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Quarterly Activities Report for The Period Ended 30 September 2023
Spartan Resources Limited (“Spartan” or “Company”) (ASX: SPR) provides its activities report for the quarter ended 30 September 2023.
Summary:
Exploration / Growth
- Updated Mineral Resource Estimate (MRE) completed for the high-grade Never Never Gold Deposit at the 100%-owned Dalgaranga Gold Project in WA:
- 3.83Mt @ 5.85g/t gold for 721,200 ounces, comprising:
- 2.57Mt @ 7.64g/t for 630,100 ounces – “Underground” (>2.0g/t Au g/t)
- 1.27Mt @ 2.24g/t for 91,100 ounces – constrained “Open Pit” (>0.5g/t Au g/t)
- 3.83Mt @ 5.85g/t gold for 721,200 ounces, comprising:
- Updated Spartan Group Mineral Resources now stand at:
- 38.51Mt @ 1.6g/t gold for 1,964,000 ounces
- 25,000m surface drilling campaign commenced in late September targeting rapid growth of high-grade gold resources on the granted Mining Lease ~2km from the 2.5Mtpa Dalgaranga Process Plant.
- More high-grade assays received from recent drilling at the Never Never Gold Deposit:
- 33.10m @ 8.15g/t Au from 169m, incl. 8.56m @ 19.54g/t – (DGDH036) – first hole in the new program, targeting base of conceptual open pit
- 18.42m @ 3.63g/t Au from 293m including 1.42m @ 16.27g/t (DGRC1205- DT) – final in-fill hole from the previous campaign, not included in July 2023 MRE update.
- Initial assays received for drilling targeting the shallow Arc gold prospect:
- 10.00m @ 2.75g/t Au from 79.00m, 5.00m @ 2.79g/t Au from 139.00m and 3.00m @ 3.67g/t Au from 153.00m (DGRC1237)
Care and Maintenance (Dalgaranga)
- Mining and processing operations remained on care and maintenance, with scheduling of ongoing care and maintenance activities underway to maintain the process plant and associated site infrastructure in a state for a rapid restart.
Corporate
- Conversion of the Delphi unsecured loan to a gold production royalty.
- Company name changed to “Spartan Resources Limited” effective 29 August 2023.
- Total cash and listed company investments at 30 September 2023 of $28.6M.
- Appointment of Alex De Rossi as General Manager Mining.
“The September Quarter has seen further significant progress towards our goal of building a high-grade gold resource inventory that will reshape the future of the Dalgaranga Gold Project (Dalgaranga) and establish the foundations of a sustainable and profitable Australian gold business.
“The key highlights of the quarter included the delivery of a major Mineral Resource update for the high- grade Never Never discovery, the commencement of a second surface drilling campaign to underpin the next phase of Resource extension and the completion of a name change and corporate rebrand that appropriately repositions Spartan in the market as a high-grade gold story ready for a new era of growth.
“Following the completion of highly successful Resource in-fill and extensional drilling programs, we unveiled an updated Mineral Resource Estimate (MRE) for the Never Never deposit totalling 3.83 million tonnes grading an exceptional 5.85g/t gold for 721,200 ounces of contained gold.
“The update – which more than doubled the contained ounces over the previous MRE delivered less than six months ago – has been achieved at an average discovery cost to date of just A$13/oz. The Never Never deposit is continuing to show outstanding grade, with the underground resource averaging an exceptional 1,590 ounces per vertical metre over a short strike length with favourable geometry.
“More than 76% of total contained ounces are now classified within the higher confidence Indicated Resource category, providing strong confidence as we move towards economic studies and mine scheduling. We now have a total Resource endowment of 1,183,300 ounces of gold within 10km of the Dalgaranga processing plant, providing a solid basis for development of our +5-year mine plan.
“Following the delivery of the updated Resource, the Company immediately embarked on a major new round of exploration drilling targeting areas with similar geological characteristics to Never Never. We’ve identified a number of compelling targets that offer the potential to deliver new high-grade discoveries. Results from this drilling will feed into our next Resource update for Dalgaranga, which is scheduled for delivery in the December 2023 Quarter.
