Public Company News

Medicinal cannabis company, MGC Pharmaceuticals, has inked a new supply agreement that will generate an immediate revenue stream from THC Global Group Limited who will white label MGC’s pharmaceutical-grade phytocannabinoid, or “CBD” products to the Australian and New Zealand markets. The products will be sold under THC’s “Canndeo” brand and are not expected to compete with MGC’s existing cannabis-based product lines.

ASX-listed PolarX’s Alaska Range project in the US is starting to look interesting with recent boots on the ground work identifying a potential 600-metre extension to the Zachly East Skarn, which already plays host to a one kilometre long mineralised system and a resource of 41,000 tonnes of copper, 213,000 ounces of gold and 1.5 million ounces of silver, right from surface.

The Grace prospect is holding up as potentially a stand-alone discovery for JV partners, Rox Resources and Venus Metals, with assay results hot off the press of 8m going 37.25g/t, including a 4m zone grading 73.81g/t gold from 48m. Rox and Venus recently identified Grace at their Youanmi South project in the Goldfields, a prospect that literally sits right between the historically mined Youanmi pit and the mothballed mill.

Blackstone Minerals has revealed the most impressive drill result to date at its Ta Khoa nickel project in Vietnam with 60m grading 1.3% nickel and another 11.9m at 1.09% nickel contained within another 142m intersection further down in the same drill hole at the King Cobra prospect. The 60m intersection also showed 0.22% copper and 0.29g/t PGM plus gold.

After lighting a fire under its Chilean Cortadera copper-gold project in late 2019, the first intersection in the latest step-out drilling program for Hot Chili has continued the company’s extraordinary run of ultra-deep drilling success. Latest numbers include a 649m mineralised zone going 0.4% copper and 0.1g/t gold. The latest hole in the current eight-hole program also intersected 440 meters grading 0.5% copper and 0.2 g/t gold.

Norwest Energy has topped up its cash box in readiness for the drilling of its Lockyer Deep prospect in the Northern Perth Basin. The final payment of A$630,000 was received this week for the sale of its interest in production licence L14 in the North Perth Basin. Norwest is getting set to drill Locker Deep in partnership with uber-successful resources house, Mineral Resources who is not known for backing duds.

Private equity firm, Ibaera now holds a relevant interest in Azumah Resources of 88.85% following last year’s off-market takeover bid. Azhuma’s sole independent director has encouraged remaining holders to accept the offer before the official closing date of the 17th January. If Ibaera acquires 90% or more of Azumah’s shares, it will likely move to compulsorily attain any remaining shares and/or delist the company from the ASX.

Troy Resources is back on track at its Karouni gold mining operation in Guyana, South America, with mining now in full swing again after a death on-site last year closed the operation down. The company is also experiencing considerable and sustained success with the drill bit and expects ore processing to re-commence in late January as ore stocks are built up. Gold sales will commence soon after in February.

Novo Resources has picked up 10 million shares in ASX listed Kalamazoo Resources at $0.40 cents per share. Novo Director, Eric Sprott, has also personally taken up 10 million shares in the placement that raised a total of $8 million for Kalamazoo. Novo now holds a strategic 8.17% stake in the Victorian explorer. Kalamazoo recently tabled an exceptional grade result from its Castlemaine prospect of 1.42m @ 261.3g/t gold.

Middle Island Resources has started a major, multi-phase drilling campaign at its 100%-owned Sandstone gold project in central WA. The company says the campaign, slated for completion by the end of the March quarter, has the potential to add significant open pit mineral resources to the gold project and take it a step closer to the recommissioning of the old mothballed mill on-site.

AVZ Minerals’ has inked a deal with the DRC Government to probe a potential refurbishment of a hydro-electric power station near its giant Manono lithium project. The old power station has been mothballed for years but potentially presents as a future power source for AVZ’s rapidly advancing lithium project that boasts possibly the largest undeveloped lithium resource in the world today.

ASX-listed ag player Alterra, says that its investment in and association with carbon credit forestry business, Carbon Conscious, has been generating solid income streams that are set to continue into the future on the back of long term tree planting and management contracts with energy titans, BP and Origin. Alterra took over $1.1m off the table at Carbon Conscious last year by way of dividends, management fees, interest and a $400k early loan repayment.