Public Company News

Canning Basin focussed hydrocarbon explorer and producer, Buru Energy, has commenced wireline logging operations at its latest exploration well known as Miani 1. The new well is to the northwest of the company’s Blina oilfield near Derby in WA. Buru recently reported some $3m in revenue from its Ungani oilfield, with two further production wells looming at Ungani 6H and 7H, expected to come on-line during December.

Venus Metals has completed a high-powered, electromagnetic geophysical survey at its Vidure copper-nickel prospect that has thrown up at least four shiny new massive sulphide targets. The Vidure copper-nickel prospect is located near the Youanmi region of WA with Venus set to drill test its new targets in the area shortly. Two of the new targets have conductivities that are directly comparable to the existing Vidure discovery EM results.

Strike Energy has started flow testing at its exciting West Erregulla-2 gas discovery well in the Perth Basin where it has identified three separate gas discoveries and possibly the deepest occurrence of hydrocarbons onshore anywhere in Australia. The company has also given an update and provided a strategy to begin unlocking value from the surrounding gas field, with a schedule now developed to produce gas by early 2022 and fast-track cash flows.

Kairos Minerals has secured commitments for approximately $1.35M from sophisticated investors and will look to raise another $650K in a share placement plan to underpin exploration activities at its flagship Pilbara Gold project in WA. The funds will be used to drill out some high-grade gold targets across the project and undertake resource and mining studies. Drilling is planned to commence in November.

Calidus Resources has continued its hit list of impressive drilling results whilst strengthening the open-pit credentials of its rapidly developing Warrawoona gold project in WA’s East Pilbara region. The company is also continuing to de-risk the million ounce-plus ore resource, with recent results including an impressive 35m drill hit grading 2.84g/t gold from surface and 23m grading 2.55g/t from 15m downhole.

Aspiring rare earths metals producer, Greenland Minerals, is nearing completion of a major milestone in its ongoing technical development of the giant Kvanefjeld rare earths project in southern Greenland. The culmination of work on the company’s environmental impact assessment is looming with Greenland’s Environmental Agency for Mineral Resource Activities providing a pathway for the Perth company to finalise the approval.

PolarX has hit it in one with a very long diamond hole drilled into an identified IP anomaly producing 400m of visible sulphides within porphyry-style mineralised vein sets and associated alteration at the Mars porphyry copper-gold target in central Alaska, USA. Previous surface sampling at Mars recorded anomalous gold, copper and molybdenum and the company is now eagerly awaiting assays to confirm the tenor of the mineralisation.

ASX-listed, Delecta Ltd has picked up a couple of exciting new multi-minerals plays in the USA. The company will acquire 100% of American Vanadium’s Copper Ridge project in Utah and three uranium-vanadium projects, also in Utah and in Colorado. The Flagship Copper Ridge project has immediate walk-up targets with enticing historical results such as an impressive 17.01% copper rock chip sample.

Tyranna Resources has entered into a term sheet to divest its remaining South Australian gold assets, in a $1m sale of the 319,000-ounce Jumbuck gold project to Syngas. The company will now concentrate on its advanced Eureka gold project near Kalgoorlie in WA, which has a higher grade than the SA assets, is located on granted mining leases with excellent supporting infrastructure, including options for toll treating of ores nearby.

St George Mining has revealed that further massive sulphide mineralisation has been observed during diamond drilling at its Investigators East prospect, located within the company’s Mt Alexander project, near Leonora in WA. The company intersected an 18m-wide ultramafic unit that contained 7m of visible nickel-copper sulphides from 91.9m down-hole with XRF readings of 6.5% nickel and 2.3% copper over a 0.91m section.

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.