“In light of the Company’s transformation into a compelling high-grade gold exploration and development proposition, we sought shareholder approval to change the Company’s name to Spartan Resources. We believe the new name is more closely aligned with our corporate strategy, focused on fearless execution and strong, disciplined growth. The name change became effective from the end of August.
“The substantial achievements of the quarter were appropriately reflected in a significant increase in our market capitalisation to around $360 million at the end of the quarter. While we are pleased with the growth achieved to date, we are confident that this is just the beginning of our journey.”
Environmental, Social & Governance
Safety
The Total Recordable Injury Frequency Rate (“TRIFR” 12-month rolling) for the Dalgaranga Gold Project at the end of the September Quarter was 14.2, an increase from 7.1 at the end of the June Quarter, primarily due to a reduction in worked hours on site compared to 12 months ago. No lost time injuries occurred during the Quarter.
The Company continued work on the development of its Mine Safety Management System to support all future activities.
Environmental
During the Quarter, the Company continued to maintain its environmental and regulatory compliance requirements.
The Company received an amended Prescribed Premises Licence, applicable for the duration of Care and Maintenance.
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This article includes content from Spartan Resources 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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Spartan Resources
Overview
Australia is the second largest producer of gold worldwide, according to the US Geological Survey, and Western Australia (WA) is the dominant player in the nation’s gold market accounting for nearly 70 percent of the total production. Gold mining is the third-largest commodity sector by value in WA, producing nearly 6.9 Moz (or 214 tonnes) in 2022 valued at A$17.8 billion. Eleven of the world’s biggest gold mines are in WA, where Spartan Resources is advancing its flagship Dalgaranga Gold Property.
Formerly known as Gascoyne Resources, Spartan Resources (ASX:SPR) is engaged in the exploration, evaluation and development of gold projects. The company is currently undergoing a pivotal transformation, underpinned by the exceptional high-grade Never Never gold discovery in 2022, less than 1 kilometre from its less-than-5-year-old, existing 2.5-Mtpa carbon-in-leach processing facility in care and maintenance, and the lower grade open pits at Dalgaranga.
Drilling at Never Never has led to the discovery of 721 koz at an average grade of 5.85 g/t gold. Driven by the potential for further resource upgrade, Spartan secured $50 million in funding in February 2023 to support its aggressive exploration program at Never Never. This program, which is intended to last 18 months, is targeting: more than 300 koz reserve at a grade exceeding 4.0 g/t gold; more than 600 koz resource at a grade exceeding 5.0 g/t gold; and the development of a 5-year mine plan capable of generating 130 to 150 koz of gold per annum.
The Dalgaranga property is in proximity to multiple gold-producing projects including Ramelius Resources’ Mt Magnet Project, Musgrave Cue Project, and Westgold Resources’ Tuckabianna gold mill. Historically, Mt Magnet has produced over 6 million ounces since discovery in 1891, which increases confidence in the resource potential of Dalgaranga.
In parallel with the company’s planned exploration program at Never Never, Spartan is progressing with permitting and evaluation of its 244-koz Yalgoo Gold Project, which is expected to provide an important source of ore feed to supplement the high-grade ore from Never Never. In addition, the company owns the 537-koz Glenburgh and Mt Egerton Gold Project in the Gascoyne region, which has the potential to become a second production hub for Spartan Resources.
Company Highlights
- Spartan Resources Limited is an Australia-based company engaged in the exploration, evaluation and development of gold projects. The company was formerly known as Gascoyne Resources but changed its name to Spartan Resources Limited (Spartan) in August 2023 after a series of incredible discovery drill holes and exploration success that justified the transformation of the business.
- Spartan is currently focused on the newly discovered high-grade Never Never gold deposit, part of its 100-percent-owned Dalgaranga Gold Project (Dalgaranga) in Western Australia. The Never Never discovery was made in mid-2022 and is less than 1 kilometre from the existing 2.5-Mtpa carbon-in-leach processing facility and the main open pit at Dalgaranga. The Dalgaranga Process Plant is less than five years old and is well suited to the new discovery and existing lower grade ore deposits.
