IGO at its Nova nickel-coppercobalt mine, 120km away.

Managing director Mark Wilson said Legend’s existing drill data was to about 500m below surface, while the 3D seismic survey was designed to investigate to depths greater than 1,000m.

“We expect quality drill targets for diamond drilling in 2022 to be the ultimate outcome of this survey,” he said.

Drilling in September confirmed the prospectivity at Magnus and Octagonal, with Wilson saying Octagonal was another large fertile intrusion, as was Mawson.

“Legend is in the enviable position of now having two locations to focus its exploration efforts to find the next nickel-copper mine in the Fraser Range,” he said.

The first diamond hole at the Magnus prospect showed the presence of nickel-copper sulphides and confirmed it contained prospective host rocks of an orthomagmatic system “akin to Voisey’s Bay and indeed Nova-Bollinger, Silver Knight, Mawson and Octagonal”.

Meanwhile step-out drilling recently extended the Mawson intrusion to the north-east.

“The data we have gathered throughout this year has been comprehensive and greatly increased our knowledge of the intrusion … from circa 400 metres strike this time last year to 1,600 metres where it now stands,” Wilson said in November.

Legend planned to combine geological, structural and geochemical datasets with seismic, gravity, magnet and DHTEM datasets to design its 2022 diamond drill program.

The company started the year with $18.8 million in cash and receivables.

EMAIL legend@legendmining.com.au WEB www.legendmining.com.au DIRECTORS Michael Atkins, Mark Wilson, Oliver Kiddie

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Musgrave Minerals (ASX: MGV)

Musgrave Minerals is freed up to focus on its 100 per cent owned tenure at its flagship Cue gold project in Western Australia after Evolution Mining elected to act as earn-in manager over the pair’s Joint Venture from January 1.

The JV excludes Cue’s current resources of 659,000 ounces and Musgrave’s discoveries including White Heat and Big Sky. Evolution, which produces about 700,000 ounces of gold annually from its mines in Australia and Canada, can earn 75 per cent of the Lake Austin portion of Cue by spending $18 million over five years under a 2019 agreement.

Evolution has increased the JV budget by $3 to $6 million for the first half of 2022 as drilling continues, with recent results from Lake Austin’s West Island prospect including 4.26m at 41.5 grams per tonne gold.

Musgrave’s Cue project currently holds 6.4 million tonnes at 3.2g/t, with the high-grade, near-surface Break of Day deposit providing 797,000t at 10.2g/t for 262,000oz.

The project is surrounded by gold mines including Ramelius Resources’ Mt Magnet and Westgold Resources’ Cue operations.

Musgrave said in January it was continuing prefeasibility level studies, with exploration drilling success supporting the opportunity to grow the resource base through discovery.

The company had $17.5 million in hand at the start of the year and was continuing drilling at regional targets, the White Heat-Mosaic prospects and at Big Sky where it’s focused on delivering a maiden resource in the second quarter.

Recent drilling results from Big Sky include 1m at 898g/t gold, within 28m at 35.9g/t from 49m.

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Musgrave has identified a new mineralised trend called Waratah, 400m east of Break of Day, where intercepts include 2m at 28.1g/t from 78m.

It also recently discovered the Mosaic lode, 80m south of White Heat, where “stunning” results included 15m at 111.6g/t from 25m.

At Amarillo, 1.2km south-west of Break of Day and 800m north of Big Sky, recent assay highlights included 9m at 8.7g/t.

Elsewhere, ASX-listed Cyprium Metals has earned 80 per cent of the non-gold rights over Musgrave’s northern Cue tenure which includes the Hollandaire copper deposit.

The company also holds non-core assets in South Australia.

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

Chalice Mining (ASX: CHN)

Chalice Mining has shot to fame on the back of its large-scale nickel-copper-platinum group elements discovery at its Julimar project, 70km from Perth in Western Australia.

It has scoping study work underway on Julimar’s Gonneville deposit, which is claimed to be the largest nickel sulphide discovery worldwide since 2000 and the largest PGE discovery in Australian history.

Julimar leads Chalice’s portfolio, which includes other projects and joint ventures predominantly in the emerging West Yilgarn nickel-copper-PGE province.

The company recently demerged its gold assets into Falcon Metals, which listed on the ASX in December after raising $30 million in an IPO. Chalice ended 2021 with a cash balance of $65.2 million.

It’s continuing infill, step-out and exploration drilling at Julimar, along with work to support a scoping study.

Gonneville’s maiden resource, unveiled in November, contains 10 million ounces 3E (palladium, platinum and gold), 530,000 tonnes of nickel, 330,000t of copper and 53,000t of cobalt – or 1.9 million tonnes nickel-equivalent or 17Moz palladium-equivalent.

Chalice said these metals were needed to decarbonise the global economy and address climate change.

“The maiden resource confirms the world-class nature of the Julimar project and demonstrates the potential for the project to become a strategic, long-life ‘green metals’ asset,” it said.

The deposit has a high-grade component starting from 30 metres.

Chalice said there was “immense” exploration upside with only about 7 per cent of the plus-26km long Julimar Complex tested to date.

It announced a new “blind” shallow, high-grade PGE-nickel-copper-cobalt sulphide discovery at Julimar in December, directly south of the 6.5km-long Hartog airborne EM anomaly.

Results included 3m at 2 grams per tonne palladium, 0.3g/t platinum, 0.6 per cent nickel, 0.5 per cent copper and 0.05 per cent cobalt from 68m.

Meanwhile, initial drilling began at the Hartog target in January after Chalice gained approval for a low-impact program within the Julimar state forest.

The company was awaiting assays at the time of writing from first-pass drilling at the Torres target at the northern end of Julimar and at its Barrabarra project’s Recherche target.

Derek La Ferla was appointed chairman last year after long-standing chairman and founder Tim Goyder retired.

EMAIL info@chalicemining.com WEB www.chalicemining.com DIRECTORS Derek La Ferla, Alex Dorsch, Morgan Ball, Garret Dixon, Stephen McIntosh, Linda Kenyon

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Breaker Resources (ASX: BRB)

Breaker Resources is focused on its expanding Lake Roe gold project in a greenfields district, 100 kilometres east of Western Australia’s gold mining hub of Kalgoorlie.

It’s cashed up after selling 80 per cent of the project’s lithium rights in December and is also preparing to drill its earlier-stage, non-core Ularring project, 50km east of the Julimar discovery, which hosts evidence of a large gold-copper system and drill-ready nickel-PGE targets.

At Lake Roe, Breaker announced a 23 per cent increase to the project’s gold resource late last year to 1.7 million ounces.

This followed a 40 per cent boost to the resource in April.

The latest update increased underground Resources at the Bombora deposit by 59 per cent to 659,000oz.

Bombora now has a combined open pit and underground resource of 25.9 million tonnes at 1.8 grams per tonne for 1.5Moz. Higher-grade subsets in the resource indicated “outstanding mining potential,” Breaker said.

Preliminary mining studies are underway to scope open pit and underground mining options and further growth and discovery drilling is underway.

Breaker sold 80 per cent of the Manna lithium rights at Lake Roe to ASX-listed Global Lithium Resources, in a deal worth up to $33 million, to maintain its core focus on gold.

Breaker had discovered outcropping, lithium-bearing pegmatite at Manna, 15km south of its Lake Roe resource, in 2018.

It recently reported assays of 17m at 1.54 per cent lithium oxide at Manna 1, plus 11m at 1.16 per cent from Manna 2, a new zone of spodumene-rich pegmatite 350m to the south.

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Manna will revert to a 50:50 joint venture if Global Lithium fails to define a bankable feasibility study within five years.

Global Lithium made the first payment of $13 million in cash and shares on December 30.

“The additional cash and share component has topped up our available treasury and enables Breaker to be funded through the initial steps of unveiling what we believe will be sound economics for our Lake Roe gold project without dilution impositions on our shareholders,” chairman Peter Cook said.

The experienced mine-maker and corporate developer was appointed to the role in September.

EMAIL breaker@breakerresources.com.au WEB www.breakerresources.com.au DIRECTORS Peter Cook, Tom Sanders, Mark Edwards, Mike Kitney, Linton Putland, Eric Vincent

Ardea Resources (ASX: ARL)

Ardea Resources’ priority is its advanced Kalgoorlie Nickel Project (KNP), one of the largest nickel-cobalt resources in the world.

The company opted to increase KNP’s Goongarrie Hub project scale to 3.5 million tonnes per annum in January, in response to the growing demand for sustainably and ethically-sourced minerals to assist with the transition to a low carbon future.

An earlier study had looked at 2.25Mtpa over a 25-year mine life.

“To build upon the successful feasibility study work completed in the past, the flow sheet has been enhanced to maximise resource utilisation and minimise carbon emissions with the addition of an atmospheric leach circuit,” managing director Andrew Penkethman said.

The laterite project’s Goongarrie Hub resource contains 5.9 million tonnes of nickel and 380,000t of cobalt, including a high-grade component of 78Mt grading 1 per cent nickel and 0.069 per cent cobalt.

Ardea is also exploring for complementary nickel sulphide and critical minerals opportunities in the region and its share price was buoyed in January with confirmation of a high-grade massive nickel-copper-PGE sulphide discovery at Emu Lake at its Kalpini project, 70km east of Kalgoorlie.

Assays included 2.72m at 5.42 per cent nickel and 0.85 per cent copper.

Penkethman described the discovery as an “exploration breakthrough” and said it opened a new search space.

The company is doing collaborative research work with the CSIRO at Emu Lake.

It’s also an active member of the independent Future Battery Industries Cooperative Research Centre, which signed an $18 million

contract in October to design and commission a cathode precursor production pilot plant in WA, aiming to add value in battery minerals downstream processing.

Ardea honed its focus on KNP through the spin out of its gold assets into Kalgoorlie Gold Mining in November.

It’s planning to produce high-grade mixed hydroxide precipitate at KNP, the preferred nickel-cobalt product for the lithium-ion battery sector.

“Advanced discussions continue with potential offtake groups in respect of specific product requirements, DFS programs and funding mechanisms,” it said.

The definitive feasibility study is also evaluating the potential in KNP’s scandium and other critical minerals, including rare earth elements.

EMAIL ardea@ardearesources.com.au WEB www.ardearesources.com.au DIRECTORS Mathew Longworth, Andrew Penkethman, Ian Buchhorn

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ASX: AME

A WEST AUSTRALIAN ADVANCED GOLD EXPLORER IN A HISTORIC GOLD BELT Mineral Resource for Sandstone Gold Project is 331,000oz @ 1.7g/t and growing

Ramelius Resources

Sunshine Gold

Ramelius Resources is not short of gold production being the owner and operator of the Mt Magnet, Edna May, Vivien, Marda, Tampia and Penny gold mines, all of which are in Western Australia.

Ore from the high-grade Vivien underground mine, located near Leinster, is hauled to the Mt Magnet processing plant where it is blended with ore from both underground and open pit sources at Mt Magnet.

The Penny project is currently under development with first ore in late FY22.

The Edna May operation is currently processing high-grade underground ore, low grade stockpiles, as well as ore from the adjacent Greenfinch open pit and the satellite Marda open pit mines.

Ore feed from the Tampia open pit mine commenced in early FY22.

All projects appear to be firing on the appropriate number of cylinders with December 2021 Quarterly group gold production coming in at 66,919 ounces at an AISC of $1,493 per ounce.

Mt Magnet, including Vivien accounted for 31,552 ounces, while Edna May, including Marda and Tampia reported 35,367 ounces.

Quarterly gold sales of 77,225 ounces resulted in revenue of $182 million from an average gold price of $2,357 per ounce.

Cash and gold on hand, although decreased, still came in at an impressive $164.5 million.

As at the end of December 2021, forward gold sales consisted of 218,500 ounces of gold at an average price of $2,419 per ounce, for the period out to June 2024.

In January 2022, after a protracted bidding war with Gold Road Resources, Ramelius completed the take-over of Apollo Consolidated, taking 100 per cent ownership of the Lake Rebecca gold project, now called the Rebecca gold project.

Sunshine Gold reported early in 2022 on diamond drilling completed in 2021 at the Titov copper-silver-molybdenum target within the company’s Ravenswood West gold-copper-rare earth project in Queensland.

Sunshine Gold completed drilling the 501.5 metres deep Titov diamond drill hole (21TVDD001) in late December.

The hole was collared approximately 300m south-east of the surface outcrop, having targeted an Induced Polarisation (IP) anomaly, the company had interpreted to be an extension of the copper-silver-molybdenum mineralisation intersected during RC drilling carried out in September 2021.

“The Titov core looks quite spectacular!” Sunshine Gold managing director Damien Keys said.

“Coarse molybdenite is common in quartz veining and chalcopyrite is observed in veining and disseminated in the host porphyry.

“The hole provides context to observations made in weathered surface outcrop and RC drill chips.

“We can see lithological and alteration contacts, mineralisation styles and have been able to gather orientation data on small faults and veining.

“We have now defined the Titov copper-silver-molybdenum system over 300 metres of strike and 300 metres down dip from the outcrop.

“Titov is open at depth and to the east, where the highest copper grades have been intersected.

“There is also a gold in soil anomaly to the east of the drill defined system and exploration efforts will focus on extending the system in 2022.”

Sunshine will have the core cut and assayed, with results expected in late March 2022.

Once cut, select samples of core will be sent for petrology to better understand the timing of alteration events and mineralisation.

Follow up RC is being planned to test the eastern extension to the Titov mineralised system at relatively shallow depths that is planned to commence in April.

(ASX: RMS)

EMAIL ramelius@rameliusresources.com.au WEB www.rameliusresources.com.au DIRECTORS Bob Vassie, Mark Zeptner, Michael Bohm, David Southam, Natalia Strelsova, Fiona Murdoch

(ASX: SHN)

EMAIL info@shngold.com.au WEB www.shngold.com.au DIRECTORS Alec Pismiris, Dr Damien Keys, Anthony Torresan, Paul Chapman, Les Davis

31

Stavely Minerals

Hammer Metals

Stavely Minerals commenced 2022 by recommencing the final stage of the Mineral Resource drill-out on the Cayley Lode mineralisation within the Thursday’s Gossan copper-gold prospect that is part of the company’s Stavely project in, Western Victoria.

Stavely anticipates this drilling to be finished this current quarter and will then allow the company to achieve its objective of posting a maiden Mineral Resource Estimate for the Cayley Lode as the basis for a Scoping Study.

The Mineral Resource definition drilling re-commenced targeting the south-eastern extension of the Cayley Lode deposit in December 2021, with four rigs being deployed.

Drilling of deep diamond drill hole SMD114 returned: 12 metres at 1.43 per cent copper, 0.23 grams per tonne gold and 7.4g/t silver from 830m down-hole, including 2m at 4.98 per cent copper, 0.61g/t gold and 25g/t silver from 839m.

Stavely has also launched a major new regional exploration initiative across the Stavely copper-gold project and the Black Range Joint Venture tenement in western Victoria.

This entailed diamond drilling at the Toora West porphyry prospect that encountered porphyry intrusive phases with disseminated pyrite and quartz veins with pyrite, chalcopyrite and molybdenite mineralisation.

Elsewhere, air-core drilling at the S29, S41, Muirhead and Yarram Gap prospects identified porphyry/intrusive phases associated with argillic/phyllic alteration, quartz veining and sulphide mineralisation.

Air-core drilling commenced on the Yarram Gap prospect, with four holes drilled.

The first hole encountered sandstone and dacite (with trace disseminated pyrite), the second and third holes intersected ultramafic while number four intersected gabbro with strong silica and trace chalcopyrite.

