Public Company News

Sophisticated investors have agreed to sink $40m into ASX-listed Geopacific Resources to help develop its Woodlark Gold Project in PNG. Ordinary shareholders will also get the chance to stock up at the same price to the tune of a further $5m with a $30k limit per subscriber. The 1-million-ounce reserve Woodlark gold project looks like generating a pre-tax net cash flow of at least $754m before upside.

Spectrum Metals has intersected further high-grade visible gold mineralisation from deep drilling at its Penny North discovery near Youanmi in WA. The company will now move the rig to complete exploratory drilling at the Magenta prospect, about 1.5km to the north. Spectrum is also compiling a maiden resource for Penny North, undertaking site-based environmental studies and preparing geophysical surveys to help rank existing gold targets.

Venus Metals has commenced a high-powered, EM geophysical survey at its Vidure copper-nickel prospect, located near the ever-popular Youanmi region in WA, where historical drilling by WMC and BHP outlined anomalous base metal and silver mineralisation. The survey will penetrate up to 500m, where the company previously interpreted poorly constrained, down-dip and down-plunge extensions to the defined mineralisation.

Neometals is one step closer to a commercial-scale lithium battery recycling plant after it executed a binding memorandum of understanding agreement with mammoth German engineering firm, SMS Group. The companies will work jointly to assess the next phase of development test work on Neometals’ proprietary battery recycling technology. The new partners are proposing to form a 50/50 JV, following due diligence with a view to constructing a demonstration plant.

Azumah Resources’ Directors have advised their shareholders to take absolutely no action in relation to an unsolicited takeover bid saying that suitor, Ibaera Capital, has paid a lot more for Azumah stock in the past. The company said that shareholders who accept Ibaera’s offer may miss out on any revaluation of its Wa gold project in Ghana after a feasibility study has been completed early next year.

Hammer Metals has kicked off a 15,000m aircore drilling campaign at its Bronzewing South gold project in the prolific Yandal gold province in Western Australia. The drill campaign will test four targets across the Orelia trend, located along strike of the historical Cockburn and Lotus pits, currently held by Echo Resources. The Cockburn and Lotus pits have a solid combined resource of 1.1 million ounces of gold.

MGC Pharmaceuticals has expanded the number of patients prescribing for or being processed to receive prescriptions of its medical cannabis-based pharmaceutical products in both Australia and the UK to beyond 600. The company said that the key milestone readily demonstrates its strengthening position and momentum in those markets to meet the demand for its proprietary standardised, affordable cannabis-based medicines.

Anglo Australian has shown that its previously announced 112m drill hit near Kambalda going 1.5 g/t gold was no fluke. This week, the John Jones led explorer has hit pay dirt again with a 163m drill intersection grading 1.75 g/t gold. Confidence is now building in the consistency and tonnages of the gold mineralisation at Anglo’s Mandilla East project where the rods will be turning for some time.

Blackstone Minerals has revealed more impressive nickel and PGM mineralisation at its Ta Khoa nickel project in northern Vietnam. Broad zones of mineralisation were intersected during recent drilling with widths of up to 33m returned. The company is fully funded for the program, as it collates valuable data ahead of the estimation of a maiden mineral resource and scoping study.

Hot Chili’s latest drilling at the rapidly emerging Cuerpo 3 deposit of its Cortadera porphyry discovery in Chile has extended the thick, copper-gold core of mineralisation by a further 246m, returning a stunning 596 metres grading 0.5% copper and 0.2g/t gold from 328m down-hole. This hole also contains a higher-grade intersection from 430m, that produced 184m @ 0.7% copper and 0.3g/t gold, with significant silver and molybdenum credits.

Lithium Australia has increased its equity in strategic partner, Envirostream Australia from 18.9% to 23.9%. Envirostream is aiming to develop a national lithium battery recycling program that will recover battery metals that would ordinarily be sent to landfill. The increase enables Lithium Australia to increase its exposure to the lithium battery recycling space that is rapidly gaining momentum.

Venus Metals and Rox Resources have revealed some anomalous gold, copper, zinc and lead assays from their initial aircore drilling program that is located adjacent to high-grade gold occurrences at Currans Find North and Spectrum Metals’ recent revered gold find near Youanmi in WA. The shallow drilling identified several intersections worthy of follow up, with gold peaking at 0.73g/t, copper at 0.23%, zinc at 0.29% and lead at 0.15%.