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Canaccord Genuity (Australia) Limited AFSL 234666

WALLY GRAHAM As long as nobody sneezes, the outlook for Australia’s mineral exports will continue to rise, as the world economy rebounds from the ravages of the COVID-19 pandemic. As perverse as it is, the pandemic has provided a favourable base from which Australian miners have benefitted as their accumulated products reached high demand status. We may have thought we were doing well by setting a record for export earnings in 2019-20, but for 2020–21, Australia’s export earnings are forecast to be a record $296 billion, take that COVID! The question facing us all now is, are we smart enough to embrace smart technologies and allow Australia’s resource sector to capture the growth in demand for resources from new and low emission technologies. It is ironic that the cause of consternation for most of the population is climate change and the man-made pollutions that fingers are squarely pointed at in accusatorial attitudes. Jump aboard The Roadhouse time machine for a trip back to the beginnings of the industrial age when Stephenson fired up his rocket and mechanised weaving looms gave rise to technology denying luddites. Back then people embraced new technologies with gusto. Not just ordinary people, but big business, who was quick to realise the quicker they could build the labour-saving devices, the quicker the population would embrace them.

Now, any modern-day technological breakthrough is viewed with a great deal of scepticism, especially by the big businesses who have back yards full of stockpiled superseded technology and becoming as reluctant for change as those loom protestors of the past. This makes it hard for the modern-day mineral explorer, as although they may be blessed with leases abundant with supplies of commodities that are critical to today’s – and the future’s – innovations, having their value ignored by a blinkered market and government inertia makes it harder to dig up and process their finds and contribute to the betterment of society. Lithium appears to be the bellwether commodity for the moment, as it is fortunate to have its name on the batteries that are changing the way we live. That is not to forget the coppers, zincs, nickels, et al of the world, it’s just that lithium gained early traction and is making the most of this opportunity. World demand for lithium is estimated to increase from 305,000 tonnes lithium carbonate equivalent (LCE) in 2020 to 426,000 tonnes in 2021. Demand is then forecast to exceed half a million tonnes in 2022, and more than one million tonnes by 2026 as global electric vehicle (EV) popularity takes hold. The strong demand increase in 2021 is based on increasing EV uptake, driven by lower vehicle prices, government measures and increased model choice. Not wishing to be harbingers of bad news, but changes to technology happen a lot quicker these days than they did back in industrial times, which means commodities like lithium have to make the most of their time in the spotlight. Battery technologies are changing rapidly with some metals already on the lithium-ion battery endangered list. And just because state governments and the RAC are spending money providing recharge stations along the nation’s highways, doesn’t mean this will be the way the public will choose to transport itself around in twenty, perhaps only ten, years from now. We can only wait and see, but in the meantime, I’d encourage you all to have some serious conversations with the booth holders here in the RIU Sydney Resources Round-up exhibition space. As Riff Raff said in The Rocky Horror Picture Show – “It’s astounding, time is fleeting. Madness takes its toll”.

resourcesroadhouse.com.au © Copyright Resources Roadhouse Pty Ltd May 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.

Company 1 Hot Chili Name (ASX: HCH) Limited (ASX: XXX)

Hot Chili has made great progress during the early stages of 2021, in particular by moving to the final stage of the company’s 100 per cent acquisition of the world-class Cortadera copper-gold discovery in Chile. In February, Hot Chili paid an instalment of US$10 million towards the acquisition of Cortadera from private Chilean mining group SCM Carola, bringing total payments by Hot Chili to US$17 million since the deal to acquire Cortadera was announced in February 2019. Hot Chili now has only one remaining payment of US$15 million due in mid-July 2022. By making the latest payment earlier than required, Hot Chili fashioned 18 months of breathing space for it to focus on the growth of Cortadera’s maiden resource before the final acquisition payment is due. The company has accelerated activities that kicked off with a fully funded 40,000m drill program and scoping studies designed to incorporate Cortadera as the centre piece of Hot Chili’s combined large-scale Cost Fuego copper development. “In less than two years we have transformed Cortadera from a small privately-held discovery in Chile to a leading global copper resource,” Hot Chili managing director Christian Easterday said “Coming off the back of our first resource of 1.7 million tonnes copper metal and 1.9 million ounces of gold, announced in October 2020, Cortadera now represents one of the lowest cost recent acquisitions in the copper sector. “This equates to less than US 1 cent per pound of copper added in resource against the total purchase price of US$32 million and is set to further reduce with additional resource growth this year.” To demonstrate just how good the potential at Cortadera is, Hot Chili soon released a new drill result that ranks as one of the widest intersections the company has recorded at Cortadera and confirmed the high-grade core discovered in the main porphyry (Cuerpo 3) is expanding rapidly. The drill results in question returned: » CRP0061D 813 metres at 0.4 per cent copper and 0.1 grams per tonne gold from 54m depth to end of hole. This included an intercept extending the high-grade core of: 318m at 0.6 per cent copper and 0.2g/t gold from 440m depth. In the lead up to the RIU Sydney Resources Round-up, Hot Chili provided further verification that extensional drilling at the Cortadera copper-gold discovery is on-track to deliver a substantial upgrade to the combined Costa Fuego copper-gold resource in Chile. Costa Fuego’s combined resource base currently sits at 724 million tonnes at 0.48 per cent copper equivalent for 2.9 million tonnes copper, 2.7 million ounces gold, 9.9 million ounces silver and 64,000 tonnes molybdenum and is being expanded toward a Tier-1 copper resource (+5Mt copper).


New results CRP0046D confirmed a further two wide visual intersections (assays pending for CRD0080 and CRP0047D). In all, Hot Chili has achieved eight meaningful extensional diamond drill intersections since Cortadera’s maiden resource was announced in October 2020. Results for CRP0046D, include: » 114m at 0.5 per cent copper and 0.2g/t gold from 248m down-hole depth and 185m at 0.5 per cent copper and 0.2g/t gold from 568m down-hole depth, including additional silver and molybdenum credits. While all this was happening, Hot Chili added a new land holding, named Santiago Z, to the company’s Costa Fuego copper development in Chile. Santiago Z contains a large historical soil molybdenum anomaly that is approximately twice as large as the soil molybdenum anomaly related to the Cortadera copper-gold porphyry discovery, located just 5km to the north. Santiago Z adds an additional 20 per cent (5,468ha) to Hot Chili’s Costa Fuego landholdings. Subsequent work carried out at Santiago Z provided further evidence of the potential for Cortadera to be part of larger regional copper porphyry cluster on the Chilean coastal range. Soil results and mapping confirmed the presence of a large copper porphyry footprint measuring over four kilometres in length and 2km in width at the Santiago Z landholding, located immediately south of Cortadera. Santiago Z contains a large historical XRF soil molybdenum anomaly that is twice the size and four times the tenor of the soil molybdenum anomaly related to the Cortadera copper-gold porphyry discovery. Hot Chili is also conducting RC drilling at Cortadera North where a total of eight first-pass RC drill holes have been completed. An additional three RC drill holes remain to be drilled and the company expects to report results once all assays have been received and compiled. Multielement pathfinder results will be key to determining potential areas for second-pass diamond drill hole tails and RC follow-up drilling at Cortadera North.

EMAIL admin@hotchili.net.au WEB www.hotchili.net.au DIRECTORS Murray Black, Christian Easterday, Dr Allan Trench, Roberto de Andraca Adriasola, Randall Nickson

Auteco Minerals (ASX: AUT)

Auteco Minerals continued its march towards increasing the one million ounces Inferred Resource at the company’s Pickle Crow gold project in Canada. In September 2020, the company announced a JORC 2012-compliant Inferred Resource for the Pickle Crow gold project for 1 million ounces at 11.3 grams per tonne gold. This was a 20 per cent increase on Auteco’s maiden Inferred Resource of 830,000 ounces at 11.6g/t gold it had announced in June, following the commencement of its maiden drilling program in April 2020. Auteco has funded and operated the exploration campaign, which delivered the Inferred Resource and having done so the company has now completed the Stage 1 Earn In expenditure requirements under the terms of an Earn-In Agreement and subsequently moved to 51 per cent ownership of the project. Auteco Minerals recently reported further strong drilling results from the project, from which it has claimed discovery of more high-grade mineralisation. Auteco is well into a 45,000m drill program charged with the key objectives of: » Extending and discovering mineralised vein structures proximal to historic workings and outside of the current Inferred Resource (1Moz at a grade of 11.3g/t gold); » Infill drilling of newly extended or discovered vein structures, with the aim of delivering an updated mineral Resource estimate around 30 June 2021; and » First pass testing of regional drill targets away from the main Pickle Crow deposit. Recent drilling has identified more high-grade gold veins in a new structure, which will form part of the new Resource estimate. The intersections in these new veins, which are in the Shaft 3 area, include: » AUDD0102 0.3 metres at 315.4 grams per tonne gold from 41.7m; » AUDD0104 1m at 34.9g/t gold from 191.2m; » AUDD0079 1.2m at 29.7g/t gold from 249.7m in hole; » AUDD103 2.3m at 7.8g/t gold from 39.8m in hole; » AUDD120 0.5m at 33.7g/t gold from 302.2m in hole; and » AUDD107 4.0m at 3.6g/t gold from 432m in hole. Step-out drilling carried out in the Shaft 3 area extended the known mineralised vein structures, returning results of: » AUDD0119 0.6m at 313g/t gold from 338.8m; (~20m extension to known vein) » AUDD0092 5m at 9.5g/t gold from 46.2m; (~120m extension to known vein)

» AUDD102 1.5m at 19.3g/t gold from 250.5m; (~20m extension to known vein) » AUDD085 1.6m at 6.1g/t gold from 168.5m; (~80m extension to known vein) » AUDD112 1.2m at 11.9g/t gold from 382.1m; and (~160m extension to known vein) » AUDD100 1.2m at 8g/t gold from 459.6m. (~70m extension to known vein) “These results show that our strategy to grow the one million ounces Inferred Resource is on track,” Auteco Minerals executive chairman Ray Shorrocks said. “We are discovering new high-grade veins and extending the known size of those we found earlier. “These results will form part of the Resource update set for completion in this quarter.” For the technically minded, the Pickle Crow gold deposit is a high-grade, shear-hosted, mesothermal Archean lode gold deposit. The deposit occurs primarily within mafic volcanics and banded iron formation (BIF) units in the Pickle Crow assemblage of the Pickle Lake Greenstone Belt in the Uchi Lake Sub-province of the Superior Craton of the Canadian Shield. Located in the Tier-1 Mining Jurisdiction of Ontario, the project is 400 kilometre north of Thunder bay on State Route 590 with grid power less than 5km from the project. Infrastructure-wise the project does alright too with year-round, paved road access to the project, as well as commercial flight access to Sioux Lookout located 2 hours’ drive to the south. Local services including shopping, hospitals and heavy equipment rental are located less than 5km from the project in the town of Pickle Lake. The region has a recent history of mining and a skilled workforce is available in the region. A 225 tonnes per day gravity mill was constructed on the project in 2006 but never commissioned. Gold recoveries of more than 98 per cent gold were recovered from the historic mining operation that ran from 1935 to 1966. Gravity recoveries for the period 1935 to 1948 achieved over 40 per cent, however these increased to around 60 per cent in the later years as the mine implemented improving technology.

EMAIL info@autecominerals.com.au WEB www.autecominerals.com.au DIRECTORS Ray Shorrocks, Michael Naylor, Stephen Parsons, Nicholas Katris


Company 1 Azure Minerals Name (ASX: AZS) Limited (ASX: XXX)

Azure Minerals recently reported results from drilling carried out at the company’s Andover nickel-copper project in Western Australia. Azure Minerals informed the market the drilling had confirmed that sulphide mineralisation it had observed in diamond drilling at the VC-23 target at Andover returned meaningful nickel and copper assays, intersecting massive, semi-massive and matrix nickel-copper sulphides in multiple holes, including: » ANDD0009 5.8m at 1.12 per cent nickel and 0.71 per cent copper from 69.6m; » ANDD0011 4m at 1.69 per cent nickel and 0.21 per cent copper from 32.7m, including: 1.3m at 3.51 per cent nickel and 0.21 per cent copper from 32.7m; » ANDD0012 7m at 1.35 per cent nickel and 0.45 per cent copper from 95m, including: 2.7m at 2.29 per cent nickel and 0.48 per cent copper from 96m; » ANDD0013 4.4m at 1.17 per cent nickel and 0.61 per cent copper from 84.6m; » ANDD0016 4m at 1.02 per cent nickel and 0.49 per cent copper from 92.3m; and » ANDD0017 0.6m at 1.30 per cent nickel and 0.37 per cent copper from 85.1m. The VC-23 target is the second of ten targets, the first being the VC-07 discovery target, that are to be drill tested as part of Azure’s ongoing nickel exploration program at Andover. The targets were identified by way of high priority surface fixed-loop electromagnetic (FLTEM) and DHTEM surveys. “We’ve started 2021 at Andover with strong momentum on several fronts,” Azure Minerals managing director Tony Rovira said. “Drilling continues to expand the substantial body of nickelcopper sulphide mineralisation at VC-07, while our first reconnaissance drilling on another high priority target has resulted in a new discovery of significant nickel and copper sulphides at VC-23. “Furthermore, the company’s ongoing geophysical exploration continues to identify more prospective targets for drilling, demonstrating the highly prospective character of the entire Andover project. “The new VC-23 discovery is wide-open for further expansion with the mineralisation remaining open in all directions. “The downhole electromagnetic (DHTEM) surveying identified multiple off-hole EM conductors that will be a major focus for the next round of drilling. “With the sulphide mineralisation being remobilised from a primary source, we believe that VC-23 could potentially host a mineralised system similar to that at VC-07.” To assist with further drill targeting at VC-23, Azure is undertaking geochemical studies, geophysical surveying, and modelling


of the electromagnetic conductors to assist with tracing remobilised mineralisation back to the original source deposit. To provide prospect-wide EM coverage at VC-23, an extensive, deep-seeking surface FLTEM survey utilising large (600m x 600m) loops will be undertaken to cover the drilled area and further to the east to define conductors representing along-strike and down-dip mineralised extensions. Additional diamond drilling will then be undertaken to test these conductor targets. Elsewhere on Andover, Azure’s regional exploration program will continue through 2021, comprising surface, downhole and airborne geophysical surveys, with follow-up diamond core and Reverse Circulation (RC) drilling when heritage clearances of those sites have been finalised. Meanwhile, diamond drilling is to continue at VC-07 with three rigs actively exploring the down-dip and western strike extensions of the nickel-copper mineralised system. Azure Minerals acquired an interest in the Andover project in 2020 when it entered into tenement sale and Joint Venture agreements with entities controlled by renown Western Australian prospector Mark Creasy (the Creasy Group) on several WA gold and nickel projects. These included: » ANDOVER NICKEL-COPPER PROJECT: (60% Azure / 40% Creasy Group) As proven by the work carried out by Azure since acquisition, Andover hosts nickel-copper mineralisation discovered by the Creasy Group in 2018. A layered mafic-ultramafic intrusive complex hosts nickel and copper sulphide mineralisation. Creasy Group drilled encouraging grades and widths of nickel and copper; however, no follow-up drilling had been conducted since this discovery in the 2018 program until Azure came along. » TURNER RIVER GOLD PROJECT: (70% Azure / 30% Creasy Group) The project is located adjacent and along strike to De Grey Mining’s Mallina project that hosts 2.2 million ounces of gold and the Hemi gold discovery. Turner River comprises 450 square kilometres of unexplored ground with the geology and structural setting to encourage exploration activity. The project also hosts 12km of strike of the fertile Berghaus Shear Zone along trend from the Hemi discovery.

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

Centaurus Metals (ASX: CTM)

Centaurus Metals has made significant inroads in 2021 towards becoming a global nickel sulphide developer at the company’s 100 per centowned Jaguar nickel sulphide project in the Carajás Mineral Province of northern Brazil. No sooner had the New Year bell finished ringing, Centaurus hit the market with the announcement of an updated JORC 2012-compliant Indicated and Inferred Mineral Resource Estimate (MRE) of 58.6 million tonnes at 0.95 per cent nickel for 557,800 tonnes of contained nickel for the Jaguar project. “This reinforces the quality of the Jaguar project as a globally significant, near-surface nickel sulphide deposit with outstanding potential for continued growth,” Centaurus Metals managing director Darren Gordon said. “It is also a fitting reward for the efforts of our exploration team, who have done a great job in advancing our drill programs.” Broken down, the MRE update included a 50 per cent increase to the Indicated component of the Resource, which now sits at 19.9 million tonnes at 1.12 per cent nickel for 223,400 tonnes of contained nickel, with this Indicated component now representing 40 per cent of the global MRE. Of note, the grade of the Indicated component is almost 20 per cent higher than the global MRE grade, demonstrating the quality of this higher geological confidence mineralisation to support early payback in any future mining operation at Jaguar. But wait, there’s more: over 80 per cent of the contained nickel in the global MRE is located within 200 metres of surface. The company believes these near-surface, high-grade resources have the potential to fall within open pit optimisation and mine plans to underpin the Jaguar Scoping Study – which it did. Centaurus released the Scoping Study results in March, producing outcomes that demonstrated the potential for Jaguar to become a sustainable, long-term and low-cost producer of Class-1 nickel for global markets, generating strong financial returns while also delivering meaningful social and economic benefits for the local communities in which the project is located. The Study was conducted by a group of leading independent consultants, overseen by in-house Centaurus personnel. In the wash-up, the Base Case Scoping Study considered open pit and underground mining over an initial 10-year mine life, delivering nickel sulphide feed to a 2.7 million tonnes per annum conventional nickel flotation plant to produce approximately 20,000 tonnes of recovered nickel metal per year at a low life-of-mine (LOM) C1 operating cost of approx. US$2.41 per pound. At time of writing, Centaurus was anticipating the Base Case Study to be followed by a Value-Added Scoping Study that will consider the production of nickel metal through the inclusion of a Pressure Oxidation circuit to further value-add the nickel concentrate produced in the flotation plant.