Previous air-core results achieved to the north suggest the area may contain ultramafic-hosted gold mineralisation, and therefore the veining observed in these rocks is encouraging.

Hammer Metals resumed activities in 2022 across the company’s Mount Isa gold projects.

In the lead up to the close of 2021, Hammer had been drilling at the Kalman deposit testing for mineralisation at shallow depths in areas with low drill density.

Other targets to be tested by the ongoing program included four separate targets within the Neptune area, two targets in the Lakeview area, and several high priority targets along the Trafalgar trend, including The Springs, Victory and Lady Northcote within the company’s Mount Isa East Joint Venture with Sumitomo Metal Mining Oceania.

At the Bronzewing South gold project in Western Australia, Hammer completed 13 holes of reverse circulation drilling that intercepted a targeted geological horizon, including several zones of intense shearing and quartz - carbonate veining.

The company intends completing multi-element analyses it hopes will confirm zones of alteration and potential vectors towards gold mineralisation.

Completed drill holes are being studied to provide a platform for testing deeper targets with diamond tail extensions.

Early 2022 work has entailed Hammer commencing several detailed geochemical soil surveys covering tenements in the northern portion of the company’s Yandal holdings.

Targets identified for 2022 activity include a drill out of potential shallow oxide gold resources at Target 1, North Orelia.

The Target 1 drilling will also include a follow up on a primary bedrock intercept encountered by previous drilling.

Hammer believes this mineralised zone remains open at depth and along strike to the north.

Elsewhere, historical data compilation of Harrier and Bower prospects located three kilometres east of the Bronzewing mine has identified several high priority soil anomalies which remain untested.

An air core drilling program is planned to test these targets.

(ASX: SVY)

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

32

(ASX: HMX)

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

Matsa Resources

Galileo Mining

Matsa Resources started 2022 on a high following a busy December 2021 quarter.

Matsa’s activities to close 2021, basically centred around the company’s Lake Carey gold project in Western Australia.

Just as others were firing up the Christmas party BBQ, Matsa announced, subject to a Sale and Purchase Agreement, it was to divest its Red October and Devon assets to Linden Gold for consideration of $20 million.

Matsa will become a substantial shareholder of Linden Gold, while the transaction allows Matsa to continue building on its already substantive gold resource base at Lake Carey, which includes the Fortitude gold mine where a scoping study identified an operating cash surplus of $95 million.

“This sale of the Red October and Devon gold projects for $20 million unlocks real value for Matsa’s assets and, in turn, its shareholders,” Matsa Resources executive chairman Paul Poli said.

“It’s a big deal and a game changer for Matsa because it provides $20 million in funding to enable the company to maintain a systematic exploration effort to build a one million ounce resource at Lake Carey gold project.”

Matsa will now be able to focus on defining new resources elsewhere across sits portfolio, including Fortitude North.

Interpretation of a ground magnetic survey completed at Fortitude North defined a 2.5km dilational setting that could help explain the nature and context of high-grade drill results Matsa achieved last year.

Re-logging of Fortitude North drill core in context of the new magnetic data has identified up to four stages of mineralisation with a full synopsis of textural and mineralogical associations expected sometime in the current quarter.

Matsa also acquired the Carmen prospect E39/2128 to add to the Lake Carey gold project.

Galileo Mining commenced EM surveying in January, focussing on massive sulphide in aircore drilling at the company’s 100 per centowned Norseman project in Western Australia.

Galileo Mining completed drilling in November that identified sulphide mineralisation just 60 metres down hole with assays reporting prospective early results of: 1 metre at 0.24 per cent nickel, 0.35 per cent copper, 0.04 per cent cobalt and 0.25 grams per tonne palladium.

The company considers EM surveying to be a very useful tool in exploration due to the conductive response of sulphide minerals that can contain nickel, copper, cobalt and palladium.

As the sulphides in aircore drilling at Norseman are at shallow depth, Galileo designed a moving loop survey using a 100m loop size to maximise any subtle change in response that may be related to accumulations of massive, semi-massive and/or disseminated sulphides.

“We have been extremely fortunate to identify massive sulphide in aircore drilling while looking for nickel and palladium at our Norseman project,” Galileo Mining managing director Brad Underwood said.

“This result has significantly increased the prospectivity of the area and we are now using EM surveying to build on our positive early results and to define targets for follow up RC drill testing.”

Galileo Mining’s exploration focus is centred on development of its nickel, palladium, copper, and cobalt resources in Western Australia.

The company has Joint Ventures with the Creasy Group over tenements in the Fraser Range which are considered prospective for nickel-copper sulphide deposits like the operating Nova mine.

Galileo also holds tenements near Norseman with over 26,000 tonnes of contained cobalt, and 122,000 tonnes of contained nickel, in JORC compliant resources.

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

DIRECTORS Brad Underwood, Noel O’Brien, Mathew Whyte

(ASX: MAT)

(ASX: GAL)

EMAIL info@galmining.com.au WEB www.galileomining.com.au

DIRECTORS Paul Poli, Andrew Chapman, Frank Sibbel, Pascal Blampain, Ratha Kheowkhamsaeng (Thailand)

33

Gold Road Resources (ASX: GOR)

Western Areas (ASX: WSA)

Gold Road Resources stomped into 2022 by announcing an increase to the company’s 100 per cent-owned Yamarna Mineral Resource.

The increase of 0.21 million ounces, or 70 per cent, shifted the Yamarna Mineral Resource dial to 6.4 million tonnes at 2.44 grams per tonne gold for 0.51 million ounces.

The Resource remains constrained within optimised open pit shells and underground stope shape areas, based on a $2,200 per ounce gold price assumption with deposit-specific modifying factors and cut-off grades.

When incorporated with the company’s Attributable Mineral Resource from the Gruyere Joint Venture of 4.23 million ounces, Gold Road can currently boast total Attributable Mineral Resources of 102.8 million tonnes at 1.43g/t gold for 4.73 million ounces.

“The Mineral Resource increase is only part of the story, we expect the encouraging progress made in our ongoing exploration programs to deliver further resource growth in line with our strategy to make another significant discovery at Yamarna,” Gold Road Resources general manager Andrew Tyrrell said.

The 100 per cent-owned Yamarna Mineral Resource Inventory incorporates updates and extensions to the previously reported Gilmour and Renegade Mineral Resources, as well as Maiden Mineral Resources from the Smokebush and Warbler deposits.

Gold Road is continuing systematic exploration at Yamarna, focused predominantly in the Southern Project Area, with the strategic objective of delivering sufficient discoveries to develop a standalone operation.

The company believes potential may exist to develop the Yamarna Mineral Resources that would then be processed at Gruyere via toll treatment provisions under the Gruyere JV agreement.

Gold Road is confident its ongoing exploration programs, supported by a 2022 annual exploration budget of $30 million, will lead to a discovery at Yamarna that will support a standalone operation.

Western Areas is Australia’s second largest independent sulphide nickel miner, producing approximately 16,000 to 17,000 nickel tonnes in concentrate per annum from its Western Australian Flying Fox and Spotted Quoll mines - two of the highest-grade nickel mines in the world.

The company’s key growth project is the Odysseus mine, also located in WA, at the Cosmos nickel operation.

With a mine life in excess of ten years and expected low operating cost, the Odysseus mine will underpin the company’s future nickel production.

Recent developmental activity has seen the Odysseus mine continue to ramp up, enabling the company to announce first ore production in October 2021.

The development schedule and go forward capital expenditure for the Odysseus project has been further de-risked by the execution of two contracts for major construction works.

Production picked up from the Forrestania operation in the recent December quarter, increasing to 4,025 nickel tonnes in concentrate, up from 3,804 nickel tonnes in the prior quarter.

This was underpinned mainly by an improved performance at Spotted Quoll, together with slightly higher mill throughput and recoveries.

While all this was happening, Western Areas entered a Scheme Implementation Deed with IGO Limited, whereby IGO will acquire 100 per cent of the share capital of Western Areas by way of a scheme of arrangement, subject to shareholder approval and in the absence of a superior proposal.

“Amid a proposed corporate transaction, the company continued to make major strides in the development of the long-life Odysseus project and continued to successfully progress its operational strategy at Forrestania,” Western Areas managing director Dan Lougher said.

“Development at Odysseus has ramped up considerably and we significantly de-risked the future development schedule for the project.”.

EMAIL perth@goldroad.com.au WEB www.goldroad.com.au

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

DIRECTORS Tim Netscher, Duncan Gibbs, Maree Arnason, Brian Levet, Denise McComish

DIRECTORS Ian Macliver, Dan Lougher, Richard Yeates, Tim Netscher, Natalia Streltsova, Yasmin Broughton

Altech Chemicals

Codrus Minerals

Altech Chemicals launched into 2022 by registering the product name Silumina AnodesTM for the company’s alumina coated composite silicon/graphite lithium-ion battery anode material.

From test work results, Altech expects its Silumina AnodesTM product to provide for the manufacture of battery anodes, that when incorporated into a lithium-ion battery, will result in a battery with higher energy retention capacity by volume and weight compared to a battery using a graphite only battery anode.

The key differentiation point of Silumina AnodesTM is that it will be a composite material of silicon and graphite particles that have been coated with alumina, using Altech’s proprietary alumina coating technology.

Altech’s laboratory test work demonstrated lithium-ion batteries using an anode comprised of composite graphite and silicon particles coated with alumina, improved battery energy capacity, energy retention, life and performance when compared to using a graphite only anode.

In November 2021, Altech achieved a breakthrough when its R&D team “cracked the silicon barrier”, producing lithium-ion battery anode materials with approx. 30 per cent higher energy retention capacity compared to conventional graphite only lithium-ion battery anode material.

The need to increase lithium-ion battery energy density and reduced cost has been a hurdle the lithium-ion battery industry has long wanted to clear.

Silicon metal has been considered the most promising anode material for the next generation of lithium-ion batteries, but, until now was unable to be used in commercial lithium-ion batteries.

Altech’s potentially game changing technology has demonstrated that silicon particles can be modified to resolve capacity loss caused by swelling and first-cycle-loss capacity.

Phase 2 of Altech’s planned R&D program will see the company strive to improve on the 30 per cent energy increase achieved in the first phase.

Codrus Minerals greeted 2022 by accelerating exploration activities at the company’s Bull Run gold project, located in Baker County, eastern Oregon, USA. Codrus Minerals commenced a ground-based geophysical exploration program to assist with drill target definition having secured additional strategic mineral claims and identifying prospective new anomalous zones via soil sampling programs.

The Bull Run project forms part of Codrus’ global exploration portfolio, which also includes three projects in Tier-1 locations in Western Australia.

Codrus has three projects in WA, comprising 29 tenements with a total landholding of approximately 227.8 square kilometres.

The Silver Swan South and Red Gate projects are in the Eastern Goldfields, whilst the Middle Creek project is in the Eastern Pilbara.

The tenements are prospective for economic gold mineralisation, with Silver Swan South also considered prospective for nickel.

The most recent exploration work at Bull Run was completed

by Blackstone Minerals prior to the spin-out and listing of Codrus Minerals on the ASX last year.

This consisted of soil geochemistry sampling over the claims which identified two gold-in-soil trends.

The first is a north trend running approximately parallel to the serpentinite-Bull Run granodiorite contact and the dominant dyke strike through the Bull Run project area.

The second, a North-east to north-northeast trend parallel to the dominant vein set within the Bull Run granodiorite, highlighted by the Whited, Payton and Sunrise veins.

In the last quarter of 2021, Codrus pegged 12 more 100 per cent-owned mineral claims, covering a prospective zone to the south.

“This is the first significant modern exploration to be undertaken at Bull Run in several decades and is an exciting time for the company,” Codrus Minerals managing director Shannan Bamforth said.

(ASX: ATC)

EMAIL admin@altechchemicals.com WEB www.altechchemicals.com DIRECTORS Luke Atkins, Iggy Tan, Daniel Tenardi, Peter Bailey

(ASX: CDR)

EMAIL admin@codrusminerals.com.au WEB www.codrusminerals.com.au DIRECTORS Andrew Radonjic, Shannan Bamforth, Jamie Byrde

35

ASX: HMG

The WEST TANAMI GOLD PROVINCE

Modern systematic exploration of a highly prospective and underexplored world-class gold district Belt scale gold project covering 2,277km2 in the Tier 1 jurisdiction of Western Australia 100km of strike along the Trans-Tanami structural corridor that hosts Newmont’s giant +14Moz Callie gold deposit in the NT Open, high-grade gold intersections beneath shallow cover, significant multi-kilometre scale geochemical anomalies and a portfolio of untested geophysical targets Highly skilled team with proven project generation and discovery success Major drill program to commence in March-April 2022

36 hamelingold.com.au

Hillgrove Resources

Beacon Minerals

Hillgrove Resources entered 2022 optimistically riding on the back of a positive final quarter for 2021 at the company’s Kanmantoo copper-gold deposit in the Adelaide Hills of South Australia.

Hillgrove completed an updated Mineral Resource Estimate (MRE) that increased copper metal at Kanmantoo by 82 per cent from 34400 tonnes to 62500 tonnes of copper as a result of the company’s 2021 drilling and re-optimisation of the copper cut-off from the mining studies.

The updated MRE also enabled Hillgrove to improve its geological confidence in the deposit, with the proportion of the Indicated category of the Resource’s copper metal increasing from 46 per cent of the total Resource to 72 per cent.

Completion of the updated MRE allowed Hillgrove to present a detailed Economic Assessment during the quarter that highlighted the potential economics of Stage 1 of the Kanmantoo Underground project.

These include free cash flows of $196 million from an initial three year plan, at a low capital cost of only $26 million, and at an all in sustaining cost of $6,991 per tonne of copper.

These strong economics were further strengthened at the corporate level, with a tax shield of over $190 million through carried forward tax losses and $17 million of franking credits.

The strength of the Economic Assessment reinforced Hillgrove’s decision earlier in the year to commence the underground decline development ahead of the final investment decision.

A 16,000m drill program has since commenced focussed on other lodes within the permitted mining lease, with a view to bringing these areas into the early stages of mining at Kanmantoo.

This drilling also aims to improve the geological confidence and expand the resource base ahead of commencement of underground mining.

Beacon Minerals is looking forward to getting stuck into developing its recently purchased MacPhersons project during 2022.

After acquiring the MacPherson project, Beacon Minerals moved quickly to establish a Maiden Resource and Reserve Estimate that substantially increased the company’s existing global resource inventory.

The company established an initial open pit Mineral Resource Estimate to contain 4.8 million tonnes at 1.14 grams per tonne gold for 176,000 ounces, which more than doubled Beacon’s previous Mineral Resource Estimate of 3.7 million tonnes at 1.33g/t gold for 156,000 ounces.

Initial open pit Ore Reserves were estimated to contain 1.6 million tonnes at 1.17g/t gold for 60,000 ounces, a material increase to what was the current 2.3 million tonnes at 1.49g/t gold for 113,000 ounces.

The MacPhersons project is only 45 kilometres from Beacon’s Jaurdi mine and operating mill that recently enjoyed producing 7,779 ounces of gold in the December 2021 quarter.

Beacon anticipates MacPhersons Ore Reserves to extend the existing Jaurdi mine life to approximately six years, with potential for further increases through additional Mineral Resource to Ore Reserve conversion.

There appears to be plenty of exploration upside at MacPhersons to further grow the Mineral Resource.

“Beacon is in a unique position to realize the economic benefits from this new acquisition,” Beacon Minerals managing director and chairman Graham McGarry said.

“The Company is also excited with the exploration potential, with exploration targets being generated for both gold and nickel, we look forward to delving into the exploration side in the coming year.

