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Investing Guides
Platina Starts Maiden Drilling Program At Xanadu Gold Project, Western Australia
August 28, 2022
Platina Resources Limited (ASX: PGM) has commenced a planned 3,000m reverse circulation (RC) drilling program over 11 holes at its Xanadu Gold Project in Western Australia.
The first phase of the program at Xanadu will target the core 4km of the 10km section of the Xanadu gold trend distinguished by historic gold occurrences drilled within the Duck Creek Dolomite, where it is affected by the Nanjilgardy fault zone and its splays.
Along this target area, the company will test several induced polarisation (IP) chargeable
anomalies, potentially representing sulphides with associated gold mineralisation, as well as shallower oxide mineralised zones – see Figure 1.
Platina Managing Director, Mr Corey Nolan, said the program was an exciting opportunity given the number and width of high-grade gold historical drill intercepts which have never been followed up with a systematic exploration campaign.
“Xanadu is located in a favourable regional scale structural setting, with the multi-million-ounce Mt Olympus gold deposit situated 7km to the east. Widespread gold mineralisation is identified within a large and intense hydrothermal alteration system which extends for over 10km in strike extent,” Mr Nolan said.
“The drilling program is expected to take 15 days to complete. The company has worked closely with the traditional landowners to secure the required site clearances.”
Platina controls a ground position of 562km2 with contiguous coverage along a 60km strike length of the Nanjilgardy fault and its splays and the Duck Creek Dolomite stratigraphy which is host to gold mineralisation within the project area.
Click here for the full ASX Release
This article includes content from Platina Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
4h
Endeavour Achieves First Gold Pour at Sabodala-Massawa Expansion
Endeavour Mining (TSX:EDV,OTCQX:EDVMF) reported its first gold pour at the Sabodala-Massawa BIOX expansion in Senegal just 24 months after construction of the project commenced.
“We are proud to have achieved our first gold pour at the Sabodala-Massawa BIOX Expansion with over 3.5 million man hours worked with no lost time injuries,” commented CEO Ian Cockerill in the company’s announcement.
“We have commissioned the project and delivered first gold in only 2 years, marking the fourth capital project that we have completed in the last 10 years. All of these have been completed in two years or less, and have been delivered on schedule, on budget and with no lost time injuries. This is a testament to the quality of our projects team and the competitive advantage we have in West Africa,” he added.
The operation is expected to achieve commercial production in late Q2 of this year, ramping up to its nameplate capacity of 1.2 million metric tons annually in Q3. Since the start of wet commissioning in February, approximately 50,000 metric tons of ore have been processed through the project, with operations meeting expectations so far.
The gravity circuit's first gold pour came on April 18, followed by the first gold pour from the BIOX circuit on April 28.
Endeavour planning "aggressive" exploration campaign
The Sabodala-Massawa expansion, which began in early 2022, is anticipated to yield incremental production of 1.35 million ounces of gold at an all-in sustaining cost (AISC) of US$576 per ounce over the life of the project.
When it was announced, the company said the work would elevate Sabodala-Massawa to expected average annual production of 373,000 ounces over the next five years at an average AISC of US$745 per ounce.
With an upfront capital requirement of US$290 million, the expansion project was also expected to be self-funded by the existing Sabodala-Massawa operation. Endeavour acquired Sabodala-Massawa from Teranga Gold in February 2021. The asset was formed through Teranga's acquisition of the Massawa project from Barrick Gold (TSX:ABX,NYSE:GOLD) in early 2020, which combined the Sabodala mill and deposits with the nearby Massawa deposits.
The mine is comprised of two mining licenses, with Endeavour holding a 90 percent stake in each license, and the government of Senegal holding the remaining interest.
Looking ahead, Endeavour plans to focus on an aggressive exploration program at Sabodala-Massawa, targeting resource-to-reserve conversion and adding near-mine refractory and non-refractory resources.