Centaurus has delivered a completed positive Scoping Study just over 18 months after acquiring the Jaguar nickel sulphide project, a feat the company considers to reflect the project’s fundamentals and its ability to underpin the development of an outstanding new sustainable long-life, low-cost nickel sulphide operation. “Our goal is to transform Centaurus into a new-generation nickel sulphide mining company in Brazil, capable of delivering more than 20,000 tonne per annum of Class-1 nickel sulphides to global markets for many years to come,” Centaurus Metals managing director Darren Gordon said. “The Scoping Study clearly shows that Jaguar has all the attributes required to achieve this goal, and to do so in a sustainable and responsible manner that ensures we meet the highest possible ESG standards. “The Base Case Scoping Study reveals a project with compelling economics combined with the ability to deliver significant social benefits to the local community in which the company plans to operate, over a long period of time.” The low C1 operating costs and associated free cash-flows that are generated over the initial 10-year mine life have given Centaurus a high degree of confidence that Jaguar will be financially viable in any future nickel price environment. The company believes the low C1 cash costs reflect both the large open pit volumes and the low operating cost environment in Brazil, and results in high operating margins that will be resilient to fluctuations in the nickel price and exchange rates. “The development timeline for the Jaguar project sees production planned for the second half of 2024,” Gordon said. “Most major investment bank research suggests that the demand for Class-1 nickel at this time will be strongly outstripping supply – which should be favourable for nickel producers, particularly those like Centaurus that can sustainably produce nickel from sulphide sources at very low operating costs.”

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


Breaker Resources (ASX: BRB)

Breaker Resources continues to make advances towards growing the one million ounce Resource at the company’s Lake Roe gold project near Kalgoorlie in Western Australia. Breaker Resources released the maiden JORC 2012 Mineral Resource for the Bombora discovery in mid-April 2018. This was updated in September 2018 and more recently in September 2019. The Resource, which is constrained by drilling, remains open in all directions and only includes drilling within 250 metres of surface and currently comprises 23.2 million tonnes at 1.3 grams per tonne gold for 981,000 ounces, including a high-grade component of 670,000 ounces at 2.2g/t gold. The company’s latest advancements stemmed from drilling results that included high-grade assays from intersections encountered below the one million ounce open pit Resource at the Bombora deposit within Lake Roe. Other drilling advanced the Crescent-Kopai areas providing further results the company expects to upgrade the continuity and growth potential in each area and form part of a soon to be estimated Resource update. At the Bombora deposit two infill diamond holes hit multiple intersections, demonstrating the continuity and mining potential of a 2km-long high-grade lode system below the open pit Resource. Results included: » BBDD0109W1 12.8 metres at 3.62 grams per tonne gold, including 2.3m at 12.08g/t gold from 571.4m; » 9.75m at 3.21g/t gold, including 3m at 9.27g/t gold from 660.3m; » 15m at 2.66g/t gold, including 5m at 4.55g/t gold from 739m; and » BBDD0110W1 9.69m at 3.44g/t gold, including 3m at 6.64g/t gold from 544.83m; and » 16.45m at 2.9g/t gold, including 2m at 8.2g/t gold from 509m. The diamond drilling at Bombora is targeting a two kilometres-long, 150m-wide array of regular high-grade gold steep, flat and west-dipping lodes situated below the open pit Resource. The lode system was previously defined on a 160m drill line spacing and is open to the north and south. Results from RC drilling at Crescent-Kopai, 2.5km north of Bombora identified new high-grade zones up to 400m-long in a 1,800m by 300m mineralised zone. Results included: » BBRC1632 12m at 3.85g/t gold, including 8m at 5.71g/t gold from 144m; » BBRC1626 20m at 1.51g/t gold, including 4m at 3.86g/t gold from 32m; and » BBRC1605 5m at 3.85g/t gold, including 3m at 5.88g/t gold from 34m. The Crescent-Kopai results confirm the potential for a satellite deposit that is still growing as well as scope for ongoing growth both


within the mineralised zone, where several internal zones of higher grade are now evident, and where the deposit is still open along strike. Further drilling is planned to outline the extent and controls of the high-grade gold mineralisation, and to follow the gold where open along strike. “The diamond drill results from Bombora are significant because they are the first 80 metres-spaced infill holes into the two kilometres-long high-grade lode system situated below the one million ounces open pit Resource,” Breaker Resources executive chairman Tom Sanders said. “We are seeing regularity in structure over large distances due to extensive early drilling to understand the structures controlling the gold mineralisation. “As a result, we have established genuine scale, which is important to the economics of a mining operation.” The satellite Carbineer prospect located 400m to 700m east of the Bombora deposit is also demonstrating potential to add to Breaker’s value. The company identified gold at Carbineer in mid-2020 in a 1.5km-long extension of the Bombora Dolerite, unfortunately follow-up drilling was delayed by the sourcing of an RC drill rig and manning issues, largely related to Covid-19. Mineralisation at Carbineer is associated with a west-dipping Quarries Fault corridor and has associated flat structures similar in nature to the gold mineralisation at Bombora. Indicative gold mineralisation intersected to the south along the Quarries Fault was reported by Breaker in July and 22 September 2020. “The multi-million ounce growth potential is quite clear,” Sanders said. “We are seeing good continuity and high-grades over a big area and to significant depth. “The open pit mining option is still growing, and we are only just starting to unlock the high-grade underground potential. “Bombora is a typical Archean lode deposit and the increasing predictability of structure is good for mining and is good for finding more gold. Projecting these faults has identified many new targets along strike, at depth, and eastwards into the magnetite-altered syenite contact, which is lighting up in the aircore drilling over a 12 kilometres strike length. “The company strategy is to realise a substantial part of the multimillion ounce growth potential, and then complete the necessary steps towards development.”

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

Musgrave Minerals (ASX: MGV)

Musgrave Minerals has continued 2021 the same way it left 202, by drilling impressive gold intersections at the company’s 100 per cent-owned Cue gold project in the Murchison region of Western Australia. The current resource estimate for the Cue gold project totals 6.4 million tonnes at 3.2 grams per tonne gold for 659,000 ounces. This includes the Break of Day deposit (797,000 tonnes at 10.2g/t gold for 262,000 ounces contained gold) and the Lena deposit (4.3 million tonnes at 2.3g/t gold for 325,000 ounces contained gold) located 130m to the west of Break of Day. Musgrave recently celebrated inclusion in the S&P All Ordinaries Listings, a well-earned reward for the company’s exploration efforts of late, which include further strong assay results from a program of regional aircore drilling at Target 14, located within a new gold corridor that has been identified west of the Lena deposit. The latest round of aircore drilling has continued the company’s run of defining strong high-grade regolith mineralisation at Target 14 along with broad lower grade mineralisation suggesting the existence of a substantial basement source. The gold mineralisation at Target 14 occurs under a thin layer of transported cover, extends for more than three of strike and remains open. Recently reported gold results, include: » 21MUAC103 12 metres at 8.7 grams per tonne gold from 66m to EOH, terminating in high-grade gold mineralisation at the fresh rock interface; » 21MORC019 24m at 3.0g/t Au from 40m, including: 9m at 6.1g/t Au from 40m; » 21MUAC115 24m at 1.3g/t Au from 60m; » 21MUAC098 6m at 2.9g/t Au from 24m; » 21MUAC104 30m at 0.75g/t Au from 24m; and » 21MUAC095 78m at 0.42g/t Au from 12m. “The aircore drilling is continuing to define near surface high-grade mineralisation and provide fantastic targets for basement follow-up along the new gold corridor west of Lena,” Musgrave Minerals managing director Rob Waugh said. “With drill hole 21MUAC103 terminating in high-grade mineralisation we are confident of being close to the primary basement source for this regolith gold mineralisation. “Follow-up RC drilling will commence in a few weeks after the first phase of basement drilling at Big Sky is completed, testing similar high-grade and extensive gold targets 2.5 kilometres south of Target 14.” The drilling referred to by Waugh is following up aircore drilling completed earlier this year that linked Targets 5 and 20 to define a continuous regolith gold anomaly with a strike extent over 1.2km that has been named Big Sky.

Mineralisation on the gold corridor, situated south-west of Lena remains open to the north and south and down dip. “The aircore drilling is continuing to define strong continuous regolith gold mineralisation along the new gold corridor south-west of Lena under thin transported cover,” Waugh said. “The high-grade, strong continuity and near surface nature of the mineralisation is extremely encouraging. “The regolith gold dispersion is over a broad area with RC follow-up drilling, testing basement targets scheduled to commence next week. “We currently have three exploration drill rigs on site and a significant drilling program planned for the remainder of 2021. “RC drilling is also continuing at White Heat.” RC drilling carried out at White Heat (formally Target 2) also continued its string of strong results identifying high-grade gold mineralisation near surface. The mineralisation at White Heat has now been intersected over a strike extent of up to 100m with drilling at depth and along strike continuing. Intercepts from 1m samples include: » 21MORC039 11m at 19.6g/t gold from 48m, including 2m at 94g/t gold from 48m, including 1m at 155.2g/t gold from 48m. “These high-grade, near surface gold results from White Heat further highlight the discovery potential of the project,” Waugh said. “Exploration is continuing to deliver strong results and add value for our shareholders. “Drilling will resume at White Heat…as we continue to define the limits and plunge of the mineralisation.” Earlier this year, Murchison reported on a regional scout aircore drilling program undertaken on the Cue Joint Venture over Lake Austin with Evolution Mining. The results from this drilling were also impressive, continuing to strengthen Musgrave’s exploration model for a large gold system beneath Lake Austin. The aircore drilling generated multiple high-priority basement gold targets for follow-up diamond drill testing. “The Joint Venture aircore drilling continues to define strong consistent gold anomalies under Lake Austin indicative of a large mineralised system in the basement,” Waugh said. “We are looking forward to the commencement of diamond drilling in February to test the basement beneath a number of these large regolith gold targets.”

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


Magnetic Resources

New World Resources

Magnetic Resources kicked off 2021 with a positive mindset, determined to accelerate drilling activities at the companies Hawks Nest 9 (HN9) and Lady Julie deposits, located near Laverton in Western Australia. The company kicked off proceedings with two rigs being used to drill 108 RC holes at HN9 and 97 RC holes at Lady Julie with the aim of defining Indicated JORC Resources at both sites, which the company considers having potential for a mining centre. Most of the news to be reported at the time of writing had emanated from H9 where infill drilling in 2020 encountered numerous high-grade intersections, including: » MHNRC851 4 metres at 70.7 grams per tonne gold from 0m; and » MHNRC814 4m at 5.7g/t gold from 12m. Other results highlighted this year stemmed from a 2D shallow seismic survey on an 8km long EW line, completed in December 2020, centred on HN9 and extending eastwards to Lady Julie. This revealed multiple stacked east-dipping thrust structures that correlate with the shallow easterly dips of the mineralisation at HN9 (20 deg) and Lady Julie (45 deg), that extend down to 1.5 to 2km depth at HN9 and 1km at Lady Julie. Surface gold mineralisation at HN9, and Lady Julie, correlates with individual thrusts that persist and continue down to great depths, which are being targeted by the current drilling. The HN9 thrust zone contains six individual thrusts which come close to surface, all of which the company considers prospective for HN9 type deposits and each new thrust will be investigated, especially the thrusts that come close to surface. The Lady Julie thrust zone is 500m wide and has three persistent thrusts that go down to a 1km depth.

New World Resources holds a portfolio of highly prospective mineral resources projects, all located in the United States of America. The portfolio currently comprises: the Antler copper project in Arizona; the Tererro copper-gold-zinc VMS project in New Mexico; the Colson cobalt-copper project in Idaho; and the Goodsprings copper-cobalt project in Nevada. The company describes its projects as being, “a highly prospective portfolio of high-grade projects all located in stable, pro-mining jurisdictions”. Although small-scale production has been recorded at some of the projects, there has been little modern exploration undertaken. Something the company is eager to rectify. Most news of late has come from the Antler project where recent assay results reaffirmed the company’s belief in it being a prospective, very-high-grade near-term development proposition. Recent drilling returned one of the best intersections the company has encountered to date at the Antler copper deposit, with thick, high-grade assays from one of the deepest holes drilled so far in the Main Shoot area returning: » ANTDD202144 25.4 metres at 3.13 per cent copper, 8.91 per cent zinc, 0.27 per cent lead, 19.6 grams per tonne silver and 0.26g/t gold (25.4m at 5.2 per cent copper equivalent). A new zone of thick, high-grade mineralisation was also discovered at the northern end of the Main Shoot, with assays including: » ANTDD202032 6.8m at 4.08 per cent copper, 3.77 per cent zinc, 0.37 per cent lead, 19.1g/t silver and 0.34g/t gold from 271.7m (6.8m at 4.8 per cent copper equivalent). As drilling continues it demonstrates improving grade and particularly thickness of the mineralisation as New World drills deeper below the project’s historic workings.


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


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



Duke Exploration

Wiluna Mining Corporation

Duke Exploration boasts a portfolio of projects dotted up and down the east coast of Australia that we have no doubt the company is eager to tell you about should you visit their exhibition booth. However, most news of late has sprung from the company’s Bundarra project in Queensland, or more precisely the Mt Flora prospect held therein, which has been earmarked as the first high-priority target within the project for development. Duke Exploration’s stated aim in the next two years is to develop an Indicated Mineral Resource at the Mt Flora prospect to allow feasibility studies to be undertaken and to delineate additional Inferred Mineral Resources from the current known exploration target areas. As such Mt Flora is being tackled with phased drilling approach, with Phase One aiming at delivering sufficient data to estimate a preliminary JORC 2012 Inferred Resource, which the company hopes to have estimated by mid-year. The first phase of resource RC drilling at Mt Flora has been completed and the second phase started in February. Results from Mt Flora came back better than the company excepted, demonstrating the width of the mineralised area to be four times wider than had been originally interpreted and the total mineralised area seven times larger than the interpreted mineralised area used to determine the Exploration Target quoted when the company listed in November 2020. In addition, the newly discovered Quarry mineralisation has been defined more continuous to the north, demonstrating promise to contribute to the growing resource potential at Mt Flora. Duke is confident the new results and mineralisation being seen in the Phase Two drilling will exceed the upper range of its Exploration Target for Mt Flora.

Wiluna Mining Corporation has made considerable progress towards ramping up the company’s 100 per cent-owned Wiluna gold operation in Western Australia. The company is making substantial inroads towards bringing underground operations on stream to supply sulphide ore feed to the new flotation concentrator currently under construction at Wiluna. Wiluna has declared its primary focus for 2021 is to deliver upon its promise to transform the Wiluna Mining Centre into a meaningful producer of gold doré and gold in concentrate. Stage 1 of the Development Plan, targeting an increase in gold production to 120,000 ounces per annum, is currently progressing. This involves construction of a 750,000 tonnes per annum flotation plant, which is expected to be completed and commissioned in October 2021 and enable the company to hit its proposed production target. The inclusion of flotation at Wiluna, together with the project’s existing infrastructure, will allow the company to treat all ore types at site by: » Treating Free milling ore through the existing 2.1 million tonnes per annum CIL process plant; » Production of concentrate from sulphide ores at 750,000tpa with a feasibility study in progress to expand production to 1.5 million tonnes per annum; » Production of doré from gravity concentration; and » Tailings retreatment (Wiltails Project). At the same time, Wiluna is drilling to expand Resources and Reserves for inclusion in the Stage 2 Feasibility Study due to be completed by the end of this year. As it does, the company is exploring further ways to mine and process more efficiently, sustainably and profitably for the benefit of shareholders and stakeholders. The company is investigating environmentally friendly renewable energy processing solutions to minimise its environmental footprint and create a more sustainable future operation.