“This was a pivotal transaction for Beacon that will increase the mine life at Jaurdi…based on Reserves, with the potential for further increases from the Resource Base.”

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

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

DIRECTORS Derek Carter, Lachlan Wallace, Murray Boyte

DIRECTORS Graham McGarry, Geoffrey Greenhill, Sarah Shipway

(ASX: HGO)

(ASX: BCN)

37

Impact Minerals

S2 Resources

Impact Minerals declared 2022 open by getting exploration campaigns underway at two of the company’s projects across Australia.

The first involved a ground electromagnetic (EM) survey at Broken Hill as part of the company’s Joint Venture with IGO, which IGO can earn a 75 per cent interest in EL7390 and EL8234.

The EM survey is using a deep penetrating SQUID system to test the two tenements for deposits of high-grade massive nickel-copper-PGM including the Moorakai Trend and the Little Broken Hill Gabbro.

The Moorakai Trend is a nine kilometre long ultramafic to mafic dyke and chonolith complex that is very poorly explored.

At the Little Broken Hill Gabbro, Impact completed the first ever drill program across the seven kilometre intrusion, identifying areas of highly anomalous PGM’s in the basal unit to the intrusion over several kilometres.

At the 80 per cent owned Doonia gold project in WA, 30km west of the recent Burns discovery by Lefroy Exploration a reverse circulation drill program is testing soil geochemistry and geophysical targets.

The principal target is a gold-bismuth soil geochemistry anomaly overlying a cluster of isolated magnetic anomalies in the centre of the project that may represent targets for intrusion related gold like Burns.

“The maiden RC drilling program is underway at Doonia and we are looking forward to testing a number of targets, some of which were identified over 20 years ago and have never been followed up,” Impact Minerals managing director Dr Mike Jones said.

“It will be interesting to see what is hidden at depth beneath them given the similarities to the nearby Burns discovery which was originally identified in the same exploration program as Doonia by WMC Resources in 1999.”

S2 Resources will be stamping across new ground in 2022 after the company’s 100 per cent-owned subsidiary, Southern Star Resources, was granted the sole right to apply for an Exploration Licence in Victoria.

The application for EL7795 covers an area of 394 square kilometres and extends 55km north to south and abuts and surrounds Kirkland Lake Gold’s world class Fosterville gold mine, which produced 640,467 ounces of gold at an average grade of 33.9g/t gold in 2020.

S2 has inherited a substantial amount of data acquired by previous explorers over the area, including the relatively recent exploration work undertaken by Kirkland Lake on the tenement before it expired.

“This is a highly prospective block situated in the historic and well-endowed Bendigo goldfields,” S2 Resources CEO Matthew Keane said.

“It has real potential for ‘company making’ discoveries and S2’s highly experienced team is excited to get on the ground and commence work.

“This block is a valuable addition to S2’s existing portfolio of high quality gold and base metal projects in Australia and Finland.”

Speaking of Finland, S2 received assays for the final diamond hole drilled at its Aarnivalkea prospect, FAVD0074, which did not achieve target depth due to rig mechanical issues.

All exploration licences under the Kinross Gold JV in northern Finland are now granted and on ground exploration has commenced, including BoT drilling and geophysical surveys.

Back in Western Australia, auger geochemical sampling and ground electromagnetic (EM) surveys were commenced at the Three Springs project that S2 considers prospective for magmatic nickel-copper-PGE mineralisation.

Exploration is planned to recommence at the Polar Bear nickel project in WA, where previous drilling identified three zones of nickel sulphide mineralisation.

(ASX: IPT)

EMAIL info@impactminerals.com.au WEB www.impactminerals.com.au DIRECTORS Peter Unsworth, Dr Mike Jones, Paul Ingram, Dr Mark Elsasser, Dr Frank Bierlein

(ASX: S2R)

EMAIL admin@s2resources.com.au WEB www.s2resources.com.au DIRECTORS Mark Bennett, Jeff Dowling, Anna Neuling, Matthew Keane

Wiluna Mining Corporation (ASX: WMC)

Wiluna Mining Corporation is shaping up for a big 2022 with plenty of activity planned for the company’s Wiluna Mining Operation.

The Wiluna operation is located at the northern end of the Western Australian Goldfields, approximately 530 kilometres north of Kalgoorlie.

The Wiluna Mining Operation currently has a Mineral Resource of greater than 5.5 million ounces and is one of the largest gold districts in Australia under single ownership.

It is currently in development with a staged, three-year program underway to transform Wiluna from a modest, cashflow positive producer of free milling ore via a conventional Carbon-In-Pulp (CIP) plant to a multi-circuit operation producing around 200 to 250,000 ounces per annum.

The staged development plan, on completion, will enable Wiluna Mining to treat all the ore types at Wiluna through four processes including: An existing 2.1 million tonnes per annum CIP process plant; A 750,000 tonnes per annum flotation concentrator which is now complete and commissioned in December 2021, scaling up to 1.5 million tonnes per annum capacity by FY2024; A gravity circuit that produces gold doré; and A tailings retreatment plant that links tailings reclaim and re-slurrying with the existing CIP circuit to produce gold doré.

Stage 1 development is defined at a targeted production profile of 100,000 ounces per annum to 120,000 ounces per annum.

The ramp-up to full production has commenced with the concentrator currently outperforming its nameplate capacity.

Although the project was completed materially on budget, it was three months behind schedule mainly due to COVID-related delays.

The final size and shape of the Stage 2 development at the Wiluna Mining Operation will depend on the conclusions from the Feasibility Study that is currently taking place.

EMAIL info@wilunamining.com.au WEB www.wilunamining.com.au DIRECTORS Milan Jerkovic, Greg Fitzgerald, Lisa Mitchell, Hansjörg Plaggemars, Colin Jones

Neometals (ASX: NMT)

Neometals stepped into 2022 continuing its innovative development of opportunities in minerals and advanced materials essential for a sustainable future.

Neometals closed off 2021 advancing progress of the company’s Lithium Battery Recycling Project (Neometals 100%, SMS earning into 50% through Primobius GmbH incorporated JV).

Neometals has developed a sustainable process flowsheet targeting the recovery of battery materials contained in production scrap and end-of-life lithium-ion batteries (LIBs) that might otherwise be disposed of in land fill or processed in high-emission pyrometallurgical recovery circuits.

Neometals’ process flowsheet (LIB Recycling Technology) targets the recovery of valuable materials from consumer electronic batteries (devices with lithium cobalt oxide (LCO) cathodes), and nickel‐rich EV and stationary storage battery chemistries (lithium‐nickel-manganese‐ cobalt (NMC) cathodes).

The LIB Recycling Technology is designed to recover cobalt, nickel, lithium, copper, iron, aluminium, carbon and manganese into saleable products that can be reused in the battery supply chain.

The LIB Recycling Technology comprises two stages: 1. Shredding and beneficiation to physically separate components and removemetal casings, electrode foils and plastics from the active materials (“Shredding Circuit”); and 2. Leaching, purification and precipitation to produce predominantly refined chemical products via the hydrometallurgical processing facility (“Refining Circuit”).

A pilot trial carried out at SGS Lakefield, Canada in 2019/20 produced cathode-grade nickel and cobalt sulphate products which collectively represent approximately 80 per cent of the value of the basket of products recovered.

A demonstration scale trial commenced in DecQ 21, which is expected to generate data for the company’s Feasibility Study.

Neometals has an incorporated 50:50 Joint Venture with SMS group GmbH, called Primobius GmbH. Primobius was incorporated to co-fund and complete final stage evaluation activities and to consider commercialisation of the LIB Recycling Technology.

EMAIL info@neometals.com.au WEB www.neometals.com.au DIRECTORS Steven Cole, Chris Reed, Les Guthrie, Jenny Purdie, Douglas Ritchie, Natalia Streltsova

39

40

Alto Metals

Charger Metals

Alto Metals opened its 2022 campaign by reporting on activities to close 2021 at the company’s 100 per cent-owned Sandstone gold project in Western Australia.

The company achieved pleasing gold results from the Havilah‐ Maninga Marley prospect, which along with the Havilah West target makes up the Havilah Camp that is defined over a 1,500 metre strike located less than one kilometre west of the Lords Corridor.

The Havilah deposit currently has an Inferred Mineral Resource of 371,000 tonnes at 1.7 grams per tonne gold for 20,300 ounces.

The results from Havilah confirmed continuity of high‐grade mineralisation outside the current resource and remains open down plunge, and included: » SRC551 3 metres at 1.4 grams per tonne gold from 51m and 13m at 2.5g/t gold from 104m, including 1m at 21.9g/t gold from 114m; » SRC550 7m at 2g/t gold from 15m, including 1m at 8.5g/t gold from 19m and 18m at 1.7 g/t gold from 99m, including 2m at 8.1 g/t gold from 101m; » SRC546 6m at 2.1g/t gold from 27m, including 1m at 9.4g/t gold from 30m; and » SCR547 6m at 1.7g/t gold from 74m, including 1m at 7g/t gold from 79m.

“We have made a strong start to our 2022 exploration programs, with an IP survey already underway at Vanguard and a gravity survey over the Lords Corridor and Havilah, starting soon,” Alto Metals managing director Matthew Bowles said.

“RC drilling is planned to commence in the next few weeks, initially at the Lords Corridor, and we are looking forward to following up on the excellent results delivered from last years’ program with the intent of driving further resource growth and making more discoveries.”

Charger Metals is targeting battery-component and precious metals.

The company’s exploration portfolio includes projects that are prospective for nickel, copper, PGEs, gold and lithium.

This includes the Coates nickel-copper-cobalt-PGE project and the Lake Johnston lithium and gold project, both in Western Australia.

Charger Metals opened its 2022 account by reporting on exploration activities underway at the company’s Bynoe lithium project in the Northern Territory (70% Charger: 30% Lithium Australia).

Charger Metals has completed geochemistry and aeromagnetic programs at Bynoe that have combined with drilling information provided to the market by Core Lithium (ASX: CXO).

Charger has interpreted the results to suggests multiple swarms of lithium-caesium-tantalum (LCT) pegmatites extend from Core lithium’s adjacent Finniss lithium project (JORC 2012 compliant Mineral Resource totalling 15 million tonnes at 1.3% Li2O) into the Bynoe lithium project.

The geochemistry results highlight two large LCT pegmatite target zones, with strike lengths of eight kilometres at Megabucks and 3.5km at 7-Up. Within each pegmatite zone, drill-ready lithium targets have been identified including at the Megabucks, Jenna’s, Enterprise 1, Enterprise 2, Riverside and 7-Up pegmatites.

“Charger’s 2021 geochemistry program has very successfully outlined two large pegmatite emplacement zones which extend for up to eight kilometres, centred on the Megabucks and the 7-Up prospects respectively,” Charger Metals managing director David Crook said.

“The interpretation of all geochemistry results suggest a large lithium-mineralised system and provides Charger with an exploration roadmap, enabling prioritization of the most significant drill-ready targets while identifying areas that need further infill soil sampling and mapping.

“The company is advancing planning and permitting towards its maiden drilling program at Bynoe, aimed to commence at the cessation of the Northern Territory wet season.”

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

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

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

DIRECTORS David Crook, Terry Gardiner, Alan Armstrong, Adrian Griffin

(ASX: AME)

(ASX: CHR)

41

Great Boulder Resources

Horizon Minerals

Great Boulder Resources resumed AC drilling in 2022 where it left off 2021, at the company’s Whiteheads project north of Kalgoorlie in Western Australia.

Great Boulder planned the drilling to continue testing five regional targets: Blue Poles South, Tektite and Highbury on the Arsenal Trend, as well as further drilling at Jubilee North and first drilling of the Eclipse prospect.

Anticipating completion of this program, Great Boulder had a diamond rig scheduled to commence drilling at the Mulga Bill prospect at Side Well in mid-February.

In the meantime, Great Boulder reported assay results from the first eight holes of a 41-hole Phase 5 RC program at Mulga Bill, within the Side Well gold project near Meekatharra.

Highlights from the drilling included: » 21MBRC062 9 metres at 21.21 grams per tonne gold from 207m, including 4m at 40.68g/t gold from 210m; » 21MBRC061 6m at 5.99g/t gold from 88m, including 1m at 28.48g/t gold from 92m; » 21MBRC093 21m at 2.96g/t gold from 76m, including 14m at 4.25g/t gold from 80m; and » 21MBRC060 13m at 1.89g/t gold from 86m, including 2m at 9.14g/t gold from 91m.

“This is a fantastic start to the year for Mulga Bill, with more cracking grades in the central area where we have previously intersected zones up to 14 metres at 36.12 grams per tonne,” Great Boulder Resources managing director Andrew Paterson said.

“The subvertical interpretation on the high-grade zone in hole 062 is interesting, and it highlights the fact that we learn more about this deposit with every hole.

“Further to the south we drilled three holes over the geophysical target.

“It was great to see thick zones of disseminated pyrite in all three holes, highlighting the width of the system.”

Horizon Minerals approached 2022 with a confident stride having completed a strong quarter to close out 2021 of exploration activity within the company’s portfolio across the Kalgoorlie and Coolgardie regions of Western Australia.

Much of the company’s recent development activities have focussed on open pit and underground mine optimisation, design and economic analysis for Ore Reserve generation on core projects including the Boorara, Cannon, Penny’s Find, Crake, Jacques Find - Peyes Farm, Kalpini and Rose Hill gold projects.

Exploration aside, Horizon completed a toll milling campaign treating low-grade stockpiles from the Boorara open pit at the Lakewood processing facility 7km to the west.

The campaign processed 69,711 dry tonnes at a fully reconciled grade of 0.92 grams per tonne gold for 1,857 fine ounces at a calculated recovery of 90 per cent, generating approximately $770,000 after all costs under a profit-sharing arrangement with the toll mill owner.

In a busy end to the year, Horizon announced reaching agreement with Labyrinth Resources to acquire the remaining 50 per cent of the high-grade Penny’s Find gold project located 50km northeast of Kalgoorlie.

Having previously entered a 50:50 Joint Venture with Labyrinth, Horizon completed an RC and diamond drilling program and compiled an updated Mineral Resource estimate.

During the Quarter, Horizon continued its regional drilling program within the greater Boorara project area exploring for Boorara style gold mineralisation and near mine new discoveries.

This included the Golden Ridge target, from which results demonstrated excellent width and grade continuity beyond the current mineralised envelope.

Several new high-grade zones have now been delineated and further drilling is planned with the aim of connecting the Golden Ridge and Boorara mineralisation.

(ASX: GBR)

EMAIL admin@greatboulder.com.au WEB www.greatboulder.com.au DIRECTORS Greg Hall, Andrew Paterson, Melanie Leighton

42

(ASX: HRZ)

EMAIL info@horizonminerals.com.au WEB www.horizonminerals.com.au DIRECTORS Ashok Parekh, Peter Bilbe, Jon Price

Nexus Minerals (ASX: NXM)

Nexus Minerals started 2022 with exploration for gold deposits on its prospective tenement package in the Eastern Goldfields of Western Australia.

The work continues what Nexus had started in 2021 that also included expansion of its existing project portfolio with the addition of the Bethanga porphyry copper-gold project in Victoria.

In Western Australia, the company consolidated the Wallbrook gold project (250km2) by amalgamating existing Nexus tenements with others acquired.

Nexus Minerals’ tenement package at the Wallbrook gold project commences immediately to the north of Northern Star’s multi-millionounce Carosue Dam mining operations, and current operating Karari and Whirling Dervish underground gold mines.