Proven and probable reserves currently amount to 3.5 million ounces of gold, with measured and indicated resources reaching a figure of 5.4 million ounces.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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6h
Norfolk Metals: ASX-listed Uranium Explorer
Norfolk Metals (ASX:NFL) focuses on uranium exploration in South Australia and Argentina. The company advances its flagship Orroroo uranium project with a recent maiden drill program that intersected a uranium-bearing floodplain, boosting confidence in the potential of the project.
The Orroroo uranium project consists of three exploration licenses - EL6552, EL6814, and EL6948 - spanning a total of 723 square kilometers, situated roughly 274 kilometers northwest of Adelaide, South Australia. The large land holding is divided into three project areas named Orroroo, Johnburgh and Black Rock.
As it continues to review complementary projects with plans to expand its uranium project suite, Norfolk signed an exclusivity agreement with Green Shift Commodities (TSXV:GCOM) to acquire Las Alteras uranium project in Argentina. Las Alteras is surrounded by non-JORC foreign estimates at URAmerica’s Meseta Central deposit (19.1 Mlbs U308), CNEA’s Cerro Solo deposit (11.49 Mlbs U308), ISO Energy’s Laguna Salada deposit (10.1 Mlbs U308), along with the Cerro Condor and Los Adobes historical uranium mines.
Company Highlights
- Norfolk Metals is an ASX-listed uranium-focused explorer with assets located in South Australia (Orroroo uranium project), Argentina (Las Alteras uranium project) and Tasmania (Roger River gold/copper project).
- The primary focus is on advancing the Orroroo uranium project located in the Walloway Basin in South Australia. Orroroo comprises three granted exploration licenses, which together cover 723 square kilometres. of contiguous tenements. The land holding is divided into three project areas named Orroroo, Johnburgh and Black Rock.
- Orroroo has geological similarities to well-endowed South Australian uranium producers such as Boss Energy’s Honeymoon Uranium project and Heathgate Resources’ Four Mile mine.
- Norfolk completed a maiden drill program at Orroroo which delineated uranium in 10 of the 17 holes with grades reaching as high as 796 ppm. The maiden drill program also identified a uranium-bearing floodplain 50 meters south of the Wongway Creek Target.
- In Argentina, Norfolk has signed an exclusivity agreement with Green Shift Commodities to acquire Las Alteres uranium project, a project surrounded by multiple uranium deposits and historical mines in every direction including the Cerro Solo government owned deposit
- The Roger River Project comprises two granted exploration licenses, which together cover 261 square kilometers, located in Tasmania. The project is prospective for gold and copper.
- Norfolk is evaluating other projects for acquisition, which includes complementary projects to the South Australian uranium project suite.
- Uranium prices are likely to remain firm on the back of supply deficit. Kazakhstan, the world’s largest uranium supplier, has warned of lower production in 2024, while demand continues to remain high as governments around the world embrace nuclear power to reduce reliance on fossil fuels.
This Norfolk Metals profile is part of a paid investor education campaign.*
Click here to connect with Norfolk Metals (ASX:NFL) to receive an Investor Presentation
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12h
Manuka Resources March 2024 Quarterly Activities Report
Manuka Resources Limited (“Manuka” or the “Company”) is pleased to provide the following report on its activities during the quarter ending 31 March 2024.
HIGHLIGHTS
During the Quarter
- The Company investigated the economic and strategic benefits of establishing fit-for-purpose ore processing and gold doré production facility at Mt Boppy.
- Accordingly, the transporting to, and processing of, Mt Boppy ore through the Company’s Wonawinta plant, located 150km south, was placed on hold.
- Results from a sonic drilling program were received improving the confidence level of the Mt Boppy Resource and supporting the development of a longer term mine plan.
- Income from the sale of 201oz gold and 2,487oz silver recovered from Mt Boppy ore, together with funds of A$3.9 million received from a combination of placement and SPP, were used to offset costs associated with the ramp-down of operations and working capital requirements.