- Spartan’s Dalgaranga gold project is located 475 kilometres northeast of Perth and approximately 65 kilometres west of the 6-Moz high-grade Mt Magnet gold camp in the Murchison Region of Western Australia.
- In November 2022, the company, then Gascoyne, suspended mining and milling operations of the former focus of its operations, the lower grade circa 0.8-1.0g/t Gilbey’s open pit to focus on the recently discovered high-grade Never Never gold deposit.
- The strategy has thus far paid off extremely well with drilling, defining a growing high-grade mineral resource of 3.8 Mt @ 5.85 g/t gold for 721,200 oz. The Never Never gold resource, when added to the existing lower-grade Dalgaranga Gold project mineral resources brings the total resource to 16.7 Mt at 2.2 g/t gold for 1.18 Moz. Keep in mind the discovery and establishment of the high-grade Never Never deposit has more than doubled the grade of the previous Mineral Resource Estimate on which the infrastructure was built.
- Spartan also has three other gold projects, the Yalgoo Gold Project, which is 110 kilometres west of, and two others roughly 500 kilometres further north of Dalgaranga, the Glenburgh and Egerton Gold Projects. With all resources combined, the global mineral resource estimate for Spartan currently stands at 38.51 Mt at 1.6 g/t gold for 1.96 Moz of contained gold.
- Looking to the immediate future, the potential for further growth within the Spartan portfolio is extensive. The current 32,000-metre drilling program at Dalgaranga is already underway with the aim to extend the existing Never Never resource at depth, as well as identify new look-alike targets along strike to the north and south, such as the newly identified higher-grade Four Pillars and West Winds shoots, and follow up of the Patient Wolf high-grade target 1.6 kilometres north of the Never Never discovery.
- The next resource update will summarise the efforts of the current drill campaign across multiple targets and is scheduled very shortly in Q4 2023.
- Spartan raised $50 million in February 2023 to underpin an 18-month exploration and strategic plan (the “365” strategy) aiming to develop a five-year mine plan with the goal of generating 130 to 150 koz of gold per annum. This strategy appears well on track with the resource target, the “600” already achieved with work underway on the “300” reserves and establishing the minimum “5-yr” mine life currently.
- An additional $25 million was raised in November 2023 to accelerate Spartan’s high-grade growth strategy and support an expanded exploration campaign at Dalgaranga in 2024.
- Also in February 2023, the company established an exploration target of 4 to 5 Mt @ 4.6-6.2 g/t for 600 koz to 1 Moz gold at the Never Never Gold Deposit.
- With a current resource of 3.8 Mt @ 5.85 g/t for 721 koz gold and an imminent resource update due, Spartan has delivered on what it said, and looks solid to continue to do so.
Key Projects
Dalgaranga Project
Spartan Resources’ flagship Dalgaranga Gold Project is located 475 kilometres northeast of Perth and approximately 65 kilometres northwest of Mt Magnet in Western Australia. The Dalgaranga Project includes a fully developed operation comprising a fully established gold mine, a 2.5 Mtpa carbon-in-leach processing facility, modern camp accommodation, and an airstrip.
The Dalgaranga mine produced 71,153 oz in FY 2022 before being placed on care and maintenance in November 2022 to facilitate the implementation of a new strategic and restructuring plan. The new plan is focused on the high-grade Never Never gold deposit discovered in 2022, less than 1 kilometre from the existing 2.5 Mtpa processing facility.
Never Never Gold Deposit is located within the Dalgaranga property immediately to the north of Gilbey’s open pit and within 1 kilometre of the process plant. Never Never is much higher grade than any of the previously defined ore bodies at Dalgaranga and appears to be far more structural, fold and/or shear-hosted as opposed to the more stratigraphic/shale-associated historically defined Gilbey’s series of gold deposits.
The strategy to focus on high-grade Never Never has thus far paid off with drilling defining a mineral resource of 721 koz gold contained within 3.83 Mt at 5.85 g/t. The Never Never gold resource when added to the Dalgaranga Gold project mineral resources brings the total resource to 16.7 Mt at 2.2 g/t gold for 1.18 Moz.
