Public Company News

Galena Mining says that a combination of higher lead/silver resource and reserve ore grades and reduced development costs at its Abra deposit, have the potential to materially improve the economic outcomes for the project. The company will complete an interim update of the PFS early next year, ahead of the release of its DFS for the underground base metal mining project in the middle of 2019.

Venus Metals has unearthed two intriguing looking exploration targets from gravity surveys at its DeGrussa North copper project near Meekatharra in WA. The anomalies are located 200m from surface and may be related to sulphide mineralisation. The targets are located 3km north of Sandfire Resources’ high grade DeGrussa copper-gold operations and the company is planning follow up ground electromagnetic surveys to help identify their source.

Australian Potash is set to benefit from a hefty reduction in WA State Government rental rates for potash brine projects as part of an initiative to help develop a new industry in the state. From the new year, rental rates for brine mining leases will be slashed from $18.70 per hectare to just $2.32 per hectare for the first five years before rising to $4.64 per hectare from the sixth year onwards.

Conglomerate gold developer Novo Resources continues to progress exploration and resource development activity for its large tenement holdings in WA’s Pilbara region. At the Egina project, bulk samples of gold-bearing gravels are being processed through the company’s gravity gold plant on-site, whilst progress on other work programs was reported for the Karratha, Beatons Creek and Talga Talga gold projects.

TNG Ltd has appointed Germany’s KfW IPEX-Bank to lead a syndicate that will raise USD$600m to underpin development of its Mount Peake vanadium-titanium-iron project in the Northern Territory. The final capital requirements will be determined and optimised during the ongoing front end engineering and design study and lender’s due diligence.

Venus Metals has completed a detailed resource definition drilling program at its Youanmi vanadium oxide project near Sandstone in WA, in preparation for updating the mineral resource estimate for the deposit. The work will allow the company to convert a large part of the existing inferred resource into measured and indicated oxide resources, from which ore reserves can then be optimised.

Metalicity Limited says it has outlined four significant structural exploration targets for copper-gold at both of its recently secured large project regions in the Paterson province of the Pilbara region in WA. The company identified two targets each at the Mandora and Desert Queen projects that cover over 900 square kilometres, after compiling and modelling existing geophysical and geological data sets.

Volt Resources has received approval from the Dar es Salaam Stock Exchange for its proposed USD$40m resources-based note issue that will underpin the stage 1 development of its Bunyu graphite project in Tanzania. The company is now awaiting final approval from the Tanzanian Capital Markets and Securities Authority before proceeding with the note issue.

Kalia Limited has been busy doing the geological ground work to systematically unlock the mineral riches on Bougainville Island from early next year. It has now completed a highly anticipated geophysical survey over the Mt Tore JV tenements and commenced data interpretation for the exploration of its porphyry copper-gold assets. The company’s engagement of local communities is bearing fruit, with a number of areas already approved for exploration.

Shareholders in WA agribusiness player Alterra are just one step away from receiving an unexpected direct income stream from the company’s carbon forestry business. The transfer of all forestry and carbon assets into Carbon Conscious Investments has been completed and the company is now seeking majority shareholder approval at the upcoming extraordinary general meeting to be held in Perth on 20 December 2018.

Azumah Resources has substantially increased the potential for underground mining at its flagship Wa project in Ghana after hitting an amazing 93m intersection grading 2.33 grams per tonne gold from 261m down-hole at the Bepkong East deposit. This includes two high grade intersections of 9.9m @ 8.42g/t gold from 295m and 2.16m @ 21.17g/t gold from 303m. Assays are pending on two other holes drilled at the deposit.

Classic Minerals’ latest drilling program near Southern Cross in WA has continued to deliver with multiple intersections of shallow, narrow, high grade gold mineralisation being unearthed at the emerging Kat Gap prospect. Better results included 3m @ 38.33g/t gold from 21m down-hole, including a metre at 111g/t gold from 22m deep and 5m @ 5.61g/t gold from only 6m down-hole which included 1m @ 12g/t gold from 8m.