Public Company News

Australian Potash has cranked up the JORC mineral resource of its Lake Wells sulphate of potash, or “SOP”, project near Laverton, WA, by 23% to 18.1 million tonnes of drainable SOP. This resource is entirely within the measured category, which gives the company a high degree of confidence that it can support its initial planned 150,000 tonne per annum project for a long, sustained period.

King River Resources has increased its footprint in the Northern Territory’s Tennant Creek copper-gold belt with the application for two prospective new exploration licences. One of the licence applications contains the same geological formation hosting the Tennant Creek and Rover goldfields, while the other covers the historical Kurundi open pit and underground mine where rock sampling returned over 5g/t gold and up to 9.7% copper.

Novo Resources is vectoring towards a prospective region located southeast of historical workings and trenches at its Egina gold project near Port Hedland, WA, after delineating a 600m wide region of gravel that contains plentiful gold nuggets. The company identified the patch during a ground-penetrating radar survey in May, which outlined a valley floor containing the sought-after gold-bearing gravel horizons.

Nzuri Copper’s takeover by Chinese industrial player, Chengtun Mining Group, is entering its final stages with shareholders set to vote on the AUD$109.5 million all-cash takeover offer in mid-August. The company’s Kalongwe copper-cobalt project within the Central African Copperbelt in the far south of the Democratic Republic of the Congo is expected to play a key role in Chengtun’s copper-cobalt expansion plans in the country.

Rox Resources and Venus Metals have commenced a 14,000 metre reverse circulation drilling program aimed at newly developed high-grade targets and extensions to known mineralisation at their Youanmi gold project. The Commonwealth prospect, where historical drilling posted a top intersection of 18m @ 12.9g/t gold from 39m down-hole, crowns the joint venture’s hit list.

Strike Energy has confirmed that it has made a significant conventional gas discovery in the Wagina sandstone of its multi-target West Erregulla-2 well in the Perth Basin, Western Australia. Notably, the well has yet to intersect the secondary target Basal Wagina sandstone and will now be finished before drilling resumes towards its total planned depth of 5,200m to intersect the Basal Wagina and primary target Kingia-High Cliff sands.

Multi-commodity explorer Venus Metals has received a vote of confidence from Queensland multi-millionaire and veteran coal miner, Christopher Wallin, who injected $1.2 million into the company through a placement of shares priced at 20 cents each. The investment gives Mr Wallin, one of Australia’s top 50 richest people, a substantial 5.03% stake in the company.

Greenland Minerals has raised $7m through a heavily oversubscribed share placement to fund ongoing technical development of its giant Kvanefjeld rare earth project in southern Greenland. Proceeds from the placement will also be used to complete the project permitting and advance commercial development. The company recently lodged its application for a mining licence over the Kvanefjeld project.

Anglo Australian Resources has intersected encouraging, high-grade gold intersections at its Mandilla East and Mandilla South prospects, part of the Mandilla gold project located 75km south of Kalgoorlie, WA. At Mandilla East, multiple intercepts were returned beneath an existing supergene zone, including 2.7m @ 46.1g/t gold from 123.3m down-hole, which incorporated a metre intersection grading 122.3g/t gold from 124.3m.

Australian Potash has flagged that it will soon upgrade mineral resources and define a maiden ore reserve at its Lake Wells sulphate of potash project near Laverton, WA, following the milestone completion of final field programs. The programs were carried out in support of the company’s ongoing definitive feasibility study, for which final documentation is currently underway.

Vonex has marked another quarter of sales growth with revenue rising 11.4% year-on-year to $2.35m for the quarter ended 30 June 2019 due to its success in penetrating the Australian market for telco services to small and medium enterprises. The company is also in the final stages of testing its Oper8tor app, which enables users of multiple communication platforms to communicate with each other.

Northern Minerals is ramping up the development of its Browns Range heavy rare earths project near Halls Creek, WA, by purchasing an ore sorting module to upgrade mill feed, potentially doubling the ore grade and reducing operating costs. The company recently obtained commitments for a $30 million placement split into three roughly equal tranches, the first of which totalled $11.9m and was received last week.