In light of the success of the drilling program, Spartan has expanded its current drill program to 32,000 metres with up to six rigs operating on-site (previously, 25,000 metres with four rigs). The expanded program looks to target extensions of known mineralization, further upgrading the high-grade 721,200 oz mineral resource estimate (MRE) for the Never Never Gold Deposit. The company ultimately aims to deliver a new mine plan to feed the 2.5 Mtpa processing plant for at least five years. The target for the five-year mine plan is to deliver gold production of 130 to 150 koz per annum.
Some of the more significant assay results under the current drill program include:
- Drill-hole DGRC1305-DT registered the deepest ever gold intercept 576 metres down-hole at Never Never. While the assay results for the hole are yet to be published, this discovery is significant as it demonstrates that the deposit remains open at depth.
- Drill-hole DGRC1283-DT returned 18.56 metres at 6.71 g/t gold from 495 metres, including a high-grade mineralized zone of 2.56 metres at 32.19 g/t gold.
- Drill-hole DGRC1276-DT returned 7 metres at 34.34 g/t gold from 372 metres, including high-grade mineralized zones of 1 metre at 95.90 g/t gold and 2.5 metres at 49.50 g/t gold.
- Drill-hole DGRC1271-DT returned 3.2 metres at 7.95 g/t gold from 310.3 metres, including a high-grade mineralized zone of 1 metre at 12.29 g/t gold.
- Drill-hole DGDH039, targeting the West Winds area, intersected 20.52 metres at 2.38 g/t gold from 420.48 metres, including a high-grade zone of 5 metres at 6.22 g/t gold.
- Drill-hole DGRC1245, targeting the Arc gold prospect, intersected 4 metres at 8.33 g/t gold from 106 metres including high-grade zone of 1 metre at 30.66 g/t gold.
Notably, in October 2023 Spartan announced a new gold discovery, Patient Wolf, located immediately to the north of Never Never which returned a massive 10 metres at 19.84 g/t gold, including a high-grade zone of 4 metres at 40.15 g/t gold. This new site is located 1,600 metres north of Never Never and 1.9 kilometres from the processing plant.
The company will now accelerate planned resource diamond drilling across multiple high-grade targets, including Never Never, Four Pillars, and West Winds along with a dedicated RC rig at the new Patient Wolf prospect. The ultimate aim is to deliver the scheduled resource update for the project in Q4 2023, which will grow Spartan’s high-grade resource inventory within a 2-kilometre radius of the 2.5-Mtpa Dalgaranga process plant.
Spartan is well-funded to support its drilling programme and develop its five-year mine plan, having secured a $50 million funding package in February 2023, which included a $26.3-million equity raising, a $21.3-million investment from highly respected global resources private equity fund Tembo Capital, and a $2.5-million unsecured loan from existing major shareholder, Delphi.
Yalgoo Gold Project
The Yalgoo Gold Project is located 110 kilometres by road from the Dalgaranga Gold Project and comprises two deposits, namely the Melville deposit and the Applecross deposit, which is adjacent to the northern end of the Melville deposit. The Yalgoo Gold Project hosts a mineral resource of 243,600 oz contained within 5.2 Mt at 1.4 g/t gold. Exploration activity at this project has slowed down with the Never Never deposit at Dalgaranga taking priority as the next source of higher-grade ore.
Glenburgh Gold Project
The Glenburgh Gold Project (Glenburgh, spread over an area of 2,000 square kilometres, is located in the southern Gascoyne region of Western Australia. Glenburgh has a JORC 2012 mineral resource estimate of 16.3 Mt at 1.0 g/t for 510,100 ounces of gold.
Mt Egerton Gold Project
Mt Egerton Gold Project is spread over an area of 200 square kilometres and is located in the Gascoyne region of Western Australia. Two known deposits exist at Mt Egerton – Hibernian and Gaffney’s Find – both located within granted mining leases. Mt Egerton hosts a current resource of 27,000 oz of contained gold, with strong growth potential.
