Public Company News

Classic Minerals has returned to its high-grade Kat Gap gold discovery for another round of RC drilling with a view to chasing northerly and southerly extensions of recent drill intercepts that returned as much as 10m at an ounce to the tonne. Up to 3,500m of new RC drill holes are now underway in an attempt to stretch the strike of the deposit from 500m to more than 800m.

Lithium Australia plans to continue research its proprietary recovery process to extract lithium from fine and contaminated waste materials after being awarded a Federal Government grant of $1.3m. The company has also applied for a patent over the intellectual property from its research into the recovery of lithium from fine spodumene waste and tailings ore. The funds will advance the technology that has ramifications for the hard-rock lithium industry.

Kingwest Resources said its Pericles prospect has booked an 87% upgrade in total estimated resources to 79,500 ounces of contained gold which pushes the total near-surface resources at the Menzies Gold project to 208,300oz of gold. The indicated resource at Pericles now sits at 630,000 tonnes at 1.8g/t gold and the inferred resource is 780,000 tonnes grading 1.7g/t gold.

Novo Resources looks to be onto a new alluvial goldfield in the Pilbara after it unearthed some golden paydirt from a terrace at the “Road to Paradise” prospect, just 11km from its flagship Egina gold project. The company has also analysed a bulk gravel sample at Egina, that yielded 562.25 grams from about 414 cubic metres. Novo is one of the modern pioneers of the Pilbara alluvial gold scene, treading over new ground each exploration phase with outcomes that are wildly unknown but potentially lucrative.

Impact Minerals is gearing up to get back onto its ground in NSW to explore for look-alikes to Alkane’s recent revered Boda porphyry copper-gold discovery that lies just 5km north of Impact’s ground in the Lachlan Fold Belt. The company is now waiting on assays from recent reconnaissance rock chip sampling to hone the next round of soil geochemistry and geophysics exploration surveys at its Commonwealth Project near Dubbo.

Pitt Street Research, a Sydney-based research house, has broken ASX-listed Big River Gold down into the sum of its parts and says it has set a “base case” share price target of 9.4c a share for the Perth based company that is currently trading at 2.3c a share. Pitt Street’s “optimistic” case for Big River would see it achieve a price target as high as 15c a share. The research house found that at the time of writing its report, Big River’s enterprise value versus its inground resources was around USD$5.50 an ounce.

Buru Energy is delivering solid production rates of 1,500-1,600 barrels of oil per day from its Ungani field east of Broome despite wet season rainfall necessitating short term shut-ins to wells and causing minor flooding across roads. The shut-ins have enabled Buru crews to perform valuable down hole maintenance on a number of wells to keep production at a strong rate, with the next oil lifting scheduled for late March.

Image Resources has reported a second consecutive month of record heavy mineral sands concentrate production at its 100% owned, high grade, zircon-rich Boonanarring mineral sands project north of Perth. Production for January 2020 was a record 35,300 tonnes of HMC and is a consequence of higher ore grades coming in from the mining of Block ‘B’ after relocating the equipment from the initial site at Block ‘C’.

88 Energy expects to be spudding its high-impact Charlie-1 oil appraisal well onshore in Alaska in late February as construction of the ice access road nears 80% completion. The company said the well will test up to seven stacked targets that could have a gross mean prospective oil resource as high as 1.6 billion barrels. Oil shows were observed historically at multiple levels in an old, un-tested offset well.

Telco innovator, Vonex, is expecting its annualised recurring revenues to jump by 50% from next month when it completes the takeover of telecommunications and data wholesaler, 2SG Wholesale. The ASX-listed cloud-based telco said that it has completed due diligence on 2SG and its acquisition contract is now binding, with the deal expected to be consummated by months end.

It is hard to understand how the old-timers left 49.5 g/t gold dirt behind at Kingwest’s Lady Shenton mine near Menzies, however that is what the recently unearthed records show from face sampling done over 100 years ago. Mines Department records from the long-abandoned mine include a 22m long drive going 49.5 g/t within a 45m long section going 22.3 g/t gold.

Anglo Australian Resources seemingly can't miss at its Mandilla project near Kalgoorlie in WA after it again hit eye wateringly long gold mineralised intersections at the project during infill drilling. With gold now looking to be settled at well over A$2,000 per ounce, Anglo’s latest hits including 45m grading 2.33g/t gold from 82m downhole are looking seriously lucrative.