Post Quarter End
- The Company announced the results of its Mt Boppy investigations outlining an A$11.6M upfront capital cost and an initial 5-year mine plan to deliver an average EBITDA of A$19M per annum commencing Q4 20241.
- The mine plan was supported by an upgrade in the Mt Boppy Resource which saw Measured and Indicated Resources increase to 82% of the total Resource2.
- The Company received A$1.1M from an application made under the Australian Government’s R&D tax incentive scheme for a successful process improvement program undertaken to enhance silver production at Wonawinta. The Company is targeting the release of an updated Reserve Statement for Wonawinta as a standalone silver operation during the current quarter.
- The Company was specifically invited to submit an application for the world-class Taranaki VTM Iron Sands Project to be included as a Listed Project within New Zealand’s Fast Track Consenting Bill, legislation to streamline decision making and facilitate the delivery projects with significant regional or national benefits.
Dennis Karp, Manuka’s Executive Chairman, commented:
“The March quarter has been one of transition and one that has seen the Company decisively pivot its strategy toward a staged, self-sustaining growth plan.
Manuka Resources is uniquely positioned amongst its ASX peers to leverage buoyant gold and silver markets. In the Mt Boppy and Wonawinta mines, we have a low capex pathway to deliver near term gold and silver production and free cashflow to fund exploration, Resource growth and mine life extension.
Looking further ahead, the invitation to apply for inclusion as a Listed Project within New Zealand’s Fast Track Consenting Bill provides line of sight on the progressing of our world-class Taranaki VTM Iron Sands Project
We are looking forward toward the next quarter and next 12 month with great optimism and confidence that our strategy will deliver results for our shareholders.”
Click here for the full ASX Release
This article includes content from Manuka Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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15h
Quarterly Activities Report for Period Ended 31 March 2024 and Appendix 5B
Tartana Minerals Limited (ASX: TAT) (the Company) is pleased to announce that it has achieved several milestones during the March quarter and in April 2024. With the refurbishment of the solvent extraction – crystallisation plant in 2023 the Company produced its first 28 bag shipment of Copper Sulphate Pentahydrate (Copper Sulphate) and which has been sold to Kanins International, our offtake partner.
Highlights:
- The Copper Sulphate Pentahydrate plant is continuing production and achieving its first sale;
- Purchase of a new 3 Deck Kason Vibroscreen Separator to further increase production quality;
- Standard Conduct and Compensation Agreement signed with landholder on the Maid EPM 27735;
- Dr Alistair Lewis appointed to the Board;
- Major subsequent events including:
- $1.8 million raised including $1.7 million of new capital beyond Rights Issue subscriptions from shareholders – with $1.5 million of that amount being at $0.05 and the balance $0.3 million being a loan.
- Name and ASX code change completed to Tartana Minerals Limited (ASX:TAT) and corporate rebranding including a new website www.tartanaminerals.com.au
As previously reported, it has been a difficult and long wet season with access to the mine restricted by high river levels in the Walsh River which had closed the Burke Development Road for several weeks. With accessibility having been restored, the mine is receiving diesel and acid supplies, and ongoing production is targeting the second 28-bag (34 tonne) shipment. The new Kason vibrating screen and other modifications are expected to improve plant performance and reliability.
Elsewhere, the Tartana Copper resource has an existing open pit resource to 130 m depth comprising of 10.039Mt @ 0.45% Cu for 44,781 tonnes of contained Copper using a 0.2% Cu cutoff grade as reported to the ASX on 9th February 2023. While the average grade increases by increasing the cutoff grade above 0.2% Cu, the Company believes a better solution is ore sorting, which has the potential to lift an average ore feed grade above 1% Cu and also minimises the open pit strip ratio.
Further, a Standard Conduct and Compensation Agreement (CCA) has been finalised with the landholder on the Maid EPM 27735. This CCA extends from 1 May 2024 through to 31 December 2025 and relates to proposed exploration activities including drilling regional prospects within EPM 27735, whilst excluding activities related to Tartana’s existing Mining Lease Applications at Cardross and Maid which lie within the surrounding EPM 27335 area.