Management Team
Simon Lawson – Managing Director
Simon Lawson is a professional geoscientist with more than 16 years of operational experience spanning multiple commodities and jurisdictions. He was one of the founders of Northern Star Resources (ASX:NST) and under his leadership transformed the company from a small Western Australian gold miner into a multi-billion dollar global gold mining heavyweight. He has also worked with Firefly Resources Ltd., Superior Gold (TSXV:VSGD) in various senior leadership roles. Lawson brings considerable operational management and technical experience to the board of Spartan and has set in place a firm strategy to take Spartan forward through consistent production, improved cash flows, commercial dealings, and near-term production-focused resource/reserve growth.
Rowan Johnston – Non-Executive Chairman
Rowan Johnston is a mining engineer (graduating from the West Australian School of Mines) with significant experience as an executive and non-executive director. He is currently interim non-executive chairman of Wiluna Mining Corporation, non-executive director of Kin Mining NL, and has previously been managing director of Excelsior Gold. Johnston has worked and studied in the mining (primarily gold) industry for 40 years throughout Australia and overseas and has experience working for owners, consultants, and contractors. He has worked through several feasibility studies, start-ups, construction, and production.
Hansjoerg Plaggemars – Non-Executive Director
Hansjoerg Plaggemars is a seasoned professional with experience in structured debt finance, and equity capital markets including capital increases and decreases, restructurings and insolvencies. He has worked as CFO in various industries including software, retail, prefabricated housing and e-commerce. Since 2017, he has set-up his own consultancy firm, Value Consult. Plaggermars currently sits on a number of boards as a non-executive director or supervisory member. He holds a degree in business administration from the University of Bamberg.
David Coyne – Non-Executive Director
David Coyne has over 30 years of experience in the mining, engineering and construction industries, both within Australia and internationally. Prior to joining Spartan, Coyne held senior executive positions with Australia-listed companies Macmahon Holdings, VDM Group, Peninsula Energy, and with unlisted global manganese miner Consolidated Minerals. He has previously served on the boards of listed companies such as Peninsula Energy and BC Iron.
John Hodder – Non-Executive Director
John Hodder is a geologist by background with a B.Sc. in geological sciences and a B.Com. in finance and commerce from the University of Queensland. He also has a master’s in finance from London Business School. He has served as a director of a number of junior mining companies and has significant experience of operating and investing in Africa. He also worked at Suncorp and Solaris as a fund manager focusing on the resource sector managing an index-linked natural resource portfolio of A$1.25 billion.
Tejal Magan – Chief Financial Officer
Tejal Magan is a chartered accountant with over 10 years of experience in the mining, oil and gas, and construction industries, within Australian and internationally listed companies. She has been at Spartan Resources since December 2018. Previously, she worked with Austal, a shipbuilding company, where she held the role of financial controller for the Australian business unit. Before joining Austal, she worked at Cliffs Natural Resources, a global mining company, where she held various roles including accounting and reporting controller, corporate controller, and senior corporate accountant.
Craig Jones - Chief Operating Officer
Craig Jones is a qualified mining engineer with more than 28 years’ experience in West Australian underground hard-rock mining operations, primarily in operational leadership roles. Prior to joining Spartan, he was the chief executive officer of Poseidon Nickel and previously the chief operating officer for Bellevue Gold, where he played an instrumental role in establishing the restart of the historical operation, leading the feasibility study and forming part of the team that delivered financing of the project. An inclusive and hands on leader, Jones is renowned for building engaged and driven work cultures and for his dedication to working collaboratively across diverse stakeholder groups.
This article was written in collaboration with Couloir Capital Ltd.
Maiden Mukinbudin Quartz Processing Testwork Achieves Premium HPQ Product
Industrial Minerals Ltd (ASX: IND or the Company) is pleased to announce that it has received results from High Purity Ǫuartz Processing Testwork1 completed by North Carolina State University’s Mineral Research Laboratory (“NCSU-MRL”).
Highlights
- Exceptional Processing Testwork results received from North Carolina State University’s Mineral Research Laboratory (NCSU-MRL), an industry leading independent High Purity Ǫuartz lab.
- Ǫuartz sample T1-C, a maiden sample from the Mukinbudin Project, achieved >99.991% SiO2 from a simple processing flow sheet that included attrition, flotation and magnetic separation treatment, opening opportunities for early stage offtake.
