Public Company News

This week’s Bulls N’ Bears profiled ASX runner is … Arrow Minerals. Its shares tripled this week to join fellow movers and shakers Battery Minerals, West Cobar Metals and Sigma Healthcare.

88 Energy has expanded its footprint in Texas after agreeing to pick up an interest in Permian Basin production and development assets with best-estimate reserves of 0.68 million barrels of oil equivalent (BOE). The ground has nine producing wells that pumped out 6200BOE gross in 2022 – with an estimated net profit for the project of about $300,000.

Kalgoorlie Gold Mining has grabbed 38.5 square kilometres of highly-prospective new gold ground east of Kalgoorlie in WA – and it sits just 1800m away from shallow gold hits at its Kirgella Gift and Providence targets. The new permit has not been subjected to in-depth historic exploration, but is on a major tectonic feature that also hosts Ramelius Resources’ 1.4-million-ounce Rebecca gold project.

Everest Metals has determined a JORC-compliant rubidium-lithium exploration target at its Mt Edon project in WA’s South Murchison region, but says more work is required to quantify the geological system. The company has today outlined a resource target range of between 3.2 and 4.5 million tonnes, with potential grades going 0.23 to 0.35 per cent rubidium oxide and 0.08 to 0.12 per cent lithium oxide.

Buxton Resources has nailed a massive 405.38m intercept at 0.7 per copper equivalent from 608.38m during its maiden drill program testing porphyry mineralisation at its Copper Wolf project in Arizona. The impressive intersection sits below a previous drillhole that returned 83.76m grading 0.9 per cent copper equivalent from 527.91m, which the company says results in an aggregate section of about 485.85m going 0.73 per cent.

ABx Group says three runs of its new bath reactor under standard process conditions have removed more than 90 per cent of fluorine from test samples and is producing hydrogen fluoride gas from each batch. The company says metal sulphate samples from the process have been sent for analysis to confirm yields, with results expected next month.

Infinity Mining rock-chip sampling has extended the pegmatite strike length of its recently-renamed Woody prospect in WA’s Pilbara region from 1.5km up to 5.7km, with a peak result of 2.9 per cent lithium oxide. The company collected 98 samples from the site, with 12 assays showing results above 1 per cent lithium oxide from outcropping pegmatites and 30 displaying visible spodumene or lepidolite.

Everest Metals is on the hunt for potential ore-grade gold and base metals mineralisation in an area of about 22 square kilometres at its Revere project in Western Australia’s Mid West region following an initial drilling program. The company interprets the results as evidence of proximity to potentially significant styles of mineralisation such as base metal sedimentary exhalative deposits and possible orogenic gold.

American West Metals has pumped up the mineral resource at its West Desert project in Utah with nearly 24 million ounces of indium and 119,000 gold ounces and says it has the only indium deposit in the United States. The updated JORC resource adds to the existing 1.3 million tonnes of zinc, 49,000 tonnes of copper and 10 million ounces of silver at the project.

BMG Resources’ second round of drilling at its Bullabulling project near Coolgardie in Western Australia has nailed high-grade gold hits up to 4m at 10.12g/t in shallow drilling and confirmed stacked, lithium-rich pegmatites with a best slice of 4m at 0.56 per cent lithium oxide. The company says it highlights its discovery potential in a “world-class Australian lithium and gold region”.

ChemX Materials has shifted its focus from its micro-plant operation to the design and delivery of the company’s high-purity alumina pilot plant after achieving 99.996 purity using its “HiPurA” process. It is now on track for first commissioning in next year’s first quarter and with the purity capability consolidated within the design, the next stage of development is the procurement of longer lead items.

Reach Resources says it has seen multiple thick, stacked pegmatites in reverse-circulation (RC) cuttings within the same rock package that hosts Delta Lithium’s Malinda and Jamesons projects to the east and west. The company says it has now completed 57 RC holes for 5282m at its Morrissey Hill lithium project in Western Australia’s Gascoyne region, with the majority intersecting pegmatites.