Public Company News

Despite encountering drilling difficulties that resulted in the abandonment of two holes at their Rockford project in the Fraser Range, Legend Mining says it gained a valuable insight into the geology in the area. Legend says it is able to confirm the presence of “Fraser Zone” rocks highlighting the prospectively of Area D for Nickel and Copper mineralisation.

West Perth based junior mining hopeful Blina Minerals has kicked off a round of auger drilling as part of its due diligence program at the Ande’s project in Colombia.The Ande’s project is sublimely located in the heart of the famed Middle Cauca gold belt in Colombia that is practically overrun by multi-million ounce gold mines on its door step in all directions. 

Consummate deal maker Neometals is at it again, this time with ASX listed junior and 20% partner in its WA nickel assets, Hannans Reward. In a complex series of deals, Neometals will divest its nickel assets in Forrestonia , whilst at the same time emerging as Hannan’s major shareholder with around 40% of its shares and a 13.5% stake in an overseas Lithium play.

2015 was the world’s worst year on record for unprovoked shark attacks according to The International Shark Attack File.This statistic has prompted Perth based Shark Mitigation Systems to float (SMS) its much talked about business on the ASX with the company prospectus now on the streets. SMS will raise $4m at 20c a share in a traditional IP

Austral Gold have agreed to purchase 51% of Troy Resources’ marginal Argentine gold/silver mine, Casposo, for USD $3m. Austral are obliged to free carry Troy in a USD $10m capital works program designed to re-engineer the plant after it fell victim to the impact of high inflation and capital controls in Argentina coupled with a falling US dollar gold price. 

Perth based Triton Minerals have indicated they will focus on getting their Ancuabe prospect in Mozambique into early stage high grade production this year. The company says that 72% of flakes discovered at Ancuabe are greater than 300 microns in size and that 43% are greater than 500 microns, at grades of more than 98% Total Graphitic Carbon.

Burleson Energy has cleared the decks of their historic oil and gas assets in the USA to focus on their exciting new nano-satellite play out of Israel. Wholly owned Burleson subsidiary Burleson Energy General LLC has entered into an agreement with AKG Energy L.P for the sale of its oil and gas assets located in the United States for a cash consideration of AUD$43,500.

Perth based Terrain Minerals continue to prove up interesting high grade gold results at their Monet prospect within the Rembrandt project just out of Menzies in WA.Results include 2m @ 12.91 g/t gold from just 10m below surface including a 1m intersection grading 24.3 grams per tonne gold. 

Troy Resources have achieved commercial production at their $133m Karouni gold plant in Guyana, a small English speaking country on the north Atlantic coast of South America. The company says its Karouni plant is now self funding just 8 weeks after pouring its first 4.7kg gold bar. They are aiming for production of 80 000 tonnes a month from this month.

In an extraordinary move, Perth based Neometals will pay a dividend even ahead of production after amassing a $67m pile of money via a series of sublime deals surrounding their Mount Marion Lithium play. They will return $11.2m of the $67m of cash they have amassed back to shareholders by way of a 2c per share un-franked dividend and capital payback.

Blackham Resources have released their highly anticipated DFS, which shows the Matilda Gold Project in Wiluna reaping at least AUD$234m in free cashfow over its initial 7 year mine life. With only 239m shares on issue on a fully diluted basis and a current share price of less than 50c the maths on this project starts to look very interesting. 

When your biggest problem is that you cant find a piece of un-mineralized ground to place your waste dump you know you’re on a winner in the gold mining business. Such is the case at Blackham Resources Matilda Mine prospect in Wiluna. Canaccorde Genuity recently predicted the company would EBIT $41.6m in FY17 and a whopping $91.4m in Fy18 as they hurtle towards production.