- All samples sent to NCSU-MRL, from both Pippingarra and Mukinbudin demonstrated outstanding purity levels, confirming the exciting potential of IND’s quartz deposits and their suitability for high-end applications.
- In parallel with the numerous ongoing offtake discussions and ongoing end customer testing, IND now plans to undertake further comprehensive independent testwork at leading industrial minerals consultancy ANZAPLAN in Germany to further assist in finalising product offtake.
IND is exploring for High Purity Ǫuartz (“HPǪ”) at several of its projects in Western Australia, and the testwork was completed on samples from IND’s Pippingarra Ǫuarry Project and Mukinbudin Ǫuartz/Feldspar Project.
Jeff Sweet, Managing Director of Industrial Minerals, commented:
“We are extremely encouraged by achieving +99.99% SiO2 purity through to the acid leaching stage of our process testwork. These results are incredibly promising for our HPǪ production. With calcination and hot chlorination stages yet to be tested, we anticipate even greater purity levels can be achieved. This progress underscores our confidence in achieving premium quality in our final product.
“The Mukinbudin quartz was purified to 99.991% SiO2 through magnetic separation and flotation process work alone. This simple flowsheet will allow IND to pursue early-stage offtake opportunities into a broader range of HPǪ applications.
“Given the large price differential at the premium end of the HPǪ market as illustrated in Figure 1, IND’s ultimate goal is to now test the maximum purity level achievable across the Company’s quartz projects with the aim to be a recognised long term supplier of quality HPǪ products.”
Figure 1: High Purity Ǫuartz raw ore pricing CIF China based on industry feedback2
Processing Testwork Results
North Carolina State University’s Minerals Research Laboratory is a world leader in research, development and implementation of mineral processing techniques. The main focus of NCSU- MRL’s research is the beneficiation of industrial minerals.
Ǫuartz Ore Samples
IND sent three 20kg quartz ore samples to NCSU-MRL for the purpose of assessing the potential to use as feedstock for the production of High Purity Ǫuartz. Test samples T1_A and T1-B were sourced from IND’s Pippingarra Ǫuarry Project (Figure 2) and test sample T1_C was sourced from the Mukinbudin Project (Figure 3).
Click here for the full ASX Release
This article includes content from Industrial 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.
Quarterly Appendix 5B Cash Flow Report
Auric Mining Limited (ASX: AWJ) (Auric or the Company) is pleased to release its Quarterly Cash Flow Report for the period ended June 30, 2024.
Click here for the full ASX Release
This article includes content from Auric Mining, 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.
Quarterly Activities Report 30 June 2024
Auric Mining Limited (ASX: AWJ) (Auric or the Company) is pleased to report on its activities during the 30 June 2024 Quarter.
Highlights
Jeffreys Find Gold Mine
- First Gold Processing Campaign Completed: Commenced in mid-April 2024, processing approximately 30,300 tonnes of ore and producing six doré bars weighing 64.68 kg, generating $4.46 million in revenue for the Joint Venture with milling at Greenfields Mill in Coolgardie.
- Stage 2 Mining: Stage 2 aims to extract a minimum of 300,000 tonnes of ore in 2024/2025, with round-the-clock operations using larger equipment to double the 2023 output.
- Grade Control Completed: Grade control drilling on an initial 10m x 10m pattern was completed and mine planning progressed substantially, with detailed mine planning underway.
Spargoville Gold Project
- Drill Results: On 4 June 2024, results from a six-hole RC drilling program have outlined a large and prospective basement gold target beneath shallow mineralisation in weathered rock.
- The company reported a strong financial position with $3.4 million in cash at the end of the quarter.
- Completion of the 31 March 2024 option issue and finalise issue of all shares.
- Current issued share capital is now 148,553,371 shares.
Managing Director, Mark English said: “We have advanced the mining at Jeffreys Find Gold Mine. BML have been excellent partners and miners. From Auric’s perspective everything at Jeffreys Find is going according to plan. The substantial increase in the gold price is truly “icing on the cake”.
“We completed a lot of work at Munda on the technical matters to advance this project. In addition, we completed a Heritage Survey with the Marlinyu Ghoorlie traditional owners to clear the development area for the haul road. Another specific piece of work that had to be completed.