The Company has also raised $1.82m including $0.3m in a new convertible note and the Rights Issue Shortfall Placement. This places the Company on sound financial footing with Copper Sulphate production expected to provide ongoing cash flow.
Copper Sulphate Production
While plant commissioning commenced last October and progressed through November, the onset of the extended wet season in December led to a slow start to production this year. This stems from high water levels in the Walsh River, which blocked access to the mine northwest of Chillagoe. In particular, it prevented the delivery of reagents, including sulphuric acid and diesel, to the mine site.
Production recommenced in April, with the completion of the first shipment of 28 bags (34 tonnes), and the completion of the second shipment is expected soon. Copper is being sourced from the ponds, which hold an estimated 96 tonnes of Copper in solution, and which equates to more than 300 tonnes of Copper Sulphate, assuming 80% recovery. Copper will then be sourced from the heaps, which contain an estimated 1,364 tonnes of Copper (as reported to the ASX on 22 July 2022), before the Company is to address the mining of remnant oxide and transition ore.
Additional LIX for the solvent extraction has been ordered and is expected to increase daily production to the forecast 6-8 bags per day. Combined with an additional roster, it will significantly increase production.
Plant reliability is improving, and the Company is recovering from both the challenges of the wet season and the deterioration of equipment such as the screen. The Company has purchased a new 3 Deck Kason Vibroscreen Separator from DTD Engineering, which will improve the product, enabling the sale of Tartana copper sulphate to premium markets with stricter product requirements. The bag scales are also being repaired to ensure constant bag weights.
Click here for the full ASX Release
This article includes content from Tartana Minerals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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15h
Antilles Gold Quarterly Report & Appendix 5B – 31 March 2024
Antilles Gold Limited (“Antilles Gold” or the “Company”) is participating in the development of two mines to produce gold, silver, antimony, and copper, and in the exploration of substantial porphyry copper prospects in Cuba, through a 50:50 joint venture with the Government’s mining company, GeoMinera.
The joint venture could potentially fund the copper exploration from surplus cash flow expected to be generated by the near term development of the proposed Nueva Sabana gold-copper mine.
JOINT VENTURE
Minera La Victoria SA (“MLV”) was registered as a foreign joint venture company in August 2020 to develop the largest known gold deposit in Cuba at La Demajagua on the Isle of Youth off the south west coast.
The joint venture has since committed to progressively establishing itself as a broadly based mining company to develop previously explored mineral deposits controlled by GeoMinera, and to date the Nueva Sabana project, and three exploration concessions hosting porphyry copper prospects have been added to its portfolio.
Features of the Joint Venture include:
- A foreign Bank account will hold all proceeds from loans, or product sales, with the only funds remitted to Cuba being for local expenses, which will minimise Country credit risk.
- Antilles Gold nominates all senior management.
- Income tax rate of 15% waived for 8 years.
- No import duties on plant & equipment.
- Low entry cost for near term development of previously explored properties.
- Low operating costs.
- Association with GeoMinera ensures rapid permitting.
ACTIVITIES DURING MARCH QUARTER 2024
MINERA LA VICTORIA SA
Corporate
- Negotiation of revisions to Joint Venture Agreement.
PROPOSED NUEVA SABANA GOLD-COPPER MINE
Pre-development Activities
- Initial MRE established.
- Pit optimisation and mining schedule completed from initial MRE
- Metallurgical test work for gold and copper gold concentrates and process design criteriacompleted for Scoping Study. Additional optimisation metallurgical testwork commenced.
- Scoping Study progressed.
- Environmental Permitting progressed.
PROPOSED LA DEMAJAGUA GOLD-ANTIMONY-SILVER MINE
Pre-development Activities
- Metallurgical test work for design of roaster and CIL circuit by BGRIMM Technology Groupprogressed.
