Public Company News

Pilbara conglomerate gold theorist, Novo Resources, has generated encouraging gold recoveries of up to nearly 90% from ore sorting trials at its Comet Well project located near Karratha in WA. The trials produced ore grades up to 792.4g/t in sorted gold concentrates and additional work will now be undertaken at smaller crush sizes and on oxidised ore samples to optimise gold recoveries even further.

MGC Pharmaceuticals’ botanic division has achieved a significant milestone with its Czech Republic greenhouse delivering 700kg of cannabis biomass in 2018, up 30% from the previous year. The company has also developed a new proprietary genetic strain of cannabis that contains over 35% THC and less than 1% CBD, allowing MGC to obtain more THC per kg of raw material to create cost effective medical cannabis products.

St George Mining has delineated two new nickel/copper targets at its Mt Alexander project, near Leonora in the northern Goldfields of WA. The Fairbridge prospect lies between the key Stricklands and Cathedrals prospects and is replete with surface gossans that returned impressive rock chip assays up to 1.23% nickel and 1.09% copper. The new West End prospect may contain buried sulphide mineralisation west of the existing Investigators prospect.

Calima Energy is set to rake in revenue of up to CAD$400,000 per year after bringing the Paradise oil well in northeast British Columbia back into production at a rate of between 16 and 20 barrels of oil per day. Revenue from the well will help pay for the company’s Canadian overheads, allowing it to focus on the high impact drilling program in the revered Montney oil and gas play.

Tyranna Resources is poised to divest its remaining 18.59% interest in the non-core Wilcherry JV gold project in South Australia to partner Alliance Resources for a tidy $1.5m in cash. The sale will allow the company to focus on its Eureka gold project near Kalgoorlie, WA, the Jumbuck gold project in South Australia and the Goodsprings cobalt and base metals project in Nevada, USA.

Anglo Australian will soon start its maiden exploratory RC drilling campaign at the Koongie Park gold project near Halls Creek in WA after receiving all site clearances to commence the field program. The company will target the Nicolsons East and Bulldog prospects, which lie in same prospective shear zone as Pantoro Limited’s Nicolsons underground gold mine, that reported a mineral resource of 393,000 ounces in May last year.

BlackEarth Minerals has unveiled an attractive set of numbers including post tax NPV at a 10% discount of USD$78.4m and IRR of 35.4% as part of the scoping study for its Maniry graphite project in southern Madagascar just 12 months after listing on the ASX. Capital costs for the first phase development has been estimated at USD$41m with payback expected in just 2.7 years.

Azumah Resources has generated an updated ore reserve estimate of 18 million tonnes grading 1.77g/t gold for just over 1 million ounces at its Wa project in Ghana. This represents a 65% increase in the ore reserves last reported in 2014 and underpins a feasibility study that presently shows an 11 year project life, producing about 100,000 ounces per annum in the first 6 years.

Tyranna Resources’ partner Alliance Resources has discovered a zone of gold anomalism from aircore drilling at the Weednanna East prospect of their Wilcherry JV project in South Australia. The magnitude and distribution of gold may be indicative of primary gold mineralisation and Alliance plans to carry out further drilling to better define the gold in regolith anomalies before carrying out bedrock drill testing.

Greenland Minerals has completed an optimised design for its proposed port facility to service the massive Kvanefjeld rare earths project in southern Greenland, allowing capital costs to be updated. The work by PND Engineers and China Communications Construction Co follows a revised design for the project’s plant and infrastructure delivered in late 2018 by Tetra Tech, which dramatically reduced civil earth working costs.

PharmAust has signed an agreement with US pharmaceutical heavyweight Elanco that allows the biotech company to reference certain safety and blood chemistry data that were generated for the regulatory approval of Monepantel in Australia, New Zealand and the EU, as an anti-parasitic drug in livestock animals. This could potentially expedite the early proof of principle phase two trials of the anti-cancer drug in dogs.

Kairos Minerals has uncovered additional gold anomalies over more than 10km strike at its emerging Croydon gold project, located near Port Hedland in the Pilbara region WA. Encouraging new assays up to 1.2g/t gold were returned from geochemical stream sediment sampling. The company is also reviewing a development pathway for its 643,000 ounce gold resource at the Mt York project, located 100km west of Croydon.