2021 CONFERENCE COMPANION
Argonaut Perth Argonaut Perth
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Telephone +61 +61 8 9224 68886888 Telephone 8 9224
Australasia’s Australasia’s Leading Leading Resources Resources Financial Financial Advisor Advisor && Stockbroker Stockbroker
Australasia’s Leading Resources Australasia’s Leading Resources Introduction Introduction toAdvisor Argonaut toAdvisor Argonaut Financial && Stockbroker Financial Stockbroker Argonaut Argonaut is a isfull-service a full-service corporate corporate finance, finance, stockbroking stockbroking andand investment investment house house based based in Perth. in Perth. WeWe are are technically technically driven driven & focused & focused on natural on natural resource resource companies companies & businesses & businesses that that service service the the metals, metals, Introduction to Argonaut Introduction to Argonaut mining, mining, energy, energy, industrial industrial andand agri-business agri-business sectors. sectors. Argonaut is a isfull-service corporate finance, stockbroking andand Argonaut a full-service corporate finance, stockbroking Argonaut Argonaut is house led is house led by based an by experienced an in experienced executive executive team team with with deep deep investment Perth. We are are technically driven &industry focused investment based in Perth. We technically driven &industry focused knowledge, knowledge, who who have have previously previously senior senior executive roles roles at leading at leading on natural resource companies &held businesses thatexecutive service the metals, on natural resource companies &held businesses that service the metals, international international investment investment and securities securities houses. houses. mining, energy, industrial andand agri-business sectors. mining, energy, industrial and agri-business sectors. In our In our target target markets, markets, weexperienced we are are recognised recognised as ateam astrusted, ateam trusted, independent independent Argonaut is led by an executive withwith deep industry Argonaut is led by experienced an executive deep industry corporate corporate advisor advisor with with a strong a strong track track record record of success. of success. Argonaut Argonaut has knowledge, who have previously held senior executive roles at leading knowledge, who have previously held senior executive roles athas leading proven proven expertise expertise across across the the full full capital capital spectrum, spectrum, being ableable to deliver to deliver international investment and securities houses. international investment and securities houses.being optimal optimal financial financial solutions solutions during during a company’s a company’s entire entire life life cycle. cycle. In our target markets, we we are are recognised as aastrusted, independent In our target markets, recognised a trusted, independent Argonaut Argonaut has has an unblemished an unblemished record record andrecord and is fully is success. fully licensed licensed inArgonaut Australia in Australia to to corporate advisor with a strong track record of Argonaut hashas corporate advisor with a strong track of success. Argonaut Argonaut is committed is committed to maximising to maximising value value in in provide provide corporate corporate finance, finance, and and research, research, has has aable Foreign Foreign proven expertise across thestockbroking fullstockbroking capital spectrum, being able toadeliver proven expertise across the full capital spectrum, being to deliver transactions transactions by by deploying deploying ourour fullfull range range of of Broker-Dealer Broker-Dealer Agreement Agreement for the for the and and an International an International Dealer Dealer optimal financial solutions during aUSA company’s entire life life cycle. optimal financial solutions during aUSA company’s entire cycle. financial financial services services to achieve to achieve our our clients clients Exemption Exemption for Canada. for Canada. targeted targeted outcomes outcomes Argonaut hashas an unblemished record andand is fully licensed in Australia to to Argonaut an unblemished record is fully licensed in Australia Argonaut is committed to maximising value in in Argonaut is committed to maximising value provide corporate finance, stockbroking andand research, hashas a Foreign provide corporate finance, stockbroking research, a Foreign transactions by by deploying ourour fullfull range of of transactions deploying range Broker-Dealer Agreement for for thethe USAUSA andand an International Dealer Broker-Dealer Agreement an International Dealer financial services to achieve our clients financial services to achieve our clients Exemption for for Canada. Exemption Canada.
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Minotaur Minotaur Exploration Exploration
Gold Road Gold Road
Westgold Westgold Resources Resources
$118,000,000 $118,000,000
$166,000,000 $166,000,000
$133,000,000 $133,000,000
$259,400,000 $259,400,000
$40,000,000 $40,000,000
Scheme Scheme of Arrangement of Arrangement with with Andromeda Andromeda & Demerger & Demerger
20% Share 20% Share Raid and RaidTakeover and Takeover Bid Bid for Apollo for Apollo
Takeover Takeover Bid forBid Gascoyne for Gascoyne Resources Resources
Placements Placements & Sell&Down Sell Down
Priority Priority & General & General Offer Offer
DeManager Grey Mining DeManager Grey Mining Joint Lead Joint Lead & Underwriter & Underwriter
De Grey De Mining Grey Mining
AIC Mines AIC Mines
GoldFinancial Road Gold Road Financial Advisor Advisor
Westgold Resources Westgold Resources Financial Financial Advisor Advisor
$118,000,000 $118,000,000
2021 2021 $166,000,000 $166,000,000
2021 2021 $133,000,000 $133,000,000
2020 -2020 2021- 2021 $259,400,000 $259,400,000
2021 2021 $40,000,000 $40,000,000
Scheme of Arrangement with with Scheme of Arrangement Andromeda & Demerger Andromeda & Demerger
20% Share Raid and Bid Bid 20% Share RaidTakeover and Takeover for Apollo for Apollo
Takeover Bid forBid Gascoyne Takeover for Gascoyne Resources Resources
Placements & Sell&Down Placements Sell Down
Priority & General Offer Offer Priority & General
Financial Financial Advisor Advisor Minotaur Exploration Minotaur Exploration Announced Announced
AIC Mines AIC Mines Joint Lead Joint Manager Lead Manager
Financial AdvisorAdvisor Financial
Financial AdvisorAdvisor Financial
Financial AdvisorAdvisor Financial
Joint Lead & Underwriter JointManager Lead Manager & Underwriter
Joint Lead JointManager Lead Manager
Announced Announced GlobalGlobal Lithium Lithium
2021 2021 Genesis Genesis Minerals Minerals
2021 2021 Red 5Red 5
2020 -2020 2021- 2021 Develop Develop GlobalGlobal
2021 2021 AquilaAquila Resources Resources
$23,600,000 $23,600,000
$60,300,000 $60,300,000
US$19,500,000 US$19,500,000
$18,400,000 $18,400,000
$60,000,000 $60,000,000
InitialInitial PublicPublic Offering Offering & Placement & Placement
Placements Placements & Entitlement & Entitlement OffersOffers
Sale ofSale Siana of Siana AssetsAssets plus 3.25% plus 3.25% royalty royalty Red 5Red 5
Placements Placements & Entitlement & Entitlement Offer Offer Develop GlobalGlobal Develop
Sale ofSale Gravenhage of Gravenhage Manganese Manganese
GlobalGlobal Lithium Lithium
Joint Financial Joint Financial AdvisorAdvisor & Lead& Lead Genesis Minerals Genesis Minerals Manager Manager
AquilaAquila Resources Resources
$23,600,000 $23,600,000
$60,300,000 $60,300,000
Financial Financial AdvisorAdvisor
2018 -2018 2021- 2021
US$19,500,000 US$19,500,000
Underwriter Underwriter & Joint&Lead JointManager Lead Manager
2021 2021
2021 2021
2021 2021
$18,400,000 $18,400,000
2021 2021 $60,000,000 $60,000,000
InitialInitial PublicPublic Offering & Placement Offering & Placement
Placements & Entitlement OffersOffers Placements & Entitlement
Sale ofSale Siana AssetsAssets plus 3.25% of Siana plus 3.25% royalty royalty
Placements & Entitlement Placements & Entitlement Offer Offer
Sale ofSale Gravenhage Manganese of Gravenhage Manganese
Financial AdvisorAdvisor Financial
Underwriter & Joint&Lead Underwriter JointManager Lead Manager
Financial AdvisorAdvisor Financial
Lead Manager Lead Manager
Lead Manager Lead Manager
Joint Financial AdvisorAdvisor & Lead& Lead Joint Financial Manager Manager
Financial Financial AdvisorAdvisor
2021 2021 Medallion Medallion Metals Metals
2018 -2018 2021- 2021 Ore Corp Ore Corp
2021 2021 Calidus Calidus Resources Resources
2021 2021 Capricorn Capricorn Metals Metals
$12,500,000 $12,500,000
$56,000,000 $56,000,000
$110,000,000 $110,000,000
$145,800,000 $145,800,000
$98,000,000 $98,000,000
InitialInitial PublicPublic Offering Offering
Placement Placement
Project Project Finance Finance
Placements, Sell Down & ANREO Placements, Sell Down & ANREO
Placements Placements
Medallion Metals Medallion Metals Underwriter Underwriter & Lead &Manager Lead Manager
OreCo-Lead Corp Ore Corp Co-Lead Manager Manager
LeadCapricorn Manager LeadCapricorn Manager & Metals Underwriter & Metals Underwriter
Pantoro Sole/Joint Sole/Joint LeadPantoro Manager Lead Manager
$12,500,000 $12,500,000
$56,000,000 $56,000,000
Calidus Resources Calidus Resources Financial Financial AdvisorAdvisor
$145,800,000 $145,800,000
$98,000,000 $98,000,000
2021 2021
2021 2021
$110,000,000 $110,000,000 2021 2021
2019 -2019 2020- 2020
2021 2021 Pantoro Pantoro
2019 –2019 2020– 2020
Specialists Specialists in in Metals Metals && Mining Mining offering offering fullfull service service corporate corporate finance, finance, stockbroking, stockbroking, special special situations situations && investment investment advice advice InitialInitial PublicPublic Offering Offering
Placement Placement
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Placements Placements
Underwriter & Lead&Manager Underwriter Lead Manager
Co-Lead Manager Co-Lead Manager
Financial AdvisorAdvisor Financial
Lead Manager & Underwriter Lead Manager & Underwriter
Sole/Joint Lead Manager Sole/Joint Lead Manager
2021 2021
2019 -2019 2020- 2020
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2021 2021
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Specialists in in Metals && Mining offering fullfull service corporate finance, stockbroking, Specialists Metals Mining offering service corporate finance, stockbroking, www.argonaut.com www.argonaut.com special situations && investment advice Telephone Telephone +61 +61 8 9224 8 9224 68886888 special situations investment advice Argonaut Argonaut Perth Perth
From January to June a total of 176 new listings ASX IPO listings meant 2020/21 provided the most in a financial year since 2007/08. “Provided market sentiment and economic conditions remain favourable, the pipeline of new listings suggests another busy time when the IPO window re-opens after the reporting season (in August) and we move towards the end of the calendar year,” Gilpin predicted. “This includes continued momentum in the mining sector.” Gilpin wasn’t too wide of the mark as it seems the appetite for fresh IPO meat has not waned.
WALLY GRAHAM
Welcome to the 2021 RIU Resurgence Conference, which the more observant amongst you will notice comes with the tag line: The Next Big Discovery. An outrageous statement, I know, but also one with a solid foundation, particularly when you look at the roll call of companies presenting over the two days, paying special attention to the number of 2021 IPOs that are represented. 2020 witnessed a rush of companies listing on the ASX and there was much speculation at the RIU Explorers Conference in February as to whether that momentum could be maintained in 2021. “The answer: healthy IPO momentum persisted in the first half of 2021, at a slightly more civilised pace, as economic conditions and investor interest remained strong,” Kate Galpin Business Development Management, Listings, ASX wrote on the Exchange website. According to Galpin, the ASX welcomed 85 companies to its boards in the first six months of 2021, raising a healthy total of $3.5 billion of capital and listing with a combined market capitalisation of $22.8 billion. Of import for us in the room today is that almost half of listings in the first half of 2021 came from the resources sector, raising a collective amount somewhere over the $650 million rainbow. “Buoyed by continued strength in commodity prices and investor sentiment, many listings involved mining exploration companies that capitalised on favourable conditions,” Gilpin said. Who here this week was among that number? For the purposes of inclusion, we will acknowledge Rincon Resources (RCR) that listed in December 2020 with 100 per cent interest in three prospective copper and gold projects in Western Australia. APRIL Iceni Gold (ICL) focused on its 14 Mile Well project area in the Eastern Goldfields Region of WA.
JULY Ozz Resources (OZZ) has five gold projects in the Yilgarn Craton of Western Australia it aims to rapidly explore and evaluate while actively seeking opportunities to further expand its footprint. Mt Monger Resources (MTM) has been busy on the company’s two primary exploration projects at Mt Monger near Kalgoorlie and at East Laverton in the Eastern Goldfields of Western Australia. AUGUST Tambourah Metals (TMB) has a portfolio of WA-based projects, consisting the advanced gold Tambourah and Cheela gold projects and the Achilles and Julimar North nickel-PGE-gold projects. SEPTEMBER Forrestania Resources (FRS) came armed with a variety of projects and commodities, namely gold, lithium, and nickel in the Forrestania, Southern Cross and Leonora regions of WA. Mt Malcolm Mines (M2M) is already drilling at its comprehensive 100 per cent-owned Malcolm project in the Central Eastern Goldfields, east of Leonora in Western Australia. NOVEMBER Dundas Minerals (DUN) has a dominant land position in a prospective area of the southern portion of WA’s mineral rich AlbanyFraser Orogen, comprising four granted exploration licences and seven exploration licence applications consolidating a pipeline of exploration prospects. Green Technology Metals (GT1) is focused on the discovery and delineation of lithium mineral resources on three main lithium assets, all acquired from Canada gold focused company Ardiden Limited. Hamelin Gold (HMG) listed by way of a demerger from Encounter Resources armed with the 2,200sqkm West Tanami project in the Tanami gold province in WA. NOT YET LISTED Winsome Resources (WR1) was still waiting to hit the ASX when we penned this piece. Winsome Resources holds an established portfolio of world-class exploration lithium projects in the James Bay Region of Quebec Province, Canada. Make sure you welcome these new chums this week by stopping by their booths for a chat.
resourcesroadhouse.com.au © Copyright Resources Roadhouse Pty Ltd November 2021 No representation or warranty is made by the Publisher as to the accuracy, completeness or reasonableness of the information in this publication. Some articles have been commissioned by the featured company. The Publisher does not accept responsibility or liability for any loss or damage of whatever nature (including, without limitation, for negligence) suffered or incurred by you relating in any way to information published on the Site including, without limitation, for any errors or omissions or for lack of accuracy, completeness, currency or reliability of the information. Any liability of the Publisher to you of whatever nature arising from your use of or reliance on the content of the publication (including, without limitation, for negligence) is, to the maximum extent permitted by law, expressly disclaimed and excluded. The content of this publication contains general information only. You should not treat the contents, or any information provided in connection with it, as financial advice, or advice relating to legal, taxation or investment matters. The publication does not purport to contain all the information that a prospective investor may require in connection with any potential investment. You must make your own independent assessment before making any investment and you should consult your own advisers and conduct your own investigations and analysis. All information and content in this publication is subject to copyright by the Publisher. Should you wish to publish content in whole or in part, you must attribute the source as Resources Roadhouse.
ONE OFF THE WOOD with Stewie McDonald The 2021 RIU Resurgence Conference is a historic moment for event organisers, Vertical Events, marking the 200th event the company has organised. The Resources Roadhouse sat down to share a coldie and stroll down memory lane with the owner of Vertical Events, Stewie McDonald. RR: Stewie, achieving 200 of anything is a number any business would be proud of. How do you feel about reaching this milestone? SMc: It’s a great moment, Wally and one that I’m really proud of. When you first start out in any new endeavour you hope that it will all be okay, but nobody ever knows what the future holds. Ultimately, what I have learnt is that we are always in the hand of the market – if the market is up and about then so are the events. When we first started in 2000, we really didn’t know a lot about conference organising and mistakes were made, but as you run more events a pattern for success starts to emerge. It’s a bit like playing footy, Wal. The more games you play the better you get.