- Metallurgical testwork for neutralisation of arsenic at Kemetco Research in British Columbia commenced and progressed.
- Revised Scoping Study progressed.
EL PILAR COPPER PORPHYRY SYSTEM
Exploration
- Summary of Exploration results to date completed and advised to ASX on 14th February 2024
- Summary of Prospecting results to date completed and advised to ASX on 3rd March 2024
Click here for the full ASX Release
This article includes content from Antilles Gold, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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16h
Quarterly Activities Report - Quarter Ended 31 March 2024
Siren Gold Limited (ASX: SNG) (Siren or the Company) is pleased to provide the following summary of its activities for the three months ended 31 March 2024.
Highlights
- The first diamond drillhole for 2024, ACDDH015 intersected both the Bonanza East and Fraternal Shoots.
- The Bonanza Shoot downhole intersection assayed 12.4m @ 5.3g/t Au and 14.9% Sb from 69.6m, with an estimated true width of 6m.
- The Fraternal Shoot downhole intersection assayed 23.0m @ 4.0g/t Au and 0.22% Sb from 105m, with an estimated true width of 8m.
- The Bonanza East intersection contains significant antimony mineralisation, including a very rich section that assayed 6.0m @ 5.2g/t Au and 25.6% Sb.
- The second hole drilled, ACDDH016 was targeted to intersect near the interpreted top of the Bonanza East Shoot approximately 120m above ACDDH015. The hole intersected 21m of moderate to strong arsenopyrite mineralisation from 68m with intermittent stibnite veining in the first six metres. Assay results are awaited.
- The Company has engaged Alton Drilling Ltd (Alton) as its drilling contractor at Sams Creek.
- Drilling program targeting approximately 1,000m of diamond drilling at the Anvil prospect at Sams Creek commenced in the second week of April 2024
- Alton has indicated a willingness to accept equity as part-payment for drilling services to be provided at Sams Creek to a maximum of AUD $125,000
- A Capital raising consisting of $2.2m was raised during the quarter with strong support from existing shareholders and new institutional investors to fund exploration on the Company’s projects.
- Highly experienced mining executive Victor Rajasooriar appointed as Managing Director and Chief Executive Officer.
- The Company has applied for both the “Reefton Gold and Antimony Project” and the “Sams Creek Gold Project” to be considered and be included as a “listed project” in the Fast-Track Approvals Bill (Bill).
- The Government has established the Fast Track Project Advisory Group to identify listed projects for inclusion in the Bill.
Background
Siren is a New Zealand focussed gold and antimony explorer, with two key projects in the upper South Island of New Zealand: Reefton (Reefton, Lyell and Paparoa goldfields) and Sams Creek (Figure 1).
The Reefton Goldfield produced ~2Moz of gold at an average recovered grade of 16g/t from 84 historic mines, plus an estimated alluvial gold production of 8Moz. Most underground mining ceased by 1942, with the famous Blackwater mine closing in 1951, when the shaft failed, after producing ~740koz of gold down to 710m below surface.
OceanaGold Limited (OGL) developed an open pit on the historic Globe Progress mine between 2007 and 2015. OGL recovered an additional 700koz at around 2g/t Au, increasing total hard rock production at Reefton to around 2.7Moz @ 12g/t Au.
Federation Mining Limited (FML) a privately owned company, is currently developing the Snowy River Mine on the Birthday Reef (Figure 2), which historically produced 740koz of gold at an average recovered grade of 14.2g/t.
Sams Creek is a gold mineralised porphyry dyke, the extends for 7km and is up to 60m thick. The Sams Creek Dyke (SCD) was discovered in 1974 and has not been historically mined. The Main Zone and Anvil projects are contained within an Exploration Permit (EP40338) that is part of a Joint Venture between Siren (81.9%) and New Zealand’s largest gold miner, OceanaGold (TSX:OGC), which holds the remaining interest (18.1%).
Click here for the full ASX Release
This article includes content from Siren Gold, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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