During the quarter December 2021 quarter, Nexus completed multiple drill programs at the Crusader / Templar prospect, within the broader Wallbrook project to follow up on high-grade assay results received from previous drill campaigns.

As the company completes more drilling as part of this current 30,000 metres RC program, the density of drilling is expected to increase thereby causing internal characteristics to the mineralisation, including internal plunge geometry to the mineralisation to mature.

Nexus has already planned a follow-up RC and diamond program to commence following analysis and interpretation of the current 30,000m RC program.

While all of this has been happening, Nexus continued a regional ground magnetics survey with results from which have been received and interpreted.

From the results received to date, Nexus has identified and highlighted some distinct features associated with known mineralisation, it has interpreted to highlight the potential for repeat structures and new prospects for detailed ground truthing and drill targeting.

Nexus has identified a second structural trend approximately 1.5 kilometres to the east of the corridor containing the Crusader-Templar, Solomon and Branches prospects.

WEB

www.nexus-minerals.com

DIRECTORS Paul Boyatzis, Andy Tudor, Dr Mark Elliott, Bruce Maluish

Peel Mining (ASX: PEX)

Peel Mining will no doubt be looking forward to a successful 2022 following its storming end to 2021 at the company’s 100 per cent-owned Wirlong and Mallee Bull copper deposits in New South Wales.

Peel Mining closed the year with a maiden Indicated and Inferred Mineral Resource Estimate (MRE) for the Wirlong deposit of 2.45 million tonnes at 2.4 per cent copper, 8.7 grams per tonne silver for 57,900 tonnes contained copper and 686,000 ounces contained silver.

Wirlong maiden resource definition and infill drilling returned further high-grade copper hits including: » WLDD040 205m at 1.4 per cent copper, 3g/t silver from 434m; » WLDD043 11m at 2.93 per cent copper, 10g/t silver from 388m, including 4.88m at 6.04 per cent copper, 20g/t silver, 0.66g/t gold from 393m; » WLDD041 3m at 4.33 per cent copper, 23g/t silver from 314m; » WLDD046 3m at 7.39 per cent copper, 41g/t silver from 255m and 4m at 1.92 per cent copper, 5g/t silver from 330m; and » WLDD045 3.9m at 3.55 per cent copper, 8g/t silver from 474.9m.

Mallee Bull joined the end of year party with resource upgrade drilling returning new, high-grade copper hits including: » MBDD053 26.84m at 3.12 per cent copper, 23g/t silver from 542.16m, including 3.44m at 4.43 per cent copper, 76g/t silver, 0.62g/t gold from 542.16m and 10m at 5.92 per cent copper, 30g/t silver from 553m; and » MBDD057 22m at 2.75 per cent copper, 34g/t silver from 464m, including 5.1m at 5.9 per cent copper, 55g/t silver from 477m.

Peel Mining plans continued drilling at Wirlong targeting resource growth and upgrade potential as well as continued resource infill drilling at Mallee Bull ahead of an upgrade to the current mineral resource estimate.

EMAIL info@peelmining.com.au WEB www.peelmining.com.au DIRECTORS Simon Hadfield, Rob Tyson, Graham Hardie, James Simpson

43

44

Indiana Resources

Saturn Metals

Indiana Resources barely waited for the ink on its 2022 nightclub stamps to dry before announcing identification of further wide gold intersections encountered up and down dip from previous drilling at the Minos prospect, within the company’s 100 per cent-owned Central Gawler Craton gold project in South Australia.

Indiana received assay results from a seven-hole, RC drill program completed in November 2021, including: » 7 metres at 3.18 grams per tonne gold from 54m, including 1m at 12.2g/t gold; » 9m at 2.77g/t gold from 186m, including 1m at 17.2g/t gold; » 3m at 2.08g/t gold from 151m; and » 4m at 1.18g/t gold from 164m.

The program had been designed to infill existing drill hole coverage and provide further geological information for inclusion in a proposed resource estimate for Minos.

Indiana interpreted the results to confirm its geological interpretation while reinforcing the Lake Labyrinth Shear Zone as a substantial gold bearing system.

The company also read the results to confirm Minos has potential for extension of the known mineralisation that remains open along strike in both directions and at depth.

“Results from our November RC program confirm that the Minos prospect is developing into a continuous orebody that remains open both along strike and at depth,” Indiana Resources executive chair Bronwyn Barnes said.

“These wide gold results continue to indicate the real potential and scale of the Lake Labyrinth Shear Zone, with as much as 30 kilometres of strike length yet to be drill tested.

“Exploration and drilling will be continuing apace across our Central Gawler gold project during 2022, with further RC drilling planned to commence shortly.

“We look forward to providing regular updates on our exploration progress.”

Saturn Metals opened 2022 by confirming a new large gold system seven kilometres east of the company’s Apollo Hill Mineral Resource of 35.9 million tonnes at 0.8 gram per tonne gold for 944,000 ounces of gold.

Results from initial RC drilling at the Bob’s prospect adjacent to the Apollo Hill deposit, included: » AHRC0825 5 metres at 6.82 grams per tonne gold from 130m; » AHRC0827 5m at 3.15g/t gold from 168m; » AHRC0822 8m at 1.04g/t gold from 153m; and » AHRC0826 4m at 1.85g/t gold from 132m.

Saturn has interpreted the improving results at Bob’s to be continuing to demonstrate the prosect could be a target of considerable size with increasing grade vectors and promising geology.

Drilling remains open along strike and down plunge of key intersections.

The company has planned RC follow up at Bob’s and is proceeding with AC step out programs on the greater ‘Camp Scale’ opportunity.

“We are excited by the prospect’s proximity to our Apollo Hill Mineral Resource and the exploration potential highlighted in the surrounding geology,” Saturn Metals managing director Ian Bamborough said.

“The company will report on progress as assay batches are received and processed.”

The Apollo Hill deposit and project are 100 per cent owned by Saturn Metals.

The company believes the Apollo Hill project has potential to become a large tonnage, simple metallurgy, low strip open pit mining operation.

In addition to Apollo Hill, Saturn has a second quality Australian gold exploration project with an option to earn an 85 per cent Joint Venture interest in the West Wyalong project.

The company considers West Wyalong to be a high-grade vein opportunity on the Gilmore suture within the famous Lachlan Fold belt of NSW.

(ASX: IDA)

EMAIL info@indianaresources.com.au WEB www.indianaresources.com.au DIRECTORS Bronwyn Barnes, Robert Adam, Felicity Repacholi-Muir

(ASX: STN)

EMAIL info@saturnmetals.com.au WEB www.saturnmetals.com.au DIRECTORS Ian Bamborough, Brett Lambert, Andrew Venn, Rob Tyson, Adrian Goldstone

45

Mincor Resources

Cygnus Gold

Mincor Resources donned its miner’s trousers to greet 2022, having commenced extraction of high-grade nickel development ore from two underground headings at the Northern Operations of the company’s Kambalda nickel operations during December 2021.

Among the several important milestones Mincor achieved at the Kambalda nickel operations during the December Quarter, the key highlight was no doubt the intersection of first high-grade development ore at the Northern Operations.

The company encountered a new high-grade ore surface 36 metres before the targeted zone on the 485 level at Durkin North, highlighting the growth potential that exists within the near-mine environment.

Mincor’s geological team interpreted this new ore surface, named D6, to be connected to the high-grade 1252 Embayment that was mined at Otter Juan some 800m away.

The company has plans afoot to commence drilling to test this emerging area in the March Quarter.

Mincor also issued a formal Start Notice for an Offtake Agreement with BHP Nickel West, signalling the company’s intention to supply first ore, putting it on-track to deliver first nickel concentrate production in the June 2022 Quarter.

On other fronts, exploration continued at the Golden Mile, with several massive sulphide intersections showing a clear emerging trend between Durkin North and Long that will be the subject of ongoing drilling over the March Quarter.

The Hartley prospect also delivered encouraging results, confirming Mincor now has 1.1km of continuous strike, with more drilling planned next quarter.

Development at both the company’s Cassini and the Northern Operations progressed, despite the current highly competitive environment for people and resources in the WA resources sector.

The Aussie dollar nickel price started the year at approx. $28,800/ tonne, much higher than Mincor’s Definitive Feasibility Study assumption of $22,500/tonne.

Cygnus Gold’s opening gambit for 2022 involved the announcement of high-grade silver-lead-zinc rock chips from the company’s Bonnie Rock project, located within the Youanmi Terrane of the Yilgarn Craton in Western Australia.

Cygnus Gold has named Bonnie Rock as a priority target with immediate follow up work planned for February.

Highlights from recent activity at Bonnie Rock include field reconnaissance rock chips confirming silver-lead-zinc mineralisation over 1.2 kilometres of strike that remains open.

Results include samples grading up to 89 grams per tonne silver, 3 per cent lead and 6.7 per cent zinc.

These results align with the company’s limited early-stage historic exploration drilling over the area that produced grades of up to 760g/t silver, 1.9 per cent lead and 1.7 per cent zinc.

“We are very pleased to be progressing exploration activities across the Cygnus tenement holding with a number of exciting early-stage results received from the field work to date,” Cygnus Gold executive chairman Raymond Shorrocks said.

“There is a significant volume of assays still pending which the company is looking forward to receiving over the coming weeks.

“We have already started follow up on groundwork based on what we have already seen in the field.

“This terrane, the Southwest Yilgarn, has been overlooked for too long and only since Chalice Mining’s Julimar nickel and PGE discovery has the focus come back to the region.

“Cygnus with its 2,100 square kilometres tenement package is in a great position to explore its highly prospective tenure and uncover value within this region.”

Cygnus Gold has progressed other projects within its portfolio with exploration in play at the Julimar East, Bencubbin and Panhandle projects, targeting nickel, copper, PGE’s and gold.

(ASX: MCR)

EMAIL mincor@mincor.com.au WEB www.mincor.com.au DIRECTORS Brett Lambert, David Southam, Michael Bohm, Liza Carpene, Peter Bewick

46

(ASX: CY5)

EMAIL info@cygnusgold.com WEB www.cygnusgold.com DIRECTORS Raymond Shorrocks, Michael Bohm, Simon Jackson, Shaun Hardcastle

Black Cat Syndicate New World (ASX: BC8) Resources Black Cat Syndicate hardly waited for the NYE fireworks to subside before recommencing RC drilling at the company’s Kal East gold project outside Kalgoorlie in Western Australia.

Black Cat Syndicate hit the ground running, operating two RC drill rigs at Kal East with the first drilling at the Fingals Mining Centre targeting extensions to the current Resource of 4 million tonnes at 2.2g/t gold for 275,000 ounces.

This drilling will systematically test the multiple shallow targets surrounding the Fingals Fortune deposit that Black Cat identified during November 2021.

The second RC rig is continuing at the Jones Find deposit, finishing a program the company commenced in December 2021.

Jones Find has a current Resource of 0.8 million tonnes at 1.3g/t gold for 33,000 ounces and is located only 1.5km to the east of the planned Kal East processing facility.

Black Cat later reported on drilling conducted at the Majestic Mining Centre in the second half of 2021 focussed on upgrading the underground Resource from Inferred to Indicated ahead of a planned maiden Ore Reserve to be released in the March 2022 quarter.

The results increased the Underground Indicated Resource at Majestic Mining Centre by 43 per cent to 1 million tonnes at 4.5g/t gold for 143,000 ounces.

Total Resources at the Majestic Mining Centre increased to 7.9 million tonnes at 2g/t gold for 507,000 ounces.

Black Cat’s total Resources at Kal East moved to 18.3 million tonnes at 2.2g/t gold for approx. 1.27 million ounces.

“We expect the planned Majestic underground to be a high-grade, long term producer in the shadow of the mill,” Black Cat Syndicate managing director Gareth Solly said.

“After mining has commenced, continued Resource growth is expected from underground drilling.”

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

(ASX: NWC)

New World Resources claimed a great start to 2022 on the back of excellent assay results received from two of the deepest holes ever drilled at the company’s Antler copper deposit in Arizona, USA. In the first hole, ANT70W1, New World encountered a combined total of 21.7 metres of mineralisation in three intervals including: 17.9m at 1.8 per cent copper, 8.9 per cent zinc, 0.7 per cent lead, 32.3 grams per tonne silver and 0.42g/t gold from 918.6m (17.9m at 4.8 per cent copper-equivalent); and 2.8m at 3.1 per cent copper, 7.8 per cent zinc, 0.1 per cent lead, 13.3g/t silver and 0.05g/t gold from 951.9m (2.8m at 5.3 per cent copper-equivalent).

The second hole, ANT77, delivered a combined total of 21.1m of mineralisation intersected in three intervals, including: 19.1m at 2.2 per cent copper, 1.4 per cent zinc, 1.1 per cent lead, 50.3g/t silver and 0.73g/t gold from 893.4m (19.1m at 3 per cent copper-equivalent).

The company declared the results from ANT70W1 and ANT77 demonstrate thick, very high-grade mineralisation in the ‘Main Shoot’ extends over at least 100m of strike at the deepest levels drilled to date – with the mineralisation remaining completely open at depth.

“This gives us further confidence that there is enormous potential to discover more mineralisation and expand the already significant maiden Mineral Resource of 7.7 million tonnes at 3.9 per cent copper equivalent which we announced in November last year” New World Resources managing director Mike Haynes said.

“We have three rigs operating on site and we continue to drill deeper and deeper to discover the true extent and scale of the system while we advance rapidly towards our objective of restarting production at Antler.

EMAIL info@newworldres.com WEB www.newworldres.com DIRECTORS Richard Hill, Mike Haynes, Tony Polglase, Ian Cunningham

New World RESOURCES

47

ASX: M2M

STRATEGICALLY LOCATED EXPLORER UNLOCKING THE PROLIFIC KEITH-KILKENNY GOLD BEARING STRUCTURE Located in the heart of the WA’s world-renowned Yilgarn-Craton (Eastern Goldfields) and surrounded by multi million ounce gold deposits.

275 km2 Project area is dissected by the District’s prevalent gold fertile and highly prospective Keith-Kilkenny Tectonic Zone Limited modern systematic exploration over Project areas due to fragmented historical ownership.

High grade gold intersections at shallow depths defined, significant geochemical anomalies to follow up and numerous geophysical targets to evaluate.

Deep seated plumbing system present with an intrusive igneous volcanic pipe defined at Calypso Prospect. Focused drilling program to commence this quarter to further define the extent of mineralisation.

www.mtmalcolm.com.au

48 Investor Presentation

Kin Mining

Blackstone Minerals

Kin Mining was an early mover in 2022, reporting assay results in January from the first deep diamond hole completed at the company’s Mount Flora project, east of the 100 per cent-owned 1.28 million ounces Cardinia Gold Project (CGP) near Leonora in Western Australia.

Kin reported the drilling had extended the high-grade mineralisation at depth and revealed a new zone of mineralisation via diamond hole MF21DD001 completed in November 2021, targeting the area beneath previously reported high-grade air-core (AC) drilling results.

The diamond hole returned two high-grade intercepts beneath the Eastern Zone, confirming the extent of the mineralisation to 150m.

MF21DD001 returned intercepts of: 8.1 metres at 2.58 grams per tonne gold from 54m, including 4m at 4.8g/t gold and 5.3m at 6.49g/t gold from 188.3m, from an area located down-dip from air-core holes MF21AC522 (which intersected 22m at 8.96g/t Au from 24m) and MF21AC525 (which intersected 8m at 2.79g/t Au from 28m).

Kin Mining declared confirmation of a high-grade primary gold system beneath the air-core drilling as a major development, providing further confidence in the potential of the emerging Mt Flora discovery.

