Public Company News

Toronto-listed gold miner and explorer Novo Resources has unveiled a series of “high-order” soil sampling assay results from exploration work completed late last year at its Nunyerry North gold prospect in the West Pilbara region of WA. According to the company the work has advanced its understanding of the region’s prospectivity ahead of additional sampling and drill testing.

Home and hygiene products business Pental Ltd has delivered a bumper $5.27 million net profit after tax driven in part by last year’s acquisition of online hamper and gifting specialist, Hampers with Bite. Revenue from Hampers in the four months since its August acquisition was higher than the unit’s entire FY21 sales, pushing the bottom line up 82.5 per cent.

Northern Minerals has been refining its heavy rare earths processing systems using a specialised pilot plant that could see the company become the world’s first serious heavy rare earth producer outside of China. Northern has an expanding dysprosium and terbium resource base at its flagship Browns Range project. Both products are critical in the manufacture of permanent magnets in an electric vehicle motor.

DiscovEx Resources and joint venture partner Carnaby Resources have identified multiple, strong, undrilled chargeability targets in an ongoing induced polarisation geophysical survey at its Lady Fanny prospect, part of its Greater Duchess project in Mt Isa, Queensland. The company says the anomalous targets correlate very well with outcropping mineralisation, almost certainly identifying strong copper sulphides at surface and at depth.

ASX-listed junior explorer Askari Metals has unveiled some sizeable lithium targets with a hyperspectral survey at its Yarrie project in the eastern Pilbara hotspot. Seven high priority targets were identified including one measuring a staggering 88 square kilometres and another with a potential strike length of 24km. The company is aiming for on-ground exploration to commence as soon as possible.

Polymetallic mineral explorer Aldoro Resources has encountered its thickest pegmatite intersections to date. A third phase of drilling continues to churn out solid pegmatite intervals at the company’s Niobe lithium project 40 kilometres south of Leinster in WA. The campaign consisted of 13 RC holes with each one intersecting multiple pegmatite intervals. A total of 45 holes have been drilled to date over the three phases at Niobe.

Uranium and gold explorer Okapi Resources has appointed former Newmont and LionOre executive Brian Hill to the role of Chairman, replacing Peretz Schapiro who helped engineer Okapi’s turnaround over the last year. Hill has a solid domestic and international record of building mining companies into significant acquisition targets.

Classic Minerals has entered into a joint venture treaty with Tribitrage Holdings that will see the company offload 80 per cent of its lithium interest rights at two Kat Gap mining tenements in WA. Under the agreement, Tribitrage will cough up $300,000 to claim a majority stake and will be required to spend $500,000 on exploration within the first 2 years.

Perth Basin operator Triangle Energy is heading into 2022 with a completely refreshed board of directors led by new managing director Conrad Todd after his appointment this week to steer the company. The departures of shareholder Tamarind Energy and founding managing director Rob Towner earlier this month kicked off the renewal process.

Oil and gas producer and explorer Empire Energy has booked its maiden contingent resource and significantly lifted all other estimates for its Beetaloo Basin assets in the Northern Territory after its successful 2021 drilling and testing operations on the Carpentaria project area. An independent consultant reported an 866 per cent upgrade to its mid-range estimates figure as 396 billion cubic feet, or “bcf” up from the previously modest 41bcf.

ASX-listed explorer PolarX’s Humboldt Range gold-silver project in Nevada looks to be screaming out to be drilled as strong sampling results confirm a large and highly promising target. The Perth-based company is in the final stages of securing a rig to sink some holes into what is fast becoming a high priority project at the Black Canyon lode claim.

AVZ Minerals has announced the expeditated completion of a US$240m cornerstone investment from Chinese operator Suzhou CATH Energy Technologies for its Manono lithium-tin project in the Democratic Republic of Congo. According to the company the agreement provides certainty of funding to progress the venture, pending the award of a mining licence and collaboration development agreement from the local government.