Public Company News

Novo Resources is continuing to execute on its strategy of picking up nuggety gold projects and has increased its presence in the goldfields of Victoria, famed for its long and rich mining history. Novo has entered into a deal that could see it land up to 75% of GBM Resources’ Malmsbury gold project and just over 4% of the ASX-listed company.

ASX-listed oiler, 88 Energy, has logged multiple hydrocarbon shows over several prospective oil zones whilst drilling its highly anticipated “Charlie-1” oil appraisal well on Alaska’s oil-rich North Slope. The well has now reached total depth and the company said its hydrocarbon zones are looking remarkably like the oil zones identified in a nearby offset well. With drilling operations now complete, wireline logging is underway.

After a year or two of scientific vectoring in on a nickel ore body in the famed Fraser Ranges, things are hotting up now for ASX-listed Legend Mining after it hit what may well be pay dirt in its latest drill campaign at the Rockford project. The company said this week it had hit an impressive, combined 42 metres worth of nickel and copper sulphides intersected at the Mawson prospect.

Lindian Resources’ high-grade conglomerate-hosted bauxite deposit at its Gaoual project in Guinea continues to bulk up, with the company confirming it has extended the Bouba plateau one kilometre to the north. Lindian has also verified the presence of conglomerate bauxite at Bouba South, which is currently sized at half a kilometre by 2.5km. The northern extension of Bouba is 4m thick Bouba South has an average width of 5m, both starting from the surface.

Classic Minerals managed to squeeze in a few priority RC drill holes at its Kat Gap project near Southern Cross in WA before being impeded by restrictions arising from coronavirus. New results show that gold mineralisation at Kat Gap is still open in all directions and very high grade with latest drill numbers showing 3m grading 62.10g/t gold from 36m, including a single metre grading a whopping 181g/t gold.

Troy Resources has recorded a three-fold increase in mineral reserves at the company’s Hicks-4 deposit that sits about 2km away from Troy’s operating Karouni gold mine in Guyana, South America. The company has also commenced trial mining at the nearby Ohio Creek discovery, just one of its regional deposits that have proximity to its existing plant. Troy said its operations remain unaffected by the COVID-19 pandemic.

Buru Energy’s executive chairman, Eric Streitberg, has taken a 55 per cent pay haircut and its board fees have been reduced by 40 per cent to help it ride out the current global Coronavirus financial storm. Buru’s strong balance sheet leaves it well placed to weather the storm, despite weak oil prices, with ongoing production at its Ungani oil field set to deliver further oil sales in mid-May.

Terrain Minerals is set to kick off its field campaign at the Wild-viper gold project near Leonora. It is looking to conduct a major first pass geochemical soil sampling program and will collect approximately 400 to 500 samples across three separate targets, which the company anticipates will throw up a grab bag of drill ready targets. Terrain previously picked up a rock sample grading 4.67 g/t gold at Wild-viper.

Image Resources says it has managed to shoulder the current Coronavirus inspired pandemic as it continues to operate its Boonanarring mineral sands project in WA with only marginal impacts on regular day-to-day activities. The Patrick Mutz run company’s mine site is located 80km north of Perth where production for January 2020 was a record 35,300 tonnes of heavy mineral concentrate.

Neometals has tabled some interesting pathfinder results from a significant air core drilling campaign across its Mt Edwards nickel project near Widgemooltha in WA. The program was designed to vector in on potential sulphide mineralisation across five of the company’s mining tenements and two broad target areas. Significant intercepts include 7m grading 0.63% nickel from 47m and 13m grading 0.46% nickel from 6m down hole.

Adriatic Metals has identified a number of new multi-metal exploration drill targets after modelling historical gravity data over its Bosnian license that includes its Rupice and Jurasevac-Brestic prospects. Some of the geophysical anomalies are adjacent to known discoveries and are ready for immediate drilling with a total of 29 drill pads approved for action to further define the extraordinary multi-metal deposits within its project area.

TSX-listed conglomerate gold explorer, Novo Resources, has inked an important heritage agreement with the Yindjibarndi Aboriginal Corporation that covers a total of 1,492 square kilometres of country across a substantial portion of the company’s Pilbara gold exploration play. The agreement facilitates and potentially expedites the process of exploration.