EMAIL md@duke-exploration.com.au WEB www.duke-exploration.com.au DIRECTORS Toko Kapea, Eugene Iliescu, Paul Frederiks, Ian McAleese


EMAIL info@wilunamining.com.au WEB www.wilunamining.com.au DIRECTORS Milan Jerkovic, Neil Meadows, Sara Kelly, Greg Fitzgerald, Tony James


Silver Mines

Impact Minerals

Silver Mines recently submitted a Mining Lease Application for the development of the company’s 100 per cent-owned Bowdens silver project, located in central New South Wales, approximately 26 kilometres east of Mudgee. A quick look at the company’s recent activities would tell you why the application makes sense. Bowdens is the largest undeveloped silver deposit in Australia where recent diamond drilling has been undertaken to test extensions of potential source/feeder structures to the Northwest High-Grade Zone and Main Zone at depth beneath the proposed open pit design. The drilling returned outstanding preliminary results, including: » BD21002 34.6 metres at 471 grams per tonne silver equivalent (413g/t silver, 1.14 per cent lead, 0.39 per cent zinc) from 96m, including 7m at 1090g/t silver equivalent (966g/t silver, 2.86 per cent lead, 0.56 per cent zinc) from 97m; and » 6.1m at 874g/t silver equivalent (789g/t silver, 1.67 per cent lead, 0.59 per cent zinc) from 122m. “This current hole BD21002 has produced some of the best intercepts ever returned at Bowdens further demonstrating the quality of the deposit,” Silver Mines managing director Anthony McClure said. “We have two rigs on site to continue exploration on this exciting program.” The results above come from the upper portion of the hole (89m to 130.6m depth) and fall within the company’s modelled mineral resource yet show substantially stronger mineralisation than had previously been indicated. At time of writing the remainder of the hole had been tested for extensions of high-grade mineralisation at depth beneath the existing pit with assay results pending. Results were also pending from a detailed gravity survey, which were expected to assist with the interpretation of controlling structures and possible source intrusives in the area.

Impact Minerals has been busy across its expansive portfolio of late carrying out a variety of exploration activities. The company recently commence drilling at its Apsley prospect, located within its 100 per cent-owned Commonwealth project in the Lachlan copper-gold province of New South Wales. The reverse circulation (RC) drill program is testing several high priority coincident IP geophysical and soil geochemistry anomalies, Impact considers having many of the characteristics of those seen in major porphyry copper-gold deposits around the world. These IP anomalies all start close to surface, extending to considerable depth and appear to link up along trend. Impact believes they support its opinion that the whole area is potentially part of one large mineralised system. Elsewhere within the company portfolio, further high-grade assays for platinum group elements (PGM) with associated copper and nickel have expanded the mineralised footprint at the Plat Central and Plat East prospects, part of Impact Minerals’ 100 per cent-owned Broken Hill project, also in NSW. Plat Central and Plat East form part of the larger Platinum Springs area at the southern end of the nine kilometres long, ultramafic to mafic Moorkai Trend characterised by extensive high-grade PGM-copper-nickel in rock chip samples, but which has been very poorly explored. This drilling campaign identified a second channel at Plat Central and a further channel at Plat East, all three of which are open along trend, both up and down plunge. In addition, high-grade PGM-copper-nickel mineralisation was identified for the first time within the host ultramafic unit which, together with numerous thick intercepts of lower grade mineralisation throughout the ultramafic, support the potential for a larger bulk mining opportunity should further drilling be successful.



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

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

DIRECTORS Keith Perrett, Anthony McClure, Peter Langworthy, Jonathan Battershill


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Aruma Resources

Coda Minerals

Aruma Resources has, of late, been tuning a few strings to the company’s varied project portfolio. Aruma Resources recently announce plans for the first drilling for it to be undertaken at the 100 per cent-owned Mt Deans lithium project, near Norseman in south-east Western Australia. The company considers Mt Deans highly prospective for lithium minerals, as wells as tantalum and rare earth element (REE) minerals. Previous exploration on the project has identified swarm pegmatites over a strike length of greater than one kilometre. The project is interpreted to sit within the same host rocks and structures as the nearby Mt Marion, Bald Hill and Buldania lithium projects. Aruma’s drilling will be targeted at an interpreted ‘Cauldron’ type anomaly which is at the confluence of the east and west dipping pegmatite limbs. Aruma plans to undertake the first phase of drilling at the Mt Deans project in the June quarter 2021. The Mt Deans drilling comes on the heels of initial assay results reported from RC drilling at the Saltwater gold project, in the Pilbara region of WA. The company’s maiden drilling program at Saltwater focused on outcropping areas on the western end of the Saltwater Ring Structure, and was conducted over four short, closer-spaced lines, which targeted an anomalous western area of the Saltwater Ring Structure. The program also comprised wider-spaced (regional) longer lines, to the east, which targeted the covered ring structure/splay. Nine holes were completed in this area, encountering grades up to 1.26g/t gold from drilling at the historic Saltwater mining area. The results extend over a strike length of 4km, indicating discovery of a possible new gold camp on the ring structure at Saltwater.

Coda Minerals is eagerly working towards a maiden JORC Resources for Emmie Bluff copper prospect, part of the company’s Elizabeth Creek copper project in South Australia. Coda is the operator and majority owner of the Elizabeth Creek project with a 70 per cent interest in partnership with Torrens Mining (ASX: TRN), which holds a 30 per cent interest. Coda Minerals is focused on converting a substantial proportion of the previously announced Exploration Target for Emmie Bluff of 46 to 77 million tonnes at an estimated grade of between 0.5 and 2.3 per cent copper equivalent into a JORC 2012-compliant Mineral Resource Estimate as the basis for a major uplift in its mineral resource base at Elizabeth Creek. Recent assay results from two holes of a 17-hole diamond drilling program at the Emmie Bluff prospect continued to strongly validate the Emmie Bluff Exploration Target, demonstrating increased thicknesses of mineralisation. Results included: » DD21EB0009 7.58 metres at 1.51 per cent copper equivalent (CuEq) (0.84 per cent copper, 558ppm cobalt, 8.1g/t silver) from 440.63m, including: › 3.77m at 2.1 per cent CuEq (1.16 per cent copper, 784ppm cobalt, 13.8g/t silver) from 440.63m (0.5 per cent CuEq cutoff). › 1.02m at 1.26 per cent CuEq (0.91 per cent copper, 302ppm cobalt, 6.9g/t silver) from 444.74m (0.5 per cent CuEq cutoff). › 0.44m at 2.63 per cent CuEq (0.92 per cent copper, 1420ppm cobalt, 2.6g/t silver) from 447.77m (0.5 per cent CuEq cutoff). Results from hole DD21EB0009 exceeded expectations by confirming strong continuity of grade and delivering surprising upside in terms of width for the mineralised body, bring Coda closer to its short-term goal of delivering a Maiden Mineral Resource Estimate for Emmie Bluff in Q3 of this year.


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


WEB www.codaminerals.com DIRECTORS Keith Jones, Chris Stevens, Colin Moorhead, Robin Marshall, Paul Hallam, Zhu Changiiang


Rex Minerals (ASX: RXM)

Zenith Minerals (ASX: ZNC)

Rex Minerals hosts an impressive domestic project in its portfolio, the Hillside project on the Yorke Peninsula, South Australia, where the company first discovered copper-gold mineralisation in 2008. There is more to know about Hillside, which no doubt company representatives will be more than happy to discuss at their exhibition booth. However, most news of late for Rex has emanated from its Hog Ranch gold property in Nevada USA. As with Hillside, you are best to go straight to the horse’s mouth, but doubtless you will learn of the recent combined Indicated and Inferred Mineral Resources at Hog Ranch of 165 million tonnes at 0.43 grams per tonne gold for 2.26 million ounces. Contributing to the MRE is shallow, oxidised Mineral Resources at the Bells and Krista projects within Hog Ranch for a combined 54 million tonnes at 0.65g/t gold for approx. 1.13 million ounces, which the company signalled will drive the next stage of economic studies at Hog Ranch. “Any way you cut it, this is a great result,” Rex Minerals managing director Richard Laufmann said “We have again moved the dial in a very meaningful way, with over two million ounces of shallow oxide material in Resource. “The Bells project now has over half a million ounces of gold and we have more than doubled the Indicated Resource, whilst the mineralisation remains open in multiple directions. “At the Krista project, now with over 1.5 million ounces in Resource, we have identified large step-off extensions in addition to confirmation of a thick higher-grade core. “Perhaps the most exciting new development is that we are also seeing, from the new airborne data, that the largest and possibly most significant structures are still yet to be tested.”

Zenith Minerals enjoyed a healthy share price spike recently after Joint Venture partner Rumble Resources announced a major lead-zinc discovery at the Earaheedy zinc project in Western Australia. Announcing assay results from just the first two drill holes of a 26-hole program on the Chinook prospect, the JV caught the attention of investors with intersections of: » EHRC050 34 metres at 4.22 per cent zinc and lead from 66m, including 17m at 6.5 per cent zinc and lead; and » EHRC044 21m at 4.3 per cent zinc and lead from 61m. The intersections demonstrated near surface wide high-grade zinc-lead mineralisation extending over 500m strike, remaining open in all directions. All 26 drill holes intersected visual zinc-lead mineralisation confirming a major zinc-lead discovery and providing much to look forward to soon announcement-wise. Zenith holds a 25 per cent interest in the Earaheedy JV, with its interest free carried until completion of a Bankable Feasibility Study. “These initial results from the Earaheedy JV property appear to be exceptional…it is the intention that Rumble will aggressively progress the exploration activities on the property in an attempt to validate the Exploration Target estimate,” Zenith Minerals chairman Peter Bird said. “Although at an early stage of investigation we are beginning to demonstrate that this project could be of very significant scale.” Zenith followed this up with news from its 100 per cent-owned Split Rocks gold project in WA where final 1m assay drill results from second phase RC drilling confirmed strong gold mineralisation at multiple prospects that had previously been reported based on 4m composite assay results. Split Rocks is one of Zenith’s 100 per cent-owned projects, the others being Red Mountain gold and Develin Creek copper in Queensland.

EMAIL rex@rexminerals.com.au WEB www.rexminerals.com.au

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

DIRECTORS David Carland, Richard Laufmann, Alister Maitland, Ian Smith, Ronald Douglas

DIRECTORS Peter Bird, Michael Clifford, Stan Macdonald, Julian Goldsworthy, Graham Riley


Great Southern Mining

Rox Resources Limited

Great Southern Mining has a 100 per cent interest in 450 square kilometres of highly prospective tenure in Laverton, Western Australia. This includes the Cox’s Find gold project, located in the Duketon Greenstone Belt, 12kms along strike from Regis Resources’ multi-million-ounce Garden Well deposit and associated five million tonnes per annum mill. GSN has been exploring the Cox’s Find deposit since late 2019, during which time it has identified a high-grade ore panel that was missed by previous owners. “Assessment of the new tenure has identified the Golden Star deposit,” Great Southern Mining CEO Sean Gregory said. “We believe Golden Star has the potential to be bigger than the nearby Ben Hur deposit. “With exploration tenements granted earlier this month and a Program of Work approved, we are now finalising the detailed plans for the next round of drilling at Golden Star and the surrounding targets.” In Queensland, the company has a 100 per cent interest in over 1,000sqkm of ground in North Queensland in the Mt Carlton Region, less than 20km from the Mt Carlton gold mine of Evolution Mining. Geochemical soil analysis with this ground at the Leichardt Creek prospect discovered two anomalies surrounded by several minor satellite anomalies. The results have mapped a vast (kilometre-scale) geochemical alteration system consistent with an Intrusive Related Gold System (IRGS) exhibiting strong associated metal content. “The analysis of the recently extended soil surveys at Leichhardt Creek…presents compelling evidence of circular metal zonation trends consistent with kilometre-scale intrusive related gold-copper systems,” Gregory said. “This evidence is backed up with field observations of mineralised outcrops around the margins of the defined anomalies, especially at Green Ant and the Rocky Ponds Breccia.”

Rox Resources’ main focus has become the Youanmi gold project, in which it holds a 70 per cent-interest (Venus Metals 30%). The Youanmi project currently boasts a Mineral Resource Estimate of 12.4 million tonnes at 2.97 grams per tonne gold for 1.2 million ounces of gold. This figure can be categorised into a near surface portion of 10 million tonnes at 1.65g/t gold for 532,000 ounces of gold and the Youanmi deeps of 2.4 million tonnes at 8.5g/t gold for 658,000 ounces of gold (sulphide). Rox Resources considers there to be scope to increase both free milling and sulphide resources with further drilling. This was demonstrated recently with high-grade mineralisation extended by 100m to the south at the Grace prospect, producing assays of: » RXRC363 8 metres at 19.9g/t gold from 68m, including 4m at 38.3g/t gold from 68m. Shallow high-grade mineralisation in Granite at Grace South. » RXRC362 4m at 5g/t gold from 40m in Granite at Grace South. » RXRC361 4m at 6g/t gold from 84m and 8m at 4.1g/t gold from 112m at Junction. The exploration results being enjoyed at Youanmi have led Rox Resources to announce its intention to spin-out its Fisher East and Collurabbie nickel and base metal assets to focus on the development of the Youanmi gold project. Rox recently informed the market the nickel and base metal assets will be demerged into a new company, Cannon Resources Limited. “The demerger of Rox’s nickel and base metal assets will allow a crystal-clear focus for Rox to develop Youanmi into a high-grade producing mine, while allowing Rox investors to retain exposure to the nickel and base metal assets through a pro-rata holding in Cannon,” Rox Resources managing director Alex Passmore said.


EMAIL admin@gsml.com.au WEB www.gsml.com.au DIRECTORS John Terpu, Kathleen Bozanic, Andrew Caruso, Sean Gregory


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


Matsa Resources

Meteoric Resources

Matsa Resources recently released a Mineral Resource Estimate for the company’s Lake Carey gold project in Western Australia. Matsa Resources confirmed the Initial Devon Mineral Resource Estimate of 80,000 ounces at 4.1 grams per tonne gold, comprising the Devon pit and Olympic prospects. Although the resource includes only the Devon Pit and the Olympic prospects, the company declared potential exists for expansion as further exploration is conducted across at the Devon project area. Matsa completed 71 RC drill holes for 8,077m during 2019 and 2020 to test the grade and continuity of mineralisation at depth and along strike at Devon pit and Olympic prospects. Whilst the drilling is sufficient to establish a Mineral Resource Estimate, mineralisation at both prospects remains open at depth and potential for offset extensions to the north and south also exist. In addition to known structural offsets, the soil sampling conducted by Matsa over the past six months has highlighted a number of gold in soil anomalies that are yet to be drill tested. Matsa Resources believes the shallow high-grade nature of mineralisation, as seen at the Devon pit, lends itself to a potential cutback mining scenario with minimal pre strip requirements. In light of this, the company has commenced mining ore and mining studies have also commenced. Matsa expects grade and mineralisation will be amenable to both open pit and underground mining methods and may provide a logical add-on to the established mining plan at Fortitude Stage 2. The company signalled plans to extend its Sub-Audio Magnetics coverage to the north of previously completed surveys, encompassing the Olympic and Devon pit prospects that could assist in defining further drill targets.

Meteoric Resources recently commenced its 2021 field season at the company’s Palm Springs gold project in the Halls Creek Region of Western Australia. The company is hoping for a successful season to follow up the results achieved during its initial exploration program in 2020. This year will include a further 7,000m of drilling planned at Butchers Creek with the aim of extending previously discovered mineralisation further south-west; Targeting high-grade ‘fold hinge gold mineralisation’; and confirming and extending historic high-grade drilling beneath the Butchers Creek open pit. “In WA we are very happy to be back on site at Palm Springs to finalise the planning for both our drilling campaign and the de-watering of the Butchers Creek open pit,” Meteoric Resources managing director Andrew Tunks said. At the company’s Juruena project in Brazil, drill-Hole JUDD042 had reached 643 metres, exhibiting strong phyllic alteration of granitic host rocks with multiple thin quartz pyrite +/- molybdenite veins, before a Covid-19 situation halted proceedings. Rare quartz/chalcopyrite/bornite veins have also been observed during preliminary logging. This is the first time bornite has been observed outside the Juruena Fault Zone and when combined with the presence of molybdenite and phyllic alteration, is certainly suggestive of a potential porphyry copper environment. “Hole JUDD042, the first of three holes designed to test the potential for a porphyry copper deposit at depth, still has around 500 metres left to drill through the interpreted Deep IP anomaly before it reaches its final target of the Juruena Fault,” Tunks said. An upgraded Mineral Resource Estimate for the Juruena project encompassing drilling from the Dona Maria and Crentes prospects is approaching completion and is expected to be ready before the end of April.


