Public Company News

TNG Ltd has signed a binding agreement with major global commodity trader for the offtake of 40% of the vanadium pentoxide products from its flagship Mount Peake vanadium-titanium-iron project in the NT. The company already has a binding offtake agreement with South Korea’s Woojin for at least 60% of the project’s vanadium output and a binding term sheet with Gunvor for its iron products.

Neometals has added some serious length and width to its Widgie South nickel trend at the Mt Edwards project near Widgemooltha, in the first serious drill campaign to hit the area since 2008. Best intercepts include 16 metres grading 1.45% nickel and 21 metres grading 1.05% nickel. Narrow high-grade nickel zones in the broader intercepts ran up to 4.79% over two metres and 2.42% over four metres.

Classic Minerals has hit the sweet spot with the drill rig at its Kat Gap project, near Southern Cross in WA, with high-grade intercepts such as 3m @ 20.70g/t gold from 39m downhole that includes a bonanza, 1m intersection, going well over an ounce to the tonne gold. As the drilling density increases across Kat Gap, the mineralisation could reach in-excess of 800m in strike.

Horizon Minerals has firmed up confidence in the Crake prospect within its Binduli gold project near Kalgoorlie after drilling returned a top intersection of 3 metres grading 7.41 grams per tonne gold from 81m down-hole. The results demonstrate both width and grade continuity across a 450m strike length with the company saying that mineralisation remains open in all directions.

Lithium Australia has joined forces with Chinese firm, DLG Group, forming a 50:50 incorporated joint venture to be known as Soluna Australia Pty Ltd. Soluna will sell lithium-ion battery and energy storage products as it seeks to disrupt the rapidly expanding Australian renewables energy market. Soluna will provide a platform to leverage off complementary technology and facilitate the provision of new battery materials and recycling solutions.

Having convinced itself the nearby, giant onshore Waitsia gas field in WA’s Perth Basin is not just an anomaly, Norwest Energy has approved the drilling of its Lockyer Deep gas joint venture, some 15 kilometres to the north east of Waitsia. Norwest is confident that the combined recoverable resources of its Lockyer Deep-1 and North Erregulla targets, which sit in the same project area, could have a recoverable resource of almost 1.1 trillion cubic feet of gas.

Solar window glass innovator, ClearVue Technologies, now looks set to break into the burgeoning European renewable energy market after meeting all of the requirements of two key International Electrotechnical Commission safety standards for its unique solar window glass technology. ClearVue’s solar PV IGU was given both IEC 61730 and IEC61215 certification by the international testing company TÜV SÜD, confirming the product’s electrical and safety credentials.

One of Indonesia’s largest integrated resources companies, Indika Energy, is looking to take a 40% stake in Nusantara Resources’ two million ounce Awak Mas gold project in Indonesia, virtually clearing a pathway for the mine to be built. Indika plans to invest up to AUD$58m in Nusantara’s wholly-owned subsidiary, PT Masmindo DWI Area to secure its 40% share in the proposed gold mine.

Kingwest Resources’ Menzies project has gold hits coming in thick and fast, with the latest round of results identifying two previously unrecognised, high-grade lodes in both the hangingwall and the footwall of the Princess May historical deposit at the company's Yunndaga prospect. Above the deposit, one drill hole hit 1.3m @ 19.82g/t Au from 92.0m and below it, 2.28m @ 17.87g/t Au from 99.65m.

Legend Mining has outlasted the field of Fraser range hopefuls that flocked to the area after Sirius Resources discovered the heralded Nova nickel and copper deposit. They mostly came armed with one shot in the locker and most walked away with their tails between their legs. Legend’s staying power and methodical, almost obsessive attention to geological detail, however, has finally heralded results with a cracking new discovery in the area.

Strike Energy has kicked off a 3D seismic campaign at its Walyering conventional gas discovery in the Perth Basin, where it has previously defined prospective resources of up to 263 billion cubic feet of gas and 6.3 million barrels of associated liquids condensate. The discovery was originally made in 1971 at about 3,350m depth, where the Walyering-1 gas well flowed at 13.5 million standard cubic feet per day.

Azumah Resources has released a statement confirming that all independent company directors are now unanimously recommending shareholders accept private equity firm, Ibaera Capital’s, 3.3 cents a share takeover offer. Ibaera now has a relevant interest in 83% of Azumah’s shares with all Azumah directors and major shareholders now accepting Ibaera’s offer, sidestepping the problematic scenario of becoming a minority shareholder in an unlisted company.