Public Company News

BMG Resources has received commitments to raise $1.5 million through a share placement to sophisticated and institutional investors which will fully fund its extensional drilling program at its Abercromby gold project near Wiluna, WA. The placement will comprise 150 million new fully paid shares at $0.01 cents per share in two Tranches with the new shares ranking equally with BMG’s existing shares on issue.

Triangle Energy Global has locked in Silver City Drilling’s Rig 24 for a March spud of its Becos-1 wildcat well in West Australia’s Perth Basin targeting up to 21 million barrels of oil. The well will reach its main targets, at a depth of between 700- 800m with a chance to hit an additional reservoir on its way to an eventual depth of 1140m.

Meeka Metals has deftly rid itself of a proposed debt facility and 12,000 gold call options that would have encumbered its soon to be completed gold mine near Meekatharra as investors stump up $35m in equity. A DFS tabled in May that showed the project will spit out pre-tax free cash of $577m is set to be enhanced in December with updated modelling.

Allup Silica has undertaken further analysis on its 2023 air-core drill samples and identified promising rare earths, uranium and graphite mineralisation at its Pink Bark project near Esperance in WA’s Albany Fraser region. The campaign originally identified a significant kaolin clay deposit that the company believes may contain a resource of between 700,000 and 1.2 million tonnes.

In this edition of Bulls N’ Bears Big Hits, we examine some notable drill intercepts revealed on the ASX, including from Ora Gold’s Crown Prince which hit 20m at 277.36g/t gold, including 4m at 1368g/t gold. We also take a close look at other interesting drill hits from last week as reported by Axel Rare Earths’ hit from Brazil and Piche Resources big uranium hit in WA’s Ashburton region.

Terrain Minerals has delivered an exploration target for its Larin’s Lane prospect of between 25 and 33m tonnes at a total rare earths oxide grade between 880 and 980ppm TREO and from 19 to 21ppm gallium. The company says it expects to launch drilling next year to update that exploration target estimate once results from the program are to hand.

Strickland Metals has launched phase two metallurgical testing to test metal recoveries before locking down processing flowsheets from its Shanac deposit, part of the company’s Rogozna gold and base metals project in Serbia, after bulk samples arrived at ALS Laboratory in Perth. The 400kg sample, made up of core from Shanac is now under the supervision of Macromet, a specialist mineral processing consultant.

Aurum Resources’ bid for Mako Gold could create a new West African golden-force with $20 million in cash, its own fleet of drill-rigs and a string of well mineralised projects within cooee of each other. And this isn’t the first rodeo for Aurum managing director Caigen Wang who has done it all before in Côte D’Ivoire having built the 3.8m ounce Abujar gold mine on the same structural trend.

With “hematite” iron ore discoveries slowing to a trickle, billionaires and others are turning to the once-maligned poor cousin of the iron ore industry “magnetite” that comes with almost biblical scale.