EMAIL reception@matsa.com.au WEB www.matsa.com.au DIRECTORS Paul Poli, Frank Sibbel, Pascal Blampain, Andrew Chapman



WEB www.meteoric.com.au DIRECTORS Patrick Burke, Dr Andrew Tunks, Paul Kitto, Shastri Ramnath

Yandal Resources

Eagle Mountain Mining

Yandal Resources owns a 100 per cent interest in four Western Australian gold projects: the combine Ironstone Well and Barwidgee gold projects, the Mt McClure gold project, and the Gordons gold project. The company is active across the entire portfolio, delivering a steady news flow for investors. Recent work resulted in an encounter with high-grade gold mineralisation at the Sims Find prospect within the Barwidgee project. Assays included: » YRLRC457 8 metres at 24.3 grams per tonne gold from 9m, including 1m at 129g/t gold from 12m. The excellent grades encountered at Sims Find when combined with available historic geo-datasets highlight the prospectivity of areas to the north and south for substantial distances. “It is really quite astounding that we have been able to generate these high-grade intercepts and improve the prospectivity at Sims Find and the immediate adjacent areas with our first drill program,” Yandal Resources managing director Lorry Hughes said. Elsewhere, Yandal intersected high-grade gold mineralisation at several prospects within the Ironstone Well gold project. High-grade drill intercepts from the Flinders Park, Quarter Moon, and Oblique prospects demonstrate potential for large gold discoveries within a 20 kilometres long strike zone. “Our exploration team see high potential to rapidly expand our Resources,” Hughes said. Diamond drilling at the Gordons Dam gold prospect provided further encouragement, including; » YRLDD007 3.4m at 4.68g/t gold within 33.75m at 1.11g/t gold from 62m. At the Mt McClure gold project RC drilling returned shallow intercepts demonstrating potential within a 3km long target zone at the HMS Sulphur prospect. “The HMS Sulphur lode is an exciting prospect’” Hughes said. “The…gold intersected thus far suggests strong similarities to mineralisation…at neighbouring prospects such as Success and Parmelia.”

Eagle Mountain Mining was delivered news to be excited about in the form of assay results from an ongoing drilling program underway at the company’s 80 per cent-owned Oracle Ridge Mine project in Arizona, USA. The latest results to be reported at the time of writing had returned the highest grades ever recorded at the project, of: » WT-21-06 12.7 metres at 3.96 per cent copper, 49.1 grams per tonne silver and 1.4g/t gold from 363.1m, including 8.7m at 5.2 per cent copper, 66.7g/t silver and 1.98g/t gold. This included the above-mentioned highest project hit of 34.4 per cent copper, 367g/t silver and 26.2g/t gold over 0.4m in massive chalcopyrite zone. WT-21-06 followed up the discovery of a high-grade breccia zone previously achieved by hole WT-20-10. “We are thrilled by the outstanding grades but also extremely pleased by the thickness of the mineralised zone at the Leatherwood contact,” Eagle Mountain Mining CEO Tim Mason said. Other exciting results included: » WT-21-04 14m at 2.1 per cent copper and 22.6g/t silver from 275, including 7.7m at 3.16 per cent copper and 31.4g/t silver, providing a 24.2m overall mineralised intercept grading 1.38 per cent copper 14.8g/t silver. “The intersection in holes WT-21-06 and WT-21-04 confirms the potential of the Leatherwood contact to deliver substantial additional resources at Oracle Ridge,” Mason continued. “While drilling continues, we are expediting earthworks to obtain access to new drill pads, particularly in the southern area where strongly mineralised holes drilled in the 1970s have never been followed up. “Drilling is ongoing in the vicinity of WT-21-06 to assess further extensions to this new zone.” The assay results mentioned above all stem from outside the existing Mineral Resources Estimate at Oracle Ridge.


EMAIL yandal@yandalresources.com.au WEB www.yandalresources.com.au DIRECTORS Lorry Hughes, Katina Law, Tim Kennedy, Bianca Taveira

(ASX: EM2)

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


Red 5

Helix Resources

Red 5 has been ticking off milestones as the company’s 2.4 million ounces, 16-year life-of-mine King of the Hills (KOTH) Gold Project in Western Australia continues to take shape. Red 5 recently announced two important milestones in the development of King of the Hills: the first having the KOTH Mining Proposal approved by the Department of Mines, Industry Regulation and Safety, an important step as this permit is required for the restart of mining activities to proceed at KOTH in 2022. In concert with the Mining Proposal approval, Red 5 also approved Phase 2 of the Engineering, Procurement & Construction (EPC) contract, enabling EPC contractor, MACA Interquip to ramp-up the mobilisation of its construction teams. This was followed by news of the project reaching fully-funded status after Red 5 secured commitment for $175 million in debt facilities and the launch of a fully underwritten $60 million entitlement offer to shareholders. So, with all major mining approvals and debt funding on track and having approved Phase 2 of the EPC contract, Red 5 is well on track to its aims of production from the King of the Hills mine. The manufacture and delivery to Australia of all key long-lead items for the plant is also well on track, which will help in hitting key construction and installation milestones when plant construction starts in the second half of 2021. “We are very encouraged by the important milestones being achieved, and we are looking forward to the next step-up in activities during the June 2021 Quarter as the key elements of this new large, long-life Australian gold mine continue to take shape,” Red 5 managing director Mark Williams said.

Helix Resources’ focus of late has been on the company’s copper and gold projects located near Cobar in New South Wales, a region that is highly endowed, hosting active gold and base metals mines. At the 100 per cent-owned Collerina copper project, Helix discovered the VMS-hosted Central Zone deposit in 2017, quickly estimated a maiden Mineral Resource and is exploring in and around the Mineral Resource, looking for both clusters of mineralisation as well as potential extensions. To the west, the company has the Canbelego JV with Aeris Resources (HLX 70%: AIS 30%), sitting within the broader Rochford Trend. A recent large-scale airborne electromagnetic (EM) survey identified 24 high priority copper targets along the combined 120kms of prospective copper trends that host Helix’s existing Central Zone (CZ) and Canbelego copper resources. “(the survey) identified numerous opportunities to discover more high-grade copper sulphide mineralisation as both extensions of existing deposits and for new discoveries,” Helix Resources managing director Mike Rosenstreich said. “This is the first time we have coverage of all of our copper trends enabling us to rank and prioritise all the target positions and focus our efforts at the highest-ranking targets first. “For example, our Quanda target in the north of the Collerina Trend has been a ‘sleeper’ but now, reinforced by high-confidence EM conductors and being south along strike from Aeris’ Kurrajong and Constellation discoveries – it will get a ‘real wake-up’! “This is a really compelling outcome and we have responded quickly with follow-up surface EM surveys and field inspections already underway to better define these targets. “Drilling is planned…and we will likely focus on our highest ranked targets first – namely potential extensions at Canbelego and CZ.”


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



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

Mako Gold (ASX: MKG)

Mako Gold managing director Peter Ledwidge is never short of a word when it comes to the company’s projects in Côte d’Ivoire, so be sure to take a fresh coffee with you when you visit him at the company’s exhibition booth. Peter will no doubt regale booth visitors of the company’s recent drilling success in the form of assays from the latest 15 reverse circulation (RC) and 4 diamond drill holes from the ongoing drill program at the Tchaga prospect on the company’s Napié project located in Côte d’Ivoire. The purpose of this drilling is to advance the prospect towards a maiden resource estimation. Results came in at a good strike rate with 16 of 19 reported holes intersecting gold mineralisation, with several holes intersecting multiple zones of mineralisation indicative of large-scale West African gold systems. “Ongoing drilling at the Tchaga prospect continues to deliver solid drill intercepts and confirm the continuity of mineralisation as we move towards our maiden resource,” Ledwidge said. “We are pleased to see consistent mineralisation as we drill along strike and down-dip along mineralised lodes, thereby contributing to the growth of the Tchaga prospect. “We are encouraged that three of the four diamond pre-collars intersected significant mineralisation in the upper RC part of the holes. “We look forward to receiving the assays of the diamond tails as we test the mineralised lodes at greater depth, as well as other drill results on Tchaga, Gogbala and Tchaga East.” Mako Gold subsequently reported assays received for 30 of 53 holes from Gogbala indicating similar style of mineralisation as observed at the main Tchaga prospect. Regional drilling at the Tchaga East prospect intersected gold in 12 of 16 holes drilled.

EMAIL info@makogold.com.au WEB www.makogold.com.au DIRECTORS Michele Muscillo, Peter Ledwidge, Steven Zaninovich

Australian Gold and Copper (ASX: AGC)

Australian Gold and Copper started 2021 by knocking on the door of the ASX, impatient for its listing on the back of three projects: the wholly owned Moorefield, Cargelligo and Gundagai projects, all located in New South Wales. The portfolio covers approximately 1,000 square kilometres, encompassing numerous drill ready gold targets the company has identified via multiple datasets. AGC is confident each project provides a meaningful opportunity for a major gold discovery. The company’s early work has focused on the Cargelligo project, located 15km west of the town of Lake Cargelligo hosting multiple drill ready Cobar-style gold-polymetallic prospects within a 15km zone along strike from the Cobar Mining District in the southern Cobar Basin. First drilling occurred at the Achilles 3 gold base-metal target, the second of seven of Cargelligo’s, high priority, drill ready, gold and base metal targets. Drilling intersected zones of strong alteration and base-metal sulphides above a large EM conductor, indicating the Cargelligo licence is fertile while giving confidence the 8km long shear zone could host deposits of economic scale. Next up, and still on the Cargelligo project, drilling was undertaken on the Mt Boorithumble gold base-metal target. The Mt Boorithumble drilling also intersected multiple encouraging zones of alteration as well as weak base-metal sulphides hosted by shearing of volcanics and sediments. One of these zones was intersected along strike from a large ground EM conductor which the company plans to target in a second phase of drilling. RC drill samples have been submitted to the laboratory in Orange NSW and will be reported upon once received. AGC’s plans moving the rig quickly from target to target to conduct RC drilling of all seven near surface gold and copper targets.

EMAIL info@austgoldcopper.com.au WEB www.austgoldcopper.com.au DIRECTORS David Richardson, Ranko Matic, Glen Diemar


Red Metal

Southern Gold

The best way to learn about the expansive, Australia-wide portfolio of projects belonging to Red Metal is to visit the company’s exhibition booth, as there really isn’t enough room here to cover them all. While there, listen to the company’s reasons behind its decision to spin out the Maronan project, a large lead-silver and copper-gold deposit located near Cloncurry in Queensland, by way of an IPO of its subsidiary, Maronan Metals Limited (MMA), subject to shareholder and regulatory approvals. With over 100 million ounces of contained silver, the Maronan project is one of the largest undeveloped silver resources in Australia. The IPO will aim to raise up to $36 million to fund resource drill-out and feasibility programs. Red Metal shareholders will receive a priority entitlement to subscribe to Maronan Metals IPO. Red Metal will retain approximately 50 per cent of MMA, delivering increased shareholder value for Red Metal shareholders. Red Metals is confident the spin out and related IPO will facilitate fast-tracking of the Maronan project, including completion of the drill-out of the shallower inferred resources to higher confidence levels, testing for extensions of known mineralisation, including deeper higher-grade potential, and carrying out feasibility work. With MMA focussed solely on advancement of the Maronan project, Red Metal will be able to focus on its highly prospective Yarrie, Three Ways, Gulf and Lawn Hill projects in alliance with OZ Minerals. Recent assay from drilling at Three Ways returned anomalous values of nickel and platinum group elements, including: 0.28 per cent nickel, 399ppm copper, 672ppm cobalt, 258ppb palladium, 43ppb platinum. It will also be freed up to advance its 100 per cent owned copper and nickel projects including Corkwood, Pernatty, Pardoo and Nullarbor.

Southern Gold has been busy in South Korea over the past few years, implementing a strategy from which it has acquired promising tenements, to which it has negotiated access by working closely with local communities, enabling the company to advance multiple targets in parallel. This has resulted in a large portfolio that sometimes necessitates a slower approach in moving from acquisition to drill testing, however, the company has demonstrated its operational ability to adjust from high priority target to the next, based upon not just the physical accessibility and drilling logistics, but good social engagement and community support as well as governmental approvals. Recently granted projects (Sonbul and Dokcheon) are part of the company’s broader strategy that began as a greenfields project generation campaign in November 2017 that was followed up with a second campaign in May-June 2018. The Sonbul gold project came with the acquisition of a portfolio from Asiatic Gold in 2016. Sonbul is a historic gold mine with historical sampling and drilling data from a one-kilometre-long epithermal vein system, on which Southern Gold completed desktop-based and follow-up field reviews on the Mangun 23 tenement. Sixteen historical diamond drillholes presented at Mangun 23 from drilling conducted by the Korean Government in 2003 and 2004. Follow-up field work by Southern Gold validated the historical results with rock samples returning satisfactory grades. Future planned activities at Sonbul are likely to include works focusing on delineating the continuity of mineralisation grades along the length of the vein structures and more detailed follow-up works to further test sub-surface extents to mineralisation. This work may be achieved by detailed structural and vein mapping, channel sampling and, if warranted, surface and underground drilling.


EMAIL info@redmetal.com.au WEB www.redmetal.com.au DIRECTORS Rob Rutherford, Russell Barwick, Joshua Pitt



EMAIL info@southerngold.com.au WEB www.southerngold.com.au DIRECTORS Greg Boulton, Simon Mitchell, Peter Bamford, Beejay Kim, Douglas Kirwin, Michael McNeilly

Xanadu Mines

BMG Resources

Xanadu Mines is an exploration company that maintains a multi-stage portfolio of exploration projects, the contents of which places Xanadu as one of the few junior explorers listed on either the ASX or TSX to control an emerging Tier 1 copper-gold deposit: that being the company’s Kharmagtai project in Mongolia. The Kharmagtai copper-gold project sits within the South Gobi porphyry copper province, which hosts most of the known porphyry deposits in the South Gobi region of Mongolia, including the Oyu Tolgoi copper-gold operations (120km south), the Tsagaan Suvarga porphyry copper-molybdenum development (170km east) and Xanadu’s Oyut Ulaan porphyry copper-gold exploration project (260km northeast). Xanadu recently reported results of diamond drill hole KHDDH563, located at the Stockwork Hill deposit at Kharmagtai. Drill hole KHDDH563 intersected a broad zone of high-grade gold-rich chalcopyrite and bornite mineralisation south of the current Stockwork Hill resource, expanding the high-grade bornite zone beyond the defined resources, returning: 181.4 metres at 0.68 per cent copper and 1.78 grams per tonne gold (1.59% CuEq) from 648.6m, including 92m at 1.06 per cent copper and 3.23g/t gold (2.71% CuEq) from 686m. The purpose of drilling KHDDH563 was to test extensions of Stockwork Hill at depth to inform the second phase of drilling focused on higher grade targets. “KHDDH563 is the first follow-up hole to our (previous) high-grade intercept at KHDH559B,” Xanadu Mines CEO Dr Andrew Stewart said. “We are pleased to report this delivered our expectation of a clear extension of high-grade gold-rich mineralisation along strike and up-dip, outside the current resource model. “This result further demonstrates the growth potential through extension of Stockwork Hill, and our team is designing follow-up drilling to test this exciting new zone.”

BMG Resources’ recent activities have included drilling at the company’s 100 per cent-owned Abercromby gold project, south of Wiluna in Western Australia. Abercromby is one of BMG’s three highly prospective, 100 per cent-owned gold exploration projects in the Tier 1 mining jurisdiction of WA. BMG’s other projects are Invincible in the Central Pilbara and South Boddington in the State’s South West. BMG’s drill program at Abercromby was the first to be conducted at the project in more than 15 years and was designed to test the nature and continuity of known mineralisation at the Capital prospect, where multiple thick and high-grade gold intersections were reported by previous explorers. Assays returned exceptional results to confirm gold mineralisation across broad zones and down-dip continuity that remains open. Wide intersections of gold mineralisation containing thick high-grade intervals included: » 20ABRC0004 26 metres at 6.07 grams per tonne gold from 192m, including 7m at 21.22g/t gold from 192m. “These drill results demonstrate the quality of the mineral system at Abercromby with intersections displaying width and grade that supports the presence of a significant volume of gold mineralisation,” BMG managing director Bruce McCracken said “Drilling has identified two high-grade gold lodes at the Capital prospect with indications that repetitions are likely. “The deeper diamond holes have shown continuity at depth which remains open. “These are great results from only a small drill program at a project that has been in our possession for less than six months. “We look forward to launching a major drill program in 2021 to fully scope the significant gold potential at Abercromby.” A sub-audio magnetic survey (SAM) is planned at Abercromby, designed to provide high-resolution mapping of the structures in the project area.


EMAIL info@xanadumines.com WEB www.xanadumines.com DIRECTORS Colin Moorhead, Andrew Stewart, Ganbayar Lkhagvasuren, Michele Muscillo


EMAIL enquiry@bmgl.com.au WEB www.bmgl.com.au DIRECTORS Greg Hancock, Bruce McCracken, John Prineas, John Dawson


Emmerson Resources (ASX: ERM)

Emmerson Resources moved closer to reviving the Tennant Creek Mineral Field (TCMF), historically one of Australia’s highest-grade gold and copper provinces. Emmerson Resources with partner Tennant Consolidated Mining Group (TCMG) completed a $2 million placement as part of a Strategic Alliance over the Northern Project Area. Emmerson’s alliance with TCMG started well undertaking advanced pre-mining studies at Mauretania, continuation of 2020 extensional drilling, plus re-evaluating existing projects to bring them into the mining schedule. The Strategic Alliance establishes a funded pathway for the development of Emmerson’s high-grade gold and copper projects by providing new funding for exploration under Exploration Earn-In and Joint Ventures (EEJV) and continues to build the resource pipeline under the Small Mines Joint Venture (SMJV) funded by TCMG. The agreements, together with funding and mining expertise from TCMG provide a low-risk pathway for Emmerson’s gold and copper assets in Tennant Creek. “We have worked seamlessly with our new JV partner, TCMG, to fast-track exploration and development plans and are well on the way to establishing an integrated exploration, mining and processing hub that will have flexibility in processing the gold, copper and other products such as copper, iron and cobalt,” Emmerson Resources managing director Rob Bills said. “The Exploration and Mining Joint Ventures have clear delivery hurdles and minimum production levels to drive our vision of receiving multiple royalty streams across many of our projects. “TCMG have progressed the Mauretania project from discovery to the Small Mines Joint Venture, with mining studies already well advanced. “Our 2021 exploration program will commence shortly and consist of drilling on both JV and 100 per cent ERM projects, plus various scoping studies to advance projects to the mining schedule.”

