Public Company News

Azumah Resources has kicked off a massive 40,000m multi-target drilling campaign to be managed and funded by Perth mining investment fund Ibaera Capital. Azumah is seeking to achieve a major boost to its resource and reserve numbers at the interesting looking project as it looks to deliver a feasibility study by the end of the year.

Myanmar Metals has delineated significant extensions to the China Lode during resource development drilling at its Bawdwin base metal project in central Myanmar. The work is targeting areas outside of the existing mineral resources and those resources with lower confidence inferred status. Results included 32m @ 4.2% lead, 0.9% zinc and 91g/t silver from 81m down-hole that falls outside the current resource, but inside the optimised open pit shell.

Calidus Resources has had further success with its infill and extensional resource drilling program at the Warrawoona gold project in the Pilbara. Encouraging intersections up to 6m @ 7.61g/t gold from 16m down-hole were returned from the St George Shear prospect, whilst results including 2m @ 20.84g/t gold from 88m down-hole and 6m @ 3.82g/t gold from 93m down-hole extended the Klondyke East prospect to over 600m of strike.

Hammer Metals has achieved encouraging recoveries of up to 95.1% copper and 95.4% cobalt from its first pass metallurgical testing program at the Millennium JV project near Cloncurry in Queensland’s Mt Isa mining district. Testing of the high grade composite sample from the northern quartzite zones also recovered 81.4% of the gold together with the copper concentrate.

Sovereign Metals’ says it can make AUD$57m a year by investing AUD$67m in initial CAPEX at its Malingunde graphite deposit in Malawi. The numbers are contained in the company’s recently tabled PFS that shows off a high grade, low CAPEX operation with excellent operating margins over an initial mine life of 16 years. The project produces a pre-tax NPV of USD$201m and an IRR of 56%.

Adriatic Metals has increased its land holdings at the exciting Vares project in Bosnia, after local Government authorities approved the company’s request for major expansions to its existing concession agreement over the Rupice and Veovaca prospect areas at its 100% owned base metals play. At Rupice, the expansion takes in the region north and down plunge of a 66m thick, high grade intersection reported in October.

A Chilean-based geological consultant has completed a review that supports Emu NL’s interpretation that the Vidalita project in the highly endowed Maricunga Belt in Chile is a highly mineralised epithermal system with the potential to host a large gold-silver-base metal deposit. The review found that the high sulphidation mineralisation is likely to be largely intact due to limited erosion.

Great Southern Mining has completed a maiden inferred mineral resource estimate of 1.1 million tonnes grading 1.7g/t gold for 59,000 ounces at its flagship Mon Ami gold project near Laverton in the northern Goldfields region of WA. The newly discovered deposit is just 25km trucking distance from Gold Field’s Granny Smith gold operation, opening up the possibility of future toll treatment of ores.

Alaska-focused 88 Energy has estimated that its wholly-owned Yukon leases in the famed “North Slope” oil province could hold prospective oil resources of about 90 million barrels of oil after processing 3D seismic it acquired earlier this year. The company will generate an inversion 3D volume to further delineate and de-risk the current mapping at the leases.

Geopacific Resources has completed its DFS for the Woodlark gold project in PNG, demonstrating a high margin operation, with an initial mine life of 13 years. The project generates a post-tax NPV of $197m and an IRR of 29%, with payback just over 2 years. Woodlark will produce about 100,000 ounces of gold annually for the first 5 years at an all-in sustaining cost of just $866 per ounce.

Delecta Limited has further confirmed the high grade nature of mineralisation at the Highline project near Las Vegas in the US, with its due diligence sampling returning up to 1.46% cobalt and 31.2% copper. Geological mapping and sampling is now underway on both the underground workings and prospecting pits to gain a better understanding of the orientation and extent of the mineralisation.

Infinity Lithium is looking to either farm-out or divest its non-core Banio potash project in southern Gabon after pencilling in a maiden inferred JORC mineral resource of 1.67 billion tonnes at 16.1% potassium chloride. The project includes high grade sylvinite that includes seams at 30.7 million tonnes at 25.3% potassium chloride and may be amendable to the lower cost, in-situ leach mining method.