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RR: Although you are famous for your Resources-based events, there have been a few others in the mix, hasn’t there? SMc: Yeah, and by doing so we have been able to provide a forum for a real cross section of companies represented on the ASX. In the resources downturn of 2014, we started the TechKnow Roadshow Series, using the same format we had established but specialising in tech and biotech companies, which was an interesting learning curve – not just for us, but for the investors that attend our shows too. Then there were the international shows we held in China, Malaysia, and Canada, as well as our regional shows. The IFAP Safety Series was also a big hit. RR: Paul Kelly famously sang, “from little things, big things grow”, there must have been plenty of companies you have seen progress through the ranks from explorer through development to become producing mining companies. What are some of the most memorable for you? SMc: There are three standouts, Wally. Western Areas, Independence (now IGO), and Mincor.
They all started at a similar time as our RIU Explorers Conference, around 2001, as junior explorers and they are still with us today. That’s loyalty. Our records show that over 1000 ASX-listed companies have presented over the 22 years. RR: Your partnership with RIU is legendary. How did this come about? SMc: Back in the day, Wally I was involved in the publishing business with Ross Louthean at Louthean Publishing, which gave me some experience in the field. I moved out on my own to start Vertical Events and then one day in early 2001, Simon Hadfield the owner of RIU Publishing House, and I had a coffee. The outcome from that meeting was the combination of our industry experiences that led to the genesis of the RIU Good Oil and RIU Explorers conferences and we have never looked back from then. RR: Such success and longevity is rarely achieved alone. You have had a consistent crew throughout the journey. How important have they been to the company? SMc: They have been the most important contributing factor to the success of Vertical Events. You can’t win a Grand Final on your own – you need a solid team and somehow, I have found a great team that want to put up with me. Many thanks go to my current team of Prue McPharlin, Andrea Mansfield, and Jaxon Crabb. In the past we have had other employees, but none better than Doug Bowie. Also, my thanks to Wally Graham, David Tasker, Gerry Gannon and Chrissy Morrissy and of course our main AV man, Shane Webster, who has been at every event since 2004. I must also thank my darling wife Gloria Zhang for her efforts in helping with the events – especially the overseas events which she was the main organiser. And of course for putting up with me… RR: Is there any event you would have really liked to have organised, but never got the opportunity to? SMc: Not really. Having said that I do look at Diggers & Dealers with great fondness and respect and have just tried to fill in the void behind them, which I think we have achieved. RR: 2022 will kick off with the 21st RIU Explorers Conference in Fremantle, which is always a well-attended industry event. How important has the Explorers Conference come to be for the Resources Sector?
Explorers is general in the nature of the industry representation it attracts from the micro-junior explorer through to the major mining companies and the service providers that help them all reach their goals. Explorers always signals the start of the post-Christmas season and always has an optimistic atmosphere for the year ahead. Nobody wants to miss out as being there puts you in the right place to launch the next 12 months. RR: Do you think you have another 200 events in you? SMc: I don’t think I have Wally, but I’m sure the Vertical/RIU Brand will be around for a long, long time to come.
SMc: I think the RIU Explorers Conference sits nicely on the calendar and ranks with Diggers as the two ‘must-attend’ events for the industry in Australia.
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Battery Minerals
Anax Metals
Battery Metals hopes to take advantage of current global decarbonisation strategies that are ramping up need for production of lithium-ion batteries, electric vehicles, solar power et al. Having recently sold its Mozambique graphite interests, Battery Metals is now concentrating on its domestic portfolio. In 2020 Battery Minerals acquired 100 per cent of Gippsland Prospecting Pty Ltd which owns the Stavely-Stawell project (EL6871) immediately adjacent to Stavely Minerals (ASX: SVY) Thursday’s Gossan copper-gold project in Victoria. The company has been drilling at the Nine Mile prospect within Stavely-Stawell, testing 1.3 kilometres of strike on the regional scale Moyston Fault, an area Battery Minerals considers highly prospective. The Nine Mile prospect was subject to limited drilling in the 1990s that was never followed up. The current aircore program is part of an initial 15,000m program Battery Metals has designed to target five prospects it has identified over accessible ground, including three orogenic gold and two porphyry copper-gold targets. By late October, 56 aircore holes had been completed for 2,881m, with assay results received for the first 18 holes with an average depth of 53m. These results included: » 21BATAC091: 4 metres at 0.48 grams per tonne gold from 41m, including 1m at 1.06g/t gold from 42m; » 21BATAC100: 12m at 0.13g/t gold from 3m; » 21BATAC102: 6m at 0.22g/t gold from 18m; and » 21BATAC108: 6m at 0.10g/t gold from 18m. In June 2021 the company picked up the Russell copper project near Halls Creek in Western Australia’s Kimberley region. The project has seen limited historic drilling, with most undertaken at the Azura prospect. Given the limited drilling and extent of the surface expression of copper, the company believes areas of the project remain under-explored.
Anax Metals recently reported the results of a Scoping Study that was completed at the company’s Whim Creek copper-zinc project, located near Port Hedland in the West Pilbara Region of Western Australia. The Whim Creek project comprises four prospects, the Whim Creek, Mons Cupri, Salt Creek and Evelyn deposits, all clustered within a radius of 25 kilometres. The Whim Creek project hosts a global JORC 2012-compliant Mineral Resource that includes copper Resources of: 8.25 million tonnes at 1.03 per cent copper (0.4% Cu cutoff), and a zinc Resource of: 1.28Mt at 6.63 per cent zinc (2% Zn cutoff; Cu < 0.4%). The Whim Creek deposit Resources stand at: Copper: 2.41Mt at 0.95 per cent copper (0.4% Cu cutoff) and Zinc: 0.17Mt at 3 per cent zinc (2% Zn cutoff; Cu < 0.40%). The completed Whim Creek scoping study defined a Production Target of 3.55Mt at an average grade of 1.2 per cent copper and 2.34 per cent zinc with a mine life of five to seven years. Production is forecast to consist of 33,200 tonnes copper, 62,400t zinc, 17,800t lead, 1.6 million ounces silver and 9,900 ounces gold. Anax followed the study with the prioritisation of two further largescale, base metal targets for detailed exploration. The two targets – the Manhattan and Federal City prospects – were historically defined from soil geochemistry, geological mapping and geophysical surveys but underwent limited historical drilling. Anax commissioned 3D structural geological modelling that highlighted the Manhattan and Federal City prospects as underexplored. The company believes the Whim Creek Resource highlights this near-mine potential and Anax intends to advance these targets as a matter of priority, in conjunction with updating the Whim Creek Scoping Study.
EMAIL info@batteryminerals.com WEB www.batteryminerals.com
DIRECTORS Phillip Jackson, Geoff Laing, Peter Cordin, Phil Warren
(ASX: BAT)
DIRECTORS David Flanagan, Peter Duerden, Darryl Clark, Jeff Dowling
6
(ASX: ANX)
EMAIL info@anaxmetals.com WEB www.anaxmetals.com
Los Cerros
Medallion Metals
Los Cerros is a gold/copper explorer working in the Andes and Quinchia regions of the mid-Cauca Gold Belt of Colombia. The Quinchia gold project hosts the Miraflores gold deposit with a Resource of 877,000 gold ounces at 2.8 grams per tonne gold and Reserve of 457,000 gold ounces at 3.29g/t gold. Within three kilometres of Miraflores is the Tesorito near surface porphyry and the Chuscal and Ceibal porphyry targets. Other targets within the Quinchia gold project include the Dosquebradas deposit, which has an Inferred Resource of 459,000 ounces at 0.71g/t gold. Los Cerros’ recent activity has involved drilling at Tesorito South porphyry that delivered excellent drill results with mineralisation expanding in every lateral direction tested. The Tesorito South drill program focussed primarily on step-out drilling broadly testing northern extensions to modelled gold envelopes. Drilling intercepted high-grade surface gold, which the company interpreted to be where the porphyry core reaches surface. Los Cerros believes this bodes well for potential project economics that could access near surface high-grade gold in critical early production years. Other work entailed the first two holes ever drilled at the Ceibal porphyry target, which delivered extensive gold mineralisation from surface. The two holes drilled at Ceibal, located less than 1km to the southwest of the Tesorito South porphyry, delivered low to moderate grade gold and persistent porphyry signature pathfinders over the entire core lengths Los Cerros saw this as a very encouraging start to investigating what is a new target by providing further evidence of the Marmato Fault Corridor being a highly prospective region for the location of gold porphyry systems. The company completed a further four drill holes at Ceibal, for which it was awaiting assays at time of writing.
Medallion Metals is leaving no stone unturned at the company’s 100 per cent-owned projects located southeast of Perth at the intersection of the world class Southern Cross greenstone belt and the Albany Fraser Orogen. Recent activity has focussed on the drilling at the Gem Restored deposit, part of the Kundip Mining Centre (KMC), which hosts the company’s current JORC 2012-compliant Mineral Resource Estimate (MRE) of 674,000 ounces of gold. Intersections achieved at Gem Restored confirmed the position, and extended the strike and plunge extent of, the high-grade Northern Lode that remains open at depth and along strike. “There is a significant opportunity to further expand Gem Restored and to identify repetitions of the high-grade plunge zones as the drilling progresses to the north,” Medallion Metals managing director Paul Bennett said. “With the updated resource estimation work well advanced, we are confident that…Gem Restored will play a major role in helping us achieve our initial aim of defining a one million ounce gold resource at RGP, beyond which, we plan to test the full exploration potential of the project.” Medallion Metals has extended its drilling to include the satellite Meridian prospect, approximately four kilometres to the west of the Ravensthorpe townsite. “Meridian is the first regional target to be tested and has yielded a second distinct target area that has the potential to add to project resources,” Bennett explained. “Identifying a mineralised system with scale, 21 kilometres along strike from the Kundip Mining Centre confirms the district scale opportunity Medallion’s tenement holding represents.” Step-out extensional RC and diamond drilling is planned to commence in the first quarter of 2022, with drilling planned along strike to the northeast, southwest and down-dip.
(ASX: LCL)
EMAIL info@loscerros.com.au WEB www.loscerros.com.au DIRECTORS Ross Ashton, Jason Stirbinkis, Kevin Wilson
(ASX: MM8)
EMAIL info@medallionmetals.com.au WEB www.medallionmetals.com.au DIRECTORS John Fitzgerald, Paul Bennett, Ed Ainscough, Anthony James
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E79 Gold Mines
Ardiden
E79 Gold Mines listed on the ASX in October on the back of a $7 million IPO. E79 has two flagship projects, both in Western Australia, the Laverton South project in the world-class Laverton gold district and the Jungar Flats project in the North Murchison region. The company wasted little time stepping out on the ground proper to carry out a ground gravity survey at the Laverton South project. Preliminary results from the survey outlined an anomalous trend, corresponding with a magnetic sequence, which runs for ~25km through the project. E79 interpreted these corroborating geophysical surveys to confirm the presence of the greenstone belt, tying them in with an historic RAB drilling program from 1984 (not assayed for gold) that identified greenstone lithologies including granitic gneiss, gabbro, ultramafic and granite. Other exploration targets were also identified from the survey, including a circular feature interpreted as an intrusion, and a possible excellent gold target. Along with the intrusion were potential pressure shadow targets in structural positions located north and south of the intrusion. The company tagged these as high priority targets, which will be drill tested as part of the company’s drilling program. “We are very excited to have received the gravity data, which clearly demonstrate the presence of a NNW trending greenstone belt within our 100 per cent-owned Lake Yindana project,” E79 CEO Ned Summerhayes said. “This corroborates the historic magnetics data and validates our exploration targeting methodology for what is clearly an exciting new search space in the Eastern Goldfields. “This previously unrecognised greenstone belt trends for over 25km through the project and sits within the highly gold-endowed Laverton Tectonic Zone. “Encouragingly, intrusion-related features also appear in the gravity which warrant drill testing.”
Ardiden has had to play a waiting game while anticipating approval from the Mines Department in Canada to facilitate drilling at the Esker deposit within the company’s Pickle Lake gold project in northwest Ontario. The company has taken a philosophical approach, by adopting a long-term view of the gold and discovery potential of the Pickle Lake project while noting that getting the approvals and ESG framework right, will form a solid foundation for both future work and community and stakeholder engagement. The company’s Pickle Lake gold project consists of a District-scale 870sqkm (87,000 hectares) highly prospective gold landholding along strike of gold assets held by Barrick and Newmont. Ardiden holds a dominant exploration land position and was not surprised when Evolution Mining recently staked ground to the south, believing the action of the major gold miner indicates it has also identified potential for large discovery opportunities in the district. The company has not been sitting on its hands, however, and invested in high resolution LiDAR surveys and aerial photography over the project, reprocessed historical seismic data, and continued modelling of lithostructural gold targets across the entire Western Hub from the extensive geophysical data package it has compiled. The 4,000m drill program Ardiden has planned at the Esker gold prospect is the first drilling undertaken along the deposit’s structures in 30 years. It is just one target of at least 22 gold deposits that have identified across the 100km-wide landholding. Drilling at Esker is the starting point for Ardiden’s exploration on the Western Hub, which demonstrates its credentials by hosting Barrick’s Golden Patricia mine, which produced some 6.2 million ounces of gold at 15.2 grams per tonne gold up until its closure in 1997.
EMAIL info@e79gold.com.au WEB www.e79gold.com.au
DIRECTORS Neil Hackett, Rob Longley, Pauline Gately
(ASX: E79)
DIRECTORS Edward Summerhayes, Christopher Cairns, Peter Ironside, Deborah Lord
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(ASX: ADV)
EMAIL info@ardiden.com.au WEB www.ardiden.com.au
Venture Minerals
Winsome Resources
Venture Minerals drilled the first hole at the company’s Mount Lindsay tin deposit in Tasmania since 2013 and subsequently declared discovery of a substantial skarn system immediately along strike from the Renison Bell Mine, one of the world’s most foremost and high-grade tin mines. “The discovery of a potential new tin-bearing skarn system so close to the company’s flagship tin deposit delivers Venture an excellent opportunity to add to the already significant resource base at Mount Lindsay,” Venture Minerals managing director Andrew Radonjic said. “Consumers and investors are becoming extremely focused on ESG-compliant sourcing of tin, Mount Lindsay is well positioned to meet this demand, being in a ESG compliant jurisdiction, with access to renewable hydropower, combined with the company’s commitment to minimizing its carbon footprint, through planned underground mining and processing strategies.” Venture Minerals soon announced commencement of a Feasibility Study for an underground, low environmental footprint, mine, focused on the high-grade tin and tungsten zones within the existing Mount Lindsay tin–tungsten Resource. The underground Feasibility Study will advance previous scoping study work and will include additional drilling to further confirm the continuity of the high-grade MacDonald Shoot in the Main Skarn and the high-grade Radford Shoot in the No.2 Skarn. Drilling will also provide material for finalising a cost effective, gravity-focused, processing flowsheet to concentrate the high-density minerals cassiterite and scheelite. Additional work including detailed engineering studies will firm up the mine design and update the permit to reflect the change in mining and processing strategies. “Quality tin deposits are rare, and Venture is fortunate to have already defined a globally significant project, giving the company a substantial resource base to underpin any future development,” Radonjic said.
