Public Company News

After receiving regulatory approvals, ASX-listed gold-focused Classic Minerals has commenced construction activities for the development of the company’s 100 per cent owned and recently approved Kat Gap gold mine south of Southern Cross in WA. A series of earthwork activities including the stripping and stockpiling of vegetation and topsoil began earlier this month ahead of stage 1 mining.

The wait is finally over for Lindian Resources as its maiden exploration campaign at the company’s Kangankunde rare earths project in Malawi kicks off marking the first drilling program at the site this century. The explorer has begun phase 1 of its 12,500m resource definition drilling program including 10,000m of RC drilling and a further 2500m of diamond drilling to test mineralisation to a depth of 300m. The 44-hole campaign will include two RC rigs and one diamond drill rig with first assays expected within six to eight weeks.

ASX-listed Aurumin is now wielding a gold inventory of 946,000 ounces in WA’s Mid West region after tabling resource updates for the company’s newly acquired Central Sandstone deposits and incorporating its nearby Johnson Range project into one operation. Notably, the explorer boosted the gold grade of the operation’s centrepiece, the Two Mile Hill underground deposit, from 1.1 grams per tonne to 1.6 g/t.

Podium Minerals has doubled the size of its five-element platinum group metals mineral resource at the company’s flagship Parks Reef project after the completion of a successful drilling campaign. The explorer recently received the final assays from stage 10 drilling at the Mid West site that has led to an upgraded mineral resource estimate of 143 million tonnes at 1.3 grams per tonne for a total of six million ounces of 5E PGM.

WA oil producer Triangle Energy closed the September quarter on a high, completing a flurry of activity including its first oil delivery to a refinery in Thailand using a new shipping route, acquisition of two onshore exploration permits and banking a slice of a $6.9 million pay packet courtesy of oil sales associated to its Cliff Head joint venture partnership with Pilot Energy.

TSX-listed Novo Resources says recent results at its Becher and Nunyerry North prospects highlight the potential for its Egina project in the Pilbara to become a standalone gold production hub. The company has completed more than half of its 30,000m air-core campaign and has highlighted the district as a priority for RC drilling after scoring shallow gold hits along an area it has interpreted to extend to De Grey Mining’s extraordinary nine-million-ounce Hemi gold discovery.

Okapi Resources has received the last of its assay results from a recently completed seven-hole diamond drilling program for 1440m at the company’s Enmore gold project in NSW’s New England Fold Belt. Further significant gold mineralisation was encountered including a broad 28m hit grading 2.03 grams per tonne gold from 191m downhole.

Image Resources has posted another successful quarter of operations at its Boonanarring mineral sands project just 80km north of Perth in WA, despite rising inflation and a tight labour market. The company generated $39 million in revenue and ended the financial quarter with a net cash position of $53.2 million up from $47.9 million last quarter.

ASX-listed producer Buru Energy has chalked up a quarter to remember, tabling its highest revenues in recent memory after banking $5.7 million from its onshore operations in WA’s Canning and Carnarvon basins. The company’s strong cash and debt-free financial position was bolstered through the sale of about 76,000 barrels of oil and fits within its strategy of optimising fluid production whilst unlocking its gas resources.

Northern Minerals has inked a deal with Iluka Resources to supply the company with rare earths concentrate from its Browns Range project in northern WA. The agreement covers the asset’s initial 8-year-plus mine life and includes the supply of 30,500 tonnes of contained total rare earth oxides. The deal also includes a $78 million funding package with Iluka to establish commercial-scale production at the project.

Valor Resources has identified two substantial new anomalies at its Ichucollo and Huancune targets from an induced polarisation survey across the company’s Picha copper and silver project in Peru. The explorer says the latest discoveries are coincident with significant surface copper mineralisation identified from channel sampling and combine with a previously identified anomaly for a strike length of more than 6km.

Infinity Mining has received a five-year extension to a key tenement that forms part of its Panorama project in the Pilbara region of WA that the company says is highly prospective for gold and base metals. The site sits immediately south of the explorer’s Sulphur Springs and Kangaroo Caves base metal deposits with similar geology extending to the south onto Panorama.