Public Company News

Spectrum Metals has acquired the historic Penny West gold mine, located 30km south of the mothballed Youanmi operation in WA. The open pit mine was last worked in 1992 and produced over 85,000 ounces at a staggering grade of 21.8g/t gold. The deposit has a remaining resource of 230,000 tonnes grading 4.8g/t gold for 36,000 ounces, with significant exploration and development potential on two granted mining leases.

Northern Minerals has received a $25m investment from China’s NRE Industrial Group Limited, which is subscribing for 240.4m shares in the company for between 9c and 11c per share. A new private investor is also subscribing for $2m worth of shares priced at 9c each. The funds will be used to progress development of the Browns Range heavy rare earths pilot plant project in the Kimberley region of WA.

Perth-based security surveillance company Spectur has reported revenues of $1.1 million for the September 2018 quarter, up 161% from the corresponding quarter of 2017. The company is also starting trials of its new Shark Warning System, which is based on its solar powered, stand alone, cloud-based HD4 cameras, with the Augusta Margaret River Shire Council in November this year.

ASX listed biotech PharmAust now has sufficient data from testing of different tablet prototypes of its flagship Monepantel anti-cancer drug to take the best performing and most economical tablet for GMP manufacturing. The selected tablets will be used in formal dose escalation studies in healthy Beagle dogs to determine the maximum dose that can be given and with what safety margin.

Hammer Metals’ ongoing rock chip program has returned some extraordinary high grade results of up to 18.4g/t gold, 76g/t silver and 15.15% copper at the new Toby prospect near Mt Isa, Queensland. Follow-up sampling of and mapping of both the Toby and Charlie prospects is underway with results expected soon. The company will also carry out a sub audio magnetics survey and RC drill program at the Perentie project.

Artemis Resources says it finally has a good handle on the geology at its intriguing cobalt-gold-copper ore system at the company's Calow Castle project near Karatha after throwing nearly 25,000 metres of drilling at it this year. The existing resource of 4.5 million tonnes grading 0.9g/t gold, 0.07% cobalt, 0.4% copper and 1.3g/t silver dates from January 2018.

Calidus Resources has intersected wide zones of high grade gold at its Coronation prospect, 12km west of its flagship Klondyke resource in the east Pilbara. Results include a 10m intersection grading 4.69g/t gold from 57m and 5m @ 4.48g/t gold from 35m down-hole. The company’s drill rigs are going flat out at the Warrawoona gold project, targeting ore extensions both down-dip and along strike.

King River Copper’s Mt Remarkable project near Kununurra is continuing to live up to its name with recent drilling unearthing a new, 9m long high grade gold zone going 2.78 grams per tonne gold from 45m down-hole including 1m @ 12.45g/t gold. Step out drilling to the east also returned 5.76g/t gold, confirming the company’s belief that multiple high-grade zones exist on the Trudi vein.

Galena Mining has kicked off a definitive feasibility study for its flagship Abra lead-silver project located north of Meekatharra just weeks after unveiling its PFS that highlighted an impressive pre-tax NPV of $528m. The study is expected to be completed in mid-2019 and the company is also on track to start construction in 2019 with initial production expected in 2021.

MGC Pharmaceuticals has reached a major milestone after receiving formal authorisation to sell its CannEpil medical cannabis based epilepsy treatment in Australia through specialist prescribers under the Authorised Prescriber Scheme. This signals the start of commercial-scale production of CannEpil at MGC’s EU GMP certified facility in Slovenia. CannEpil is expected to generate $1m in annualised revenues from an initial base of about 100 patients.

Tyranna Resources and JV partner Alliance Resources, have commenced a regional aircore drilling program at its interesting looking Weednanna East prospect this week. The prospect is 1km east of their Weednanna gold deposit that holds 1.1 million tonnes grading 5.1g/t gold for 181,000 ounces. The program will test existing gold soil anomalies and build on previous drilling, which returned elevated gold results adjacent to known northwest faults.

Canadian listed conglomerate gold specialist Novo Resources has revealed a significant increase in mineral resources at its Beatons Creek gold project near Nullagine in WA. The resource now sits at 8.38 million tonnes grading 2.47 grams per tonne gold for 667,000 ounces. The company also said that its highly anticipated assays from bulk sampling of gold-bearing conglomerates at the Comet Well project near Karratha are due in October.