Winsome Resources was still waiting to hit the boards of the ASX when we penned this piece. Winsome Resources holds an established portfolio of world-class exploration lithium projects in the James Bay Region of Quebec Province, Canada. All three projects – Cancet, Adina and Sirmac-Clappier are 100 per cent-owned by the company. Winsome Resources’ three projects host shallow, high-grade lithium deposits and are strategically located close to established infrastructure and supply chains. Metallurgical test work indicates that a simple low cost and low impact concentrate production can be achieved using Dense Media Separation (DMS). Project development thus far, includes 59 holes for 5,216 metres of diamond core drilling averaging ~70m drill depth. Further exploration is expected to target identification of additional tonnage through down dip and along strike extension as well as satellite targets. None of the projects within the company’s portfolio are geologically constrained, offering further exploration potential. The main project is Cancet, which has been drilled to the stage of being the most advanced lithium asset of the three projects. Cancet comprises of 395 claims for a total area of in excess of 20,000 hectares, across which additional targets have been identified to the west and east. The Adina lithium project was mapped in 2016 and drilling in 2018 indicated a 2km potential strike by a pegmatite ridge. This initial drilling returned several narrow, but well mineralised intervals of mineralisation, warranting additional field prospecting and mapping. The Sirmac-Clappier project is made up of 39 claims for a total area of 1,931 hectares, outcropping high-grade lithium hosted in spodumene-bearing pegmatites. Extensive mapping of outcropping pegmatite dykes has been undertaken by previous explorers.
(ASX: VMS)
EMAIL admin@ventureminerals.com.au WEB www.ventureminerals.com.au DIRECTORS Mel Ashton, Andrew Radonjic, Hamish Halliday, John Jetter
(ASX: WR1)
EMAIL administration@winsomeresources.com.au WEB www.winsomeresources.com.au DIRECTORS Chris Evans, Dr Qingtao Zen, Justin Boylson
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Tietto Minerals
Kalamazoo Resources
Tietto Minerals’ focus is fast-tracking development of the company’s Abujar gold project in Côte d’Ivoire, West Africa, targeting first gold in Q4 CY2022. Tietto recently reported report high‐grade gold results from the fourth batch of infill drilling at the Abujar‐Gludehi (AG) deposit. Results from infill drilling at AG Core included: » ZDD696: Section 25A 7 metres at 30.67 grams per tonne gold from 125m, including 2m at 102.39g/t gold; » ZDD691: Section 25A 8m at 5.95g/t gold from 79m incl. 6m at 7.82g/t gold; » ZDD693: Section 23C 7m at 2.13g/t gold from 48m incl. 3m at 4.5g/t gold; and » ZDD686: Section 17C 11m at 1.25g/t gold from 163m. A Definitive Feasibility Study (DFS) demonstrated robust financial results and estimated gold production of 260,000 ounces in the first year and 200,000 ounces per year over the first six years of Abujar’s 11‐year mine life. “Our fourth batch of results from our infill drilling program at Abujar is delivering up more high‐grade gold intercepts that continue to de‐risk open pit mining at Abujar,” Tietto Minerals managing director Dr Caigen Wang said. “The infill program is designed to convert Indicated Resources to Measured Resources, which are scheduled to be mined within the first two years of production. “These impressive results follow hard on the heels of our DFS earlier this month that confirmed Abujar’s potential to be one of the largest gold producing mines in Côte d’Ivoire with more than 260,000 ounces of gold expected to be produced in the first year and 1.2 million ounces of gold in the first six years. “We are focused on advancing the Abujar gold project towards becoming West Africa’s next gold mine.”
Kalamazoo Resources is a gold exploration company with major assets in two of the world’s most desirable gold provinces, the Victorian Goldfields and the Pilbara in Western Australia. The portfolio provides Kalamazoo with a multi-pronged attack, from which it can focus on exploring for the next world class gold deposit in the Victorian Goldfields, whilst increasing the gold resource at the Ashburton gold project in WA. The company acquired the Ashburton gold project from Northern Star Resources. Covering 217 square kilometres, the project is located on the southern edge of the Pilbara Craton in Western Australia, and currently contains a JORC 2012-compliant Mineral Resource estimate of 20.8 million tonnes at 2.5 grams per tonne gold for 1.65 million ounces. Kalamazoo’s strategy is to substantially increase the resource base through a systematic, effective, and innovative exploration process. The Ashburton acquisition is a good fit to Kalamazoo’s existing Western Australian gold asset portfolio, which includes The Sisters gold project and the DOM’s Hill and Marble Bar projects, also in the Pilbara. The Sisters Gold Project is considered prospective for both epigenetic gold mineralisation associated with the Wohler Shear Zone, and potential mineralised intrusions similar to those recently identified at De Grey’s Hemi discovery located 50km to the north east. In Victoria, Kalamazoo owns 100 per cent of the Castlemaine Goldfield (5.6Moz historical production), the southern extensions to the Maldon/South Muckleford Goldfield (2.1Moz historical production) and a central tenement position in the Tarnagulla Goldfield (0.7Moz historical production). The company is using ground geophysics, 3D structural modelling and multi-element surface geochemistry to help identify and vector towards gold mineralisation targets for upcoming drilling campaigns to be carried out across the 445sqkm project area.
(ASX: TIE)
EMAIL admin@tietto.com WEB www.tietto.com DIRECTORS Francis Harper, Caigen Wang, Mark Strizek, Hanjing Xu, Paul Kitto
(ASX: KZR)
EMAIL admin@kzr.com.au WEB www.kzr.com.au DIRECTORS Luke Reinehr, Angus Middleton, Paul Adams
resources
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Metal Hawk
Ozz Resources
Metal Hawk signed a binding term sheet earlier this year with Horizon Minerals allowing it to secure the exclusive nickel rights on 12 granted tenements adjacent to the company’s Blair North and Clinker Hill projects, east of Kalgoorlie in Western Australia. The scrip-based transaction enabled Metal Hawk to consolidate more than 90 square kilometres of ground encompassing several underexplored target areas, which has been named the Berehaven nickel project. Metal Hawk increased the project area further with a follow up purchase of the Snake Hill tenement P25/2634 from a local prospector. Wasting no time after the announcement of the Snake Hill purchase, Metal Hawk began a maiden RC drilling program at Berehaven on the Commodore prospect, located near the Blair nickel mine, which historically produced 1.26 million tonnes at 2.62 per cent nickel for 32,900 tonnes of contained nickel. The drilling targeted anomalous end-of-hole nickel-copper-PGE geochemistry intersected in aircore drilling Metal Hawk had carried out in 2021. Prior to this drilling, no previous nickel sulphide exploration had been undertaken at the prospect. Results included: » BVNC002 Intersected massive nickel sulphide mineralisation, assaying 1m at 5.89 per cent nickel from 144m. All results led Metal Hawk to consider potential exists for a komatiite-hosted nickel sulphide system to be defined at Berehaven and is progressing with follow-up drilling and further geophysics. Diamond hole, BVD001, was subsequently completed at Commodore, intersecting a 3.4m-thick zone of matrix and heavily disseminated nickel sulphide mineralisation. “This is a great result from our first diamond hole at Commodore which shows that the nickel sulphide system continues at depth towards the DHEM conductor which we are now testing with deeper drilling,” Metal Hawk managing director Will Belbin said.
Ozz Resources has five gold projects in the Yilgarn Craton of Western Australia it aims to rapidly explore and evaluate while actively seeking opportunities to further expand its footprint. The projects are all located in Tier-1 WA gold districts and are considered by the company to have prospective lithologies and structural settings, favourable for the hosting of gold mineralisation. Ozz Resources has a 100 per cent ownership of the Maguires project, 80 per cent ownership of the Rabbit Bore and Wardarbie South projects and is farming-in to Mt Davis (80%) and Peterwangy (76%). Since listing on the ASX in July 2021, Ozz Resources has been busy at the Maguires project where its maiden drill program produced results that validated previous historic drilling while demonstrating mineralisation remains open in all directions. Ozz also conducted eromagnetic surveys at Rabbit Bore and Peterwangy to better define lithology, structural controls and to identify any lithological-magnetic anomalies at both projects. Five targets were identified at Rabbit Bore and recommended for further work, two of which were interpreted as being hosted by ultramafic rocks and were considered particularly prospective for nickel. The survey at Peterwangy better defined the geometry of the greenstone, which is now interpreted as being more irregular and complex than was previously understood. OZZ RESOURCES LIMITED “We have been able to rapidly progress exploration across our portfolio with a maiden drilling campaign completed at Maguires and aero-magnetic surveys flown at Rabbit Bore and Peterwangy,” Ozz Resources managing director Jonathan Lea said. “We are also well advanced with preparations for soil geochemistry programmes at both projects, which will allow us to better define the numerous anomalies we have outlined through interpretation of the magnetic data and prioritise drill targets.”
(ASX: MHK)
EMAIL admin@metalhawk.com.au WEB www.metalhawk.com.au
(ASX: OZZ)
EMAIL admin@ozzresources.com.au OZZ RESOURCES WEB www.ozzresources.com.au DIRECTORS Alan Lockett, Jonathan Lea, Brian McNab
DIRECTORS Brett Lambert, Will Belbin, David Pennock
OZZ RESOURCES LIMITED
OZZ RESOURCES
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Dundas Minerals
Forrestania Resources
Dundas Minerals has secured a dominant land position in a highly prospective area of the southern portion of Western Australia’s mineral rich Albany-Fraser Orogen. The company has four granted exploration licences and seven exploration licence applications consolidating a pipeline of exploration prospects that are at various stages of maturity. The Jumbuck prospect nominally covers an area of approximately 62,500 square metres that has had three rotary air blast (RAB) holes drilled as part of a historic program carried out by Ausquest Limited, that concluded in May 2011. Kokoda is a gold prospect indicated by a large and diffuse series of gold anomalies on an inferred extensional structure that traverses an area of approximately 30km. Kokoda was identified from assay data derived for a soils and calcrete sampling program by AngloGold Ashanti in 2010-11 and a subsequent air-core drilling program, also by AngloGold Ashanti in 2011-12. The Norseman prospect is an exploration target that was generated by CSA Global in 2009, for Norseman Gold PLC. The prospect was identified from magnetic imagery interpretation and a calcrete sample program. The Terra Firma prospect was identified from a review of historic hard-copy exploration reports, reporting it as a shallow air-core drill hole with a 4m intersection of gold at 1.06g/t (36m-40m) at the bottom of hole. The gold price was ~US$380/oz at the time, and no follow-up exploration has ever been undertaken in the area of this intercept. The Mulga prospect is a gold target situated approximately 5.8km north Dundas Minerals’ Bullseye IOGC prospect. The company believes there may be a relationship between the Bullseye and the Mulga gold targets, but further research is needed to establish this.
Forrestania Resources listed on the ASX in September armed with a portfolio of projects in the Forrestania, Southern Cross and Leonora regions of Western Australia. The variety of locales is matched by the variety of commodities being explored for, namely gold, lithium, and nickel. The company sees its portfolio as a rare and exciting exploration opportunity to contribute in the race towards the decarbonisation of the global economy. The Forrestania project is prospective for gold, lithium and nickel and is currently the only project, within the tenement portfolio that holds a gold Mineral Resource. The Southern Cross project is prospective for gold and lithium, while the Leonora project is prospective for gold. After listing, the company quickly completed its inaugural lithiumfocused mapping and sampling program across priority targets at the Forrestania lithium-gold-nickel project. The Forrestania project sits directly adjacent to various lithium, gold and nickel deposits and hosts, what the company consider to be, numerous overlooked and highly prospective, undrilled lithium targets, historical high-grade gold projects, and early-stage nickel geochemical anomalies. With that in mind, Forrestania has been conducting a major database validation project to assist its first phase of lithium exploration. Areas of priority for Forrestania have been determined by large ASTER (Advanced Spaceborne Thermal Emission and Reflection Radiometer) alteration footprints that were identified following the processing and interpretation of ASTER data. Two geological mapping and sampling program campaigns were completed, hoping to identify the orientation of, and sample outcropping pegmatite occurrences across the Northern and Central Project Areas and ground truth the major lithium ASTER anomalies across the Northern Project Area. This work provided encouragement with initial observations revealing coarse grained-fractionated pegmatites that were sampled across several localities.
(ASX: DUN)
EMAIL admin@dundasminerals.com WEB www.dundasminerals.com DIRECTORS Mark Chadwick, Shane Volk, Tim Hronsky
(ASX: FRS)
EMAIL info@forrestaniaresources.com.au WEB www.forrestaniaresources.com.au DIRECTORS David Izzard, John Hannaford, Melanie Sutterby, William Higgins
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Iceni Gold
Green Technology Metals
A quick look at the ASX Announcements page of Iceni Gold’s web page will tell a story of a company that listed with purpose. Iceni Gold is an exploration company that came to the ASX focused on its 14 Mile Well project area in the Laverton Greenstone Belt in the world-renowned Eastern Goldfields Region of Western Australia, boasting six key prospect areas. In no time Iceni increased that number of prospect areas to seven, having identified the new Monument target area, an additional high priority gold exploration target within the 14 Mile Well project. After analysis of results from an Ultra Fine Fraction (UFF+) soil program a substantial, coincident gold and multi-element soil anomaly over five kilometres in length was identified. The residual soil anomaly, known as Breakaway Well, is located within the new Monument target area. The analysis revealed the anomaly to display a strong gold-tungstentellurium-molybdenum geochemical association and has been interpreted to be underlain by monzogranite. The anomaly has a 5.5km long strike north-south and a 1km width east-west, comprising five closely spaced priority zones: » Priority 1 Zone: Consists of coherent gold and multi-element anomalism across 3 sample lines. » Priority 2 Zone: Narrow coherent gold and multi-element anomalism across 2 sample lines. » Priority 3, 4 & 5 Zones are generally gold only anomalies. The sample lines are spaced 400m apart and 50m along line (400m x 50m). The ‘ultra-fine’ soil particles, such as clays and iron oxides, have more surface area which can bind gold and other metals that move through the environment and so form geochemical signatures of orebodies lying many metres below the surface. This will allow Iceni to generate new exploration targets that were previously unknown.
Green Technology Metals is a mineral exploration and development company focused on the discovery and delineation of lithium mineral resources. Its opening focus will be on three main lithium assets, all acquired from Canada gold focused company Ardiden Limited. The Seymour, Root and Wisa projects are all located in the mining friendly jurisdiction of Ontario, Canada and considered prospective for lithium mineralisation. The Root Lake and Seymour Lake projects are located 300 kilometres and 250km respectively from Thunder Bay, while the The Wisa Lake project is located 80km of Fort Frances. The Seymour project was discovered in 1957 by local prospector Nelson Aubry, who named the North Aubry and the South Aubry pegmatites. As previous owner, Ardiden had focussed predominantly on resource definition at the Seymour project, and to a lesser extent, resource extension and exploration across the portfolio. In March 2019 an aggregate JORC Code 2012-compliant Mineral Resource of 4.8 million tonnes at 1.25 per cent lithium and 186ppm tantalum was defined at the Seymour project. Subsequently, there has been minimal exploration on the portfolio of tenements with activities undertaken focussing on rock chip sampling, scout drilling, data compilation and desktop/resource studies. The Root project includes the McCombe and Morrison lithium pegmatites, along with the Root Bay lithium pegmatite exposures. The Wisa project contains several spodumene-bearing pegmatites which were discovered in the mid-1950s. Green Technology Metals has assembled an experienced management team that is well qualified to exploit the potential of the company’s mineral assets. The Board has much expertise and experience in lithium mineral exploration, project development, processing and corporate finance.