Important to note is that these zones of mineralisation display a distinctive style of alteration, with quartz-carbonate-pyrite-scheelite veining present in a silica – biotite altered basalt.

The mineralisation is rich in tungsten with elevated tellurium and sulphur, which are being used to map the alteration system.

“These results support our view that the Mt Flora Eastern Zone contains several mineralised lodes, and given exploration at the project remains at an early stage, suggests that Mt Flora has potential to emerge as a new gold discovery 20km east of the main Cardinia Gold Project,” Kin Mining managing director Andrew Munckton said.

Blackstone Minerals brought its 2021 momentum into 2022 with the announcement of a strategic investment in NICO Resources Limited.

NICO completed its Initial Public Offering (IPO) and obtained admission to the official list of the ASX on 17 January 2021 with Blackstone’s initial investment of $2.75 million will earning a 15.11 per cent interest in the company.

NICO Resources is looking to list on the back of its Central Musgrave project (CMP) tenements that comprise three main exploration licences straddling the border between Western Australia and South Australia.

The licences are known as – Wingellina (WA), Claude Hill (SA) and Mt Davies (SA).

Mt Davies is an exploration licence covering the Lewis calcrete resource and three miscellaneous licences covering the defined water resources.

The tenements host nickel-cobalt-scandium lateritic Mineral Resources in excess of 200 million tonnes, containing 1.95 million tonnes of nickel and 150 thousand tonnes of cobalt, along with a probable Ore Reserve of 164.8 million tonnes containing 1.56 million tonnes of Nickel and 123,000 tonnes of cobalt.

Blackstone believes the continuing decline in global nickel sulphide resources will see nickel laterite projects of scale playing an important role in delivering products into the lithium-ion battery industry.

“The Central Musgrave project fits into the company’s medium to longer term planning horizon, and we are pleased to have secured a strategic equity position at what we consider to be the lowest point in the valuation cycle for the asset,” Blackstone Minerals managing director Scott Williamson said.

“Given the globally significant scale of the Central Musgrave project, we believe its development will be required to support a sustainable transition to the electrification of transportation and energy storage.”

(ASX: KIN)

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

(ASX: BSX)

EMAIL admin@blackstoneminerals.com.au WEB www.blackstoneminerals.com.au DIRECTORS Hamish Halliday, Scott Williamson, Dr Frank Bierlein, Alison Gaines, Hoirim Jung

49

DRILLING FOR RESULTS

ASX:AAJ

Aruma has three prospective

LITHIUM 5

Gold projects in Western Australia GOLD 5 which are strategically located in actively explored gold domains.

The Company also has a an exciting Lithium-Tantalum project in the high grade lithium corridor of south-east WA. Head Office Level 1, 6 Thelma Street West Perth, WA 6005

ARUMA INTERSECTS HIGH-GRADE GOLD AT SALMON GUMS PROJECT Intersections up to 13.35g/t Au with broad gold zones up to 94m thick and 2.5km long • High grade gold intersected 4m to EOH at 4.26g/t Au (13.35g/t max Au) • Second phase and follow-up completed in 39 holes for 3,943m – results are pending

T +61 8 9321 0177 M Peter Schwann - 0417946370 E info@arumaresources.com W www.arumaresources.com

• Mt Deans - ~3,000m RC drilling for Lithium commenced

Postal Address PO Box 152 West Perth, WA 6872 ABN 77 141 335 364

Eagle Mountain Mining

De Grey Mining

Eagle Mountain Mining kicked off 2022 in style reporting assays for seven drill holes completed at the company’s 100 per cent-owned Oracle Ridge Mine project in Arizona, USA. The assays reported high-grade copper hits at the Western Talon area, which sits outside the existing JORC Mineral Resource of 12.2 million tonnes at 1.51 per cent copper for 184,000 tonnes contained copper.

Drilling recommenced at Oracle Ridge in January with two rigs drilling at the Talon, focussing on the Western Talon and potential mineralisation between the deposit and the Leatherwood Mine.

A subsequent announcement reported assays from hole WT-21-51, producing some of the best results Eagle Mountain has encountered at Oracle Ridge, including: 46.7 metres at 2.16 per cent copper, 19.55 grams per tonne silver and 0.27g/t gold, including 15.3m at 4.1 per cent copper, 37.01g/t silver and 0.53g/t gold, including 6.3m at 7.15 per cent copper, 67.14g/t silver and 1g/t gold.

The style of mineralisation encountered is unusual at Oracle Ridge and prompted a reassessment of the key features controlling mineralisation in this part of the mine.

The company has revisited recent and historical information to establish the potential endowment of this style of copper mineralisation.

“This latest hole has unexpectedly delivered spectacular grades over significant minable widths. Eagle Mountain Mining CEO Tim Mason said.

“The updated JORC Mineral Resource Estimate is on track for completion by the end of Q1 2022 and will include assays up to hole WT-21-50.

“This upgrade will include 59 new holes with the aim of building and upgrading the MRE, including a portion in the Measured category for the first time.

“The results for WT 21-51 will be included in the next update planned for later in the year.”

De Grey Mining must be looking forward to 2022 as much as its shareholders and resources market observers who have watched the company’s star rise throughout 2021.

The hype surrounding De Grey is deserved, thanks mainly to its Hemi Tier 1 gold discovery within the central region of the company’s 1,500 square kilometres Mallina gold project in Western Australia.

De Grey released a Mallina Scoping Study in 2021 that determined average gold production ranges from approximately 473,000 ounces per annum for the first five years to approximately 427,000 ounces per annum over the 10-year evaluation period.

These numbers earn greater gravitas when considering they place the Project in the top five Australian gold mines and as a top three global gold development project based on average annual output.

The Scoping Study results encouraged an immediate roll into a Pre-Feasibility Study that will entail infill drilling Brolga Diucon and Falcon targets that were identified in the scoping study as priority early production sources for the project.

Parts of Greater Hemi have been drilled identifying new intrusions, gold zones and gold-arsenic anomalies.

Deeper RC drilling is required to fully understand the potential of these prospective areas.

Limited RC drilling has been conducted to date at Antwerp, Geomalia, Goshawk, Shaggy, Scooby, Hanstrum, Brierly and Falcon South due to the focus on improving the resource required for the PFS. Regional Exploration Exploration activities at Withnell, Calvert and Gillies are part of De Grey’s broader strategic objective to extend existing resources and to make large scale discoveries within its tenement package.

De Grey has a comprehensive metallurgical testwork program across each of the mineralised zones at Hemi starting with Brolga, Aquila, Crow and Falcon to be followed by Diucon and Eagle.

EMAIL info@eaglemountain.com WEB www.eaglemountain.com

DIRECTORS Simon Lill, Glenn Jardine, Andy Beckwith, Peter Hood, Eduard Eshuys, Bruce Parncutt, Samantha Hogg

(ASX: EM2)

DIRECTORS Rick Crabb, Charles Bass, Tim Mason, Roger Port

(ASX: DEG)

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

51

Major acquisition of the 784,000oz Sandstone Gold Project Multiple deposits open at depth and along strike

Comprehensive exploration program planned

Existing and permitted infrastructure in place

Aligns with Aurumin’s developer/ producer expertise

ASX:AUN

aurumin.com.au

Latin Resources

Kaiser Reef

Latin Resources stepped into 2022 with drilling on its mind: some about to start and some delivering results.

Latin reported diamond drilling was to commence in early February on the company’s Salinas lithium project in Brazil, where it has defined multiple priority drill targets.

Salinas is in the highly prospective Bananal Valley district of Minas Gerais Province of eastern Brazil and hosts the Eastern Brazilian lithium pegmatite province, home to TSX‐V listed company — Sigma Lithium Corporation.

Latin Resources planned a total of 14 diamond drillholes to test outcropping high‐grade lithium bearing pegmatites, mainly two priority target areas where sampling returned multiple high‐ grade results.

“Latin is very excited to be finally drilling our Brazil lithium projects,” Latin Resources managing director Chris Gale said.

“We are confident the testing of multiple high priority targets at Salinas will deliver positive news over the next few months.”

Resulting came in the form of XRD results from close spaced drilling at the company’s Cloud Nine halloysite‐kaolin deposit in Western Australia.

The results were said to further confirm the continuity of high‐ grade and thickness of the halloysite bearing kaolinised granite, within the Cloud Nine Mineral Resource area.

Intersections included: » NBAC378 6 metres at 24 per cent halloysite from 7m and 13m at 18 per cent halloysite from 21m; and » NBAC380 16m at 27 per cent halloysite from 14m.

Latin will continue analysis of infill drilling required to update the existing Cloud Nine JORC Mineral Resource Estimate.

“We will continue to progress our detailed studies at Cloud Nine over the next quarter, including work on an upgrade to the maiden JORC Inferred Mineral Resource, along with geotechnical and other mining related studies,” Gale said.

Kaiser Reef ’s start to 2022 rated high on the positive scale with the company reporting a 36 per cent increase in gold production for the December 2021 Quarter from the previous reporting period yielding operationally profitable gold production at the A1 Gold Mine.

The company said the positive result underpins its vision to become a multi-mine high-grade gold producer with a supporting exploration focus.

The AI Mine production ramp up began with the commencement of decline extension during mid-2021 and remains ongoing.

Recent developmental activity to allow access and mining of the Queens Lode has progressed and when accessed and in full production, the Queens Lode is expected to deliver further substantial increase in production and revenues.

Mine planning for the next quarter is primarily preparing the operations to start a planned major increase in mining in April 2022.

Kaiser’s key exploration targets at this stage are the Union Hill and Nuggety Reef gold projects within the Maldon goldfield, where recent exploration was conducted with two diamond drilling rigs.

Results achieved from Maldon in 2021 include: » UH-UDH-001 1.2 metres at 14.1 grams per tonne gold; » UH-UDH-005 0.65m at 33.4g/t gold; » UH-UDH-006 1.8m at 29.6g/t gold; and » UH-UDH-021 1.5m at 6.5g/t gold.

Maldon is located between Bendigo and Ballarat in the Victorian Goldfields and the licence area has historically produced over 1.74 million ounces of gold at 28g/t.

Maldon is host to one of Australia’s highest grade historic gold mines, the Nuggety Reef, that produced 301,000 ounces of gold at 187g/t.

Kaiser Reef has generated a suite of targets it hopes to meet in 2002 that includes measures such as making further improvements in operating efficiency, gold production and output.

(ASX: LRS)

EMAIL info@latinresources.com.au WEB www.latinresources.com.au DIRECTORS David Vilensky, Christopher Gale, Brent Jones, Pablo Taratini

(ASX: KAU)

EMAIL admin@kaiserreef.com.au WEB www.kaiserreef.com.au DIRECTORS Jonathan Downes, Adrian Byass, Stewart Howe

Kaiser Reef Limited

53

Magnetic Resources (ASX: MAU)

Magnetic Resources rang in the New Year by reporting multiple thick and high-grade zones starting from surface following recent infill and extension drilling undertaken at the company’s Lady Julie gold deposit.

Magnetic Resources described the anomalous gold zones as “promising”, declaring them to be still open, which was demonstrated by drillhole MLJRC448 that returned an intersection of 88 metres at 1.3 grams per tonne gold from 68m.

The company is looking to test this southern part of the Lady Julie North 1 target zone in detail over a one kilometre length.

The company kicked off a drill program consisting of 33 RC holes at Lady Julie North 1, designed to test and extend all the gold mineralisation found with the aim of ultimately converting to an Indicated Resource.

This program will also assist Magnetic in the location of deeper holes into the underlying porphyry and porphyry contact positions.

The results achieved from a 2D seismic survey combined with major drill programs and historical drillings results have led to the interpretation of 15km of gold targets in 10 areas within the HN5, HN6, HN9 and Lady Julie target areas.

The company considers the best-looking target so far besides the 3km-long HN9 mineralisation, is Lady Julie North (3.9km long).

At Lady Julie North 1 there are many mineralised intersections, such as: » MLJRC162 41m at 2.6g/t gold from 31m, including 15m at 4.2g/t gold from 52m; » MLJRC348 25m at 4.4g/t from 0m; and » MLJRC448 36m at 2g/t from 92m.

The zone between the two thrusts is considered very prospective and there are numerous NS workings, mineralised drillholes and anomalous soil geochemical areas, which are currently being drilled.

EMAIL info@magres.com.au WEB www.magres.com.au DIRECTORS George Sakalidis, Eric Lim, Julien Sanderson, Chan Hian Siang

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Black Canyon (ASX: BCA)

Black Canyon closed out 2021 by winding up successful drilling activities at the Flanagan Bore manganese project located in the Pilbara region of Western Australia.

Back Canyon’s Flanagan Bore tenement is part of the manganese explorer’s Carawine project and is subject to a farm-in and Joint Venture agreement with Carawine Resources (ASX: CWX) whereby Black Canyon can earn up to a 75 per cent interest in the Carawine project tenements.

The reverse circulation (RC) program intersected extensions to the LR1 deposit mineral resource and discovered notable intervals of manganese mineralisation at the FB3 target.

The programs also provided diamond drill core (PQ size) that Black Canyon intends using for metallurgical test work that will assist with the geo-metallurgical interpretation and mineralisation domaining for the resource estimation.

At time of writing assays were pending and expected from early February. The diamond drill core will be used for a beneficiation metallurgical test work program that will feed into a Scoping Study in early 2022.

“With the timely completion of both the RC and diamond drill programs at Flanagan Bore, the company has now collected critical drill data information to progress the geological and metallurgical characterisation of the manganese mineralisation, extend Mineral Resources at LR1 and, as anticipated, to estimate an additional Mineral Resource at FB3,” Black Canyon’s Executive Director, Brendan Cummins, said “This will enable the company to progress key inputs for the Scoping Study with the delivery of PQ core to the laboratory for metallurgical test work.

“The drill program has confirmed the potential for Flanagan Bore to deliver a significant project and value add proposition for BCA shareholders and our JV partner - Carawine Resources.”

EMAIL info@blackcanyon.com.au WEB www.blackcanyon.com.au DIRECTORS Graham Ascough, Brendan Cummins, Simon Taylor, Adrian Hill

Rox Resources (ASX: RXL)

Rox Resources said hello to 2022 by announcing a sizeable increase to the Mineral Resource Estimate (MRE) for the company’s Youanmi gold project.

The Youanmi gold project is a Joint Venture with Venus Metals Corporation (ASX: VMC) near Mt Magnet in Western Australia.

The JV partners (Rox 70% and Manager, VMC 30%) have conducted drilling and exploration work at the Youanmi gold project in the OYG JV area that has delivered substantial increases in known and defined tonnages and ounces since the acquisition and commencement of drilling in mid-2019.

Rox used in-house expertise to complete the Youanmi Deeps Resource update and engaged CSA Global, which completed the previous update in June 2021, to conduct independent checks of the modelling process.

The Youanmi Total Mineral Resource increased by 1.34 million ounces of gold to 3 million ounces of gold.

The JV’s drilling results to the end of October 2021 were included in this current resource update to deliver a 156 per cent increase in the Deeps Resource contained gold.

“This resource update sees a tripling of the 2018 Deeps Resource with more drilling from the last few months of 2021 still to be incorporated in the overall resource,” Rox Resources managing director Alex Passmore said.

“We took the decision to provide an interim updated resource estimate given the very long assay turnaround times being experienced of up to 14 weeks in some cases.

“With the recent determination of the Albion process as our preferred processing method for the high-grade sulphide-associated ore bodies at Youanmi, which show we can likely achieve metallurgical recoveries around 95 per cent (92.2% average for underground), we are well positioned to benefit from the increased resource.”