EMAIL corporate@emmersonresources.com.au WEB www.emmersonresources.com.au DIRECTORS Andrew McIlwain, Rob Bills, Dr Allan Trench

emmerson resources


RareX (ASX: REE)

RareX recently commenced a major new exploration drilling program at the company’s 100 per cent-owned Cummins Range rare earths project in Western Australia. The new program comprises reverse circulation (RC) and diamond drilling to follow up drilling completed in 2020 and a thorough geological review of the Cummins Range deposit undertaken by RareX geologists over the wet season. A revised geological model has recently been established, based largely on the deeper RC drilling from the 2020 drill program that identified for the first time the presence of a strongly rare earth element (REE) mineralised fault that sits beneath the length of the known mineralisation at the Cummins Range deposit. The RareX geological team has identified a mineralised fault that has been intersected over 550m of strike length and is open in all directions. The company has interpreted results to show that, while there is general erosion of the entire carbonatite pipe leading to an upgrade in the regolith profile, there are also pre-existing high-grade fault structures that represent high-priority exploration targets with the potential to greatly change the scale of the Cummins Range project. This new understanding has formed the basis of the upcoming RC and diamond drill program. “The work undertaken over the wet season by the RareX geological team has the potential to be a game-changer for the Cummins Range project, building on its existing attributes as an advanced, high-quality rare earths project in a Tier-1 mining jurisdiction with the ability to yield a premium product,” RareX managing director Jeremy Robinson said. “If the new geological interpretation is confirmed, the upcoming drilling has the potential to dramatically expand the scale of the deposit and delineate a significant volume of new high-grade material.”

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


Prodigy Gold

Firefinch is a Mali-focussed gold miner and lithium developer with its main focus of late on the company’s 80 per cent interest in the operating Morila gold mine, which has produced 7.5 million ounces of gold since 2000. Firefinch is ramping up production at the 4.5 million tonnes per annum mill and mine from a current annual production profile of 40,000 ounces of gold per annum from tailings treatment towards a target of 70,000 to 90,000 ounces of gold per annum through mining of small open pits, stocks and tailings from mid-2021. The company plans to increase these numbers in 2022 targeting production of 150,000 to 200,000 ounces of gold per annum by re-commencing mining from the main Morila pit to fully exploit the 2.35 million ounces of gold in the Global Resource at Morila that currently stands at: » Measured 3.15 million tonnes at 0.5g/t gold » Indicated 22.8 million tonnes at 1.59g/t gold; and » Inferred 22.23 million tonnes at 1.58g/t gold. Recent drilling on the project’s Viper deposit, located approximately 30 kilometres north-west of Morila produced intersections the company expects to increase the size and confidence of the Resource when updated as the new results are largely in line with results forecast in the Mineral Resource released in November 2020. “Viper can provide early feed to the Morila plant and it is very encouraging to see high grades being intersected below and along strike from the previously mined pit,” Firefinch executive chairman Dr Alistair Cowden said. “Once resource models and pit designs have been completed, Viper will be included in our life of mine plan.” Firefinch recently appointed respected and high performing resource industry executive Dr Michael Anderson as managing director.

Prodigy Gold is conducting a diamond drilling campaign at Lake Mackay project near Alice Springs, a Joint Venture with IGO Limited (ASX: IGO), with IGO holding a 70 per cent interest and Prodigy Gold holding a 30 per cent interest. The drilling is centred on the Phreaker prospect that was originally discovered using ground EM surveys that followed-up on an original airborne EM anomaly. RC drilling completed at the Phreaker Prospect in August 2019 confirmed that the mineralised system extends for over 750m of strike. Previous mineralised intersections achieved at Phreaker have been around 10m at about one per cent copper. The current diamond drilling program is targeting 150m down dip of existing drilling, testing for thicker higher-grade parts of the system. Downhole EM (DHEM) completed during the last RC program indicated that the strongest part of the EM conductor is below the depth of the RC holes. The second of the recent diamond holes drilled at the prospect intersected a 44.4m mineralised interval that included a total of 12.4m of semi-massive sulphide breccia, 10.5m of stringer sulphides and 7.7m of disseminated sulphides. This hole, and DHEM surveys of previous drilling, indicate the strong conductor continues at depth. Inspection of the recent drilling has shown the mineralisation it has encountered appears to be like what had previously been intersected at the Phreaker prospect. However, it also demonstrates that it occurs over a much wider zone, from which the company has taken confidence to test the large EM conductor at greater depths. Drilling commenced on a third hole collared 170m to the west of 21PHDD002, which intersected sulphide mineralisation 563m downhole, targeting mineralisation a further 150 to 200m down dip.


EMAIL info@firefinchltd.com WEB www.firefinchltd.com DIRECTORS Michael Anderson, Alistair Cowden, Mark Hepburn, Brett Fraser, Brendan Borg


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


Latitude Consolidated (ASX: LCD)

Latitude Consolidated is a junior gold explorer with a portfolio of exploration projects across South Australia and Western Australia. Latitudes main projects are the Andy Well and Gnaweeda gold projects in the Murchison Gold Fields of WA. The projects combine for a 343 square kilometres landholding and host a Mineral Resource of 776,000 ounces gold at a grade of four grams per tonne. Latitude Consolidated has just commenced exploration drilling program covering both Andy Well and Gnaweeda, targeting strike and plunge extensions of existing high-grade drill intersections. The drill program will commence at Andy Well testing the Suzie North interpretation before moving to St Anne’s at Gnaweeda. The Skye gold project is in the Gawler Craton in South Australia, a region known for plunge-continuous high-grade gold mineralisation such as that seen at nearby Challenger gold deposit (1.2Moz past production). Earlier exploration within the Skye gold project area identified several areas of local bedrock mineralisation, each of which confirm that the tenement lies well within the regional mineralised corridor. Back in WA, Latitude’s Circle Valley gold project is located south of Norseman, covering a soil-covered section of the southwestern AlbanyFraser Mobile Belt where limited past reconnaissance-style aircore (AC) drilling located primary gold mineralisation in two separate locations: Anomaly A and Fenceline. Despite the positive indications, no follow-up systematic gold exploration was undertaken. Multiple kilometres of unexplored magnetic features extend from each of these prospects. Latitude considers that two bedrock gold occurrences in otherwise unexplored terrain is an excellent indicator and suggests broader gold exploration potential with a potential prize lying in wait in this type of target perhaps being a new gold camp.

EMAIL info@latitudeconsolidated.com.au WEB www.latitudeconsolidated.com.au DIRECTORS Tim Moore, Morgan Barron, Roger Steinepreis, Paul Adams, Tim Davidson


Alicanto Minerals (ASX: AQI)

Alicanto Minerals is a mineral exploration company focused on exploration and discovery in world class mining districts of Scandinavia. The company boasts a highly prospective portfolio in Sweden, including the Greater Falun project that contains high-grade coppergold-zinc-lead-silver in the country’s highly endowed Bergslagen Mining District. Earlier this year, Alicanto added more cheese to its portfolio fondue when it acquired the high-grade Sala silver project. The Sala project is located 100 kilometres from Alicanto’s Greater Falun copper-gold project and once held the title of being Europe’s largest silver producer. When mining finished in 1962, Sala had produced more than 200 million ounces of silver at an estimated average grade of 1,244 grams per tonne and reported as high as 7,000g/t. Four holes drilled in 2012 suggest the Sala mineralisation remains open at depth and along strike having intersected high-grade mineralisation, including 0.67m at 844g/t silver and 16.3 per cent lead at 250m below surface. Historical and further drilling conducted 300m to the South West of Sala at the Prince lode also highlighted promising high-grade mineralisation, including 37.2m at 50g/t silver and 6.1 per cent zinc. At time of writing, Alicanto was to have commenced an expanded and fully funded drilling program at the Greater Falun project while holding intentions of drilling at Sala as soon as drilling permits approved. “The presence of extensive high-grade copper-gold mineralisation with by-products of silver, zinc and lead at Falun has been well-established through both mining and exploration,” Alicanto Minerals managing director Peter George said. “However, the full potential in the Greater Falun area has yet to be unlocked. “To now have Sala in our suite of projects is a significant addition to our portfolio within the Bergslagen area.”

EMAIL info@alicantominerals.com.au WEB www.alicantominerals.com.au DIRECTORS Raymond Shorrocks, Peter George, Didier Murcia

Caspin Resources (ASX: CPN)

Caspin Resources recently celebrated its recent ASX-listing by commencing its first drilling at the company’s Yarawindah Brook nickel-copper-PGE project in Western Australia. The company will be drilling approximately 1,000 metres of diamond drilling, having started at the priority XC-29 anomaly before moving to the newly recognised PGE target at the Yarabrook Hill prospect. Drill target XC-29 is an anomaly that comprises three discrete zones over a strike of 1.3 kilometres and is coincident with interpreted mafic and ultramafic rocks which are typical host rocks for orthomagmatic nickel-copper-PGE mineralisation. The Yarabrook Hill target was identified via a review of historical exploration that recognised it as an opportunity to discover sulphide Platinum Group Elements (PGE), primarily palladium and platinum, mineralisation beneath oxide mineralisation striking over 2km at surface. Yarabrook Hill is located 7km north of XC-29 that experienced limited PGE exploration during the 1970s and 1980s. Drilling identified supergene mineralisation at shallow depths, but rarely explored deeper than the weathered zone. Deeper drilling campaigns at Yarabrook Hill focused on nickel and copper sulphide mineralisation but were rarely assayed for PGEs despite these elements commonly occurring. Caspin’s exploration focus to date at the Yarawindah project has been to identify high value nickel, copper and PGE mineralisation hosted by massive sulphide deposits. Elsewhere within the company’s portfolio, at the Mount Squires project, Caspin has identified a 50km structural corridor with notable gold mineralisation. The company has signalled further soil sampling and reconnaissance drilling will be conducted at Mount Squires to identify new targets along strike from the Handpump prospect. While doing so, Caspin will continue to evaluate the potential for nickel-copper mineralisation along strike from the One Tree Hill prospect and Nebo-Babel deposits.

Gascoyne Resources (ASX: GCY)

Gascoyne Resources made a triumphant return to the boards of the ASX after coming out of administration exile in October 2020. During the initial post-administration period, the focus of the company was on solidifying its business plan and reinvigorating the organic growth pipeline for the company’s 100 per cent-owned Dalgaranga gold project through exploration activities. Gascoyne Resources has commenced a program to install more mature environmental, social and governance (ESG) policies, processes and reporting. The company’s March Quarterly Report highlighted how well it has bounced back, including highlights of: » Free cash flow generation of $9.4 million for the quarter; » 19,203 ounces produced for the quarter; 59,899 ounces FY2021 year to date; » 19,073 ounces sold at an average realised price of $2,495 per ounce; » AISC $1,114 per ounce for the quarter; $1,224 per ounce financial year to date; and » On track for upper end of FY2021 production guidance of 70,000 to 80,000 ounces at an AISC of $1,200 to $1,300 per ounce. “We…remain on track to meet the upper end of production guidance for FY2021 of 70-80koz at an AISC of $1,200 - $1,300/oz,” Gascoyne Resources managing director and CEO Richard Hay said. “Paying down $19 million of debt further strengthened the balance sheet with net cash of $9.5 million and a cash balance of $27 million. “Our FY2021 exploration budget was doubled during the quarter and early drilling success at Tanqueray was a highlight, with an intersection of 9m at 7 grams per tonne in one RC hole. “Assay results have been slow to come in due to the industry wide very high laboratory demand, and we look forward to reporting more results in the June quarter.”

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

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

DIRECTORS Cliff Lawrenson, Justin Tremain, Simone Suen, Dr Jon Hronsky, Greg Miles

DIRECTORS Richard Hay, George Bauk, Rowan Johnston


Platina Resources

Peel Mining

Platina Resources is set to widen its Western Australian gold presence by acquiring the Xanadu gold project, located in the Ashburton province of the state close to the multi-million-ounce Mt Olympus gold deposit of Kalamazoo Resources. Xanadu comprises seven prospecting licences and five exploration licences covering 498 square kilometres. “Xanadu has immense appeal given the number and width of economic grade gold drill intercepts which have never been followed up with a systematic exploration campaign,” Platina Resources managing director Corey Nolan said. “The project has been the subject of a number of mainly shallow drilling programs and a historical gold heap leach operation. “Our exploration strategy will initially comprise low-cost geophysics and geochemistry to build a deeper knowledge of the geological potential of the project and to define both shallow and deeper targets for drilling.” Previous owners at Xanadu identified a large alteration system with gold occurrences, which Platina believes outlines potential for discovery of a meaningful gold mineralising system. “Whilst we believe there is significant potential to expand upon the known oxide mineralisation, the longer-term prize is targeting primary mineralisation within the alteration core of the system, which has never been tested by historical drill programs,” Nolan said. Xanadu will fit nicely into Platina’s multi-element portfolio that currently comprises: 100 per cent ownership of the Challa gold project in WA; 100 per cent ownership of the Platina scandium project, one of the largest and highest-grade scandium projects globally, potentially Australia’s first scandium producer with cobalt, platinum and nickel credits in NSW; 30 per cent interest in the Munni Munni PGM project in WA; and major investments in other companies, including TSX-listed Blue Moon Zinc Corporation, and CSE-listed Major Precious Metals.

There was nothing foolish about Peel Mining’s April 1 announcement that informed of resource definition drilling results at the company’s 100 per cent-owned Wirlong deposit in New South Wales. Peel Mining reported broad and high-grade copper-mineralised intercepts, including: » WLRC083 42 metres and 1.26 per cent copper, 5 grams per tonne silver from 258m to end of hole, including 9m and 4.1 per cent copper, 15g/t silver from 270m; and » 26m and 0.58 per cent copper, 5g/t silver from 122m; » 2m and 2.17 per cent copper, 22g/t silver from 206m; and » 24m and 0.54 per cent copper, 2g/t silver from 222m; Wirlong is part of Peel’s South Cobar project in NSW where the latest drilling is part of the company’s ‘Hub & Spoke’ strategy, which aims to advance each deposit to mineable resources, to support a new centrally located processing plant. The assay results confirmed healthy copper mineralisation in multiple drillholes, including broad mineralised zones (with highergrade internal zones) and narrower mineralised zones including high-grade mineralisation. The results also support earlier drillholes that intersected chalcopyrite-dominant sulphide mineralisation over substantial downhole widths. “Wirlong keeps producing excellent copper hits and, encouragingly, is indicating good vertical spatial continuity between intercepts – underlining this is drillhole WLRC083…(that) returned a broad interval of copper mineralisation to end of hole including a significant very high-grade interval,” Peel Mining managing director Rob Tyson said. “The recent switch to diamond drilling provides additional valuable information to assist with our structural and geological modeling as well as material for metallurgical testwork. “Once again, these results, coupled with the visuals and XRF analyses for drillholes still to be reported, assist in our goal of defining a high-grade maiden copper resource at Wirlong.”


EMAIL admin@platinaresources.com.au WEB www.platinaresources.com.au DIRECTORS Brian Moller, Corey Nolan, Dr Chris Hartley, John Anderson



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

Vital Metals

Black Cat Syndicate

Things are starting to get real for Vital Metals with the company having commenced mining operations at its Nechalacho rare earths project in Northwest Territories, Canada in the lead up to pushing the button to start production. Vital Metals’ Nechalacho rare earths project hosts a world-class Resource of 94.7 million tonnes at 1.46 per cent rare earth oxides (REO) (measured, indicated and inferred). Nechalacho’s North T Zone hosts a high-grade resource of 101,000 tonnes at 9.01 per cent light (L)REO (2.2% Neodymium and Praseodymium (NdPr)), making it one of the highest-grade rare earth deposits in the world. Vital is targeting production of rare earth oxide at Nechalacho this year, with early production from a North T starter pit. Vital aims to produce a minimum of 5,000 tonnes of contained REO by 2025 at the project and has signed an off-take agreement with Norwegian company REEtec for Stage 1 production with the supply of 1,000 tonnes REO (ex-Cerium)/yr for an initial five-year period. Vital has commenced drilling to define a mine plan for Stage 2 which will involve development of the larger Tardiff deposit. The validity of the project garnered support for a recent $43 million institutional placement that also validated the company’s strategy to become the first REE producer in Canada and the second REE producer in North America. “We are excited to be commencing operations at Nechalacho rare earth project and following our recent $43 million raising, proud to be fully funded to become Canada’s first rare earth producer,” Vital Metals managing director Geoff Atkins said. “As demand for critical minerals including rare earths continues to grow, our Canadian based project is positioned to supply customers in North America, Europe and Asia.”

