Public Company News

Drilling at Ora Banda Mining’s Davyhurst gold project in WA has provided a substantial boost to the company’s confidence in its Waihi deposits with new assays showing a haul of impressive results including a 34-metre intercept grading 3.8 grams per tonne gold from just 30m. After a difficult period under previous management, Davyhurst looks to be on a solid footing now. A resource update is expected soon.

Classic Minerals has continued its newfound success at Forrestania in WA with a 71% resource boost to one of its deposits. The Lady Ada deposit now stands at 1.35 million tonnes grading 1.38 grams per tonne for 59,700 ounces of gold. The broader project at Forrestania now holds 311,050 ounces of gold. Classic’s Forrestania gold project is located about 120km south of Southern Cross.

Medicinal cannabis company, MGC Pharmaceuticals, has inked a new supply agreement that will generate an immediate revenue stream from THC Global Group Limited who will white label MGC’s pharmaceutical-grade phytocannabinoid, or “CBD” products to the Australian and New Zealand markets. The products will be sold under THC’s “Canndeo” brand and are not expected to compete with MGC’s existing cannabis-based product lines.

ASX-listed PolarX’s Alaska Range project in the US is starting to look interesting with recent boots on the ground work identifying a potential 600-metre extension to the Zachly East Skarn, which already plays host to a one kilometre long mineralised system and a resource of 41,000 tonnes of copper, 213,000 ounces of gold and 1.5 million ounces of silver, right from surface.

The Grace prospect is holding up as potentially a stand-alone discovery for JV partners, Rox Resources and Venus Metals, with assay results hot off the press of 8m going 37.25g/t, including a 4m zone grading 73.81g/t gold from 48m. Rox and Venus recently identified Grace at their Youanmi South project in the Goldfields, a prospect that literally sits right between the historically mined Youanmi pit and the mothballed mill.

Blackstone Minerals has revealed the most impressive drill result to date at its Ta Khoa nickel project in Vietnam with 60m grading 1.3% nickel and another 11.9m at 1.09% nickel contained within another 142m intersection further down in the same drill hole at the King Cobra prospect. The 60m intersection also showed 0.22% copper and 0.29g/t PGM plus gold.

After lighting a fire under its Chilean Cortadera copper-gold project in late 2019, the first intersection in the latest step-out drilling program for Hot Chili has continued the company’s extraordinary run of ultra-deep drilling success. Latest numbers include a 649m mineralised zone going 0.4% copper and 0.1g/t gold. The latest hole in the current eight-hole program also intersected 440 meters grading 0.5% copper and 0.2 g/t gold.

Norwest Energy has topped up its cash box in readiness for the drilling of its Lockyer Deep prospect in the Northern Perth Basin. The final payment of A$630,000 was received this week for the sale of its interest in production licence L14 in the North Perth Basin. Norwest is getting set to drill Locker Deep in partnership with uber-successful resources house, Mineral Resources who is not known for backing duds.

Private equity firm, Ibaera now holds a relevant interest in Azumah Resources of 88.85% following last year’s off-market takeover bid. Azhuma’s sole independent director has encouraged remaining holders to accept the offer before the official closing date of the 17th January. If Ibaera acquires 90% or more of Azumah’s shares, it will likely move to compulsorily attain any remaining shares and/or delist the company from the ASX.

Troy Resources is back on track at its Karouni gold mining operation in Guyana, South America, with mining now in full swing again after a death on-site last year closed the operation down. The company is also experiencing considerable and sustained success with the drill bit and expects ore processing to re-commence in late January as ore stocks are built up. Gold sales will commence soon after in February.

Novo Resources has picked up 10 million shares in ASX listed Kalamazoo Resources at $0.40 cents per share. Novo Director, Eric Sprott, has also personally taken up 10 million shares in the placement that raised a total of $8 million for Kalamazoo. Novo now holds a strategic 8.17% stake in the Victorian explorer. Kalamazoo recently tabled an exceptional grade result from its Castlemaine prospect of 1.42m @ 261.3g/t gold.

Middle Island Resources has started a major, multi-phase drilling campaign at its 100%-owned Sandstone gold project in central WA. The company says the campaign, slated for completion by the end of the March quarter, has the potential to add significant open pit mineral resources to the gold project and take it a step closer to the recommissioning of the old mothballed mill on-site.