EMAIL admin@roxresources.com.au WEB www.roxresources.com.au DIRECTORS Stephen Dennis, Alex Passmore, Dr John Mair

Dreadnought Resources (ASX: DRE)

Dreadnought Resources was quick to get boots on the ground in 2022 with activity a plenty underway at the company’s Illaara, Mangaroon and Tarraji-Yampi projects in Western Australia.

The company’s 2022 activities kicked off at Illaara starting with FLEM surveys over the Nelson and Trafalgar copper-zinc-silver targets.

The Illaara project is located 190 kilometres from Kalgoorlie and comprises seven tenements covering 75km of strike along the entire Illaara Greenstone Belt.

The Illaara Greenstone Belt has now been consolidated through an acquisition from Newmont and subsequently the purchase of Metzke’s Find and an option to acquire 100 per cent of E30/485 and E29/965.

The RC drilling program at Illaara will include the shallow portions of Metzke’s Find to define a maiden JORC Resource, extensions of the Kings iron ore target undercover and along strike and the Spitfire gold target.

While the drilling program is underway, a detailed drone ortho-imagery survey will provide high resolution data to assist with mapping and systematic sampling of the Peggy Sue pegmatite swarm targeting lithium as well as already identified high-grade tantalum zones.

Results of an earlier reconnaissance rock chip sampling survey at Peggy Sue confirmed several clusters of high-grade tantalum mineralisation, indicative of a highly fractionated and fertile pegmatite system.

Activities will be targeting lithium as well as already identified high-grade tantalum zones and are expected to define drill targets for testing.

“We also look forward to the upcoming results of our REE and nickel-copper-PGE programs at Mangaroon,” Dreadnought Resources managing director Dean Tuck said.

“With rare earths, there will be a focus on testing the high-grade Yin target and other ironstones as well as determining whether our five carbonatites are the potential source of the regional rare earth deposits.”

EMAIL info@dreadnoughtresources.com.au WEB www.dreadnoughtresources.com.au DIRECTORS Paul Chapman, Dean Tuck, Ian Gordon, Paul Payne

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ASX: GT1

BUILDING A SUSTAINABLE, NORTHAMERICAN FOCUSED LITHIUM BUSINESS Three high-grade, hard-rock spodumene assets within a substantial 35,576 ha strategic exploration footprint located in Ontario, Canada Best in class team and partners Led by a premier board and senior management team with a track record of successfully delivering sustainable hard-rock lithium projects around the world

Strategic lithium projects Portfolio of three highly prospective lithium projects, including the Seymour Project with existing JORC Mineral Resource estimate of 4.8 Mt at 1.25% Li2O

Access to market Proximity to excellent infrastructure providing direct linkage to key North American customers

Substantial exploration upside Phase 1 11-hole 3,500m drilling program underway targeting rapid and substantial expansion of existing Seymour resource

Sustainably focused business Targeting hydro power sourcing to deliver low carbon lithium production

GREENTM.COM.AU

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Miramar Resources

Traka Resources

Miramar Resources greeted 2022 with identification of a new ‘Highway’ target parallel to the Blackfriars and Marylebone targets at the company’s 80 per cent-owned Gidji JV project north of Kalgoorlie in the Eastern Goldfields region of Western Australia.

Miramar Resources carried out a re-examination of historical data, in particular historical auger data, that identified a one-kilometre long auger gold anomaly parallel to the Marylebone target and the newly outlined Blackfriars target.

The main part of the newly identified ‘Highway’ target has not been tested by historical or recent drilling however two historic aircore holes at the western and northern edges of the target (PKAC527 and PKAC034 respectively) both intersected 4 metres at greater than 0.5 grams per tonne gold.

The identification of another new target at Gidji reinforces the potential for a substantial new gold camp, with multiple new gold deposits, to be discovered.

“The Gidji JV project is located in a prime geological position within a major mineralised structure and along strike from several large gold deposits,” Miramar Resources executive chairman Allan Kelly said.

“Outcrop is minimal with the most prospective geology and structures obscured by transported material and the northern 50 per cent of the project also covered by recent lake sediments.

“Over the last 12 months, we have shown how underexplored this project is with significant new results coming from every drill program and the identification of several new targets beneath shallow cover, each capable of hosting a significant new gold deposit.

“The identification of a large new target straddling a major highway is further evidence of how underexplored the Gidji project is and the significant opportunity we are uncovering.”

Traka Resources unwrapped 2022 with news of new high-grade gold-copper assay results from drilling completed at the Plantagenet and Grafter prospects on the company’s 100 per cent-owned Mt Cattlin gold-copper project, located immediately adjacent to the Mt Cattlin lithium mine in the Ravensthorpe Greenstone Belt in the south-west of Western Australia.

RC drilling at the Plantagenet prospect intersected mineralisation at the southern end of a soil geochemical and structural trend that extends for over one kilometre, returning: RAGC083 4 metres at 5.1 grams per tonne gold, 0.39g/t silver and 0.03 per cent copper from 37m down-hole, including 1m at 11.5g/t gold, 1.28g/t silver and 0.1 per cent copper.

RC drilling at the Grafter prospect intersected mineralisation at the north-eastern end of a gold-soil anomaly, extending 500m to the old Bullrush prospect.

Intersections included: » RAGC077 1m at 2.94g/t gold, 0.44g/t silver and 0.01 per cent copper from 59m down-hole.

Traka eyes the Plantagenet results as the standouts of the recent campaigns, being located at one end of a one-kilometre long geochemical and structural anomaly which the company now knows hosts high-grade mineralisation of note.

The bonanza grade gold zones occur within much broader and highly anomalous copper zones, indicating the potential of this trend to host impressive gold-copper mineralisation.

“This is a very exciting way to start the New Year, with our exploration at the Mt Cattlin Project now really starting to move up a gear,” Traka Resources managing director Patrick Verbeek said.

“We expect to receive the remaining assay results from the recent 5,000m drill program…and that will allow us to plan a significantly larger exploration effort in 2022 to unlock the full potential of this intriguing and highly prospective project.”

(ASX: M2R)

EMAIL info@miramarresources.com.au WEB www.miramarresources.com.au DIRECTORS Allan Kelly, Marion Bush, Terry Gadenne

(ASX: TKL)

EMAIL traka@trakaresources.com.au WEB www.trakaresources.com.au DIRECTORS Joshua Pitt, Patrick Verbeek, George Petersons

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ASX: E79

Two early stage exploration projects in the Yilgarn Craton of Western Australia Laverton South Gold Project

346 km2 of tenure in the Laverton Tectonic Zone - one of the world’s most prolific gold belts ~30Moz of endowment

Jungar Flats Gold Project

336 km2 of tenure in the Murchison Goldfields ~25Moz of endowment

“Money in the ground”

E79 GOLD MINES

Committed to a sustainable future e79gold.com.au

Altan Rio Minerals (TSX-V: AMO)

Altan Rio Minerals is a TSX-V-listed West Australia-focused gold exploration company concentrating on the Southern Cross Greenstone Belt, a region that has plenty of historic gold producing runs on the board well in excess of 12 million ounces.

The company’s intent is to apply world-class exploration technologies and experience to proven mineralised tenure to generate discovery.

Altan Rio holds 15 granted Prospecting Licenses covering an area of 23.7 square kilometres, representing a large position in one of WA’s major producing gold belts.

The company holds the 2nd largest tenure over a proven gold hosting structure known as the Frasers-Corinthian Shear Zone (FCSZ), which is known to host noteworthy gold mineralisation along its entire length from Bullfinch in the north to Marvel Loch in the south.

The tenements have strong near surface gold mineralisation and remain essentially untested below 50m vertical depth.

Limited historical deep drilling has returned ore grade intercepts of 12.1m at 4.51 grams per tonne gold.

Altan Rio is earning up to an 80 per cent interest in the Southern Cross North project from Joint Venture partner Surveyor Resources.

The company has also entered into an exploration and mining agreement with Chinese-backed Barto Gold over the Pilot mine.

The project is divided into two discrete tenement packages, the Corinthia North and Hopes Hill tenements.

Five primary targets have been identified within the project – Pilot, Aries, GPN, Glen Innes and Paddocks.

These targets contain historical drill intercepts which are strongly anomalous in gold or contain substantial gold intercepts.

Another 17 subsidiary targets with prospective geological characteristics and some levels of gold anomalism have been defined and are considered by the company to warrant further investigation.

EMAIL info@altanrio.com WEB www.altanrio.com DIRECTORS Paul Stephen, John Jones, Jim Harris, Kerry Griffin, Evan Jones

Jindalee Resources (ASX: JRL)

Jindalee Resources started 2022 where it left 2021 by announcing drilling results achieved at the company’s 100 per cent-owned McDermitt lithium project in Oregon, USA. In January, Jindalee released results from the first three drillholes it completed late in 2021 at the McDermitt project, where it had earlier announced an updated Indicated and Inferred Mineral Resource totalling: 1.43 billion tonnes at 1,320ppm lithium for 10.1 million tonnes lithium carbon equivalent (LCE).

The 2021 Mineral Resource update and uplift in contained lithium reinforced Jindalee’s belief that McDermitt could be a potential source of future supply to the rapidly growing US battery manufacturing industry.

The US currently imports most of its lithium for Li-ion battery construction and Jindalee believes McDermitt can provide a long-life supply of lithium for both domestic consumption and export.

Results included: MDRC019 » 13.7 metres at 1041ppm lithium from 9.2m; » 13.7m at 1084ppm lithium from 44.2m; » 24.4m at 2173ppm lithium from 71.7m, including 3.1m at 3425ppm lithium; and » 38.1m at 1407ppm lithium from 105.2m, including 3.1m at 2765ppm lithium.

MDRC019 is located just outside the current Inferred Mineral Resource boundary and as a result is expected to have a very positive impact on the resource estimate.

Planning for the next phase of drilling in 2022 is well-advanced and is expected to commence in July 2022 in line with permitting conditions.

Jindalee will advance the project during the first half of the year with key non-drilling activities taking place.

From February 2022 baseline environmental studies will commence in line with Jindalee’s application for an Exploration Plan of Operations (EPO).

These studies are being coordinated with the Bureau of Land Management (BLM) and the Oregon Department of Geology and Mineral Industries (DOGAMI).

EMAIL enquiry@jindalee.net WEB www.jindalee.net DIRECTORS Justin Mannolini, Lindsay Dudfield, Patricia Farr, Karen Wellman

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Trigg Mining

Gateway Mining

Trigg Mining announced it means business in 2022 by leading with a renounceable rights issue to raise up to $3.3 million to underpin the next key stage of evaluation and development of the company’s 100 per cent-owned Lake Throssell sulphate of potash (SOP) project, located in the Laverton region of Western Australia.

The funds are headed to underpin a Pre-Feasibility Study (PFS) on Lake Throssell, following the positive Scoping Study Trigg completed last year that confirmed potential for it to become a new top-10 global SOP project with outstanding sustainability and ESG credentials.

Trigg is hoping activities it has under way will advance Lake Throssell to the next level as it builds on the confidence acquired from the 2021 Scoping Study.

“The Scoping Study provided investors with a clear picture of Lake Throssell’s economic potential as a long-life, low-cost sulphate of potash operation and we are now aiming to unlock that potential by moving the Project rapidly towards development,” Trigg Mining’s Managing Director, Keren Paterson, said: “Lake Throssell has outstanding potential to become an important new long-term source of Sulphate of Potash supply in Australia, providing investors with strong leverage to a significant emerging global growth market.

“As a future producer of low-greenhouse gas emission fertiliser, Lake Throssell’s ESG credentials are also attractive and dovetail with the potential of carbon farming to play a role in addressing climate change globally.”

The company is also awaiting news from ground-based exploration activities undertaken on the Lake Yeo SOP project immediately south-east of the Lake Throssell project.

Based on radiometric potassium intensity and the Aster Gypsum Index data, Trigg Mining believes Lake Yeo could hold potential be a repeat of Lake Throssell.

Gateway Mining started 2022 by reporting bedrock gold mineralisation encountered by Reverse Circulation (RC) drilling at the Kashmir target within the company’s Gidgee gold project in the Murchison District of Western Australia.

The Kashmir target is a large gold anomaly Gateway generated from soil sampling directly along strike from Horizon Gold’s Howards deposit that extends to surface immediately to the south of Gateway’s Gidgee project tenure.

Kashmir is located on the largely unexplored eastern margin of the Montague Granodiorite and indicates the broader exploration potential of this margin.

Kashmir is a key target which forms part of Gateways exploration pipeline within 5km of the company’s existing 449,000-ounce Mineral Resource base.

The results reported in January continued to build on the recent upgrade of that Mineral Resource base and, together with the emerging Julias and Evermore discoveries, demonstrate the large-scale potential of the Gidgee gold project.

The Kashmir results were followed up with shallow high-grade RC intercepts from Julias target area that confirmed the presence of a consistent oxide gold zone over a 500m strike length at Julias that remains completely open to the north and south, elevating this area as a priority focus for follow-up drilling that was scheduled to commence in February.

Julias, combined with the neighbouring Flametree target to the south is emerging as a shallow, oxide gold zone located immediately to the west of the Montague-Boulder and Evermore Mineral Resources.

Shallow mineralisation at Julias has now been intersected in both RC and air-core drilling over a strike length of 1.2km and remains open to the north-east.

Systematic RC drilling will complete coverage over the main zone, with an air-core program to continue extending the overall Julias-Flametree oxide gold trend.

(ASX: TMG)

EMAIL info@triggmining.com.au WEB www.triggmining.com.au DIRECTORS Keren Paterson, Mike Ralston, Rod Baxter, Bill Bent, Maree Arnason

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(ASX: GML)

EMAIL info@gatewaymining.com.au WEB www.gatewaymining.com.au DIRECTORS Peter Langworthy, Mark Cossom, Trent Franklin, Debbie Fullarton, Scott Brown

Greenstone Resources (ASX: GSR)

Greenstone Resources made a highly positive start to 2022 by completing the maiden gold pour from the Burbanks Mining Centre, part of the company’s 100 per cent-owned Burbanks gold project.

The gold pour was part of the Stage I Trial Mining Agreement Joint Venture between Greenstone and FMR Investments Pty Ltd and followed the first processing campaign through the neighbouring Greenfields Mill that commenced in December 2021.

The campaign processed 20,500 tonnes of low-grade development ore (diluted ore from underground development drives), resulting in a maiden gold pour of 840 ounces (unreconciled) worth $2.1 million.

Greenstone followed this news up with an update on resumption of exploration activities at the Burbanks gold project after discoveries at both Burbanks North and Burbanks South reported late last year.

The new activities are aimed at extending the known mineralised strike horizon to over three kilometres, as well as receiving and reporting all remaining assay results from a completed drill campaign across the Burbanks gold project.

The Burbanks gold project is located nine kilometres Southeast of Coolgardie in WA. The project includes the Burbanks Mining Centre and over five kilometres of the highly prospective Burbanks Shear Zone, historically one of the most important gold producing structures within the Coolgardie Goldfields.

The Burbanks Mining Centre comprises the Birthday Gift and Main Lode underground gold mines.

The recorded historic underground production at Burbanks (1885-1961) totalled 444,600 tonnes at 22.7 grams per tonne gold for 324,479 ounces predominantly from above 140 metres below the surface.

Intermittent open pit and underground mining campaigns between the early 1980s to present day has seen total production from the Burbanks Mining Centre now exceed 420,000 ounces.

EMAIL admin@greenstoneresoources.com.au WEB www.greenstoneresources.com.au DIRECTORS Mike Edwards, Chris Hansen, Glenn Poole, Jon Young

Ausgold (ASX: AUC)

Ausgold has a raft of worked slated for the 2022 March quarter, having upgraded the JORC Resources at the company’s 100 per cent-owned Katanning Gold Project (KGP) in Western Australia.