There has been no bad luck involved with the recent drilling activities of Black Cat Syndicate, which was demonstrated recently with the release of RC drilling results from Fingals Fortune, part of the Fingals Mining Centre, within the company’s Kal East gold project in Western Australia. Earlier results had already demonstrated areas of high grades along the (down dip) western side of the planned Stage 1 open pit, in both potential open pit and underground positions, however drilling of late has provided much for market watchers to consider. Recent results include: » 21FIRC042 » 6 metres at 75.57 grams per tonne gold from 49m, including 3m at 142g/t gold from 50m; A much-anticipated Resource update for the Fingals Mining Centre will be released in April 2021 that is expected to upgrade Resources at the planned Stage 1 open pit and to contain initial Inferred Resources at satellite deposits. RC drilling activity will continue through the June 2021 quarter at the Majestic and Fingals Mining Centres as well as Resource infill and extension and exploration drilling at Rowe’s Find, Bulong, Black Hills and Wombola. “The Fingals Mining Centre has the potential to contain a significant two stage open pit with an underground mine at depth plus additional nearby satellite pits,” Black Cat Syndicate managing director Gareth Solly said. “Accordingly, it is expected that this area will be a substantial oxide feed source for our future operations. “The Fingals Fortune deposit hosts pockets of much higher-grade material that should provide upside on mining. “Some of the best intercepts at Fingals Fortune are in the deepest parts of the Resource which support underground mining at the conclusion of surface mining.”


EMAIL vital@vitalmetals.com.au WEB www.vitalmetals.com.au DIRECTORS Evan Cranston, Geoff Atkins, James Henderson

(ASX: BC8)

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


Genesis Minerals

Galan Lithium

Genesis Minerals piqued the interest of market watchers recently by reporting an updated Mineral Resource Estimate for the company’s 100 per cent-owned Ulysses gold project near Leonora in Western Australia. The updated MRE is another step towards the development of Ulysses as a new Australian gold mine and is the result of drilling programs completed at the Ulysses project over the second half of 2020 following the company’s acquisition of the Kookynie tenements. The updated Measured, Indicated and Inferred Mineral Resource now totals 27.3 million tonnes at 1.8 grams per tonne gold for 1.6 million ounces of contained gold, which represents an increase of 327,000 ounces over the previous June 2020 Mineral Resource. Importantly, the higher-confidence Measured and Indicated component has increased by 237,000 ounces (32%) to 984,000 ounces, with this component of the Resource available for conversion to Ore Reserves following the completion of mining studies. “This is a result that confirms the scale and quality of the Ulysses project, reflecting the outcomes of the highly-successful drilling programs completed over the expanded project area over the past six months,” “It’s been a fantastic effort and I would like to thank and commend everyone involved on delivering this result. “The updated Mineral Resource will now form the foundation of our ongoing Feasibility Study on a standalone gold project at Ulysses, which is on-track for delivery next Quarter and is expected to potentially comprise both an open pit and underground mining operation.” The MRE was quickly followed by news of the potential to expand existing Resources from drilling at the Puzzle North prospect and the Orient Well deposit that continued to highlight the upside across the Ulysses project.

Galan Lithium recently achieved satisfactory laboratory test work results for the low carbon footprint brine evaporation process to be used at the company’s Hombre Muerto West (HMW) project located in the South American Lithium Triangle in Catamarca, Argentina. The results demonstrated HMW’s lithium chloride (LiCl) concentrate increased by a startingly high 25 per cent to six per cent lithium (32% lithium carbonate equivalent) from value achieved by the company’s original study of 4.8 per cent lithium. The 25 per cent increase in lithium chloride concentrate took the company by surprise, exceeding its own expectations. The HMW project’s lithium grade, is one of the highest publicly known brine concentration levels in the world, using the evaporation process. Galan’s levels of six per cent lithium is directly comparable to SQM’s and Albemarle’s concentrate produced from the Atacama salt-flat in Chile. These grades provide Galan with exciting commercial opportunities for a lithium chlorine concentrate product. It is also important to note the low levels of impurities contained in the lithium chlorine brine with main contaminants like sulphate, manganese and calcium greatly reduced. Whilst boron and other elements like potassium, sodium and chlorine are low they are expected to be removed during the treatment at a downstream process. Galan’s study team is confident that this brine concentrate quality could be converted into a high-quality battery grade product while remaining cost competitive. “Grade is always king,” Galan Lithium managing director Juan Pablo (JP) Vargas de la Vega said. “We have always followed the mantra of ‘walking before running’ and these results, whilst taking time to achieve, have affirmed our step by step approach of utilising proven technology with low risk in processing.”


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


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


Magmatic Resources

St George Mining

Magmatic Resources wasted little time getting a recently raised $5 million in the ground to conduct exploration drilling across the company’s 100 per cent-owned East Lachlan copper-gold portfolio. The portfolio includes: Wellington North Gold-Copper Project: where Magmatic is drill testing of multiple gold-copper targets in the northern Molong Belt, located along strike from Newcrest’s Cadia East; Myall Copper-Gold Project: conducting drill testing of multiple copper-gold targets, located along strike from Northparkes copper-gold mining district (China Molybdenum/Sumitomo); and Parkes Gold Project: undertaking drill testing of multiple orogenic gold targets located along strike from Alkane Resources’ Tomingley Gold Operations. Straight out of the blocks drillhole 21MYDD412 intersected a very wide zone of copper mineralisation associated with porphyry alteration to the end of hole (381.9m at 0.2% copper to EOH), confirming Magmatic’s interpretations that Kingswood represents a meaningful mineralised porphyry centre within the wider Narromine Intrusive Complex. “We are very excited by these assay results, which confirm our interpretation of the Kingswood target, representing a Northparkes-style porphyry copper system,” Magmatic Resources managing director Peter Duerden said. “The potential for a high-grade core will be the focus of follow up drilling and in the near term we look forward to commencing drilling at Rose Hill this week.” Magmatic has just commenced drilling at the Rose Hill gold-copper porphyry target within the Wellington North project. Geological interpretation of the Rose Hill area has identified a strong zone of albite-rich (sodic) porphyry alteration coincident with an existing gold-copper-molybdenum porphyry drill intercept (71m at 0.3g/t gold, 0.42% copper, 57ppm molybdenum from 0m). This priority target zone is supported by rockchip copper-gold anomalism and favourable alteration vectors. The initial diamond hole will test beneath existing drill intercepts and the adjacent priority target position.

St George Mining claimed a new discovery of high-grade nickel-copper sulphides at the company’s Mt Alexander project in the north-eastern Goldfields of Western Australia. The discovery came via drillhole MAD199 that was drilled to a downhole depth of 378.8 metres to test EM conductor MAD195_p1. The hole encountered a 10.96m interval of nickel-copper sulphides from 333.6m downhole, confirming the conductor as high-grade nickel-copper sulphides. An additional two EM conductors are located close to MAD195_p1 that St George has interpreted to have a massive sulphide source. Subsequently, conductor MAD195_p2 has been modelled with an EM plate having dimensions of 20m by 5m and conductivity of 22,950 Siemens. MAD195_p3 has been modelled with an EM plate having dimensions of 9m by 6m and conductivity of 16,850 Siemens. The company considers the combined strike length of these conductors suggests the presence of a meaningful volume of high-grade mineralisation in this location. St George also noted the EM plate drilled by MAD199 has a depth extent of 45m in the down-dip direction of the intrusive host unit, which it has deemed favourable for the potential continuity of the mineralisation at depth. “We…believe there is excellent potential to discover further high-grade mineralisation in other underexplored areas of the Cathedrals Belt,” St George Mining executive chairman John Prineas said. “MAD199 delivered an outstanding intersection of nickel-copper sulphides that may be indicating the presence of a large accumulation of mineralisation. “At more than 300 metres below surface, this is the deepest massive nickel-copper sulphides identified in the Cathedrals Belt and confirms our interpretation that the large intrusive mineral system at the Cathedrals Belt can host significant mineralisation at depth.”


EMAIL info@magmaticresources.com WEB www.magmaticresources.com


EMAIL info@stgm.com.au WEB www.stgm.com.au DIRECTORS John Prineas, John Dawson, Sarah Shipway

DIRECTORS David Richardson, Peter Duerden, David Berrie


Blackstone Minerals (ASX: BSX)

Take your eyes off Blackstone Minerals at your own peril, as the company releases news quicker than most copywriters can type. Blackstone Minerals improved its chances of upscaling its downstream refining business and realising its vision to become a global supplier of downstream nickel products for the Lithium-ion battery industry by signing a Non-Binding Letter of Interest with Trafigura one of the largest physical commodities trading groups in the world and one of the leading physical commodities traders involved in copper, zinc, lead, nickel and cobalt trading. “Blackstone is taking steps to become a significant global, green nickel product supplier catering to the battery market,” Blackstone Minerals managing director Scott Williamson said. This news was quickly superseded by the announcement of a new discovery within the company’s Ta Khoa nickel–copper-PGE project of sulphide mineralisation is in a previously untested zone within an area called the Ta Cuong prospect. The discovery was made in the first drill-hole of a previously untested zone within the Ta Cuong prospect, as a result of ongoing systematic testing of mapped Electromagnetic (EM) conductors. “The discovery hole at TDZ is one of the best Blackstone has delivered on its MSV targets,” Williamson said. “The TDZ remains open along strike and significantly adds momentum to the MSV strategy at Ta Khoa.” Then, Blackstone confirmed high-grade massive sulphide nickel, copper and PGEs at the King Snake deposit within the Ta Khoa nickel project from assays received from drilling that included the first drill holes completed at the deposit. Blackstone believes King Snake has potential to add to the company’s Massive Sulphide Vein (MSV) mining inventory while supporting the restart of the existing 450,000 tonnes per annum concentrator.

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

Elementos (ASX: ELT)

Elementos is focused on becoming a tin producer of note and to that end is driving development strategies at its 100 per cent-owned projects at a time when the LME tin metal price is reaching ten year highs. Recent tin supply disruptions and strong demand have pushed the LME tin prices to over US$28,000 per tonne compared to US$13,450 per tonne a year ago, which the company believes increases the value of both its Oropesa and Cleveland tin projects. “In 2020, we completed an economic study on the Oropesa tin project which derived a pre-tax NPV of US$94 million based on a tin price of US$19,750 per tonne,” Elementos chairman Andy Greig said. “Today that pre-tax NPV has increased to US$228 million based on a tin price of US$26,500. “Further, the current drilling program which has reached the halfway point, is meeting the objective of converting near-surface Inferred Resources to Indicated Mineral Resources and further enhancing the project value beyond just the increase in the tin price. “This is an extremely exciting time to be involved in one of few, globally significant, open-cut mineable tin deposits in the world.” Elementos is making headway in progressing its Oropesa permitting program that includes an updated Environmental Impact Application (EIA). Supplemental environmental studies are being completed by top tier environmental consultants ERM. The rising tin prices prompted the company to fast track its work programs at its Cleveland tin project in Tasmania where a recent regional geological and field program identified new tin mineralisation. A drilling program is being planned later this year to follow the company’s drilling program in 2018 which defined a substantial, high-grade, open cut tin mineral resource.

EMAIL admin@elementos.com.au WEB www.elementos.com.au DIRECTORS Andy Greig, Chris Dunks, Corey Nolan, Calvin Treacy, Brett Smith

DIRECTORS Hamish Halliday, Scott Williamson, Andrew Radonjic, Alison Gaines, Hoirim Jung



Corazon Mining

TNT Mines

Corazon Mining recently reported news from the first phase of a 2021 drilling campaign at the company’s Lynn Lake nickel-copper-cobalt sulphide project in Manitoba Province, Canada. Corazon completed three holes in this phase of drilling at Lynn Lake, which the company said has resulted in a successful first-pass test of a new target area west of the Fraser Lake Complex (FLC). Drilling also confirmed the effectiveness of the MobileMT’s technology in identifying areas favourable for magmatic nickel-coppercobalt sulphides at Lynn Lake. All holes drilled within the target area west of the FLC intersected favourable host rocks and extensive indications of magmatic sulphide mineralisation. Corazon is conducting a DHEM program of holes on this phase and previous phases of drilling to will more accurately define conductive bodies close to drill holes, within larger areas of anomalism. “The aerial MobileMT geophysics identified a large area of conductance, previously not recognised as prospective for nickel-copper sulphides,” Corazon Mining managing director Brett Smith said. “Our first round of drilling in this area intersected the right rocks and some good magmatic sulphides that enhances the potential of the target area. “Now, with the detailing of DHEM conductors of a good size, that support the MobileMT interpretations, we have expectations that this large conductive trend to the west of the Fraser Lake Complex has the makings of a nickel-copper sulphide target area similar in size to the Lynn Lake mining centre.” The DHEM program is ongoing, targeting other holes drilled by Corazon in previous phases of drilling. The greater conductive area west of the FLC and the DHEM plates defined will provide priority targets for the next phase of drilling.

TNT Mines has been busy on both domestic and international fronts across its varied portfolio. In the USA at the company’s 100 per cent-owned East Canyon uranium-vanadium project in south-eastern Utah, TNT has been moving towards a first phase drilling program through low-cost, earlystage exploration including geochemical sampling and mapping. This work has confirmed the presence of extensive high-grade uranium and vanadium mineralisation in historical workings on the East Canyon claim holdings, which was incorporated into planning for the initial TNT drilling program originally slated to occur after purchasing the project in 2020. The drill permitting process took longer than anticipated, however, TNT has reached the final stages, with surety bond monies to be paid to the US Bureau of Land Management as required prior to the issue of the permits. Drilling is planned to commence shortly after permits and remaining environmental approvals are received. Back on home soil, TNT Mineshas had a Program of Works (POW) approved for the Warriedar project area north-west of Paynes Find in Western Australia. The Warriedar project covers a region in the south of the Warriedar Fold Belt, prospective for BIF hosted epigenetic gold, and for gold hosted in narrow quartz-vein bearing structures. Drilling will commence at the Reids Ridge and Mt Laws prospects as soon as a rig is secured. At Reids Ridge a series of holes have been designed to intersect the interpreted down dip extension of known mineralisation at the base of the existing Reids Ridge mine, where to date little exploration has been carried out. As part of the current program the Mt Laws occurrence will be tested along strike both to the east and west of the previously completed drilling.


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


EMAIL frontdesk@tntmines.com.au WEB www.tntmines.com.au DIRECTORS Matt Boyes, Alex Hewlett, Brett Mitchell, James Croser, Peter Woods


Comet Resources

Ionic Rare Earths

Comet Resources recently received results from ongoing test work on natural flake graphite from the company’s Springdale graphite project in Western Australia. Comet Resources reported that both excellent grade and recoveries were achieved from initial tests, leading to commencement of work to produce a bulk sample for further testing. The company explained that graphite concentrates previously produced had demonstrated a unique and potentially valuable characteristic in its small size distribution, with two-thirds of the product passing the 38-micron size fraction screen. Generally, this small size fraction of graphite is a by-product of processing of larger flake fractions, which produces smaller size graphite, but in doing so also damages the smaller flake material in the process, reducing their performance and value. Deposits, like Springdale could potentially be, that contain high quality ultra-fine graphite suitable for battery anode production for the expanding electric vehicles battery anode market that achieves premium pricing in graphite markets, making it a highly sought-after product. Once a bulk sample of Springdale graphite concentrate is produced it will be forwarded to a specialist lab in Germany where it will be assessed for, among other properties, the performance of the graphite during purification, micronisation and spheronisation. “The results of this ongoing test work will determine the suitability of the natural flake graphite from Springdale for use in the manufacture of battery anodes for electric vehicles,” Comet Resources managing director Matthew O’Kane said. “Earlier tests have demonstrated the graphite from Springdale is quite a rare product due to its very small flake size, which could make it ideally suited for anode production. “This next stage of specialised testing will hopefully confirm this.”

Ionic Rare Earths recently inked a non-binding Memorandum of Understanding (MoU) with Aluminium Corporation of China subsidiary, China Rare Metals and Rare Earth (Jiangsu) Co., Ltd (CHINALCO) in relation to the development of the company’s Makuutu rare earths project in Uganda. “We are very pleased to have signed this MOU which, further endorses the quality of the project and its strategic importance and will now enable the Makuutu rare earths project to rapidly advance activities in the near term,” IonicRE managing director Tim Harrison said. “We welcome the involvement of CHINALCO and their ionic clay and rare earths separation arm China Rare Earths Jiangsu. “Their knowledge on ionic adsorption clays is second to none, and their involvement would also greatly enhance and accelerate the planned development of Makuutu.” The signing of the MoU followed news of a substantial 210 per cent increase to the Mineral Resource Estimate at the Makuutu project that is now estimated at 315 million tonnes at 650 parts per million Total Rare Earth Oxide with a cut-off grade of 200ppm TREO minus cerium dioxide. Heavy Rare Earth Oxides (26%) and Critical Rare Earth Oxides (35%) account for a substantial component of the Resource mineralisation. The updated MRE places Makuutu amongst the world’s largest ionic adsorption clay (IAC) deposits, and as such, a globally strategic resource for low-cost, high-margin and long-term security of critical and heavy rare earth supply. “The magnitude of this Mineral Resource will provide a platform for the company to now look to finalise the Makuutu Scoping Study, which will reflect the significant nature of the resource, underpinning what we anticipate will be a long-term, low-capital and high-margin critical and heavy rare earth producing asset,” Harrison said.