EMAIL admin@icenigold.com.au WEB www.icenigold.com.au
EMAIL info@greentm.com.au WEB www.greentm.com.au
DIRECTORS Brian Rodan, Dave Nixon, Keith Murray, Hayley McNamara
DIRECTORS John Young, Cameron Henry, Pat Murphy, Robin Longley
(ASX: ICL)
(ASX: GT1)
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Bulletin Resources
Turaco Gold
Bulletin Resources’ main project is its Lake Rebecca gold project, located just outside Kalgoorlie in Western Australia. Lake Rebecca comprises five granted Exploration Licences over 575 square kilometres. The two northern tenements of E28/2600 and E28/2635 are held in Joint Venture with Matsa Resources (BNR 80%: MAT 20%), whilst the remaining tenements are wholly owned by Bulletin. Recent activity at Lake Rebecca has involved aircore drilling as an initial test of structural features such as folds, which are considered prospective for gold. Two targets were tested resulting in strike extensions of a 2.4km long gold trend identified by earlier lake drilling. The drilling also identified a structurally complex thrust fault zone along a major north-south structure to the east. The aircore drilling extended an anomalous gold in regolith anomaly at the Lake Rebecca gold project to 7km in strike length with results including: » 20LRAC301 4 metres at 0.48 grams per tonne gold from 20m; » 20LRAC223 4m at 0.31g/t gold from 40m; and » 20LRAC27 4m at 0.27g/t gold from 20m. Bulletin believes the new 7km long gold trend demonstrates potential to find higher grade gold discoveries at depth and has kicked off a collaborative research and development program with CSIRO to investigate and advance the potential of this area. Elsewhere in the company portfolio, at the Ravensthorpe lithium project, a review of historical exploration data has led to the identification of several exploration targets. These targets are of interest to the company as they comprise outcropping pegmatites that have had little or no previous exploration and non-outcropping or buried pegmatites. Bulletin’s planned field work plan hopes to determine potential for additional pegmatites and define higher grade mineralisation areas for more drilling.
Turaco Gold garnered market attention when it declared a new greenfield gold discovery in central Cote d’Ivoire. The discovery came courtesy of high-grade gold results achieved 4.5 kilometres of strike from shallow reconnaissance auger drilling undertaken at the 100 per cent-owned Satama permit within the company’s Turaco’s Eburnea gold project. The Eburnea project covers two granted permits covering 690 square kilometres where Turaco is conducting auger drilling using two portable units to test high gold tenor soil geochemistry. The initial program of 773 holes was completed in September 2021 at Satama testing anomalous geochemistry previously defined by Resolute Mining. The auger grid extended over a gold-in-soil strike length of 4.5km, within which high grades of up to 9.91 grams per tonne gold were returned over 3.5km strike with the central 2.5km of strike returning multiple high tenor auger results across a width of up to 600m with a best result of 9m at 4.49g/t gold from 1m. At time of writing, Turaco was preparing activities that included trenching of the most outstanding lines to establish the structural dip direction to allow direct testing by shallow AC drilling. “These initial auger results at Satama within the Eburnea gold project are highly significant and exciting in terms of both their strike and tenor of gold anomalism,” Turaco Gold managing director Justin Tremain said. “Extending over 4.5 kilometres of strike the results confirm a significant new gold discovery for Turaco.” Turaco has also completed drilling at the Boundiali project in northern Cote d’Ivoire of an initial program of shallow air core holes testing 3kms of northern and 3kms of southern strike extensions at the Nyangboue gold discovery.
(ASX: BNR)
EMAIL admin@bulletinresources.com WEB www.bulletinresources.com DIRECTORS Paul Poli, Robert Martin, Daniel Prior, Neville Bassett
14
(ASX: TCG)
EMAIL info@turacogold.com.au WEB www.turacogold.com.au DIRECTORS Justin Tremain, John Fitzgerald, Alan Campbell, Bruce Mowat
Alto Metals
Maximus Resources
Alto Metals has kept market watchers occupied of late with news emanating from the Lords Corridor within the company’s 100 per centowned Sandstone gold project in Western Australia. Alto Metals recently reported further weighty gold mineralisation encountered by step-out and extensional drilling at the Lords Corridor. Results received from RC and Diamond drilling at the Lord Nelson and Lord Henry deposits, hosted within the +3km Lords granodiorite, revealed strong gold mineralisation including: » SRC476 – Lord Nelson 15 metres at 3.1 grams per tonne gold from 198m, including 6m at 5.3g/t gold from 205m; » SRC418 – Lord Henry 10m at 2.1g/t gold from 13m, including 1m at 14.8g/t gold from 18m; » SDD005 – Lord Henry 21m at 1.4g/t gold from 100m, including 0.5m at 27.4g/t gold from 102m; and » SRC417 – Lord Henry 6m at 2.2g/t gold from 12m, including 1m at 8.1g/t gold from 16m. Hole SRC476 extended the high-grade mineralised zone below Lord Nelson by a further 30m to the south. Following the company’s earlier discovery of Juno, the overall mineralised strike is now defined over one kilometre and remains open. “These latest results from the Lords Corridor continue to demonstrate the continuity of significant, high-grade gold mineralisation, which is exciting as it indicates we are potentially onto a large gold system,” Alto Metals managing director Matthew Bowles said. “We are looking forward to the next phase of drilling to test extensions of mineralisation at depth and repeat lodes along the +3 kilometre corridor. “The final one-metre assays for the Lords shall be incorporated into the ongoing resource work, as we continue to progress towards an updated for an updated Mineral Resource for the Sandstone gold project.”
Maximus Resources holds a portfolio the encapsulates tenements near Kambalda, one of Western Australia’s premier gold and nickel mining districts. The company’s 48 square kilometres of Spargoville tenements sit just 25km from Kambalda, housing the high-grade historic Wattle Dam gold mine that was mined until 2012, producing approx. 286,000 ounces gold at 10.1 grams per tonne gold. Maximus Resources’ stated focus is the discovery of the next Wattle Dam Gold Mine. The company has gold rights across a further 60sqkm along the Spargoville Shear Zone, hosting multiple gold and nickel deposits. Maximus’ recent activity progressed high-priority targets for Kambalda-style Komatiite-hosted nickel sulphide mineralisation across the tenement holdings the company believes to be prospective for Kambalda-style komatiite hosted nickel sulphide mineralisation. A fair assumption, given a belt of nickel deposits and mines extends from Mincor Resources’ Cassini nickel mine through to the north of the Maximus tenements, which it considers underexplored due to previous gold focus and fragmented ownership, presenting an opportunity to explore nickel sulphides, in parallel with gold exploration. Recent geological reviews have identified four high-priority Kambalda style komatiite-hosted nickel sulphide exploration targets, these being: » Hilditch: An approx. 300m outcropping/sub-cropping nickelbearing gossan with nickel intersections up to 4 per cent nickel. Recent drilling at Hilditch West intersected nickel-copper-cobalt mineralisation; » 1A Nth / Highway: A magnetic anomaly with nickel drill intersections >5 per cent nickel directly north of the historical 1A Nickel Mine; » Central: A 5km highly prospective stratigraphy between two historical nickel mines that has had very limited drilling. An EM survey was completed during the recent September quarter; and » Andrews: A Shaft West Prospective ultramafic corridor with shallow nickel anomalies, with no ground-based geophysics conducted over the area of interest.
(ASX: AME)
EMAIL admin@altometals.com.au WEB www.altometals.com.au DIRECTORS Richard Monti, Matthew Bowles, Terry Wheeler, Dr Jingbin Wang
(ASX: MXR)
EMAIL info@maximusresources.com WEB www.maximusresources.com DIRECTORS Tim Wither, Steve Zaninovich, Gerard Anderson, Martin James, Paul Cmrlec, Scott Huffadine
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Galena Mining
Tombador Iron
Galena Mining made a major advancement with commencement of mining of the underground decline at the company’s Abra base metals project in the Gascoyne region of Western Australia. The company’s mining contractor kicked off proceedings for the underground decline in October Primary decline works are expected to continue for approximately 14-months to gain access to the orebody. Having commenced mining on-schedule, Galena has the Abra base metals project on-track for first commercial ore production at the start of 2023. “Taking the first cut in the portal to start the underground decline at Abra is very exciting,” Galena Mining managing director Tony James said. “This keeps us on track for first commercial production of our high-value, high-grade lead-silver concentrate at the start of 2023. “It is also the historical beginning of mining in the very prospective Edmund Sedimentary Basin.” Galena holds a 60 per cent slice of the Abra base metals project, which it describes as being, “a globally significant lead-silver project”. The project sits between the towns of Newman and Meekatharra, approximately 110 kilometres from Sandfire Resource’s DeGrussa project. Galena completed a definitive / bankable feasibility study in 2019 based on development of a mine and processing facility with a 16-year life producing a high-value, high-grade lead-silver concentrate containing approximately 95,000 tonnes of lead and 805,000 ounces of silver per year after ramp-up. Based on a pre-development capital expenditure estimate of $170 million, the FS modelled a pre-tax net present value for Abra (at an 8% discount rate) of $553 million and an internal rate of return of 39 per cent. At the end of the September Quarter, Galena was well and truly cashed up with approximately $88.9 million in the bank.
Tombador Iron owns 100 per cent of the fully permitted Tombador iron ore mine located in Bahia State, Brazil. In July 2021, the company announced its first shipment of iron ore had departed the load port in Brazil with 38,045 wet metric tonnes (wmt) of high-grade lump. This kicked off a successful September 2021 quarter, with Tombador farewelling two more shipments and selling a total of 138,400wmt of high-grade iron ore during the quarter. The average grade of product sold was a 65.5 per cent iron for lump shipments and 65.8 per cent iron for fines. Tombador lump ore is currently the highest-grade lump ore produced in Brazil. The company is now focusing on ramping up production, studying the feasibility of beneficiating medium iron grade rock, and producing a JORC Ore Reserve. “The end of this quarter marks 12 months since the company raised funds on the ASX and started building the Tombador iron ore project,” Tombador Iron CEO Gabriel Oliva said. “We have successfully built the project and made the transition from construction to operations and we now have three months of iron ore sales under our belt. “Our product has remarkable quality and commands a price premium based on the 65 per cent iron index, which allows the company to offset the recent elevated ocean freight prices. “The company will continue to focus on completing the ramp up phase and achieving target capacity of production.” Tombador is continuing to update the mineral resource, which it expects to be completed during the December 2021 quarter, following which the company will prepare an ore reserve calculation. At the end of the September 2021 quarter, TI1 held cash and cash equivalents of $28.41 million.
(ASX: G1A)
EMAIL admin@galenamining.com.au WEB www.galenamining.com.au DIRECTORS Adrian Byass, Tony James, Alexander Molyneux, Neville Gardiner, Stewart Howe
GALENA MINING LIMITED
16
(ASX: TI1)
EMAIL info@tombadoriron.com WEB www.tombadoriron.com DIRECTORS Stephen Quantrill, Anna Neuling, David Chapman, Keith Liddel, Gabriel da Cunha Oliva
Arrow Minerals
Kingwest Resources
Arrow Minerals recently announced identification of high-quality drill ready and early-stage gold prospects at the company’s Vranso project in Burkina Faso. The targets emerged from a two-month intensive data compilation and integration exercise Arrow conducted by capturing historical geochemical, geophysical, and geological information covering the 1,300 square kilometres of the Vranso project within the gold-bearing Paoleoproterozoic Birimian Greenstone of Burkina Faso. Numerous drill-ready gold prospects have been identified within a 20km radius of the Perkoa zinc mine and drilling was set to commence at time of writing on four of the most advanced gold targets, being the Dassa, Guido, Semapoun, and Bantole prospects. The review surrendered plenty more early-stage prospects occurring in the broader Vranso project, at which Arrow has commenced exploration to rapidly advance the discovery of new gold systems that will provide a pipeline of new prospects to advance to a drill-ready status. Upcoming work will entail: A six-month program of geological mapping, stream and soil geochemical sampling, airborne and ground geophysical surveys, and Reverse Circulation (RC) and diamond drilling; First phase stream sediment geochemical sample collection has been completed on the northern permits, Pilimpikou, Kordie and Viveo where field crews are ready to execute follow-up auger soil geochemical sampling surveys; and A detailed airborne magnetic survey over the Vranso project area. In Western Australia, Arrow has the Strickland copper-gold project located north of Southern Cross. Recent Reverse Circulation drilling on five coincident geochemical and geophysical targets at Strickland produced one zone of highly anomalous copper over 20m. A downhole electromagnetic survey in the anomalous copper hole detected a deeper conductive body that is a target that bears the characteristics of a volcanogenic massive sulphide (VMS) deposit.
Kingwest Resources recently raised $4 million that the company has earmarked to progress exploration activity at is Goongarrie gold project on the doorstep of Kalgoorlie in Western Australia. A healthy amount of the company’s focus will be on drilling at the recently announced Sir Laurence discovery – a Kanowna Belle style litho-structural gold discovery lying under Lake Goongarrie. “The discovery at Sir Laurence is significant in Kingwest’s ongoing exploration focus at Lake Goongarrie,” Kingwest Resources CEO Ed Turner said. “As it is a blind discovery under lake sediments we need to test the structural controls of the primary (fresh rock) mineralisation and for this we need oriented diamond core drilling. “We also have numerous similarly exciting litho-structural targets along strike from Sir Laurence that warrant aircore drilling…we are excited about the potential outcomes from this drilling. “Follow up aircore drilling is also being planned to better test the five other areas that returned anomalous results in the first round of drilling.” A share of the raised funds will also be applied to the company’s Menzies gold project, a bit further out from Kalgoorlie. Kingwest recently entered a term sheet with FMR Investments to form a 40% KWR/60% FMR profit share JV to recommence mining at on the high-grade underground Mineral Resource Estimate at Yunndaga, located within the Menzies project. “To recommence commercial mining at Menzies after more than 20 years since open cut mining finished and 85 years since it was last mined from underground at Yunndaga is very significant,” Turner said. “This is expected to be the first of a number of mining operations at Menzies and to deliver attractive short and medium-term cash inflow to KWR.”
EMAIL info@arrowminerals.com.au WEB www.arrowminerals.com.au
DIRECTORS Gregory Bittar, Ed Turner, Adrian Byass, Jonathan Downes, Jon Price
(ASX: AMD)
DIRECTORS Dr Frazer Tabeart, Howard Golden, Hugh Bresser, Tommy McKeith
(ASX: KWR)
EMAIL admin@kingwestresources.com.au WEB www.kingwestresources.com.au
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Oar Resources
Anova Metals
Oar Resources is a metals explorer with aspirations to evolve into becoming a producer. To that end the company has put together a portfolio of projects that vary in commodity focus as much as they do location. Oar Resources acquired 100 per cent of Australian Precious Minerals, which was owner of the Crown project in Chittering, Western Australia, close to Chalice Mining’s Julimar PGE-nickelcopper-cobalt-gold discovery. Oar recently commenced its first phase of field work at Crown, designed to deliver a thorough understanding of the geological setting of the project area. The technically-driven, systematic approach to exploration at Crown is in three stages: » Stage 1: Detailed geological mapping and outcrop mapping, aimed at identifying basement geology which has historically been poorly understood and mis-mapped; » Stage 2: Systematic soil/surface geochemical sampling, aimed at defining drilling targets. This stage may include ground or airborne geophysical surveys; and » Stage 3: Drill testing of identified anomalies. Oar also acquired 100 per cent of Alpine Resources’ gold exploration projects in Nevada, United States. Here it has commenced its first phase of drilling at its 100 per cent-owned Douglas Canyon gold-silver project in the Walker Lane Gold-Silver district. Oar’s wholly owned subsidiary Lymex Tenements holds tenements on the South Australian Eyre Peninsular it considers prospective for kaolinite and halloysite mineralisation, graphite, iron ore and other commodities. High-grade Halloysite results were achieved from drilling at the Gibraltar project within these tenements, including individual grades as high as 53 per cent halloysite from one composite sample that was amongst the highest grade halloysite to be reported in the area. Finally, Oar’s Peruvian subsidiary, Ozinca Peru SAC, owns a CIP Gold lixiviation plant, located close to thousands of small gold miners in Southern Peru.