The KGP represents a 17 kilometres mineralised trend with potential across three key zones, which include the following Resource deposits and prospects: » Northern Zone – Datatine; » Central Zone – Jackson, Olympia, Jinkas, and Jinkas South; and » Southern Zone – Rifle Range, Dingo, and Lukin.

The recently expanded Resource currently stands at 46.14 million tonnes at 1.24 gras per tonne gold for 1,837,000 ounces of gold.

The figure represents a 19 per cent increase in total contained ounces compared with the Resource estimate Ausgold released in April 2021.

The company’s work roster for the March 2022 quarter includes a multi-rig RC drilling campaign focusing on high-priority targets in the Central and Southern Zones of the KGP with Resource upgrade planned for April 2022.

A down-hole electromagnetic (DHEM) program will continue to identify new EM drilling targets and further extend gold mineralisation.

Drilling of the Rifle Range target using a low impact small trackmounted diamond drill rig is planned to further expand the Resource potential over 2.5km strike length for the Southern Zone.

Mine development studies are underway to assess potential mine development scenarios for the KGP. Ausgold anticipates a prefeasibility study for the initial stage of development at the KGP will be completed in Q2 2022.

Geotechnical, hydrogeology and metallurgical drilling in the Central Zone and Dingo Resource areas to support future open pit and underground mining studies Metallurgical test work is underway focused on optimisation of comminution flow sheets and leach test work on sulphide composites.

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

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Alicanto Minerals

Prodigy Gold

Alicanto Minerals entrance to 2022 included the release of results from drilling and rock-chipping that continued to extend the known mineralisation within the company’s polymetallic Sala silver-zinc-lead-coppergold project in Sweden.

High-grade rock chips up to 1480 grams per tonne silver, 10.3 per cent zinc from new areas while drilling results highlighted the potential of the Sala project.

Step-out drilling returned silver-zinc-lead intersections that extended the known mineralisation, which remains open.

The results included: » SAL21-07 3.5m at 237g/t silver, 2.8 per cent zinc, 4.6 per cent lead from 488m; » SAL21-09 5.6m at 144g/t silver, 0.1 per cent zinc, 0.6 per cent lead from 231.2m; and » SAL21-11 4.4m at 283g/t silver, 3.9 per cent zinc, 1.9 per cent lead from 107.2m and 6.4m at 120g/t silver, 1.3 per cent zinc, 0.5 per cent lead from 258.6m, including 1.4m at 413g/t silver, 2.6 per cent zinc, 1.3 per cent lead from 258.6m.

“The latest results further highlighted the immense potential to establish a project with genuine scale,” Alicanto Minerals managing director Peter George said.

“These results support our strategy to build a substantial resource at Sala with the potential to underpin a stand-alone operation.

“We are well funded for 2022 with our recent $7 million capital raising and we continue to grow the boundaries of the known mineralisation at Sala.”

Alicanto Minerals is conducting exploration campaigns in Sweden’s mining region of Bergslagen.

The first of these is targeting extensions of the historic Sala silverzinc-lead deposit and the second involves greenfields exploration around the Greater Falun copper-gold and polymetallic skarn project.

Alicanto’s strategy rests on discovering, growing and developing precious and base metal resources in the tier-one location of Sweden.

Prodigy Gold made an intriguing start to 2022 by producing new numbers from sampling of previously un-sampled historical diamond core on the company’s Golden Hind project in the Northern Territory.

Golden Hind forms part of the Old Pirate Mineral Resource Estimate that was last updated in August 2016.

Prodigy Gold received results for two previously un-sampled historical diamond core drill holes at Golden Hind.

Both holes intersected mineralisation that has subsequently been mined out, however, the company said each hole had provided important new information, from which it expects to better predict possible mineralisation extensions and generate new drill targets.

Intercepts for the previously un-sampled holes include: » GHDD100001 22.5 metres at 25.2 grams per tonne gold from 11m, including 16.5m at 34g/t gold from 14m, including 0.9m at 347g/t gold from 19.1m; and » GHDD100002 21m at 0.8g/t gold from 3m, including 8m at 1.4g/t gold from 16m.

The two-hole observation and assay program undertaken by Prodigy was completed to provide results for possible future remodelling of the resource and renewed understanding of the controls to the previously mined mineralisation at the Golden Hind deposit.

The program also aimed to provide the company geologists ability to generate an improved model of the high-grade structures within the broader Old Pirate mineralised system with a view to better predict possible mineralisation extensions and generate new drill targets.

“The company is advancing its understanding on the previously reported 10,000 tonnes at 3.8 grams per tonne gold Golden Hind Mineral Resource (ASX: 19 Aug 2016),” Prodigy Gold exploration manager Edward Keys said.

“The recently completed sampling program analysed core from two historically drilled diamond core holes to assist with possible future modelling and drill targeting in the area.”

(ASX: AQI)

EMAIL info@alicantominerals.com.au WEB www.alicantominerals.com.au DIRECTORS Raymond Shorrocks, Peter George, Didier Murcia

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(ASX: PRX)

EMAIL admin@prodigygold.com.au WEB www.prodigygold.com.au DIRECTORS Brett Smith, Gerard McMahon, Neale Edwards

Galan Lithium

Carnavale Resources

Galan Lithium’s focus of late has been completion of ongoing feasibility works, construction activities and further drilling at the company’s high-grade 100 per cent-owned Hombre Muerto West (HMW) project in the Catamarca Province in Argentina.

Galan also completed a Preliminary Economic Assessment (PEA) for its 100 per cent-owned Candelas project also in the Catamarca Province, Argentina.

Heading to the close of 2021, Galan completed an updated stronger, compelling economic study for HMW that resulted in unleveraged pre-tax NPV of US$2.2 billion, IRR of 37.5 per cent and less than three year payback period.

Long term average lithium price assumption of US$18,594 per tonne lithium carbonate equivalent (LCE) battery grade used for both the HMW and Candelas projects economic assessments.

The HMW Feasibility Study was awarded to Hatch an independent firm that is anticipated to work with Galan’s highly experienced group of consultants, including Ad-Infinitum, SRK and WSP, along with its own teams in Argentina, Chile and Australia.

The company achieved excellent Preliminary Economic Assessment (PEA) results for Candelas, including unleveraged pre-tax NPV of US$1.225 billion, IRR of 27.9 per cent and a four year payback period.

The study determined an initial capital cost of US$408 million with a long project life of 25 years at 14,000 tonnes per annum of battery grade LCE. A competitive cash production cost for Li2CO3 of US$4,227/t would position Candelas as a low-cost developer in the lithium industry.

Galan Lithium has also identified potential lithium targets via ongoing exploration activities at the Greenbushes South lithium project (joint venture between GLN (80%) and LIT (20%)).

The project is located approximately three kilometres south of the world-class Greenbushes Lithium Mine, which is owned and managed

by Talison Lithium Pty Ltd.

Carnavale Resources must have been doing something right by its shareholders to start 2022, as it received a speeding ticket from the ASX asking why its share price had appreciated.

Carnavale pointed the Bourse to its announcement of a few days earlier that highlighted a new shallow high-grade gold lode discovered at Kookynie McTavish East prospect, within the company’s Kookynie gold project, outside of Kalgoorlie in the West Australian Goldfields.

The announcement reported new results from RC drilling undertaken in November 2021 that included: » MERC005 16 metres at 20.92 grams per tonne gold from 161m, including 10m at 31.88g/t gold; » MERC001 4m at 17.82g/t gold from 78m, including 2m at 33.55g/t gold; and » MERC003 3m at 3.27g/t gold from 109m.

“We are delighted that the RC drilling program has discovered a new high-grade gold lode at Kookynie,” Carnavale Resources CEO Humphrey Hale said at the time.

“This initial RC program followed up strong shallow oxide gold intercepts identified in earlier aircore programs.

“The McTavish East discovery shows similarities to the previously mined high-grade deposits like the Cosmopolitan Mine where over 295,120 ounces were historically mined at an average grade of 15.57g/t and the Altona mine where over 95,000 ounces were mined at an average grade of 30.01g/t.

“The systematic exploration approach undertaken by CAV at Kookynie has delivered a significant outcome with further results pending.”

Carnavale was so pleased with the outcome of the systematic exploration program at Kookynie it made plans to mobilise an RC rig to chase the bonanza gold grades down dip and along strike at McTavish East as well as to explore the high-grade gold discovered in aircore drilling at McTavish North.

(ASX: GLN)

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

(ASX: CAV)

EMAIL info@carnavaleresources.com.au WEB www.carnavaleresources.com.au DIRECTORS Ron Gajewski, Andrew Beckwith, Rhett Brans, Humphrey Hale

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A well funded explorer developing a nickel-copper resource at Carr Boyd just north of Kalgoorlie.

Carr Boyd Project • 100% owned Ni-Cu-PGE project • A historic mine site ~80km from Kalgoorlie • Total production: 202,100t at 1.43% Ni & 0.46% Cu producing a 9.7% Ni concentrate • Presence of nickel mineralisation has never been explained T5 Massive Nickel Sulphide Discovery • Flagship discovery less than 1.5km from the historic Carr Boyd mine • Massive nickel sulphide intersections encountered along the pyroxenite basal contact • Multiple drill campaigns have delivered further massive sulphides across three zones Regional-Scale Opportunity • Geological interpretation has identified three new high-priority targets prospective for massive nickel-copper sulphides at Broonhill, Mossgiel and Gossan Hill • Two drill rigs on site to fast-track regional understanding and further build T5 knowledge

Contact: Chris Daws - Managing Director 08 9481 0389 info@estrellaresources.com.au

Media: David Tasker - Chapter One Advisors 0433 112 936 dtasker@chapteroneadvisors.com.au

Encounter Resources

Carnaby Resources

Encounter Resources hopes to build on its exceptional leverage to the Tier 1 copper exploration in Australia during 2022 via its impressive portfolio.

This bagged is stuffed to the gills and includes: A large project portfolio in the Paterson Province of WA where it is exploring for copper-gold deposits at its 100 per cent-owned Lamil project and for copper-cobalt deposits at the Yeneena project with IGO; A series of camp scale, first mover copper opportunities in the Northern Territory that includes the Elliott copper project which is being advanced in partnership with BHP via a $25 million earn-in and joint venture; and The Aileron IOCG project in the West Arunta region of WA. Encounter’s planned activities for the March 2022 quarter include aA detailed gravity survey over the Dune area of the Lamil copper-gold project to prepare for a next phase of drilling.

Preparations are underway for airborne/ground-based EM and gravity surveys at the Yeneena copper-cobalt project.

At the Elliott copper project, the BHP JV is preparing exploration programs, including seismic surveys and diamond drilling as well as planning to rapidly advance the understanding of the basin architecture and to define prospective deposition sites for sediment-hosted copper mineralisation.

At the Aileron IOCG project, Encounter proposes to use gravity survey and geological reconnaissance results to integrate and design the next phase of exploration.

The extension of an earlier drill hole EAL001 to test the coincident gravity-magnetic feature has emerged as a priority target.

Other project portfolio stuffers to be receiving exploration attention are the Sandover copper project (100% ENR), the Jessica copper project (100% ENR), and the Carrara copper-zinc project (100% ENR), all of which are in the Northern Territory.

Carnaby Resources banked $20 million to start 2022 to accelerate exploration at the company’s Greater Duchess copper gold project in Queensland.

“We are very pleased to have received such overwhelming demand for the placement and welcome a number of high quality institutional and sophisticated investors onto our share register,” Carnaby Resources managing director Rob Watkins said.

The placement resulted in OZ Minerals, via its subsidiary OZ Exploration, which Carnaby took as validation of the potential of the Nil Desperandum and Lady Fanny discoveries.

Targets to benefit from the funds will be the recent Nil Desperandum and Lady Fanny discoveries Carnaby claimed at the Greater Duchess project last year.

Carnaby made the Nil Desperandum discovery from drill hole NLDD044 that outlined an extremely high-grade copper gold discovery, returning: 41 metres at 4.1 per cent copper, 0.5 grams per tonne gold from 247m, including 24m at 6.5 per cent copper, 0.7g/t gold from 251m, including 9m at 10.3 per cent copper, 1.2g/t gold from 264m.

NLDD044 was the first drill hole to test a NLIP4 Induced Polarisation (IP) chargeability inversion anomaly the company believes to be almost certainly attributable to copper sulphide mineralisation.

The Lady Fanny discovery landed early 2022 from assay results received from the first five holes outlined a broad shallow high grade copper gold deposit.

Results included LFRC009 27m at 2.8 per cent copper, 0.8g/t gold from 61m, including 9m at 4 per cent copper, 0.3g/t gold from 65m, including 11m at 3.3 per cent copper, 1.6g/t gold from 77m Remarkably, the drilling at Lady Fanny by Carnaby represents the first known recorded drilling within the historical Lady Fanny mining lease area, of which Carnaby owns 100 per cent.

(ASX: ENR)

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

(ASX: CNB)

EMAIL info@carnabyresources.com.au WEB www.carnabyresources.com.au DIRECTORS Peter Bowler, Rob Watkins, Greg Barrett, Paul Payne

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IGO

Caspin Resources

IGO’s first salvo for 2022 entailed the release of its annual Mineral Resource and Ore Reserve estimates for CY21.

The estimates followed a transformative year for IGO with the company’s portfolio morphing to include the additions made as the company executed its strategy of being a globally relevant supplier of products that are critical to clean energy.

Key changes involved divestment of IGO’s 30 per cent interest in the Tropicana Gold Mine and the formation of a new lithium Joint Venture (JV) with Tianqi over its Australian lithium assets.

This JV included a 24.99 per cent indirect interest in the Talison Greenbushes Operation delivering exposure to a world-class asset with low cost, scale and longevity.

The Nova mine continued strong production throughout CY21, delivering extensions of mine life and additional exploration opportunities.

The recently acquired Silver Knight is slated for technical studies and exploration that will be accelerated through CY22 with the aim of reporting a first Ore Reserve in CY23 to hopefully provide additional ore feed to Nova.

The presumed potential of the company’s Greenbushes lithium JV investment paid off with a CY21 Mineral Resource and Ore Reserve clocking a healthy 52 per cent and 20 per cent increase in the estimated contained lithia concentrate.

A good chunk of the increases was attributed to the Kapanga deposit, which is parallel to the Central Lode, with the two deposits planned to be mined from the one expanded open pit.

IGO claims Greenbushes as the premier hard-rock lithium mine globally and expects the expanded Mineral Resource and Ore Reserve to support continued investment to expand the production capacity to meet the rapidly increasing demand for lithium as the world transitions to clean energy.

Caspin Resources picked up 2022 where it left 2021, focussed on exploration activities and drilling being undertaken from the Yarabrook Hill prospect within the company’s Yarawindah Brook PGE-nickel-copper project in Western Australia.

Phase 1 of a RC drilling program was completed in 2021 as a first pass test of the Yarabrook Hill intrusion, with the aim of providing some insight into the structure of the intrusion and assist any subsequent programs.

Results from the Phase 1 drilling have returned broad zones of mineralisation.

Phase 2 consisted of a further 16 RC holes and two diamond drill holes with the RC program mostly testing targets at the Eastern geochemical soil anomaly as well as the XC-22 airborne electromagnetic anomaly.

Based on a review of the results, Caspin is developing new respect for the XC22 prospect, which it is now thinking could be emerging as a separate prospect.

Current thinking is that the XC22 Prospect, while still hosted within the large Yarabrook Hill intrusion, may be a separate mineralised position to the main Yarabrook Hill mineralised zone which has been the focus of most exploration to date.

