Public Company News

Lindian Resources will pick up between $1 and $2 a tonne by way of a royalty over its Woula bauxite project in Guinea, with two Guinea-based firms set to lease and mine the project. Woula will churn out about 2mtpa and notably, production should commence within 12 months, setting up a handy income stream for Lindian as it looks to commercialise its massive rare earths asset in Malawi.

Aurum Resources has again hit paydirt in its expanded drilling campaign at the company’s Boundiali project in Côte d'Ivoire with a 1m hit coming in at 35.86g/t, more than an ounce to the tonne gold. The company continues to furiously expand its already identified 2.5km of gold mineralisation which is still open along strike and at depth. Another 17m intersection in the latest campaign landed 1.6 g/t gold from 230m and included a 4m section grading 2.02 g/t gold.

Strickland Metals has nailed a third new gold and base metals discovery in four years after unearthing a new discovery from wildcat drilling at its Kotlovi prospect, just 350m west of the Medanovac deposit at the company’s Rogozna project in Serbia. The best number of the new batch of wildcat drilling results is 40m at 2.6 g/t gold from 558m.

Great Southern Mining and Gold Fields Ltd have found a huge, 2km-wide induced polarisation target, potentially a big porphyry gold-copper system, lurking at their Edinburgh Park project in Queensland. The buried structural geological feature is coincident with a grab bag of other exciting geological indicators including positive soil samples, rock chips going over 10 g/t gold and sulphides outcropping at surface.

This week’s Bulls N’ Bears Runner of the Week is … Merino & Co. The Perth-based branded lifestyle clothing and accessories business caused a stir following its ASX debut just last week. Hitting the boards for the first time at 20c per share the company surged to $1.50 this week, some 650 per cent, prompting some please explains from the ASX overlords.

Surefire Resources has kicked off a new, two-phase drill campaign, starting at its Yidby gold prospect in WA’s mid-west region, followed by a maiden drill program at the company’s nearby Phat Boy copper project. The 2500m, 12-hole reverse circulation program will test nine newly identified targets recently revealed after a review old geophysical data, along with structural interpretations from available diamond-core and drill-chip relogging.

Aguia Resources will lease, rather than build, a 100,000tpa phosphate processing plant in Southern Brazil, fast-tracking expected production to mid-2025 and sidestepping a multi-million-dollar capex bill. With an up-front cost of A$1.3 million, the 10-year lease will incur a A$43,000 monthly rental, equating to just A$5.13 a tonne.

Reach Resources’ recent strategic review of its Murchison South gold project near Payne’s Find in Western Australia has remodelled and identified a number of open mineralised zones at its Blue Heaven prospect. The review has led to a theoretical repositioning of the Primrose Fault - a key mineralisation control at the project – which has exposed gaps in the block model and opened-up Blue Heaven’s western flank for further exploration.

King River Resources has discovered two new zones exhibiting high-grade gold from its phase-one, 28-hole reverse-circulation drill program at the company’s Kurundi project in Australia’s top-end. A phase-two campaign is already underway to further interrogate the new finds, with one zone sitting in the Kurundi Main Central target area and the other about 250m to the south.

BMG Resources has received commitments to raise $1.5 million through a share placement to sophisticated and institutional investors which will fully fund its extensional drilling program at its Abercromby gold project near Wiluna, WA. The placement will comprise 150 million new fully paid shares at $0.01 cents per share in two Tranches with the new shares ranking equally with BMG’s existing shares on issue.

Triangle Energy Global has locked in Silver City Drilling’s Rig 24 for a March spud of its Becos-1 wildcat well in West Australia’s Perth Basin targeting up to 21 million barrels of oil. The well will reach its main targets, at a depth of between 700- 800m with a chance to hit an additional reservoir on its way to an eventual depth of 1140m.

Meeka Metals has deftly rid itself of a proposed debt facility and 12,000 gold call options that would have encumbered its soon to be completed gold mine near Meekatharra as investors stump up $35m in equity. A DFS tabled in May that showed the project will spit out pre-tax free cash of $577m is set to be enhanced in December with updated modelling.