Anova Metals is a Perth-based gold exploration company whose bigticket item is 100 per cent-ownership of the Big Springs a Carlin-style gold deposit located in northeast Nevada, USA. The Big Springs gold project has an existing Mineral Resource estimate of 16 million tonnes at 2 grams per tonne gold for 1.03 million ounces with plenty of growth potential. The high-grade portion of the Mineral Resources, reported at a cut-off grade of 2.5g/t gold, is 3.1 million tonnes at 4.2g/t gold for 415,000 ounces. Between 1987 and 1993, Big Springs produced 386,000 ounces, with production closing due to prevailing low gold prices. Gold is back up in price, and Anova is back up in the USA with an aggressive exploration program that includes large-scale drilling to grow resources and test advanced Big Spring targets. Other activities are also being implemented to bring the mine back up to speed, including soil sampling, field mapping, ground gravity and IP for high-priority regional targets. Anova recent commenced its 2021 Big Springs RC drilling program with a planned total of 5,100m to provide a combination of testing of four new district-level targets identified from the comprehensive targeting study undertaken across Big Springs earlier this year and resource extensional drilling. “RC drilling program has commenced at Big Springs gold project to test the existing gold mineralisation extension from 2020 drilling program discovery and explore new targets identified from the Comprehensive Targeting Study,” Anova Metals managing director Mingyan Wang said. “Four new targets within the mining permitted area will be tested. “The company has…approximately 5,500 soil samples submitted to the lab, another 240 mining claims covering wide prospecting area been secured, and biology and cultural surveys completed.”
(ASX: OAR)
EMAIL info@oarresources.com.au WEB www.oarresources.com.au DIRECTORS Christopher Gale, David Vilensky, Joseph van den Elsen
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(ASX: AWV)
EMAIL info@anovametals.com.au WEB www.anovametals.com.au DIRECTORS Edward Rigg, Mingyan Wang, John Davis
GREEN HYDROGEN: Aspiring Towards 2050 Zero Emissions Energy Production COMMODITY CAPERS: Opening the book on ‘Green
Hydrogen’ a reader would most likely be surprised to read of the collaboration between former Australian prime minister Malcolm Turnbull and mining magnate Andrew ‘Twiggy’ Forrest. The two gents are co-founders of the Green Hydrogen Organisation (GH20), which advocates clearer boundaries between green hydrogen made using renewables, and supposedly ‘clean’ H2 as a by-product from the fossil fuel sector, such as blue hydrogen, which is made from fossil gas linked to carbon capture and storage (CCS). H2, also called molecular hydrogen, is a gas which forms when two hydrogen atoms bond together and become a hydrogen molecule. It is the most common form of Hydrogen because it is stable with a neutral charge. The thinking behind the formation of GH20 is to provide green hydrogen with its very own organisation for representation around global energy table talks. This is because the emerging technology requires a different set of policy settings and investment decisions, as opposed to fossil fuel hydrogen. Speaking at a Clean Energy Council webinar earlier this year, Forrest said Australia needs to set a target for green hydrogen as a contributing factor in the Nation’s quest to reach net zero emissions by 2050. “This is our last chance to slow, then stop, the planet cooking,” he said. “I am not in the doomsday business; I’m an optimist, and I am in the solutions business. “My answer is renewable green hydrogen. “The answer isn’t to stop mining iron ore, which is critical to the production of steel, and to humanity. “The answer is green zero-emissions energy to make all iron ore and steel. “If it is not renewable green, don’t be fooled by any other colourcoded spin. “Any other colour than renewable green is dirty hydrogen.” The potential for hydrogen as a potential source of clean energy is well-founded, especially when you consider one kilogram of hydrogen contains about 2.4 times as much energy as natural gas. The only input needed to release this energy is oxygen and the only output is water, the consequences being that, as an energy source, hydrogen produces zero greenhouse gas (GHG) emissions.
However, to be able to utilise it as a source of energy, hydrogen must be in its pure form, which means it must be extracted from another material. Depending on the source material used, the hydrogen produced is graded into colours to acknowledge the GHG emission profile. The brighter, more user-friendly members of the rainbow spectrum, such as green, blue, even turquoise and pink, have lower emissions, while the gloomier colours of grey, brown and black produce higher emissions. Green hydrogen is extracted using a method that does not produce GHG emissions and as a result is considered sustainable and environmentally friendly. “Green hydrogen is most commonly produced using a device called an electrolyser,” Commonwealth Scientific and Industrial Research Organisation (CSIRO) said in a CSIROscope article. “Electrolysers use electricity to split water into hydrogen and oxygen. “The key to this method of producing green hydrogen is that the electricity that powers the electrolyser comes from renewable sources, such as wind, solar, which have no associated GHG emissions.” Blue hydrogen is produced using a process called ‘steam reforming’, which uses steam to separate hydrogen from natural gas. Production of blue hydrogen does produce GHGs, however carbon capture and storage technologies can be used to capture and store those emissions. “Hydrogen has exciting potential as an emerging source of clean energy,” CSIRO said. “But not all hydrogen is the same. “Colours help to differentiate between the types of hydrogen. “The colours, however, can be distracting from the main game. “Hydrogen will only achieve its goal of being a clean source of energy if it does not generate emissions during production.” CSIRO is not the only body with a positive outlook for the role hydrogen from renewable energy could potentially play in the global energy transformation. The International Renewable Energy Agency (IRENA) has said in its Hydrogen: a renewable energy perspective report, “hydrogen from renewable power, so called green hydrogen, could translate into eight per cent of global energy consumption by 2050.” At this time, IRENA anticipates some 16 per cent of all generated electricity would be used to produce hydrogen by 2050.
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This is a bit unfair, especially given Hydrogen is a multi-talented chemical, which in musical theatre terms would be described as a ‘triple threat’, in that it can be produced as a gas or liquid, or made part of other materials, enabling it to be used in myriad forms, including as fuel for transport or heating, a way to store electricity, or as a raw material in industrial processes.
“Green hydrogen could particularly offer ways to decarbonise a range of sectors where it is proving difficult to meaningfully reduce CO2 emissions.” According to the Department of Industry, Science, Energy and Resources (DISER) Hydrogen is a priority low emissions technology for Australia. According to DISER, producing clean hydrogen under $2 per kilogram (H2 under 2) is a priority stretch goal under the federal government’s 2020 Low Emissions Technology Statement. In the statement, Minister for Energy and Emissions, Angus Taylor outlines the government’s intention to continue to invest in mature technologies, such as coal, gas, solar, and wind via its Technology Investment Roadmap research and development strategy. “The Government’s efforts will focus on new and emerging technologies with the potential for transformational economic and emissions outcomes, in Australia and globally,” Taylor says. “Getting these technologies right will create jobs, and preserve and expand our energy-intensive export industries. “We will beat our 2030 emissions reduction target, with a platform for future emissions reductions beyond the next decade. “This technology-led approach won’t compromise energy affordability or reliability, and will position Australia as a global technology leader.” DISER outlined the aims of the strategy to include: Delivering more affordable, clean and reliable energy to households and industry for transportation, heating, production and power; Expanding production and increasing productivity, creating jobs and substantially reducing emissions from Australia’s primary industries; Preserving and expanding onshore manufacturing of energyintensive products and capturing new export markets for low emissions commodities; and Scaling geological and biological sequestration such that we provide globally significant permanent sequestration of CO₂. Hydrogen hasn’t featured very high on too many top ten lists of interesting things in recent times, despite it being the most common chemical in the universe. This is a bit unfair, especially given Hydrogen is a multi-talented chemical, which in musical theatre terms would be described as a ‘triple threat’, in that it can be produced as a gas or liquid, or made part of other materials, enabling it to be used in myriad forms, including as fuel for transport or heating, a way to store electricity, or as a raw material in industrial processes. The government is now talking up the green credentials of hydrogen, by highlighting it can be produced using renewable energy or processes, enabling it to be stored as a form of renewable energy for use at a later time when it is needed.
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The strategy was supported this year when government agency, Australian Renewable Energy Agency (ARENA) announced funding to support a feasibility study by Rio Tinto to investigate the potential to partially decarbonise its alumina refining operations using renewable hydrogen. Historically, alumina refining has used natural gas to achieve the high temperatures necessary in the calcination process. The Rio Tinto study will investigate the technical implications of displacing natural gas with renewable hydrogen at the company’s Yarwun alumina refinery in Gladstone, Queensland. “If we can replace fossil fuels with clean hydrogen in the refining process for alumina, this will reduce emissions in the energy and emissions intensive refining stage of the aluminium supply chain,” ARENA CEO Darren Miller said. “Exploring these new clean energy technologies and methods is a crucial step towards producing green aluminium. “This study will investigate a potential technology that can contribute to the decarbonisation of the Australian alumina industry. “If successful, the technical and commercial lessons from Rio Tinto’s study could lead to the implementation of hydrogen calcination technology, not only in Australia, but also internationally.” IRENA noted the falling cost of renewables is advantageous to the potential of green hydrogen. This is particularly for so called ‘hard-to-decarbonise’ sectors and energy-intensive industries and the global desire to clean them up and to limit CO2 emissions. “Large-scale adoption of hydrogen could also fuel an increase in demand for renewable power generation,” IRENA said. “In total, IRENA sees a global economic potential for 19 exajoule (EJ) of hydrogen from renewable electricity in total final energy consumption by 2050. “This translates into around 4-16 terawatts (TW) of solar and wind generation capacity to be deployed to produce renewable hydrogen and hydrogen-based products in 2050.” As IRENA says, the introduction of hydrogen-based solutions will not happen overnight, and the technology is more than likely to be at the rear of the global pack, unless governments start to get super serious. “Green hydrogen could make a substantial contribution to the energy transition in the long run,” IRENA said. “(The Agency’s Report)…recommends acknowledging the strategic role of hydrogen in the transition and at the same time calls on governments and private sector to better understand energy system benefits, cost-reduction and investment.
Peak Minerals
Rincon Resources
Peak Minerals is an Australia-based mineral exploration and development company with a diversified multi-commodity portfolio of quality, under-explored Australian copper and gold assets in Western Australia. The company’s Western Australia copper assets consist of: » the Green Rocks project; » the Earaheedy project; » the Kimberley South projects; and » the Carson project. Early this year, RC drilling at the Copper Hills Prospect within Green Rocks intersected 20m at 0.65 per cent copper and 0.34 grams per tonne gold from 86m. At the Lady Alma prospect, in the southern part of Green Rocks, drilling intersected multiple zones of copper sulphides, validating the company’s model and targeting strategy with drill core logged and sent for assay. At the newly defined Rixon prospect (northeast of Lady Alma prospect), follow-up rock chip sampling confirmed more potential, with 16 rock chips grading from five per cent copper to 21.1 per cent copper. A RC drillhole at the northern end of the Tal Val prospect as part of the Copper Hills drill program, intersected 1m at 1.52 per cent copper, 6.32g/t silver and 0.19 per cent nickel. Peak acquired CU2 WA, a company that owns a 100 per cent interest in 31 granted base and precious metal tenements and earn-in agreements over another two tenements. The acquisition means Peak now holds 234sqkm landholding in the Meekatharra region of Western Australia. Subsequently, the company announced its intention to divest its Hill End and Hargraves gold projects in New South Wales. The company has proposed to spin-out these non-core gold assets into Vertex Minerals, allowing Peak to focus on its Western Australian projects. Vertex Minerals lodged a prospectus in October at an issue price of 20 cents per share to raise $5.5 million.
Rincon Resources has a 100 per cent interest in three highly prospective copper and gold projects in Western Australia. These projects are the South Telfer copper-gold project, the Laverton gold project and the Kiwirrkurra copper-gold project. Each project has been subject to historical exploration, which has identified large outcropping mineralised systems. Rincon Resources is planning systematic exploration of these projects, aiming to delineate copper and gold resources. Rincon completed its maiden RC drilling program at the South Telfer project, drilling 27 holes for 4,944m at the Hasties prospect was completed during the quarter. The program was targeting Telfer (reef/stockwork) and Havieron (breccia) style mineralisation, aimed to achieve outcomes of: » Extensional drilling to test an interpreted south-eastern plunge to existing mineralisation; » Validate zones of copper-gold mineralisation from historic drilling; and » Collect suitable material for preliminary metallurgical test work. Rincon was encouraged by the results, which confirmed the presence of shallow and wide zones of copper-gold mineralisation at both the Hasties Main and Hasties South East zones, as well as confirming historical drilling data. Aerial photographic mapping and targeting over the Laverton project identified exploration targets the company considered to represent favourable sites for mineralisation. Although no field work has yet been undertaken, the conclusions the company reached were based entirely on its interpretation of the photographic material produced. Rincon commissioned a comprehensive review and targeting program based on sourced open-file geophysical, geological, surface geochemical and historical drilling data that was compiled, re-processed and interpreted at the Kiwirrkurra copper-gold project. Thirteen priority targets were identified, including two high-priority IOCG drill targets at the Pokali prospect. Planning is underway for RC and diamond drilling to test the two IOCG targets, subject to approvals and heritage survey clearance.
(ASX: PUA)
EMAIL admin@peakminerals.com.au WEB www.peakminerals.com.au DIRECTORS Robert Boston, Matthew O’Hara, Oonagh Malone, Jennifer Neild
(ASX: RCR)
EMAIL info@rinconresources.com.au WEB www.rinconresources.com.au DIRECTORS Gary Harvey, Geoff McNamara, Zeffron Reeves, Blair Sergeant, Edward Mason
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Accelerate Resources
Tambourah Metals
Accelerate Resources donned its manganese exploration cap recently when the company acquired the manganese and iron ore rights to the Braeside West and Rippon Hills East projects in Western Australia. The projects sit 125 kilometres east of Marble Bar within 70km of the Woodie Woodie manganese mine and only 240km from the port of Port Hedland and came with a historical data collation that has identified manganese targets throughout the tenements. Accelerate’s due diligence before finalising the acquisition confirmed historical drill hole locations and surface manganese mineralisation, including historical rock chip samples with +50 per cent manganese present within the project area. “We are excited by the opportunity to explore within a world class region for high-grade manganese, a critical mineral for battery and steel production with forecast demand shortfalls,” Accelerate Resources managing director Yaxi Zhan said. “The historical data review and the field trip demonstrate the potential for a large-scale high-grade manganese project. “This timely, high value strategy is in a proven yet underexplored area with excellent infrastructure, and we believe there are significant opportunity for new discoveries.” Accelerate followed this up by lodging three exploration licence applications covering prospective areas in the East Pilbara region of Western Australia targeting potential lithium, tin and tantalite mineralisation. The prospects cover a large area of approximately 369sqkm, 200km east of Port Hedland, and 30km east and south-east of Marble Bar. “These exciting new opportunities add to the company’s current critical mineral strategy in a low- cost way,” Zhan said. “The new areas are prospective for lithium, tin and tantalite and are highly complementary to the company’s strategy and exploration program in the Pilbara region.”