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



EMAIL admin@ionicre.com.au WEB www.ionicre.com.au DIRECTORS Trevor Benson, Tim Harrison, Bradley Marwood

Gold Road Resources (ASX: GOR)

Gold Road Resources submitted a healthy March quarterly report from the Gruyere gold mine Joint Venture with Gruyere Mining Company, a member of the Gold Fields Group, which manages Gruyere. Gruyere produced 66,213 ounces of gold enabling Gold Road to deliver its March 2021 quarter production at an AISC of $1,386 per attributable ounce. Gruyere ore tonnes processed totalled 2.1 million tonnes at a head grade of 1.12 grams per tonne gold and a gold recovery of 91.2 per cent with gold in circuit increasing by 3,127 ounces during the quarter. All this while scheduled plant shutdowns were undertaken for relines of the SAG mill and the Ball mill, along with an upgrade to the Pebble Crushing Circuit. During the March quarter, Gold Road reported a 50 per cent attributable Maiden Underground Inferred Mineral Resource of 18.5 million tonnes at 1.47g/t gold for a total of 0.87 million ounces of gold from beneath the December 2020 Gruyere Open Pit Resource of 156 million tonnes at 1.34g/t gold for 6.71 million ounces. Progress continues towards an updated Gruyere Ore Reserve, expected in the second half of 2021. Geotechnical studies indicate the potential to steepen fresh rock open pit slopes by up to four degrees. The steeper pit slopes are anticipated to support growth of the open pit Ore Reserve. Gold Road currently has four drill rigs operating at it 100 per cent-owned Yamarna project and another operating at Yandina (88%) as the company continues to actively explore for a meaningful discovery. As part of an initial assessment of the longer-term underground potential, the Gruyere JV partners commence diamond drilling to target mineralisation below the reported Mineral Resources at Gruyere.

EMAIL perth@goldroad.com.au WEB www.goldroad.com.au DIRECTORS Tim Netscher, Duncan Gibbs, Justin Osborne, Brian Levet, Sharon Warburton, Maree Amason

Redbank Copper (ASX: RCP)

Redbank Copper has outlined its strategy to systematically explore the company’s Redbank copper project and surrounding landholding in the McArthur Basin, Northern Territory. At time of writing the company was finalising a comprehensive review of all assays received from its 2020 field work campaign at the Redbank copper project that contains an existing JORC 2004 Resource of 6.23 million tonnes at 1.53 per cent copper. Work streams were also underway on updating the existing JORC Resource, which included results from the Sandy Flat TSF drilling program that are anticipated to be combined into the Redbank copper project JORC 2012 Resource update. The company’s review process of the assays received from the 2020 field work program was extensive, with considerable time invested to ensure assays are closely aligned with the large historical database and decades of intellectual property the company has catalogued on the project. Once reviewed and collated, Redbank expects these assays will play a key role towards generating a better understanding of the distribution of copper mineralised breccia pipes within the Redbank project and identifying mineralised signatures and targets for future exploration programs. “We are committed to taking the time needed to ensure all work completed both internally and by our consultants, is completed to the highest standard as we set the foundations for a future discovery,” Redbank Copper executive chairman Mike Hannington said. “Redbank is well positioned to capitalise on the unfolding copper super cycle.” The company was recently granted seven tenements within the Redbank project in the McArthur Basin. These tenements consolidate Redbank’s position as the largest tenement holder in the eastern McArthur Basin, a region in between the world class McArthur and Century Mines.

EMAIL admin@redbankcopper.com.au WEB www.redbankcopper.com.au DIRECTORS Michael Hannington, Bruce Hooper, Daryl Henthorn, Keith Middleton


Indiana Resources

Nexus Minerals

Indiana Resources has been generating plenty of noise of late from drilling undertaken within the company’s 100 per cent-owned 5,090 square kilometre Central Gawler Craton gold project in South Australia. The latest results of RC drilling at Minos prospect located Russian doll-style within The Lake Labyrinth Shear Zone project (LLSZ), within the Central Gawler Craton project. The gold mineralisation intersected in drilling to date within the LLSZ is concentrated within an intense alteration system (primarily sericite, chlorite, pyrite) of up to 100 metres wide. The LLSZ is interpreted from magnetic imagery to extend for approximately 60 kilometres along strike, of which approximately half is within the company’s ground holding. Ten RC drill holes were drilled in the latest round that was designed to test a 600m long section in the core of the Minos target. Nine of holes ended in the mineralised shear zone, demonstrating the Minos prospect appears to be open along strike and at depth. Results include: » LLRC029 38 metres at 6.54 grams per tonne gold from 29m, including 16m at 13.12g/t gold from 37m. “Our 2021 exploration campaign is off to a brilliant start and these exceptional results from Indiana’s maiden drilling program confirm the excellent prospectivity of our ground position in the Gawler Craton,” Indiana Resources executive chairman Bronwyn Barnes said “These high-grade intersections, and broad widths of mineralisation, have exceeded our initial expectations and we are now moving quickly to finalise our follow up RC and diamond drilling programs for the next two months. “This is an exciting time for Indiana, and we look forward to ramping up our work programs over the coming months at several key targets within our Gawler Craton portfolio.”

Nexus Minerals set out in 2021 to Follow up exploration success achieved last year across multiple prospects at the company’s Wallbrook project in Western Australia. Nexus Minerals received results from drilling undertaken at the Crusader – Templar prospects within the Wallbrook project last year that intersected broad and high-grade gold intercepts, showing continuity of mineralisation over greater than 1.6 kilometres of strike. which remains open in all directions, and importantly at depth. The company believes this area is rapidly growing into an exciting new mineralised corridor, with potential to establish a meaningful mineral resource. To that end the company has RC and diamond drilling programs planned to follow up on the results received in last year’s programs. The drill programs planned for Crusader will test for depth extensions to the mineralisation which has been drilled to a maximum 200m depth. The drill program planned for Templar is similar, but different in the fact it will test for depth extensions to the mineralisation which has been drilled to a maximum 100m depth. Nexus Minerals is also involved in a Farm-in and Joint Venture Agreement over the Pinnacles gold project with Saracen Gold Mines, a subsidiary of Saracen Mineral Holdings. The company provided an updated JORC 2012 combined mineral resource for the Pinnacles project in February 2020 of 609,000 tonnes at four grams per tonne gold for 78,000 ounces. Elsewhere, Nexus Minerals secured the Pinnacles project package of ground in the Eastern Goldfields in April 2015. The Pinnacles project tenements cover approximately 125 square kilometres immediately to the south of Saracen’s Carosue Dam mining operation, which includes the Karari underground gold mine, currently in operation.

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

WEB www.nexus-minerals.com


DIRECTORS Bronwyn Barnes, Bob Adams, David Williams



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

Middle Island Resources

Alchemy Resources

Middle Island Resources recently reported results of a Feasibility Study (FS) into re-commissioning of the company’s Sandstone gold project in Western Australia on a stand-alone basis. The resultant stand-alone FS economic outcome was marginal, although cash flow positive, at $2,500 per ounce. Middle Island cited a decrease in the gold price, exchange rate movements, and escalation in the cost of some capital items, personnel, contract mining and fuel since mid-2020 when addressing the adversely impacted anticipated economic outcome. The mill upgrade study returned positive news having evaluated the plant being expanded to 750,000 tonnes per annum would entail a modest capital cost that would greatly lower operating costs. “The doubling and upgrading of the open pit Mineral Resources at the Sandstone project last year delivered a considerable improvement in the potential economic return, compared to the 2016 PFS, significantly increasing the value of your project and company in the process,” Middle Island Resources managing director Rick Yeates said. “What the mill upgrade study suggests is that the 750,000 tonnes per annum upgrade, combining MDI’s open pit Mineral Resources with those of peer companies situated within trucking distance of Sandstone, is worth pursuing as the path to rendering otherwise uneconomic projects viable. “Irrespective of a consolidation or improved market conditions, the company’s other open pit targets and underground deposits represent the opportunity for organic growth, as amply demonstrated by the success of last year’s feasibility drilling program, which delivered five new satellite deposits. “Work on these opportunities is being considered.” The Sandstone project and processing facility is situated south of Sandstone, northwest of Kalgoorlie, and located between the mining towns of Mt Magnet and Leinster in the East Murchison Mineral Field of Western Australia.

Alchemy Resources has put together a substantial land package in the Carosue Dam - Karonie greenstone belt in the Eastern Goldfields region in Western Australia. The company also has an 80 per cent interest in the Lachlan/Cobar Basin projects in New South Wales while maintaining interest in the Bryah Basin project in the Gascoyne region of WA. Alchemy recently announced being granted all necessary approvals and securing all contractors to enable it to commence its Phase 1 drill program at the Karonie project. The company indicated the objective of the drill program is to infill and extend the three main discovery zones at KZ5, Parmelia and Taupo, which sit directly along strike from Silver Lake Resources’ Aldiss Mining Operations. A fourth target area of interest is located at Warrior to the south-west of Parmelia, to test a large coincident magnetic/gravity high. “We are excited to get back on the ground at Karonie where we have traced mineralisation 400 metres to 500 metres along strike at each of KZ5, Parmelia and Taupo - all of which remain open in all directions,” Alchemy Resources CEO James Wilson said. “We also see excellent exploration upside potential, especially as Parmelia and Taupo haven’t really been drill tested below 100 metres vertically.” Earlier this year, Alchemy conducted a Structural Targeting Review that identified five high level targets for further work. The targets included Warrior-Gilmore, Challenger-Esplanade, Manhattan and two new conceptual targets at Karonie West and a new target in the southern most extent of the Karonie tenement package. All these targets in addition to the existing discoveries at KZ5, Parmelia and Taupo that are the subject of the current drilling.

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

DIRECTORS Lindsay Dudfield, James Wilson, Liza Carpene, Anthony Ho


DIRECTORS Peter Thomas, Rick Yeates, Beau Nicholls, Dennis Wilkins, Brad Marwood


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


SKY Metals (ASX: SKY)

SKY Metal’s project portfolio encapsulates gold, copper and tin projects in New South Wales. Last year, SKY added to this portfolio by way of an exclusive Option to Purchase for the Iron Duke copper-gold project. Exploration conducted by previous owners had delineated a shallow, open-ended copper-gold resource at Iron Duke, however, the prospect has not been subjected to any exploration activity for over nine years while other historic copper workings on the tenement have remained undrilled and largely untested prior to commencement of SKY’s current work program. As part of its initial reconnaissance of the Iron Duke project, SKY carried out rock sampling at the Christmas Gift and Monarch mines, located approximately 2.5km south along strike from the Iron Duke Mine. SKY considers both workings present as ‘walk up and drill’ targets, which it deemed to be confirmed by the high-grade copper rock chips. Christmas Gift hosts workings and spoil heaps with copper carbonates present in quartz breccias samples as observed at Iron Duke. Fresh sulphides, chalcopyrite and pyrite were also observed in some samples. Malachite and azurite are the dominant copper species present and indicate the high-grade oxide copper potential of Christmas Gift. At Monarch, samples displayed well-developed bands of copper carbonates, and possible chalcocite. Rehabilitation of the shaft, however, has left relatively little material scattered at the historic mine site compared with Christmas Gift. Again, the presence of secondary copper mineralisation is considered very encouraging and thus Monarch is also to be drill tested for high grade oxide copper mineralisation. Drilling of the Iron Duke Mine is a given, and SKY anticipates drill testing the exciting new targets at Monarch and Christmas Gift as soon as it can.

EMAIL admin@skymetals.com.au WEB www.skymetals.com.au DIRECTORS Norman Seckold, Rimas Kairaitis, Richard Hill

Kalamazoo Resources (ASX: KZR)

Kalamazoo Resources owns projects in the Victorian Goldfields and the Pilbara in Western Australia. Kalamazoo is focused on exploring for the next world class gold deposit in the Victorian Goldfields, whilst increasing the 1.65 million ounce gold resource at the Ashburton gold project in the Pilbara. The acquisition of the Ashburton gold project from Northern Star Resources increased Kalamazoo’s Pilbara gold portfolio, which includes The Sisters gold project, also in the Pilbara and considered prospective for both epigenetic gold mineralisation associated with the Wohler Shear Zone, and potential mineralised intrusions like those identified at De Grey’s Hemi discovery. Rounding out the Pilbara gold portfolio are the DOM’s Hill and Marble Bar projects. Boasting historical gold production of 350,000 ounces (19982004), the Ashburton project currently contains a JORC-2012 Mineral Resource estimate of 20.8 million tonnes at 2.5 grams per tonne gold for 1.65 million ounces. 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). Kalamazoo is utilising ground geophysics, 3D structural modelling and multi-element surface geochemistry to assist in identifying and vectoring towards gold mineralisation targets in upcoming drilling campaigns across its 445 square kilometres project area. The Bendigo Zone in Victoria has historically produced more than 60 million ounces of gold, a goldfield geology that is 100 times richer than the global average. In 2018, Kalamazoo sold its Snake Well gold project to Adaman Resources for $7 million, proceeds from which are funding Kalamazoo’s exploration and drilling program at the Castlemaine gold project and the Pilbara gold projects.

EMAIL admin@kzr.com.au WEB www.kzr.com.au DIRECTORS Luke Reinehr, Angus Middleton, Paul Adams



Mount Ridley Mines

Bulletin Resources

Mount Ridley Mines acquired a 100 per cent interest in the Weld Range West iron project, located in the Mid-West region of Western Australia, in October 2020. The company commenced work programs on Weld Range earlier this year as it continued to move through the detailed DMIRS approval process required for operations in the Weld Range, which includes the current environmental and cultural surveys. Mount Ridley has planned approximately 15,000 metres of RC and core drilling, that is ready to kick off as soon as these approvals are received. The weld Range project is located northeast of Geraldton, in the Weld Ranges that are defined by BIFs extending for over 60 kilometres. The northern-most BIF horizon is referred to as the Madoonga Formation and the southern-most, the Wilgie Mia Formation. Both host high-grade (>62.5%) DSO haematite iron deposits some of which are currently being mined nearby and which are the primary target of Mount Ridley’s exploration activities. The geological stratigraphy of the Weld Range West iron project is analogous to the overall Weld Range package, which aeromagnetic imagery has demonstrated that the parallel horizons of BIF extend for the entire length of the Weld Ranges. Mount Ridley’s project provides tenure to the western 20 per cent of the overall Weld Ranges, covering four parallel BIF units, each with a strike length of over 10 kilometres, including the highly prospective Madoonga and Wilgie Mia Formations. Substantial resources of iron ore have been defined in the 80 per cent of the Weld Ranges held by Sinosteel Midwest Corporation and Fenix Resources. To date, however, drilling has not tested haematite iron targets within Mount Ridley’s ground.

Bulletin Resources recently increased the size of the company’s Lake Rebecca gold project in Western Australia. The company was granted two new key tenements, E28/2977 and E28/3002 totalling 285 square kilometres in area by the Western Australian Department of Mines Industry Regulation and Safety (DMIRS). Known as Chifley, E28/3002 is a new highly prospective tenement near Breaker Resources one million ounces Lake Roe gold deposit, while E28/2977 is now the southernmost tenement of Bulletin’s Lake Rebecca project. Bulletin highlighted the importance of the grant of E28/2977, as it means the entire 575sqkm Lake Rebecca gold project is now available for on-ground exploration. Bulletin explained the newly granted tenement was pegged to secure ground over southern extensions of a prospective granodiorite/gneissic corridor. Several geological and geophysical targets on the tenement were identified a project wide review the company carried out and these areas will be progressively explored along with extensions to gold trends recently found in the Rebecca Complex to the north. The Chifley project is a 79sqkm exploration tenement Bulletin considers prospective for gold. It is situated approximately 50km to the south of Lake Rebecca and on a northwest trending splay of the Claypan Fault, which is a major north-south structure that hosts the nearby Lake Roe deposit. The area has seen no modern exploration and Bulletin has expressed its desire to commence exploration works including soil sampling over the interpreted greenstone unit as a priority. Lake Rebecca comprises five granted Exploration Licences and is located outside of Kalgoorlie. The project sits in the southern part of the Laverton Tectonic Zone, a regional scale shear/fault system that is one of the more productive gold zones in the WA Goldfields.