“We undertook a RC drilling program at our Fugitive Prospect at Spargoville. The geologists see potential similarities to the Wattle Dam deposit 8km to south and have planned further drilling to test the concept.
“We held our Annual General Meeting on the 24 May 2024. This was well attended with over 20 people at the meeting. All resolutions put to the meeting were passed,” said Mr English.
Click here for the full ASX Release
This article includes content from Auric Mining, 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.
Quarterly Report - Quarter Ending in 30 June 2024
Miramar Resources Limited (ASX:M2R, Miramar or “the Company”) is pleased to provide a summary of activities completed during the Quarter ending 30 June 2024.
〉Gidji JV
- IP Survey highlights potential extension(s) to 8 Mile Dam gold deposit
〉Randalls
- New tenement applications along Randall Fault
〉Bangemall Ni-Cu-Co-PGE Projects
- Exploration Incentive Scheme (EIS) funding approval and preparations for maiden drilling campaign at Mt Vernon and Trouble Bore
〉Whaleshark
- Passive seismic survey maps basement depth across Project
- Large magnetite Exploration Target outlined
〉Corporate/Financial
- Placement raises $446,000 and Entitlement Offer Announced
- 2023 EIS funding and Research and Development tax refund received
During the Quarter, the Company completed exploration activities across various projects in the Eastern Goldfields and Gascoyne regions of Western Australia and continued preparing for the maiden drill campaign within its Bangemall Projects.
An IP Survey within the Gidji JV Project increased the likelihood of a northern extension to the 313koz 8 Mile Dam gold deposit, offset by faulting.
The Company completed a passive seismic survey to map basement depth and outlined a very large magnetite Exploration Target at Whaleshark.
Miramar’s Executive Chairman, Mr Allan Kelly, said the Company was looking forward to completing the first drill campaign at Mount Vernon and Trouble Bore, targeting Norilsk-style Ni-Cu-Co-PGE mineralisation.
“We are exploring for mineralisation similar to the giant Norilsk-Talnakh deposits in Siberia, the largest and most valuable nickel deposits in the world,” he said.
“In addition, we have a number of highly prospective but underexplored gold projects in the world-class Eastern Goldfields Province, any of which could host a significant gold deposit,” he added.
Click here for the full ASX Release
This article includes content from Miramar 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.
Jeffreys Find Gold Mine Toll Milling of 150,000 Tonnes Commenced, Second 2024 Campaign
Auric Mining Limited (ASX: AWJ) (Auric or the Company) is pleased to announce the second gold milling campaign for 2024 of 150,000 dry metric tonnes from the Jeffreys Find Gold Mine (the Project) near Norseman, WA, commenced on 24 July 2024.
- Processing of 150,000 tonnes commenced at Greenfields Mill.
- 75,600 tonnes on ROM Pad at Greenfields as of 23 July 2024.
- Second campaign expected to finish early September 2024.
- On target to process 300,000 tonnes at Greenfields Mill in 2024/2025.
- BML expects to mine well in excess of 300,000 tonnes in 2024/2025.
- First cash distributions to Auric this quarter.
MANAGEMENT COMMENT
Managing Director, Mark English, said: “We have the good fortune of pouring gold just as the price firms. It happened last year when the price went to $3,000 an ounce, this year it’s around $3,600 an ounce.
“The ever increasing gold price will result in Auric and our joint venture partner generating cash surpluses well in excess of what we had budgeted and anticipated.
“150,000 tonnes is a sizeable parcel of ore for this campaign. While it will take six weeks or so to mill, we expect it to generate well in excess of $25 million through gold sales for the joint venture.
“The mill contract is to process 300,000 tonnes in 2024. This 150,000 tonnes parcel will be the largest for Stage 2 of mining of Jeffreys Find. That leaves an additional 120,000 tonnes for milling at Greenfields towards the end of 2024.
“Jeffreys Find will be a substantial cash producer for Auric in 2024. We are on target to receive our first distribution within about a month.” said Mr English.