Tambourah Metals has an intriguing portfolio of western Australiabased projects, consisting the advanced gold Tambourah and Cheela gold projects and the Achilles and Julimar North nickel-PGE-gold projects. The Tambourah project is situated on the historic Tambourah goldfield in the Eastern Pilbara region while the Cheela project is in the southern Pilbara region. The Achilles project is in the nickel-PGE and gold mineralisation region of Laverton while the Julimar North project is just 77 kilometres north-east of the Perth Metropolitan area, in an emerging nickel-PGE mining province. Tambourah recently increased its Julimar landholding by way of the acquisition of an 80 per cent interest in the 381.5 square kilometres Wongan Hills South project, extending its land holding in the highly prospective Julimar district to 780sqkm. The Wongan Hills South project is located adjacent to multiple large deposits and prospects and is situated on important regional magnetic structures. The area has been subjected to historic gold exploration by previous explorers in the region, which determined the target style of mineralisation present was like Boddington and Griffin Finds. As with much other exploration from the time there was very limited exploration for other metals undertaken within the project area. With that in mind, Tambourah Metals will focus on copper‐gold and nickel‐PGE exploration in the Wongan Hills South project as it incorporates the new tenements into the company’s existing regional exploration program. This will involve compilation and assessment of historic exploration results in conjunction with airborne EM surveys that are to be flown over the most prospective targets within the Wongan Hills South tenements, which will be followed up with ground EM to define target plates that will be drilled with RC or diamond drilling as appropriate.
(ASX: AX8)
EMAIL admin@ax8.com.au WEB www.ax8.com.au DIRECTORS Richard Hill, Yaxi Zhan, Grant Mooney
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(ASX: TMB)
EMAIL admin@tambourahmetals.com.au WEB www.tambourahmetals.com.au DIRECTORS Rita Brooks, Chris Ramsay, Ben Donovan
AusQuest (ASX: AQD)
AusQuest boasts an extensive portfolio of base metal exploration projects that are situated in prime locations in Australia and Peru. In Australia, and in no particular order, the company owns 100 per cent of the Hamilton copper project in northwest Queensland and the same interest in the Balladonia and Morrisey nickel-copper projects, both in Western Australia. The Hamilton project is located to the south of both the world-class Cannington mine the Osborne copper mine. It consists of two Exploration Licences covering an area of approx. 520 square kilometres where exploration is targeting IOCG and BHT style mineralisation. Limited historical drilling designed to test magnetic and gravity targets provided evidence for ‘near-miss’ situations, which are the focus of the company’s exploration programs. The Balladonia project is located south of the Nova–Bollinger nickel-copper deposit and consists of seven Exploration Licences (four granted and three applications) covering an area of approx. 840sqkm within a structurally complex region of the Fraser Range Terrane. The Morrisey project is located north of Perth within the Narryer Terrane, which forms the north-western margin of the Yilgarn Craton. It consists of two granted Exploration Licences (ELs) and three EL applications covering an area of approx. 1,200sqkm parallel to the Yilgarn Craton boundary, an area that has become the focus of industry attention following the discovery by Chalice Mining of the Julimar nickel-copper-PGE deposit that highlighted the untested nickelcopper-PGE potential Western Yilgarn Craton. AusQuest has also assembled a strong portfolio of copper-gold prospects along the southern coastal belt of Peru in South America, where numerous targets have been identified for drilling as possible porphyry copper and/or replacement style (manto) IOCG targets with the large size potential.
EMAIL InvestorRelations@ausquest.com.au WEB www.ausquest.com.au DIRECTORS Graeme Drew, Greg Hancock, Chris Ellis
Moho Resources (ASX: MOH)
Moho Resources recently acquired a granted exploration licence and certain technical information relating to six project areas within the prospective western and southwestern margins of the Yilgarn craton and the Albany-Fraser orogen of Western Australia from Whistlepipe Exploration. As good as this may turn out to be, one should also look at the strides made at the company’s other projects. The Silver Swan North project knocks on the door of Kalgoorlie in Western Australia, covering some 55 square kilometres and hosting five granted tenements and one tenement application within the Kalgoorlie Terrane. Moho recently announced an interim Mineral Resource Estimate (MRE) for the East Sampson Dam prospect within the Silver Swan North project of 264,600 tonnes at 2.5 grams per tonne gold for 21,600 ounces gold at a 0.5g/t gold cut-off. At the Burracoppin project in the Wheatbelt region, about 22km west of the Edna May gold mine and near the town of Merredin, Moho completed a stream sediment survey identifying extensive gold anomalism. The sampling campaign identified ten exploration targets within extensive areas of gold in stream sediment anomalism. Across the country in the historic Croydon goldfields of North Queensland, Moho progressed its Empress Springs project where it is exploring for large scale gold and base metal deposits in Joint Venture with IGO Ltd. Moho has been awarded a grant of $200,000 for the Empress Springs project under the Collaborative Exploration Incentive (CEI) program of the Queensland Government and administered by the Department of Natural Resources, Mines and Energy (DNRME). The CEI grant will be used by Moho for a geochemical drilling program to follow up geochemical anomalies identified by a hydrogeochemical survey the company carried out at Empress Springs in 2020.
EMAIL admin@mohoresources.com.au WEB www.mohoresources.com.au DIRECTORS Terry Streeter, Shane Sadlier, Ralph Winter, Adrian Larking
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Mt Monger Resources
Hillgrove Resources
Mt Monger Resources joined the ASX in July this year and has since made itself busy on the company’s two primary exploration projects at Mt Monger near Kalgoorlie and at East Laverton in the Eastern Goldfields of Western Australia. The Mt Monger gold project comprises six granted exploration licences, two pending exploration licenses and three granted prospecting licences, covering an area of about 100 square kilometres. The Mt Monger region has proven potential for hosting gold and the company’s eponymous project is in a good neighbourhood sitting close to Gold Fields’ St Ives gold camp and adjacent to Silver Lake Resources’ Daisy Milano gold operation and 1.2 million tonnes per annum Randalls gold processing facility. Not far to the south, Lefroy Exploration has enjoyed recent exploration success at its Burns prospect. Mt Monger has already completed RC drilling to test known gold mineralisation at the Duchess of York prospect, an area first drilled by WMC in 1989 as well as other new areas to test historical soil geochemical anomalies. Results confirmed widespread anomalous gold mineralisation at the Duchess of York prospect and localised higher-grade intersections on several other nearby structures. The East Laverton gold project comprises three granted exploration licences and eight pending exploration licences covering approximately 3,000sqkm. Extensive transported cover has resulted in the project area receiving limited historical exploration, despite being surrounded by existing and emerging world class gold camps, however, what has been done has identified light rare earth element (REE) mineralisation at the Point Kidman prospect. Recent work has shown the transported cover masks a radiometric anomaly, which the company has interpreted to demonstrate the prospective area is much larger, extending into surrounding tenements.
Hillgrove Resources has a strong pipeline of exploration opportunities spreading over more than 6,100 square kilometres of the state of South Australia. These tenements comprise two project areas, the Near Mine area and the Regional area. The Near Mine exploration area hosts copper-gold targets within 10 kilometres of the company’s Kanmantoo processing plant, these being the Stella and North West Kanmantoo targets. Hillgrove drilled two holes into the Stella target, co-funded by a South Australian Government grant under the Accelerated Drilling Initiative (ADI). This drilling came up trumps with Hillgrove announcing a new gold discovery at Stella in August. The first Stella diamond hole (SLDD001) intersected an 82.35m wide copper-gold alteration zone from 315m downhole. In total, four mineralised zones of varying chemistry and alteration were intersected, three of which are copper-gold endowed. A highlight intercept of SLDD001 returned: 0.6 metres at 16.86 gras per tonne gold, 10.1 per cent copper, 44.8g/t silver from 344m downhole. The Regional area is made up of 5,652sqkm of exploration licences, within the Delamerian Orogen, which is currently being investigated by the Geological Survey of South Australia and MINEX-CRC for porphyry copper-gold endowment due to the discoveries on the Stavely Belt in western Victoria, which is also within the Delamerian Orogen. Hillgrove scored further granted funds under the South Australian Government’s ADI scheme to empirically test various soil geochemical sampling/analyses techniques that have showed some great promise in early trials in the South-East of the region. “Drilling to date has demonstrated that the ore lodes mined in the Kanmantoo open pits continue below the base of the pits with grade, width and continuity to support underground development,” Hillgrove Resources managing director Lachlan Wallace said.
(ASX: MTM)
EMAIL admin@mtmongerresources.com.au WEB www.mtmongerresources.com.au DIRECTORS John Hannaford, David Izzard, Lachlan Reynolds
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(ASX: HGO)
EMAIL info@hillgroveresources.com.au WEB www.hillgroveresources.com.au DIRECTORS Derek Carter, Lachlan Wallace, Murray Boyte
Mount Ridley Mines
Dreadnought Resources
Mount Ridley Mines kept things simple by naming its main project the Mount Ridley rare earths element project. In July 2021 the company announced that laterally extensive REE mineralisation had been identified at the Mount Ridley project, located approximately 35 kilometres northeast of the deep-water port of Esperance in Western Australia. Mount Ridley holds eight granted exploration licences and one exploration licence application covering approximately 3,400 square kilometres. Re-analysis of 1,109 composite samples, representing over 3,500 metres of drilling from 267 aircore holes drilled between 2017 to 2019 were analysed for REE using a ‘total digest’ fusion technique, designed to report the total amount of REE in each sample. Further re-analysis of 489 of previously re-analysed samples, using a ‘partial digest’ modified aqua regia digestion technique. The test work indicated that at a grade of approximately 800ppm total rare earth oxides (TREO), 80 per cent of light REO3, 76 pr cent of heavy REO4 and 80 per cent of critical REO5 were taken into solution under the conditions trialled. Mount Ridley recently conducted surface geochemical soil sampling targeting gold and nickel-copper-platinum group elements on tenements E20/873 and E20/946 on its Weld Range West iron project. The 1,200-sample survey was designed to cover the western extension of the Ulysses Shear Zone, a sheared contact between the Ryansville Formation and Wattagee Formation geological units known to host gold occurrences at Ulysses East and the historic Ryansville gold mine. The survey area is also considered prospective for mafic-ultramafic intrusive nickel-copper-PGE mineralisation within the Wattagee Formation and host to the Poona North PGE occurrence and more recently the Pallas prospect within the Pharos project held by Scorpion Minerals. The results from this survey are expected over December-January.
Dreadnought Resources has left many peers in its wake in terms of boots on the ground activity. Dreadnought’s Kimberley nickel-copper-gold projects cover the second largest land holding in the West Kimberley region of Western Australia. The main project area, Tarraji-Yampi, is described by the company as a rare first mover opportunity with known outcropping mineralisation and historic workings from the early 1900s, which have seen no modern exploration. Recent drilling at Tarraji-Yampi confirmed mineralisation at the Orion deposit from a depth of 1m to approx. 150m down dip and remains open at depth and along strike. “Of the 29 holes drilled at Orion this season, 19 intersected massive to semi-massive sulphides or supergene / oxide mineralisation which confirmed our targeting techniques as well as the potential scale of the system,” “Orion…and surrounds are proving more and more to be part of a large mineralised system with similar geochemical signatures to Proterozoic copper-gold / sedimentary copper systems with the rocks showing similar age, mineralisation and alteration as the Mt Isa Region.” The Mangaroon nickel-copper-PGE, REE and gold project is another first mover opportunity south-east of Exmouth in the Gascoyne Region of WA. Since acquiring Mangaroon in late 2020, Dreadnought has located: outcropping high-grade gold bearing quartz veins along the Edmund and Minga Bar Faults; outcropping high tenor nickel-copper-PGE blebby sulphides; and outcropping high-grade REE ironstones. The Illaara gold, base metals, critical minerals and iron ore project sits northwest of Kalgoorlie in the Yilgarn Craton along the Illaara Greenstone Belt. Dreadnought has consolidated the Illaara Greenstone Belt mainly through an acquisition from Newmont. Prior to Newmont, the Illaara Greenstone Belt was predominantly held by iron ore explorers and remains highly prospective for iron ore.
