Public Company News

Red Metal has been knocked over by punters in the rush for shares after its latest share purchase plan received applications totalling $6.6 million blowing an initial target of $2 million out of the water. The company’s exploration plans at its Sybella rare earths project in Queensland and drill programs at its other prospective targets are now fully-funded for the next year.

In this week’s edition of Bulls N’ Bears Big Hits we examine some notable drill intercepts on the ASX including Astral Resources’ 25m hit at 24.3g/t gold that contains 3m going a stellar 177 g/t gold. We also take a look at Core Lithium’s results from its Shoobridge gold-lithium project in the NT and Arika Resources’ Yundamindra project in WA.

An airborne survey flown by White Cliff Minerals has uncovered multiple big copper targets at its Hulk prospect, part of the company’s Rae copper project in Canada’s Nunavut Territory. The three conductors align with a recent rock chip assay picked up as part of a maiden survey, which came in at 1.65 per cent copper.

This week’s Bulls N’ Bears Runner of the Week is … Peak Minerals. The junior miner acquired a large swathe of ground prospective for uranium-rutile in the West African nation of Cameroon. Yandal Resources also ran hard after a series of impressive gold-drilling hits, while other movers and shakers this week were Argent Minerals and TZ Limited.

Aguia Resources has finally won a longstanding court battle, clearing the path to first production in 2025 at its Três Estradas phosphate project in southern Brazil. A lawsuit filed in 2021 by the Federal Public Prosecutors Office with the support of local ranchers sought to block a processing license that had been granted to the Aguia in 2019, following environmental approval.

Javelin Minerals has picked up the historic Eureka open pit north of Kalgoorlie where it is seeking to prove up a theory that more golden riches may be lurking nearby. The move follows the spectacular success of Spectrum Metals and Spartan Resources. Both found multi-million dollar gold deposits about 300m north of their mothballed open pits and Javelin already has some intriguing drill holes about 300m north of Eureka suggesting there is more gold out there.

Horizon Minerals is set to take over Poseidon Nickel and its mothballed mining plant with a $30m all-scrip deal that will give Horizon a neat opportunity to commercialise its myriad of gold deposits scattered around Kalgoorlie. Horizon is offering 0.1156 of its shares for each Poseidon share and aims to raise a minimum of $14 million via a two-tranche placement at 4.5c per share to bolster its balance sheet.

Image Resources has locked in a US$20 million offtake pre-payment from Shantou Natfort Zirconium and Titanium Co, its key Chinese heavy minerals concentrate partner. The deal will provide funding to support the construction of the company’s 100%-owned Atlas mineral sands project, 170 kilometres north of Perth. Drawdown should occur in two tranches of US$10 million each in November and January.

Buxton Resources has nailed a record 124m drill hit at 16.6 per cent total graphitic carbon at its Graphite Bull project, 300km east of Carnarvon, WA. The hole, drilled as part of a 29-hole reverse circulation program, intersected the monster hit at a depth of just 44m and has extended the strike of Graphite Bull by an extra 240m outside the existing resource.

Suvo Strategic Minerals’ subsidiary, Climate Tech Cement, has inked a 50:50 joint-venture (JV) agreement with respected pre-cast concrete manufacturer PERMAcast to commercialise intellectual property for a low-carbon “geopolymer” cement product made from processed mining waste. The aim is to introduce low-carbon concrete projects and products to market. PERMAcast has supplied concrete products for many notable WA developments.

White Cliff Minerals has extended its land grab in Canada by securing ground adjacent to its Rae copper-silver project that sits in the Canadian territory of Nunavut. The project now boasts a prospective strike length of 72km for copper-hosted sedimentary structures. The company jumped on the additional 243 square kilometres of tenure identified from geophysical data that it says may have district-scale potential for mineralisation.

Dateline Resources has wrapped a net present value of US$235m around its Colosseum gold project in California that is set to churn out 635,000 ounces over 8.3 years at an AISC per ounce of US$1490. That number compares favourably to today’s gold price US$2752 an ounce or AUD$4121 an ounce. Dateline will bank a total of US$1.344b in sales over the life of mine with about US$400m of that dropping to the bottom line.