EMAIL info@mtridleymines.com.au WEB www.mtridleymines.com.au DIRECTORS Peter Christie, Graeme Johnston, Simon Mitchell, Guy Le Page


EMAIL admin@bulletinresources.com WEB www.bulletinresources.com DIRECTORS Paul Poli, Frank Sibbel, Robert Martin, Daniel Prior


Dreadnought Resources (ASX: DRE)

Dreadnought Resources has four projects: the Tarraji-Yampi nickel-copper-gold project; the Illaara gold-VMS project; the Magaroon nickelcopper-PGE-gold project; and the Rocky Dam gold-VMS project, all located in Western Australia. Dreadnought controls the second largest land holding in the West Kimberley where its Tarraji-Yampi project has been locked up as a Defence reserve since 1978. The area was only recently opened under the Commonwealth Government’s co-existence regime that balances Defence’s needs with the requirements of others including Aboriginal groups, the resources industry, pastoralists and State Governments. Dreadnought believes Tarraji-Yampi presents a rare first mover opportunity with known outcropping mineralisation and historic workings from the early 1900s that have seen no modern exploration. Illaara is located outside Kalgoorlie in the Yilgarn Craton and covers 75 kilometres of Illaara Greenstone Belt strike. Dreadnought consolidated the Illaara Greenstone Belt through an acquisition from Newmont Goldcorp, which had defined several camp-scale targets it left undrilled due to a change in corporate focus. Prior to Newmont, the Illaara greenstone belt was held predominantly by iron ore explorers and has seen minimal gold and base metal exploration since the 1990s. Maganroon is a first mover opportunity located southeast of Exmouth in the Gascoyne Region of WA. Mangaroon is prospective for magmatic nickel-copper-PGE mineralisation and high-grade gold with evidence of both outcropping within the project area and has been virtually unexplored for the past 40 years. Rocky Dam is located east of Kalgoorlie in the Eastern Goldfields Superterrane of WA. Rocky Dam is prospective for typical Archean mesothermal lode gold deposits and copper-zinc-VMS mineralisation. Rocky Dam has known gold and VMS occurrences with drill ready gold targets based on 1990s mineralised gold intercepts which have not been followed up.

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


VRX Silica (ASX: VRX)

VRX Silica is focused on becoming the Australian company of choice for high-quality silica sand, which is the primary ingredient in all types of glass manufacturing. It is used in making flat glass for buildings and vehicles, container glass for food and beverages, and as specialty glass for photovoltaic cells and mobile phones, as well as high-capacity lithium-ion (Li-ion or LIB) rechargeable batteries. This has provided a unique opportunity for Western Australia to supply a niche, but growing, market and meet rising Asia-Pacific demand. VRX has two high-quality silica sand projects; at Arrowsmith, encapsulating Arrowsmith North and Central, south of Geraldton and at Muchea just north of Perth. In October 2020, VRX was granted a Mining Lease for the Muchea project covering approximately 1,008 hectares, including the development area, sufficient for at least 25 years of production. The Mineral Resource Estimate (MRE) for the Muchea project comprises 208 million tonnes at 99.6 per cent silicon dioxide (SiO2). In November 2020, VRX was granted Mining Leases for the Arrowsmith projects, combining to cover over 3,600ha, sufficient for over 100 years of production. The MRE for Arrowsmith North comprises an Indicated Mineral Resource of 248 million tonnes at 97.7 per cent SiO2 in addition to an Inferred Mineral Resource of 523 million tonnes at 98.2 per cent SiO2 for a Total MRE of 771 million tonnes at 98 per cent SiO2. The MRE for Arrowsmith Central comprises an Indicated Mineral Resource of 28.2 million tonnes at 96.6 per cent SiO2 in addition to an Inferred Mineral Resource of 48.3 million tonnes at 96.9 per cent SiO2, for a Total MRE of 76.5 million tonnes at 96.8 per cent SiO2.

EMAIL info@vrxsilica.com.au WEB www.vrxsilica.com.au DIRECTORS Paul Boyatzis, Bruce Maluish, Peter Pawlowitsch

Aeris Resources

Venture Minerals

Aeris Resources owns and operates two 100 per cent-owned mining operations. The first is the Tritton copper operations located near the town of Nyngan in central New South Wales, and the second the Cracow gold operations located in Queensland. For good measure, the company also owns 70 per cent of the Torrens copper project Joint Venture in South Australia. The Tritton copper operations is operated by Tritton Resources, a 100 per cent owned subsidiary of Aeris Resources. There are two underground mines, Tritton Underground Mine and Murrawombie Underground Mine, the combined ore production from both treated at the 1.8 million tonnes per annum Tritton processing plant. There are also four additional advanced mining projects (Avoca Tank, Budgerygar, Budgery and Murrawombie Open Pit) scheduled for future production. Combined with Tritton and Murrawombie these all form the company’s current Life of Mine plan that anticipates the four projects will supplement and then replace production from the Tritton and Murrawombie underground mines as the ore reserves from these are exhausted. Recent work at Tritton has focused on the recent Constellation deposit discovery where drilling has continued to encounter further high-grade copper with assays demonstrating mineralisation remains open down plunge and along strike. The Cracow gold operations, located just northwest of Brisbane, are nearby to the communities of Cracow and Theodore and on the traditional lands of the Wulli Wulli. In July 2020, Aeris completed acquisition of the Cracow gold mine from Evolution Mining. Cracow is an established, high-grade, low-cost underground gold mining and processing facility that has been operating continuously since 2004, producing more than 1.4 million ounces over its life, with a consistent track record of profitability and reserve replacement.

As Venture Minerals’ Riley iron ore mine in Tasmania moves closer to becoming Australia’s newest producing iron ore mine, the company has been gaining plenty of traction at its Golden Grove North project and recent gold discovery at Kulin, both in Western Australia. A trenching program, conducted over some of the high order gold in soil anomalies at Kulin, delivered substantial mineralised intervals, such as: » KUT02 41 metres at 0.8 grams per tonne gold, including 31m at 1g/t gold; and » KUT04 20m at 0.6g/t gold. These broad, strongly mineralised gold zones in the trenches achieved two things: first they confirmed the soil anomalies; second, they also suggested the presence of potential for intersecting broad zones of gold mineralisation at depth. Venture immediately commenced its maiden diamond drilling program at Kulin, testing multiple gold targets beneath the broad mineralised trenches, from which assays were pending at time of writing. From Kulin, Venture headed to its second phase of exploration drilling at the Golden Grove North project. The diamond drilling program was to test priority zinc-copper-gold targets, including following up on results from reconnaissance style drilling at the Orcus prospect and maiden drill holes testing several newly identified, strong EM conductors situated along the five kilometres long VMS Target Zone akin to the Scuddles-Gossan Hill area at the Golden Grove Mine along strike to the south. The Golden Grove Camp, 370 kilometres north-northeast of Perth, is a prime VMS occurrence in the Archean Yilgarn Craton of WA with over twelve deposits discovered over 13 kilometres of strike. The first noteworthy deposit, Gossan Hill was discovered in 1971, then in 1979 a second substantial find was identified at Scuddles.


EMAIL info@aerisresources.com.au WEB www.aerisresources.com.au DIRECTORS André Labuschagne, Alastair Morrison, Michele Muscillo, Colin Moorhead


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



Hammer Metals

ioneer showed if you are going to do something, do it well with a fully underwritten institutional placement to raise $80 million to accelerate construction of the company’s 100 per cent-owned Rhyolite Ridge lithium-boron project in Nevada, USA. “We are extremely pleased with the exceptionally strong reaction for our capital raising, which demonstrates the high quality of the Rhyolite Ridge project based on the support from high quality domestic and international investor groups,” ioneer managing director Bernard Rowe said. “Rhyolite Ridge remains the most advanced and highest quality lithium project in the US, and with these additional funds we look forward to rapidly closing out a number of key value-adding milestones over the course of 2021 as we move quickly towards production and becoming a major part in the US lithium supply chain.” The Rhyolite Ridge project is the only known lithium-boron deposit in North America and one of only two known such deposits in the world. A Definitive Feasibility Study (DFS) completed by the company in April 2020 confirmed Rhyolite Ridge as a world-class lithium and boron project that is expected to become a globally important, long-life, low-cost source of lithium and boron vital to a sustainable future. Early this year, ioneer announced that its metallurgy and process engineering team had successfully converted lithium carbonate produced at its pilot plant, into battery grade lithium hydroxide, a key milestone in the company’s lithium hydroxide development path. The achievement demonstrated ioneer’s ability to provide both high purity technical grade lithium carbonate and battery grade lithium hydroxide to the burgeoning battery EV sector. “As the premier US project, ioneer will be uniquely situated to supply the future US electric vehicle platforms,” Rowe said.

While not the only string to the company’s bow, Hammer Metals can be excused of late for paying its Mt Isa East Joint Venture with Japan Oil, Gas and Metals National Corporation (JOGMEC) a tad more attention than its portfolio siblings. Hammer Metals recently reported drilling results from the Trafalgar prospect within the Mt Isa East JV from drilling following up on the Trafalgar copper gold discovery the company announced in January 2021. Two additional holes drilled at the Trafalgar discovery hit copper and gold mineralisation. HMTRRC003 was drilled from the west between the two discovery holes, returning assays to confirm two zones of mineralisation with results including: » 15m at 1.15 per cent copper and 0.35 grams per tonne gold from 92m, including 2m at 3.17 per cent copper and 1.33g/t gold from 95m; and » 15m at 0.63 per cent copper and 0.15g/t gold from 29m, including 3m at 1.71 per cent copper and 0.29g/t gold from 40m. HMTRRC004 was collared approximately 80m to the north of the previous drilling intersecting mineralisation including: 10m at 0.59 per cent copper and 0.18g/t gold from 64m. The drilling indicated the Trafalgar deposit remains open in all directions while identifying a new zone of mineralisation to the west. “The limited follow up program at Trafalgar has been successful with the identification of a new zone of mineralisation as well as an extension of the deposit to the North,” Hammer Metals managing director Daniel Thomas said. “The Joint Venture has now completed the current drilling program and will review results to date to develop a systematic plan to explore the size and grade potential of the Trafalgar deposit.”

WEB www.ioneer.com

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


DIRECTORS James Calaway, Bernard Rowe, John Hofmeister, Margaret Walker, Rose McKinney-James, Julian Babarczy, Alan Davies



DIRECTORS Russell Davis, Daniel Thomas, Ziggy Lubieniecki, David Church

Miramar Resources

Vimy Resources

Miramar Resources recently achieved some interesting drilling results the company’s 80 per cent owned Gidji Joint Venture project north of Kalgoorlie, Western Australia. Diamond drilling at the 8-Mile target confirmed the presence of the Runway Porphyry with holes GJDD001 and GJDD002 both intersected an intrusive unit, which the company has interpreted to represent an extension of the unit that hosts the 314,000 ounces Runway deposit, located immediately south of the Gidji project boundary. Both holes also intersected numerous quartz/sulphide veins in the hanging wall sandstone unit with several specks of visible gold observed in hole GJDD002 at 124.7m downhole. Miramar Resources executive chairman Allan Kelly said the first two holes intersected the same geological sequence seen at Runway, to the south. “Importantly, both holes intersected the Runway porphyry at a shallower depth to that seen to the south, lending weight to the idea of a southerly plunge,” Kelly said. “The fact that we are seeing visible gold and widespread alteration and sulphide mineralisation in our first two diamond holes has us very excited about the potential of this target.” Results from EOH samples for phase 1 have recently been received and have upgraded the newly named Piccadilly target, which has a strike length of approximately 850m and remains open along strike. Examination of historical geophysical data potentially suggests the presence of another intrusive unit, like that seen at Runway/8-Mile. “We look forward to completing these two drill programs and reporting results from both the diamond and aircore drilling across the various targets,” Kelly said. “We still have about 50 per cent of the project tenements yet to be granted, and these areas hold additional highly prospective targets.”

Vimy Resources recently signed off on a $18.5 million raising, supported by commitments received from new and existing domestic and international institutional and sophisticated investors. Vimy will use the funds raised from the placement to progress the company’s Mulga Rock project in Western Australia and its Alligator River project in the Northern Territory. Activities at the Mulga Rock project will entail early works at the project in 2021/22, including site-based works comprising: access road upgrade, ground clearing for village and ancillary facilities, main communications tower development, communications hut and access road, construction of Kakarook North borefield, clearing and grubbing vegetation, and stripping and stockpiling topsoil for Ambassador North and operational airstrip. The Alligator River project 2021 field season investigate advanced exploration targets, including Such Wow and Southern Flank. The proceeds will also fund additional field work, including geochemical analysis, mapping and airborne electromagnetics. “Many investors share our view that Vimy is the most leveraged uranium play in the market,” Vimy Resources managing director and CEO Mike Young said. “The raise allows us to advance early works at the Mulga Rock project in WA and to continue our exploration program at the Alligator River project in the NT. “Importantly, a strong balance sheet allows Vimy to approach the coming uranium contracting cycle in a much more strategic fashion. “Global uranium equities have surged over 300 per cent since late October 2020, with Vimy’s share price having tripled. “The growing positive sentiment for nuclear clean energy has been the catalyst for this growth. “Vimy is in a unique position to capitalise on the supply shortage by progressing Mulga Rock into development, where our first stage AISC is less than the uranium spot price.”

(ASX: M2R)

EMAIL info@miramarresources.com.au WEB www.miramarresources.com.au DIRECTORS Allan Kelly, Marion Bush, Terry Gadenne


EMAIL info@vimyresources.com.au WEB www.vimyresources.com.au DIRECTORS The Hon. Cheryl Edwardes AM, Mike Young, David Cornell, Tony Camberlain, Luca Giacovazzi


Thor Mining

Sunshine Gold

Thor Mining has fingers in an assortment of investment pies being listed on the London AIM Market, the Australian Securities Exchange, and the OTCQB Market in the United States. Thor is advancing a diversified portfolio of precious, base, energy and strategic metal projects across USA and Australia, in particular its copper, gold, uranium and vanadium projects, while seeking investment/JV opportunities to develop its tungsten assets. Thor owns 100 per cent of the Ragged Range project, comprising exploration licences with early-stage gold and nickel results in the Pilbara region of Western Australia. At Alford East in South Australia, Thor is earning an 80 per cent interest in copper deposits, for which an Inferred Mineral Resource Estimate of 177,000 tonnes contained copper and 71,000 ounces of gold was announced in January 2021. Thor also holds a 30 per cent interest in Australian copper development company EnviroCopper Limited, which holds rights to earn a 75 per cent interest in a portion of the historic Kapunda copper mine and the Alford West copper project, both situated in SA. Still on domestic turf, Thor holds 100 per cent of the advanced Molyhil tungsten project in the Northern Territory that was awarded Major Project Status by the NT government in July 2020. Adjacent to Molyhil, at Bonya, Thor holds a 40 per cent interest in deposits of tungsten, copper, and vanadium. In the United States, Thor holds 100 per cent interest in two private companies with mineral claims in Colorado and Utah with historical high-grade uranium and vanadium drilling and production results. Thor holds 100 per cent of the Pilot Mountain tungsten project in Nevada with a JORC 2012 Indicated and Inferred Resources Estimate on two of four known deposits.

Sunshine Gold has been revving up activity on the company’s Triumph gold project in Queensland. The company recently released results from initial drilling from the Big Hans and Super Hans prospects at the Triumph project, involving a maiden RC drill campaign that delineated high-grade targets for follow up Resource drilling. High-grade extensions to Big Hans extended mineralisation over 240m of strike that is open in all directions. » 21BNRC006 4 metres at 11.53 grams per tonne gold from 69m; and » 21BNRC007 2m at 9.56g/t gold from 63m. At Super Hans mineralisation was intercepted in step off drilling with the deposit now delineated over 200m of strike to depths of 80m from surface. » 21SHRC009 3m at 3.15g/t gold from 69m; and » 21SHRC007 2m at 2.66g/t gold from 71m. “Sunshine Gold has now extended the Big Hans high-grade core of mineralisation over 200 metres of strike, to depths of 150 metres and significantly the system remains open in all directions. Likewise, Super Hans remains open to the West and at depth,” Sunshine Gold managing director Damien Keys said. “The latest drilling has intersected the mineralised structure in broad spaced holes. “This successful step-off drilling campaign provides a great platform to aggressively pursue maiden Resource opportunities in follow up drilling planned in the September 2021 quarter. “This Resource drilling will focus on high-grade centres at Big Hans, Super Hans and New Constitution have been delineated and will form the focus of upcoming resource drilling.” Sunshine Gold recently acquired the Ravenswood West gold-copper-REE project in Western Australia via acquisition of Ukalunda Pty Ltd, a subsidiary of Stavely Minerals. “We also look forward to commencing our first field programs at Ravenswood West,” Keys said.


EMAIL corporate@thormining.com WEB www.thormining.com DIRECTORS Michael Billing, Mark Potter, Mark McGeough


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


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RIU Sydney Resources Round-up Conference Companion - 2021  

The official conference companion for the RIU Sydney Resources Round-up, including in-depth articles on some of the best untold stories in t...

RIU Sydney Resources Round-up Conference Companion - 2021  

The official conference companion for the RIU Sydney Resources Round-up, including in-depth articles on some of the best untold stories in t...

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