(ASX: MRD)
WEB www.mtridleymines.com.au DIRECTORS Peter Christie, Graeme Johnston, Simon Mitchell, Guy Le Page
(ASX: DRE)
EMAIL info@dreadnoughtresources.com.au WEB www.dreadnoughtresources.com.au DIRECTORS Paul Chapman, Dean Tuck, Ian Gordon, Paul Payne
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Batteries Generating Market Buzz COMMODITY CAPERS: If you haven’t heard rumblings in
recent times regarding the rise of global battery markets, then you really haven’t been paying enough attention. The world received its first lithium-ion battery in 1980 when it fell off the drawing board of American inventor John Goodenough. From humble beginnings they went on to take over the world, being responsible for powering so many of the devices we use every day, such as our phones, computers and televisions. Climate change and carbon emissions have combined to provide the perfect storm for Li-ion batteries thanks to their use in the development of electric vehicles (EVs). This is by no means a new phenomenon. In 2017 EVs had become the environmental touchstone and were predicted back then to dominate the market sooner, rather than later, due mainly lower costs for battery manufacturing and commitments from car companies to establish themselves as market leaders. In its Electric Vehicle Outlook 2017 report, Bloomberg New Energy Finance noted just how quickly EVs would start to dominate the global car market. “By 2040, 54 per cent of new car sales and 33 per cent of the global car fleet will be electric,” Bloomberg said. “Falling battery prices will bring price-competitive electric vehicles to all major light-duty vehicle segments before 2030, ushering in a period of strong growth for electric powertrain vehicles. “While EV sales to 2025 will remain relatively low, we expect an inflection point in adoption between 2025 and 2030, as EVs become economical on an unsubsidized total cost of ownership basis across mass-market vehicle classes.” That was then and just last year more than 2.6 million electric vehicles were sold in the world’s two emerging major EV markets, with Europe selling almost as many plug-in electric cars as China a trend that is showing no signs of slowing down this year. Western European plug-in electric car sales rose to 12.3 per cent of car sales in 2020, while in China EV sales hit 5.4 per cent of the broader market in 2020. Australia should not be left out of any discussion concerning the purchase of electric cars. If there is a new status symbol in town, Australians, particularly those in the West are always eager to cut in line for their bit of the action. In its 2021 August/September Horizons members’ magazine the Royal Automobile of Western Australia declared the state to be on
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the way to 2000 registrations of EVs, with the WA Department of transport data affirming 1819 EVs had been registered by March 2021. “These included battery electric vehicles (BEV), plug-in hybrid electric vehicles (PHEV) and fuel cell electric vehicles (FCEV),” RACWA said. “Of these, 1393 were BEV, 411 were PHEV and 15 were FCEV. “The most common BEV was the Tesla Model 3, at 426, followed by the Nissan Leaf (201) and the Tesla Model S (149).” Battery market growth creates unique opportunities for Australian producers of key commodities, notably lithium, graphite and cobalt. “Already, demand for batteries and associated technologies has changed the game for producers of lithium, cobalt and graphite, turning them into outliers at a time when other commodities are undergoing price falls and declining investment,” the Department of Industry, Science, Energy and Resources said. “Time and technological change will show whether the battery boom can drive wider change in global markets and energy models. “Investment is being drawn by the promise of electric vehicles, and by the potential for community-generated solar power to displace grid monopolies and fossil fuels. “This investor interest is, in turn, generating sizeable funds dedicated to further research and development. “Commodity demand will be strong in the short term, but long-term prospects for battery technology are still in motion. “The potential opportunities are vast, and investment and production decisions of today could cast a long shadow into the future.” Australia ranks fourth globally for lithium deposits and is currently the largest producer of lithium. The country hosts substantial resources of spodumene, potentially making it a major producer over the longer term. Graphite is used for a range of products, including lubricants, foundry operations, brake linings, and steelmaking, with the use of graphite in batteries on the rise. China is currently the main producer of graphite, but there is noise from countries such as Brazil and Turkey that they too could host greater reserves than what is presently known. Australia’s reserves of graphite are comparatively modest, and at this stage there are no operating graphite mining projects, however, a range of projects are currently being progressed. Refined cobalt supply is expected to fall below consumption, which is being pushed up by demand from Li-ion batteries and aerospace
industries and advancements are suggesting developing battery technologies may require less cobalt. Until that time cobalt will need to be found somewhere, and again China leads the refined cobalt producer pack, owning 70 per cent of global refinery capacity. What is advantageous to potential Australia producers is that the bulk of cobalt is sourced from mines in the Democratic Republic of Congo, where there is increasing concern over the use of child labour and environmental damage. Australia has significant cobalt reserves, although there are no dedicated cobalt mines in operation with most cobalt mined as a by-product of copper, gold or nickel mining. Around 40 of Australia’s gold and nickel operations are co-located with some form of cobalt deposit. If you think this is all going unnoticed by the country’s mining industry, think again At the 30th Diggers & Dealers Mining Forum in Kalgoorlie this year, there was any number of companies more than willing to talk up their battery metals credentials that are combining to contribute to a revolutionary transformation of the traditional nature of the mining sector. One such company was IGO Limited (ASX: IGO), which concluded the forum by taking out the prestigious Dealer of the Year Award at the closing night Gala Dinner. Speaking during his presentation spot on Day One, IGO managing director and chief executive officer Peter Bradford went through the company’s recent transition from a diversified producer seven years ago with two profitable but short-life base metals mines and a 30 per cent minority stake in the Tropicana gold mine (with international partner AngloGold Ashanti) to one specifically focused on metals that are critical to a green energy world. The movement began with IGO’s acquisition of the Nova nickelcopper project in WA through a friendly takeover of Sirius Resources in 2015. As Nova reached commercial production, the company then known as Independence Group saw crystal ball opportunities of the emerging demand for battery metals to drive a global trend towards clean energy. A subsequent change of tack that included the sale of its Tropicana stake to Regis Resources, resulted in IGO holding a unique portfolio of nickel, copper, lithium and cobalt assets in a Tier 1 jurisdiction and further exploration projects focused on discovery of the next generation of nickel and copper mines. Bradford said the company’s impetus was its belief in a green energy future, “and our belief that we can make a contribution to a better planet.”
COVIC-19 didn’t succeed in driving the climate change conversation away, but it did ramp it up. “COVID hit the pause button on the planet, we paused power production, we paused industry and we paused transportation,” Bradford said. “As a result, we all got an opportunity to see what could be. Places around the world that haven’t seen clean air for generations were able to see clear blue skies. “That’s allowed all of us to visualise what could be possible and how we could make a contribution for future generations. “Our strategy is to be a globally significant supplier of clean energy metals and a diverse suite of products made safely, ethically, sustainably and reliably. “To my knowledge, we are the only company globally that produces that one-stop for electric vehicle battery metals.” Batteries are now the tip of the global manufacturing iceberg. A report prepared in June this year for the Future Battery Industries Cooperative Research Centre (FBICRC) by Accenture determined that diversified battery industries could contribute $7.4 billion annually to Australia’s economy and support 34,700 jobs by 2030. The report concluded that Australia now has a major economic opportunity to leverage its competitive advantages to become a dominant supplier of battery minerals and expand its role within a growing global industry. “This report provides a compelling business case for Australia to develop into a competitive player in the international batteries industry, and Australia has many strengths for succeeding in this ambition,” Stedman Ellis, CEO of the FBICRC said. “We are shining a light on the different segments of an industry in which Australia can be a leader, and there is substantial economic value to gain if we capture the opportunity.” The report lays down a pathway for Australia over the next ten years, during which time the opportunity exists for real industry growth, shaped by changing international relationships and driven by technological improvements in batteries, increasing demand for energy storage and regulatory changes to energy systems. Demand for batteries has grown steadily but is now forecast to accelerate, increasing nine to ten-fold over the next decade, with sales expected to reach US$133-151 billion by 2030. I think we would all like a piece of that.
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Aruma Resources
Matsa Resources
Aruma Resources has a portfolio of prospective gold projects, all strategically located in active gold domains, and one prospective lithium-tantalum project. The gold projects consist of three in Western Australia, Melrose, Saltwater, and Salmon Gums and one in New South Wales, Capital. The company’s Mt Deans lithium-tantalum project sits in the lithium corridor of south-east WA. Aruma recently commenced its maiden drilling program at the Salmon Gums gold project in the Goldfields region of WA. The Salmon Gums Project consists of two exploration licences (EL63/2037, EL63/2122) over a total area of 222 square kilometres. “Aruma’s 100 per cent-owned Salmon Gums project has 24 kilometres of prospective strike which hosts at least two gold zones defined by historic geochemical sampling and minor drilling,” Aruma Resources managing director Peter Schwann explained. “Drilling the known gold bearing stratigraphy with shallow zones of greater than three metres at greater than 2.5 grams per tonne gold is a great starting point. “Just to start our journey with the maiden drilling is exciting especially with pyrite/sericite alteration noted in the first hole.” The Mt Deans lithium-tantalum project covers an area of 1.44sqkm in the Mt Deans pegmatite field, which is part of the Eastern Goldfields Terrane of the Yilgarn Craton. Aruma has had the PoW for drilling at Mt Deans approved and plans are afoot to prepare for drilling that is expected to commence upon completion of a Heritage Survey. The company considers Mt Deans highly prospective for lithium minerals, as wells as tantalum and rare earth element (REE) minerals. The project is interpreted to sit within the same host rocks and structures as the nearby Mt Marion, Bald Hill, and Buldania lithium projects.
Matsa Resources has plenty going on at present, but for the purpose of introduction here, we will concentrate on the company’s Lake Carey project in Western Australia. Matsa recently selected a site for a new gold processing plant to be constructed at the Fortitude gold mine and got relevant work activities underway. The proposed mill location at the Fortitude mine is well positioned to service Matsa’s other projects that are by and large within 20 kilometres of the proposed site. In January 2021, Matsa announced results of a concept study into a proposed new 600,000 tonnes per annum processing plant to service Lake Carey. The study determined a Matsa owned and operated treatment plant would greatly and positively impact the financial results of Matsa’s mining opportunities. An update to the study found the Fortitude Pit will now produce a potential cash surplus of $95 million over an estimated mining period of four years based on the 600ktpa processing plant. The revised optimisation was based on a revised MRE for Fortitude, which stands at approx. 8.05 million tonnes at 1.9 grams per tonne gold for 489,000 ounces. The Lake Carey Mineral Resource Estimate now stands at 867,000 ounces at 2.4g/t gold. Matsa has re-optimisation of the upgraded model currently underway. Should this work demonstrate a larger pit than currently planned and can produce a positive outcome then a new pit design, the company indicated a subsequent schedule and cash flow model will be prepared. “This is a fantastic result, Lake Carey just keeps getting better and whilst more work will improve the economics of the Fortitude mine, on face value it alone now justifies the mill strategy,” Matsa Resources executive chairman Paul Poli said.
(ASX: AAJ)
EMAIL info@arumaresources.com WEB www.arumaresources.com DIRECTORS Paul Boyatzis, Peter Schwann, Dr Mark Elliott
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(ASX: MAT)
EMAIL reception@matsa.com.au WEB www.matsa.com.au DIRECTORS Paul Poli, Andrew Chapman, Frank Sibbel, Pascal Blampain
Miramar Resources
Magnetic Resources
Miramar Resources has three projects in the Eastern Goldfields of Western Australia with potential for new gold discoveries close to existing mining and/or processing operations. » Gidji JV (80%) – strategic land position within the Boora Shear Zone, 15km north of Kalgoorlie; » Glandore – underexplored project with high-grade drill results 40km east of Kalgoorlie; and » Randalls – Folded BIF adjacent to Silver Lake Resources’ Mt Belches gold operations. Miramar also has two projects within the Proterozoic Capricorn Orogen, in the Gascoyne region of WA: » Whaleshark – folded BIF complex under Carnarvon Basin sediments; and » Bangemall – multiple applications over areas prospective for Ni-Cu-PGE mineralisation. Recent work at Gidgji entailed two phases of aircore drilling to test the Marylebone Target. Results from the campaign extended the Marylebone footprint by approximately 800 metres and included multiple intersections greater than 1g/t gold over 3 to 4m intervals. Further results upgraded the Marylebone target and confirmed its potential for Paddington and/or Panglo-style gold mineralisation. Miramar had several tenement applications granted that increased the total strike length of the Gidji JV to approximately 15 kilometres. “The latest aircore results received from Marylebone significantly upgraded this target with drilling now consistently returning +1g/t assays and improving towards the northwest,” Miramar Resources executive chairman Allan Kelly said. “The remaining tenement applications at Gidji were granted, meaning we can now continue to test the Marylebone target along strike to the northwest and determine the true size of the opportunity. “We also completed our first drilling campaigns at Glandore and this project looks as good, if not better, than the Gidji project. “Early-stage work at the Whaleshark and Bangemall projects in the Gascoyne region has also highlighted additional discovery opportunities within Miramar’s project portfolio.”
Magnetic Resources boasts a large land holding of 261 square kilometres in the world-class gold belt of Laverton, which has seen some of the largest gold discoveries made in Western Australia. Magnetic is in a fine neighbourhood with its 100 per cent-owned tenements situated within 10-15 kilometres of gold producers Dacian and Goldfields, both of whom have processing facilities which are not operating at full capacity. The company’s stated strategy is prioritised towards looking for the next multi-million ounce deposit in the Laverton region. To date, all Magnetic’s assets: Hawks Nest, Lady Julie and Homeward Bound, have been developed by utilising the skills and experience of the key members of the exploration team. The team is led by managing director, George Sakalidis, who throughout his career as a geophysicist has made several important discoveries, including the Three Rivers and Rose gold deposits, the Dongara mineral sands deposits and the Boonanarring-Gingin SouthHelene mineral sands deposits, all in WA. Much of Magnetic’s present focus is on the advanced Hawks Nest 9 and adjacent Lady Julie gold assets, both of which are large scale targets appearing at surface. The shallow gold and its proximity to existing mining operations and infrastructure in the region, represent the unique point of difference for Magnetic Resources. Recent drilling at Lady Julie encountered multiple thick and high-grade zones starting from surface that currently remain open to the SE and down-dip where they are thickening. There are now at least two discernible mineralised lodes recognised that mostly dip shallowly to the east at Lady Julie. These multi-stacked thickened lodes show similarities with the adjacent Wallaby, Sunrise Dam and Jupiter major gold deposits.
(ASX: M2R)
EMAIL info@miramarresources.com.au WEB www.miramarresources.com.au
(ASX: MAU)
EMAIL info@magres.com.au WEB www.magres.com.au DIRECTORS George Sakalidis, Eric Lim, Julien Sanderson, Chan Hian Siang
DIRECTORS Allan Kelly, Marion Bush, Terry Gadenne
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Hamelin Gold
Blackstone Minerals
Hamelin Gold listed on the ASX on November 5 by way of a demerger from Encounter Resources. Hamelin comes to the ASX with the West Tanami project, a landholding of more than 2,200 square kilometres in the Tanami gold province in Western Australian. The province is considered prospective for high value, large scale gold deposits and hosts Newmont’s Tier 1 Callie Operations in the Northern Territory, which is currently the lowest cost gold producer within Newmont’s global project portfolio. Hamelin believes its West Tanami project is a belt-scale Greenfields opportunity hosting the same geology and key structures as Callie with minimal modern exploration having been undertaken across the Hamelin landholdings. Hamelin has already hit the ground and is undertaking systematic whole of project target generation activities to support a major drill program in 2022 targeting world class gold mineral systems. An orientation geochemical sampling program has already been completed to evaluate the effectiveness of a variety of sampling techniques, which can then be applied throughout the West Tanami project. Hamelin considers historic shallow geochemical drilling across the project to have been and will now apply modern exploration techniques to evaluate priority targets. Additional soil sampling is likely to be completed following this program while a detailed airborne magnetic and radiometric survey over the eastern third of project, including the recently granted Fremlins prospect, is planned for December 2021. This information will be added with other available geophysical datasets, including high quality detailed magnetics completed by Newcrest in 2019, which are currently being compiled and reviewed These activities will be a precursor to a drilling program commencing early in 2022, which includes diamond drilling that has received EIS co-funding from the WA Government.
When a company manages a $60 million funds raising, you have to think it must be doing something right. Blackstone Minerals recently shored up a raising of $55 million, through a placement at an issue price of 58 cents per share to sophisticated and institutional investors. The company also offered the same deal to existing shareholders to raise a further $5 million. The combined funds will be spent on the company’s aspirations of downstream nickel refining in Vietnam. Earlier this year, Blackstone completed a Pre-Feasibility Study for the development of a Downstream Refinery for its Ta Khoa Refinery (TKR) project in Northern Vietnam. The PFS emphasised the competitive advantages of nickel sulphide projects and adding value via an integrated downstream processing strategy. In doing so, the PFS demonstrated a very low capital intensity is required for the TKR to produce Class I nickel at a scale that would make Blackstone a producer on a global scale. The PFS considered a refinery design to process up to 400,000 tonnes per annum (Base Case) of nickel concentrate, confirming a technically and economically robust flow sheet to upgrade nickel sulphide concentrate to produce battery grade NCM811 Precursor for the lithium-ion battery industry. “The Base Case PFS financial outcomes are compelling based on an NCM811 Precursor price forecast that is conservative compared to current observable market rates,” Blackstone Minerals managing director Scott Williamson said. “The internal rate of return on capital invested is exceptional for the Base Case, owing to very low capital intensity, a significant premium available when upgrading nickel sulphide concentrates into battery grade NCM811 Precursor and the competitive operating advantages in Vietnam, which include access to low-cost renewable hydro power.”
