Public Company News

Strike Energy is a step closer to discovering whether its Jaws-1 well will be a game-changer for the gas-starved east coast market, with Halliburton’s fracture stimulation equipment on its way to site. The pioneering Jaws-1 well was successfully completed earlier this month and could possibly be within weeks after a seven-stage fracture stimulation program.

ASX-listed biotech PharmAust, has successfully reformulated its promising anti-cancer drug “Monepantel”. Perth-based PharmAust says the new form of Monepantel, which now takes the form of dry tablets, improves the drug’s taste and meets dosage requirements, paving the way for trials in dogs expected to take place by the end of the year ahead of human clinical trials.

Venus Metals has stitched up options with both the plaintiff and the plainted at the historical Younami gold mine, 250km west of Leonora. The transactions will cost less than A$6m in a mix of cash and shares and will guarantee that Venus emerges the victor in a legal dispute that it is not actually a party to. Hundreds of thousands of ounces were left in the ground when the mine was closed in 1997.

In a sure sign of its future strategy, underwater drone specialist Aquabotix will co-locate its American operations with the US military in Virginia in a bid to secure lucrative defence industry contracts. Aquabotix says the co-location with the Joint Munitions Command’s Armament Retooling and Manufacturing Support Program strengthens its links with the US department of defence.

Myanmar Metals has announced an alliance with Chinese owned Perilya Limited to accelerate the development of its Bawdwin polymetallic deposit in Myanmar. The deal with Perilya and another with major shareholder Mark Creasy raised A$19.1m, which fully funds the Bawdwin option, granting Myanmar 51% project ownership. The company will raise up to A$35m for the project.

Reedy Lagoon has announced it has staked 112 new claims in the prospective Clayton Valley in southern Nevada, 10km from North America’s only producing lithium brine operation at Silver Peak. The company believes the new tenement package has potential to trap lithium brines within its salty underground aquifers, based on the region’s underlying geology.

Draig Resources has announced further high grade gold drill results from drill programs at its Tribune lode discovery, adjacent to the historical Bellevue mine near Leinster. Down-hole electromagnetic surveys have identified new ore shoot positions at depth with best results of 4.4m @ 13.5g/t from 305.5m down-hole and 9.5m @ 5.0g/t from 324.5m down-hole. A maiden mineral resource estimate is underway.

Southern Gold keeps finding more high-grade gold left behind by previous operators of the Kochang mine in South Korea that was abandoned in 1975 when the gold price was just US$140 an ounce. A significant program to sample the underground vein systems at Kochang has found long strike lengths of mineralisation and returned assays at more than two ounces to the tonne.

BlackEarth Minerals’ resource drilling program in Madagascar has produced another series of impressive drill hits, adding to evidence of a large, high-grade graphite system at its Maniry project. Among the best of the new results was 26m @7.8% total graphitic carbon, including 10m @ 10.45% TGC. BlackEarth is on track for a maiden JORC estimate in July, just six months after listing on the ASX.

Lithium Australia’s subsidiary, VSPC, is making progress towards commercialising its patented lithium-ion battery cathode materials. Manufacturing of lithium ion battery coin cells and electrochemical testing will commence shortly at its laboratory in Queensland. The market for cathode materials is predicted to double to approximately 400,000 tonnes p/a by 2025, with a value exceeding USD$10b.

Infinity Lithium has strengthened its development prospects for the San Jose lithium project in Spain, reporting that over half its mineral resources are now classified at an “indicated” status. Improved geotechnical results also show that steeper wall angles can be developed, decreasing the open pit footprint, lowering stripping ratios and potentially improving project economics.

ASX-listed battery technology player Ultracharge, has undergone a massive step change, inking a deal to manufacture and supply lithium-ion batteries to a leading Israeli electric scooter manufacturer. Ultracharge will use its unique, inner battery parts technology to produce batteries that are more powerful than those generally available in the market.