The Jeffreys Find Pit as of 16 July 2024
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Viani - Low Sulphidation Epithermal Gold Project License Renewed
Advanced gold and copper explorer, Alice Queen Limited (ASX:AQX) (Alice Queen or the Company), is pleased to advise that it has received notification from the Mineral Resources Department (MRD) of Fiji that its highly prospective low sulphidation epithermal (LSE) gold project, Viani (SPL1513) located on the Pacific Rim of Fire, on Fiji’s second biggest island Vanua Levu, has been renewed for a further three years, commencing on 3 July 2024.
Highlights
- MRD notified Alice Queen on Friday 19 July 2024 via email that its Viani license (SPL1513) has been renewed for a further three years with effect from Wednesday 3 July 2024.
- Viani, located on the Pacific Rim of Fire on Vanua Levu in Fiji, covers an area greater than 200km2 and is largely under explored (see Figures 1 and 2).
- The Dakuniba prospect within Viani has been previously sampled where epithermal gold mineralisation has been recorded in outcrop samples over a >3km strike length.
- Multiple epithermal veins within the Dakuniba prospect area, 5km by 1.5km surface gold-in- soil geochemical anomaly - the footprint of the epithermal mineralisation is comparable to other economically productive gold epithermal deposits globally.
- Previous drilling by Japanese International Cooperation Agency (JICA) in 1997 focused on a small, shallow part of the overall system and intersected high grade epithermal gold mineralisation.
- (Hole MJFV-5 (see Figure 3) over 6 vein zones at 50 to 100m below surface with best results, 0.6m @ 27.6 g/t Au & 900 g/t Ag and 0.4m @ 11.7 g/t Au1 and remains open in all directions.
- The JICA drilling was limited to only 600m of strike-length of the 5km long gold-in-soil anomaly (>10ppb Au) supported by epithermal geochemistry i.e., Ag and As.
- Based on discovery knowledge from epithermal systems worldwide, it is apparent the historical drilling was an inadequate test of the Viani gold system.
Alice Queen’s Managing Director, Andrew Buxton said,
We are delighted the SPL1513 license has been renewed for a further three years and look forward to continuing to work alongside the Fiji Mineral Resources Department as we commence our next phase of exploration activities. The Viani Gold Project is a tremendous prospect which has demonstrated it has the potential to become a significant epithermal system. With the license now renewed and the Company fully funded for its Fiji exploration plans, Alice Queen will continue the systematic exploration of the Viani Gold Project with the Company having commenced planning for its upcoming exploration programs.
Viani
Figure 1. Fiji Project locations.
Figure 2. Location of the Dakuniba Prospect in relation with SPL1513.
The Viani project (SPL1513) covers an area greater than 200km2 on the Caukadrove Peninsula on the Pacific Rim of Fire, Vanua Levu, Fiji. It is well serviced from Savu Savu on Vanua Levu and is highly prospective for a high-grade LSE gold system (see ASX releases 2 December 2022, “VIANI UPDATE” and 6 March 2023, “ALICE QUEEN UPGRADES VIANI EPITHERMAL PROJECT”.
Following a renewal process for Viani (SPL1513) which the Company commenced earlier this year (including as announced in the Quarterly Activities Report released to ASX on 23 April 2024), MRD notified Alice Queen on Friday 19 July 2024 that the license had been renewed with effect from Wednesday 3 July 2024 for a further three years. The renewed license includes typical terms for a license of this nature, including minimum work program and expenditure requirements.
Whilst the greater project area remains under explored, extensive sampling, trenching and (historic) limited drilling of the Dakuniba prospect area has been previously completed.
Previous drilling by JICA in 1997 returned multiple epithermal gold intersections in shallow drilling. Hole MJFV-5 (see Figure 2) intersected 6 vein zones at 50 to 100m below surface (best results include 0.6m @ 27.6ppm Au & 900ppm Ag, 0.4m @ 11.7ppm Au & 4.3ppm Ag)1. The JICA drilling was limited to only 600m of strike-length of the 5km long gold-in-soil anomaly (>10ppb Au) supported by epithermal geochemistry i.e., Ag and As.
Further details in relation to upcoming exploration plans at Viani will be announced in due course.
Click here for the full ASX Release
This article includes content from Alice Queen 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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