(ASX: HMG)
EMAIL contact@hamelingold.com.au WEB www.hamelingold.com.au DIRECTORS Will Robinson, Peter Bewick, Justin Osborne, Philip Crutchfield
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(ASX: BSX)
EMAIL admin@blackstoneminerals.com.au WEB www.blackstoneminerals.com.au DIRECTORS Hamish Halliday, Scott Williamson, Dr Frank Bierlein, Alison Gaines, Hoirim Jung
Tesoro Resources
Caprice Resources
Tesoro Resources quickly established a maiden Mineral Resource Estimate (MRE) of 25.1 million tonnes at 0.8 grams per tonne gold for 660,000 ounces of gold for the Ternera deposit at the company’s El Zorro gold project in Chile. Tesoro’s El Zorro gold project covers a total concession area of approximately 550 square kilometres, approximately 130km north of Copiapo City, in Region III (Atacama) in northern Chile. The Maiden MRE is based on 148 diamond holes from a total of 203 holes Tesoro has drilled at Ternera. Tesoro is continuing to drill the Ternea deposit in order to increase the MRE. “We see this as just the start for El Zorro, we are committed to significantly increasing this Mineral Resource via our ongoing drilling programs with the deposit at Ternera open in all directions,” Tesoro Resources managing director Zeff Reeves said. “We are also seeing significant potential for additional resources to be added over the coming months from other targets, particularly the adjoining Ternera East and Drone Hill targets, which is not included in the MRE. “Project studies including mining, metallurgy, environmental, hydrogeology and infrastructure are all underway to be able to define the project and assess the potential of developing a gold mine at El Zorro.” Assays from ongoing drilling have delivered strong results, the latest of which at the time of writing were received from nine diamond drill holes completed as part of the Ternera infill drilling program. All holes intercepted gold mineralisation, with wide gold zones intercepted increasing continuity and the extent of higher-grade gold zones, associated with north-south fault zones. Tesoro has discovered additional gold targets in the El Zorro District which exhibit similar styles of gold mineralisation.
Caprice Resources holds a 100 per cent interest in the Island gold project, located in the Lake Austin gold mining centre in the Cue Goldfield that it acquired in October 2020. Caprice also has an 80 per cent interest in the Cuddingwarra and Big Bell South projects, located to the west and southwest of Cue in the Cue Goldfield that were acquired in July 2021. The company also holds a 100 per cent interest in the Northampton project, a polymetallic brownfields project surrounding historical lead-silver and copper mines that were operational between 1850 and 1973. Rounding out the company portfolio is a 100 per cent interest in the Wild Horse Hill gold project located within the Pine Creek province of Northern Territory. The company recently completed a large expansionary drilling program on the Island, which the largest program undertaken at the time on the project. Drilling tested new areas and was tasked with aiming to extend mineralisation down plunge on select prospects. The program yielded satisfying results, particularly at the Vadrians Hill prospect, which became the fourth prospect with high-grade drilling intercepts and remains open at depth. These results built on Caprice’s previous two drilling campaigns since acquiring the IGP in October 2020 and demonstrate the high-grade nature of the BIF hosted mineralisation across the project. Mineralisation remains open elsewhere at depth at the Baxters, Golconda, New Orient and Vadrians Hill prospects. “These results, along with fellow explorers in the region, continue to highlight the prospectivity of the Murchison region,” Caprice Resources managing director Andrew Muir said. “However, we note that the vast majority of the Island gold project remains unexplored due to lake cover.”
EMAIL info@tesororesources.com.au WEB www.tesororesources.com.au
EMAIL info@capriceresources.com WEB www.capriceresources.com
DIRECTORS Zeffron Reeves, John Toll, Kristie Young, Linton Putland, Geoff McNamara
DIRECTORS Andrew Muir, David Church, Adam Miethke, Mick Caruso
(ASX: TSO)
(ASX: CRS)
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Mt Malcom Mines
CuFe Ltd
Mt Malcolm Mines listed on the ASX in September 2021 with a focus on progressing it’s the comprehensive prospective tenement package that makes up the company’s 100 per cent-owned Malcolm Project. The Malcolm project covers 274 square kilometres surrounding the Malcolm Mining Centre in the Central Eastern Goldfields, east of Leonora in Western Australia. Wasting little time, lodging a RC drilling Program of Work with the Department of Mines, Industry Regulation and Safety (DMIRS) over the high-priority Calypso tenement P37/8792 with approval being granted in October. Mt Malcom commenced RC drilling at the Calypso prospect, implementing a revised drill program targeting the centre of a large dominant magnetic high in a structurally complex magnetite rich sedimentary sequence abutting a fault controlled mafic foot wall. The Reverse Circulation drill program has been designed to test the extremely high magnetic signature at the Calypso prospect. Drilling to 200m will be targeting the magnetic siltstone/BIF horizons, porphyry intrusives and structural discrepencies in the highly deformed Calypso sedimentary sequence. Diamond drilling is anticipated on receipt of RC assay results, to be followed by the integration of the geophysical data package including incorporation of the latest gravity survey data with merged existing magnetic data. Additional PoW applications were lodged over a further three of the company’s other brown fields targets, Dumbarton and Dover Castle, which are gold prospects at the historic Malcolm Mining Centre and currently under assessment at DMIRS. A final PoW application was lodged for RC drilling at the Golden Crown prospect that was approved on 21st October. Historical drilling at Golden Crown demonstrated a possibility exists for economic concentrations of gold mineralisation to be present at depth.
CuFe Ltd – the company formerly known as Fe Ltd. As we were going to press Fe Ltd was soon to hold its AGM, a motion during which was to change the company name to CuFe Ltd. If we were to speculate why, it would probably have something to do with a binding agreement to acquire a 60 per cent interest in the exploration assets of Gecko Mining Company (GMC) in the Tennant Creek region of the Northern Territory. The Tennant Creek project is composed of three high-grade copper and gold Mineral Resources named Orlando, Gecko and Goanna historically defined under the JORC 2004 code by Emmerson Resources. Company executive chairman Tony Sage provided some insight into the company’s ambitions at the time. “Mature copper / gold assets are hard to find in today’s market given the attractive thematic for those commodities, particularly for copper with its connection into the battery metals space,” Sage said. “We are pleased to identify this opportunity to diversify our commodity exposure to supplement our high-grade iron ore at Wiluna and our other NT iron ore project Yarram, which is located just over 100 kilometres from Darwin port, which presents the opportunity for it to host a low cost operation.” A week later the company shipped its first load of iron ore, 60,500 wet metric tonnes, which set sail for a leading Southeast Asian mill. “It’s a great milestone for our team, contracting partners and shareholders to have the first shipment of JWD high grade lump completed,” Sage said. “We only acquired the JWD asset in September 2020 and just over a year later we have already completed our first shipment which is a remarkable achievement.”
EMAIL info@mtmalcom.com.au WEB www.mtmalcolm.com.au
DIRECTORS Tony Sage, Mark Hancock, Nicholas Sage (at time of writing)
(ASX: M2M)
DIRECTORS Robert Downey, Trevor Dixon, Daniel Tuffin, Gary Powell
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(ASX: FEL)
EMAIL ir@felimited.com.au (at time of writing) WEB www.cufe.com.au
Azure Minerals
Hot Chili
Azure Minerals arrived at the Andover project in the West Pilbara region of Western Australia about a year ago and since then the company’s exploration team has identified and drilled numerous zones containing substantial nickel and copper sulphide mineralisation, which points to Andover being a substantial nickel district of some renown. Just in November, Azure Minerals reported on the latest drilling at the Andover project (60% Azure / 40% Creasy Group) of a mineral resource drill-out of the VC-07 East nickel-copper sulphide deposit. The program encountered widths of nickel-copper sulphide mineralisation that confirmed continuity of mineralised thicknesses and grades. The VC-07 East deposit nickel-copper sulphide mineralisation commences within 40m of surface, defined over a continuous vertical extent exceeding 550m with deeper drilling confirming the VC-07 East deposit has additional depth potential. Azure anticipates a maiden Mineral Resource Estimate for VC-07 East in the first quarter of 2022. Drilling has moved to now focus on the VC-07 West mineralised zone, following up intersections of high-grade nickel-copper sulphide mineralisation drilled earlier this year. This drill program will also be testing targets identified by an earlier regional exploration program, including VC-23, VC-18 and VC-41. “From the initial identification of the kilometre-long VC-07 mineralised corridor, we’ve now completed drilling out the VC-07 East deposit and the estimation of Andover’s maiden mineral resource is underway,” Azure Minerals managing director Tony Rovira said. “From here, we move on to defining the VC-07 West mineralised body, where our earlier drilling intersected multiple sulphide-rich zones containing high grades of nickel and copper and shortly we’ll also start drilling on some of the regional electromagnetic anomalies, such as the high-priority targets at VC-23 and VC-18.”
Hot Chili has been busy on both the exploration and corporate fronts of late. Hot Chili completed a successful $40 million capital raising, which not only provided a positive endorsement of the company and its Costa Fuego copper-gold development it also resulted in Glencore becoming a 9.99 per cent strategic shareholder and taking up representation in Hot Chili’s Boardroom. In addition, the company is progressing an application to dual list on the Canadian TSX Venture Exchange (TSXV). In preparation for the proposed listing, Hot Chili aims to undertake a share consolidation on the basis that every fifty shares be consolidated into one share. The rationale being to reduce the number of shares currently on issue to approximately 87.4 million and effectively increase the value of the company’s assets. “The Directors consider the consolidation will strengthen the company’s ability to drive a significant re-rate in the company’s valuation and support future funding of the company’s Costa Fuego copper-gold development in Chile,” Hot Chili said. On the exploration front, the company’s resource growth drilling program at the Cortadera copper-gold discovery continued with three drill rigs in operation. Results have continued to expand and upgrade the categorisation of the maiden 451 million tonnes resource at Cortadera and encouraged the company to extend its planned drilling until mid-December, past the originally planned 40,000m program. Pre-feasibility studies into the combined Costa Fuego copper-gold development are progressing across preliminary mine design, geotechnical studies and metallurgical workstreams. Hot Chili has ramped-up its exploration activities across its consolidated Costa Fuego landholding. Regional soil sampling and mapping have advanced in parallel with targeting across several high impact growth targets which are being prepared for first drilling late this year.
(ASX: AZS)
EMAIL admin@azureminerals.com.au WEB www.azureminerals.com.au DIRECTORS Brian Thomas, Anthony Rovira, Annie Guo, Hansjörg Plaggemars
(ASX: HCH)
EMAIL admin@hotchili.net.au WEB www.hotchili.net.au DIRECTORS Murray Black, Christian Easterday, Dr Allan Trench, Roberto de Andraca Adriasola, Randall Nickson, Mark Jamieson
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Nexus Minerals
Stavely Minerals
The most recent news from Nexus Minerals involved high-grade assay results from four diamond tail / RC Pre-collar holes and one vertical reverse circulation (RC) hole drilled at the Crusader prospect, within the company’s Wallbrook gold project in the eastern goldfields of Western Australia. The company explained how the four diamond drill holes completed ‘tails’ to RC pre-collars and were drilled to test the mineralised zone at a depth of ~250m. All four holes encountered mineralisation. The single vertical RC hole (#198) achieved its aim, which was to test the vertical extent and tenor of mineralisation at the southern end of the Crusader mineralisation. Deep diamond hole DDH#5 intersected visible gold in a 30m zone of intense alteration – the same alteration style as seen at Northern Star’s multi-million-ounce Karari Gold Mine, 30km to the south. “The visible gold seen in DDH#5 is very encouraging as it represents the first time we have logged visible gold in drilling at Crusader-Templar,” Nexus Minerals managing director Andy Tudor said. “The fact that the visible gold is logged in the middle of some 30 metres of intense alteration makes it even more significant. “The alteration style and mineralisation observed in the CrusaderTemplar drill holes exhibit the same style that hosts the multi-millionounce Karari deposit 30 kilometres to the south providing additional confidence in the potential pedigree of the project. “The systematic and determined exploration approach by the Nexus team that has led to this discovery, is setting up the project for its success.” RC drilling underway at Crusader-Templar will test for depth mineralisation extensions, to approximately 250m, as well as testing the full 1.6km strike of the Crusader/Templar mineralised corridor currently identified.
Stavely Minerals recently embarked on a major new regional exploration initiative across the company’s 100 per cent-owned Stavely copper-gold project in western Victoria. The multi-pronged exploration program followed an intensive regional prospect review that identified 19 priority exploration targets for follow-up reconnaissance exploration. The Stavely project encompasses some 115 kilometres of strike of the Stavely, Bunnugal, Elliott, Narrapumelap and Dryden volcanic belt segments, all prospective for major porphyry discoveries. The known prospects in the Stavely Volcanic Belt are partially exposed in a small window of sub-crop extending over approx. 20km of strike, yet a healthy majority (~95km) of the prospective volcanic belt segments remain hiding under younger cover. This means a large proportion of the regional targets have never been tested previously. “While some of these targets have been known for some time, most of the regional targets have had very little, if any previous exploration,” Stavely Minerals’ Chair and Managing Director, Mr Chris Cairns, said: “Not only are we now able to reassess the known targets with a refined understanding of the mineral systems in the region – given the massive learning experience we have had at Thursday’s Gossan and the Cayley Lode – but we will also be ‘first mover’ on a large number of previously untested targets. “Earlier this year, the aircore discovery of porphyry-style coppermolybdenum-silver mineralisation at Toora West demonstrates that our team has developed a targeting methodology that can locate ‘blind’ mineralisation under younger transported cover. “While we are very excited about the prospect of getting a diamond drill onto the Toora West prospect, we are equally excited about the regional potential we hope to be unlocking in the coming months.”
(ASX: NXM)
WEB www.nexus-minerals.com DIRECTORS Paul Boyatzis, Andy Tudor, Dr Mark Elliott, Bruce Maluish
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(ASX: SVY)
EMAIL info@stavely.com.au WEB www.stavely.com.au DIRECTORS Chris Cairns, Jennifer Murphy, Peter Ironside, Amanda Sparks, Robert Dennis
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2022
www.verticalevents.com.au Conference Line-up RIU Explorers Conference Esplanade Hotel Fremantle - by Rydges, Western Australia
15, 16 & 17 February 2022 This event has always started the resources conference year, and provides the junior and mid cap resources industry a venue to communicate the latest exploration and production successes along with updates on their technical and corporate performances. The RIU Explorers Conference has seen the best of the established resources companies as well as unearth some brand new companies.
Gold Coast Investment Showcase JW Marriott Gold Coast Resort, Queensland
22 & 23 June 2022 This unique event is open to ASX Companies from all sectors interested in promoting their activities to high net worth retail and Super Fund investors. The programme diversity is a key attribute to investor interest and their enquiries within the exhibition area. The relaxed south east Queensland setting caters for an enjoyable but effective time away from the office.
RIU Good Oil & Gas Energy Conference Hyatt Regency Hotel, Perth, Western Australia
7 September 2022 This is where the who’s who of the mid-cap oil and gas industry get together to discuss the new finds and developments in the industry. This event is the second largest corporate oil event in Australia.
The New World Metals Conference Hyatt Regency Hotel Perth, Western Australia
8 September 2022
TechKnow Invest Roadshow - The Return 22 March 2022 Sydney, New South Wales 24 March 2022 Melbourne, Victoria
Reach out to highly diverse investment audiences including institutional investors, brokers & private investors at this premium investment forum for technology companies. Australia’s largest investment roadshow for the tech sector.
The New World Metals Conference features many of the upcoming and also developed resources companies dealing in the Lithium, Graphite, Vanadium, Copper, Cobalt, Manganese, Magnesium, Zinc, Nickel, Helium, Hydrogen, Rare Earths and other minerals associated with technology, battery storage and emission free power transmission. This combined with overviews by market professionals, will highlight the best companies that have and will take advantage of the upswing in the ‘New World Metals’.
RIU Sydney Resources Round-up Hyatt Regency Hotel Sydney, New South Wales
3, 4 & 5 May 2022 Come to the financial capital of Australia to see the strongest players of the resources industry present to some of the elite of the investment industry.
Abbey Beach Resort, Busselton Western Australia
19, 20 & 21 October 2022