Public Company News

Lindian Resources is one step closer to securing the Kangankunde rare earths project in Malawi after making its first tranche payment to acquire current site owner Rift Valley Resource Developments. Whilst the deal is subject to shareholder approval, the US$2.5 million transaction is the first of four payments totalling US$30m with the remaining US$27.5 million across three installments within 48 months from the start of this month.

A five-hole diamond drilling program to test an inflexion zone beneath historical gold mine workings has begun at the Calarie gold project, a joint venture in NSW between Godolphin Resources and Orange Minerals. The phase 2 program, with a minimum of 1000m of drilling, is the follow-up to what Orange describes as “outstanding” results from phase 1 of the campaign conducted late last year.

Javelin Minerals has released an updated mineral resource estimate at its Coogee gold project near Kalgoorlie showing a massive 1400 per cent increase in tonnage and a 350 per cent rise in contained metal. The new gold mineral resource estimate at the project is now 1.42 million tonnes at 1.07 grams per tonne gold for a total of 49,000 ounces.

Calidus Resources plans to plough up to $20 million into a pair of WA precious and battery metals projects after a successful capital raise. The company says the proceeds will fund an accelerated drill campaign at its Pilbara JV with Pirra Lithium and feed a production ramp-up at its Warrawoona gold project near Port Hedland.

Mineral explorer Aurumin has recorded consecutive wide intercepts at its Two Mile Hill deposit from an RC and diamond drilling campaign at the company’s Central Sandstone gold project 130km west of Leinster in WA’s Goldfields. The second hole assayed at the deposit recorded an impressive 224m intersection going 1.5 grams per tonne gold from 229.6m. The first hole drilled at the site recorded a broad 344m hit going 1.29 g/t gold.

Battery and gold-focused explorer Askari Metals has underlined 11 compelling target zones at its Yarrie lithium project, about 50km north-east of Marble Bar in WA, after completing phase 1 of its exploration program. The company drew up the list after analysing 129 rock and 238 rock stream samples bagged in May.

A successful field program at its Surprise Creek project in Canada has uncovered significant new uranium and copper mineralisation for Valor Resources in addition to confirming targets from historical results. Based on the quality of the findings from the field program, the company has increased its land holdings by pegging another 7 square kilometres to the north of the project.

Empire Energy’s ongoing testing at its Carpentaria-2H gas well in the Northern Territory has delivered strong initial flow rates. It has recorded a sustained output of 2.6 million standard cubic feet over the program’s first 91 hours – a potential milestone in the revered Beetaloo sub-basin.

Brightstar Resources has increased its gold inventory to 252,100 ounces at the company’s Cork Tree Well gold project near Laverton in WA as the explorer moves closer to potential production. The upgraded resource of 5.62 million tonnes at 1.4 grams per tonne gold represents an increase of 6 per cent or 15,100 ounces of gold on the previous estimate.

Gold and copper explorer Orange Minerals has taken a stake of almost 7 per cent in Godolphin Resources spending $600,000 to snap up 7.6 million shares in Godolphin’s recent share placement. The two companies already had ties through their joint venture Calarie gold project, north of Forbes in Central NSW.

Middle Island Resources has completed its maiden drilling program for iron oxide-copper-gold, or "IOCG”-style mineralisation at the company’s copper gold project in the NT’s Barkly region, east of Tennant Creek. After intersecting IOCG-style alteration in its first 808m diamond drill hole at the start of the month, the explorer has chewed through another 2217m in search of a large-scale and lucrative IOCG deposit.

ASX-listed explorer 88 Energy has announced a maiden resource estimate of 1.03 billion barrels located on the central North Slope of Alaska. The Icewine East project is spread over an area of 185,320 net acres. The maiden resource estimate is based on well logs from the previously drilled exploration well Icewine 1, seismic data, data from other wells in the region, recent petrophysical analysis and geophysical mapping. 88 Energy holds a 75 per cent working interest in the project.