The results were interpreted to be consistent with the company’s geological model for the Yarabrook Hill intrusion, leading the company to define three target concepts at the main Yarabrook Hill prospect.

Higher-Grade Segments within the extensive Main Mineralised Zone; Narrower, higher-grade zones within the broader Main Mineralised Zone; and Primary Basal Contact Massive-Sulphide mineralisation below the HW contact Shear Zone.

Drilling activities commenced in February 2022 with which Caspin intends testing the Northwest geochemical anomaly with RC drilling as a priority whilst assay data from XC-22 and Yarabrook Hill is returned and interrogated.

(ASX: IGO)

EMAIL contact@igo.com.au WEB www.igo.com.au DIRECTORS Michael Nossal, Peter Bradford, Debra Bakker, Kathleen Bozanic, Peter Buck, Keith Spence, Xiaoping Yang

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(ASX: CPN)

EMAIL admin@caspin.com.au WEB www.caspin.com.au DIRECTORS Greg Miles, Cliff Lawrenson, Justin Tremain, Simone Suen, Dr Jon Hronsky

Gascoyne Resources

Global Lithium Resources

Gascoyne Resources is looking to make a big bounce into 2022 having implemented its Enhanced Business Plan in 2021 for the company’s Dalgaranga gold mine in Western Australia.

The key elements of Gascoyne’s plan were to defer capital intensive Stage 3 cut-backs in the Gilbey’s pit and focus on higher-grade ore sources to achieve a consistent +1g/t gold head grade into the Dalgaranga mill.

By lowering its overall risk profile, then improving head grades and recoveries, Gascoyne looks to drive up monthly ounce production and reduce costs.

The strategy began to show through towards the end of the December quarter with production of more than 6,000 ounces for the month of December and the company on track for well over 7,000 ounces in January.

Gascoyne also launched a rejuvenated near-mine exploration strategy aimed at extending existing deposits and finding new, higher-grade ore sources near the +2.5 million tonnes per annum gold treatment plant.

Results came swiftly with high-grade drilling intersections achieved from the Plymouth and Hendricks areas.

Drilling is the word for Gascoyne, and it is continuing to keep the rigs turning looking for more positive results to emerge from the initiatives it has put in place.

In parallel with the Enhanced Business Plan and near-mine exploration program, the company is progressing permitting activities for the Melville deposit at Yalgoo, for which it announced an updated Mineral Resource Estimate consisting of an Indicated and Inferred Resource of 5.238 million tonnes at 1.45 grams per tonne gold for 243,613 ounces in December.

Gascoyne’s strategy was validated by major shareholder Deutsche Balaton AG group inking a $20 million debt facility putting the company in a strong position to implement its plans.

Global Lithium Resources is set for a busy 2022 coming off the back of a successful listing and fruitful activities in 2021.

The momentum started early for Global Lithium, pretty much immediately following its May listing this continued to culminate with a busy December quarter, a major focus for which included exploration activities at the company’s Marble Bar Lithium Project (MBLP).

This saw positive lithium assay results from the company’s first 14 RC holes targeting lithium at the MBLP that initially focused on the Marble Bar Road reserve.

Results included: MBRC0208 8m at 1.2 lithium dioxide (Li2O) and 50ppm tantalum pentoxide (Ta2O5) from 40m; and MBRC0201 4m at 2.02 lithium dioxide Li2O and 43ppm Ta2O5 from 46m.

Add to this a heavily overbid placement of $13.6 million that included lithium hydroxide producer, Yibin Tianyi Lithium Industry Co Ltd registering as a cornerstone shareholder investing $6.2 million.

Yibin Tianyi is part of Contemporary Amperex Technology Co Limited, the world’s largest lithium-ion battery producer, and a major player in the international lithium industry.

Global Lithium considers Yibin Tianyi’s interest in the company to be a strong endorsement of the current direction it is taking and its future prospects.

To close out 2021, Global Lithium acquired 80 per cent of the lithium rights to the Manna lithium project, East of Kalgoorlie in WA from Breaker Resources for up to $33 million including $20 million in deferred consideration.

“We believe the Manna lithium project suits our skill set and strategy,” Global Lithium chair Warrick Hazeldine said.

“We are looking forward to getting ‘boots on ground’ early in the New Year in parallel to commencing our 2022 drilling campaign at the Marble Bar Lithium Project.”

(ASX: GCY)

EMAIL admin@gascoyneresources.com.au WEB www.gascoyneresources.com.au DIRECTORS Simon Lawson, Rowan Johnston, Hansjörg Plaggemars, David Coyne

(ASX: GL1)

EMAIL info@globallithium.com.au WEB www.globallithium.com.au DIRECTORS Warrick Hazeldine, Jamie Wright, Dianmin Chen, Greg Lilleyman

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OZ Minerals (ASX: OZL)

Before we get into OZ Minerals’ aims for 2022, let’s look at what was achieved in 2021.

OZ achieved 2021 Group production and costs guidance, meeting copper guidance for a seventh successive year, resulting in record $2.1 billion revenue for FY21.

On the ground, OZ made inroads at its growth projects, with advancements including: o Carrapateena Block Cave Expansion access declines underway; o Prominent Hill Wira shaft mine expansion progressing to schedule; o West Musgrave Study on track for investment decision in H2 2022; and o Carajás East hub strategy in place with Pedra Branca now mining from multiple stopes and a maiden Mineral Resource estimate for Santa Lúcia.

“During 2021 we had anticipated completing study updates for both the Carajás East and West Hubs, however we now expect to deliver these updates in 2022, allowing time to include additional drilling into the study results,” OZ Minerals MD and CEO Andrew Cole said.

OZ will investigate Santa Lúcia’s potential to be the next satellite mine at the Carajás East Hub and for Pantera to underpin establishment of the first mine at a potential future Carajás West Hub. “We have also provided 2022 guidance which will see Group copper production increase with improving grades at Carrapateena partially offset by lower grades at Prominent Hill and marginally lower gold production at Prominent Hill,” Cole said.

OZ expects Group All-in Sustaining Costs to remain in line with 2021 with reduced sustaining capital partially offset by increased Group C1 costs due to additional underground ore mined at Prominent Hill.

“Our capital management framework provides a strong platform for allocating capital to the right projects and accessing finance, should it be required, to fund our considerable growth pipeline,” Cole said.

Coda Minerals (ASX: COD)

Coda Minerals is determined to ensure 2022 builds on the firm base it built at the company’s Elizabeth Creek project in South Australia throughout 2021.

Coda Minerals delivered a maiden Indicated and Inferred Mineral Resource Estimate at Elizabeth Creek of 43 million tonnes at 1.83 per cent copper equivalent for the Emmie Bluff Zambian-style coppercobalt deposit.

The MRE contains approximately 560,000 tonnes of copper, 20,000 tonnes of cobalt, 15.5 million ounces of silver and 66,000 tonnes of zinc (800kt CuEq), providing the company with strong support for a go-forward case at Emmie Bluff and Elizabeth Creek more broadly.

“The delivery of the Emmie Bluff Resource in December represented a significant milestone for the company, achieving one of the key goals we set for ourselves on listing,” Coda Minerals Chair, Keith Jones said “The maiden Resource exceeded our expectations, with our in-ground resources at Elizabeth Creek more than tripling in contained metal terms.

“With the vast majority of the Emmie Bluff Resource estimated to the Indicated classification, we are now moving forward confidently on scoping-level studies to confirm the mining and processing methods which will allow us to develop not only Emmie Bluff, but potentially also our other Indicated Mineral Resources at MG14 and Windabout.”

Elsewhere in the company profolio, Coda has identified multiple potential new base and precious metal prospects by way of a desktop review of historical geochemistry and geophysical datasets at the Cameron River project in North Queensland.

Preparations have already been completed for a maiden drill program to test the two-kilometres long Cooper Weed/Rebound geochemical anomaly at Cameron River that is scheduled to commence following the end of the wet season in North Queensland.

EMAIL info@ozminerals.com WEB www.ozminerals.com

EMAIL info@codaminerals.com WEB www.codaminerals.com

DIRECTORS Rebecca McGrath, Andrew Cole, Tonianne Dwyer, Peter Wasow, Charles Sartain, Richard Seville, Sarah Ryan

DIRECTORS Keith Jones, Chris Stevens, Colin Moorhead, Robin Marshall, Paul Hallam

68

Chesser Resources

OzAurum Resources

Chesser Resources has plenty to look forward to in 2022, having completed a solid 2021 at the company’s Diamba Sud gold project in Senegal, West Africa.

Late last year, Chesser reported its maiden Mineral Resource estimate over Areas A and D at the Diamba Sud gold project that came in with combine Inferred and Indicated Resources totalling 15.2 million tonnes at 1.6 grams per tonne gold for 781,000 ounces of gold.

“We are very pleased to deliver the maiden Mineral Resource at Diamba Sud at a low discovery cost of US$11 per ounce,” Chesser Resources MD and CEO Andrew Grove said.

“The shallow, high-grade nature of the mineralisation has resulted in a robust resource that we believe will continue to grow with additional drilling.

“The project has many merits – shallow, high-grade mineralisation, simple metallurgy, limited competing land use and access to infrastructure – which we believe gives Diamba Sud great potential to be a high returning future mining operation.”

Not resting on its laurels, Chesser soon announced a new discovery at Area H, 1.2km southwest of Area D, returning intersections of: DSR323 17 metres at 9.6 grams per tonne gold, 10m at 5.8g/t gold and 4m at 4.1g/t gold; and DSR341 6m at 3.5g/t gold, 17m at 1.1g/t gold, 9m at 4.2g/t gold, 5m at 3g/t gold, 12m at 7g/t gold and 1m at 11.8g/t gold.

“Mineralisation is open along strike and at depth and drilling planned for next year will add this area to the Resource inventory,” Grove said.

“Scoping studies currently being undertaken over Area A and Area D should clearly demonstrate the economics and development potential of the shallow, high-grade and metallurgically simple mineralisation.”

OzAurum Resources made its 2022 intentions clear having defined several new and exciting targets at the company’s Mulgabbie North and Patricia gold projects, two advanced gold projects located northeast of Kalgoorlie in Western Australia.

The company has a healthy 15,000 metres of drilling planned at Mulgabbie North and Patricia over the next six months that is scheduled to commence late February.

The planned drilling program consists of 3,000m diamond drilling, 7,500m Reverse Circulation (RC) drilling and 5000m Aircore (AC) drilling.

Diamond drilling at Mulgabbie North aims to improve understanding of gold mineralisation controls and to target cross fault positions, a key aspect of high-grade gold mineralisation in the area.

RC drilling at Mulgabbie North will test new high-grade supergene gold targets between the Alicia and Ben prospects, coinciding with the magnetic destruction zone.

AC drilling will test two kilometres of strike to the south of Mulgabbie North along the Relief Shear.

Gravity and drone magnetic surveys already conducted at Mulgabbie North have identified new targets for further drilling.

“Successful drilling last year, which led to the discovery of a new widespread zone of gold mineralisation within the Mulgabbie North project- extending over 4.2 kilometres, provides us with even greater confidence in the large-scale potential of the project,” OzAurum CEO Andrew Pumphrey said.

Further RC and Diamond drilling planned at the Patricia gold project, will target high-grade gold mineralisation aimed at understanding the structural complexity of the project.

OzAurum believes the Mulgabbie North gold project, situated on the Keith Kilkenny fault zone with the favourable host rocks being felsic-intermediate volcaniclastics and intrusive porphyries, is shaping up as an exciting gold discovery story adjacent the Northern Star Carosue Dam gold mine.

(ASX: CHZ)

EMAIL info@chesserresources.com.au WEB www.chesserresources.com.au DIRECTORS Mark Connelly, Andrew Grove, Simon Taylor, Simon O’Loughlin, Rob Greenslade

(ASX: OZM)

EMAIL info@ozaurumresources.com WEB www.ozaurumresources.com DIRECTORS Jeffrey Williams, Andrew Pumphrey, Martin C. Holland, Andy Tudor

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Rio Tinto

Corazon Mining

Rio Tinto has operations all around the world, but we only have half a page here, so for now, we’ll just concentrate on its Western Australia Pilbara operations.

In 2021, Rio shipped 321.6 million tonnes (Rio Tinto share 267.9 million tonnes) slightly lower than 2020, but COVID’s tentacles are far reaching.

Pilbara operations produced 319.7 million tonnes (Rio Tinto share 266.8 million tonnes) in 2021, 4 per cent lower than 2020.

COVID again having a role, however above average rainfall in the first half of the year, cultural heritage management and delays in growth and brownfield mine replacement tie-in projects also featured.

WA’s ongoing COVID-19 restrictions and a tight labour market further impacted RIO’s (and other’s) ability to access experienced contractors and particular skill sets.

This was evident in production from the new greenfields mine at Gudai-Darri and brownfield mine replacement project at Robe Valley, which was delayed due to COVID-19 impact on labour availability and an inability to conduct pre-delivery quality assurance and control at international steel manufacturers due to limitations on travel.

First ore from Gudai-Darri was railed in December from the modular crushing and screening plant installed to supplement production and mitigate commissioning delays.

Robe Valley production was impacted by commissioning delays to the Mesa A wet plant.

“In 2021 we continued to experience strong demand for our products while operating conditions remained challenging, including due to prolonged COVID-19 disruptions,” Rio Tinto chief executive Jakob Stausholm said.

“Despite this, we progressed a number of our projects, including the Pilbara replacement mines, underlining the resilience of the business and the commitment and flexibility of our people, communities and host governments.”

Corazon Mining hailed 2022 by restarting exploration at the company’s 100 per cent-owned Lynn Lake nickel-copper-cobalt sulphide project in Manitoba Province, Canada.

Corazon kicked off a detailed airborne gravity survey designed to refine gravity high targets (dense bodies) for testing in its next phase of exploration drilling.

The aerial gravity survey will cover the entire project and is scaled to test for small dense bodies, such as individual massive sulphide deposits (typical of Lynn Lake) and small isolated mafic plugs such as the high-grade EL Mine.

Initial results from the gravity survey will contribute to plans for drilling that is planned to commence within the March quarter.

Of immediate priority is the Fraser Lake Complex (FLC) approximately five kilometres south of the Lynn Lake project’s main mining centre where earlier exploration identified a sulphide rich conduit (an intrusive horizonal channel or feeder zone), extending over approximately 3.5km and intruding as a late-event into a pre-existing gabbroic complex.

Geophysical modelling of existing 200 metre spaced gravity data indicates this conduit feeds into a large dense body, approximating to the centre of the FLC’s ‘eye’.

Corazon has interpreted the dense body at the core of the FLC to be ultramafic lithologies (possibly peridotites), that come close to the surface, but has not been previously recognised or tested with drilling.

In Australia, Corazon is exploring the Miriam nickel-copper sulphide project in Western Australia and the Mt Gilmore cobalt-copper-gold sulphide project in New South Wales.

Miriam is a nickel sulphide exploration project, while Mt Gilmore is on a regionally substantive hydrothermal system with extensive copper, cobalt, silver and gold anomalism.

Mt Gilmore also hosts the unique high-grade cobalt-dominant sulphide Cobalt Ridge deposit.

(ASX: RIO)

WEB

www.riotinto.com

DIRECTORS Simon Thompson, Jakob Stausholm, Megan Clark, Peter Cunningham, Hinda Gharbi, Simon Henry, Sam Laidlaw, Simon McKeon AO, Jennifer Nason, Ngaire Woods CBE, Ben Wyatt

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(ASX: CZN)

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

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