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Macarthur Minerals hits the ground running in encouraging ASX debut

Macarthur Minerals Limited (ASX:MIO) (CVE:MMS) has hit the ground running for its listing on the Australian Securities Exchange today as it prepares to transition from explorer to producer in the near-term.

The company opened at 28 cents this morning with shares trading more than 10% higher at 31 cents.

Listing on the ASX complements the companys existing, 10-year-old listing on the TSX Venture Exchange in Canada while its securities are also swapped over the counter in New York.

“I shall return”
The companys CEO, vice-president and executive director Joe Phillips told a recent Melbourne meeting of potential investors that the company was named after famed American General Douglas Macarthur.

He said it was appropriate that the General was famous for the words I shall return uttered when he left the Philippines during WWII because the Australian listing represented a return home for the company.

Focus on Lake Giles
Supporting the companys ASX listing is the advanced Lake Giles Iron..

Macarthur Minerals Limited (ASX:MIO) (CVE:MMS) has hit the ground running for its listing on the Australian Securities Exchange today as it prepares to transition from explorer to producer in the near-term.

The company opened at 28 cents this morning with shares trading more than 10% higher at 31 cents.

Listing on the ASX complements the companys existing, 10-year-old listing on the TSX Venture Exchange in Canada while its securities are also swapped over the counter in New York.

“I shall return”

The companys CEO, vice-president and executive director Joe Phillips told a recent Melbourne meeting of potential investors that the company was named after famed American General Douglas Macarthur.

He said it was appropriate that the General was famous for the words I shall return uttered when he left the Philippines during WWII because the Australian listing represented a return home for the company.

Focus on Lake Giles

Supporting the companys ASX listing is the advanced Lake Giles Iron Ore project in WAs Yilgarn region, about 175 kilometres northwest of Kalgoorlie-Boulder.

Macarthur also has conglomerate and hard-rock greenstone gold assets in Western Australia and hard-rock lithium holdings in the battery metals powerhouse of Nevada.

Strength in the iron ore market, a positive future outlook and impressive Lake Giles fundamentals have seen the company take great strides towards production with 2020 to be an important year in the transition from explorer to producer.

Iron ore companies on the ASX have been doing well this year with Fortescue Metals Group Limited (ASX:FMG) up around 140% year-on-year (YOY) and Champion Iron Ltd (ASX:CIA) up around 77% YOY.

Six-month price target of 43 cents

Macarthur opened an offer to list on the ASX in early November seeking to raise up to A$7.5 million via the issue of shares at A25 cents.

This offer was well supported, prompting Breakaway Research to provide a buy recommendation and set a 6-month price target of 43 cents.

Breakaway said the listing would enable the company to profile its “valuable” Lake Giles Iron Ore Project “to an investor base more familiar with the earnings and cash flow potential of the project and its strategic positioning which is driven by rail and port access”.

Lake Giles is 175 kilometres northwest of Kalgoorlie and has substantial magnetite resources at Moonstone project and hematite resources across a number of deposits at the Ularring project.

Moonshine has an indicated and inferred resource of 1.31 billion tonnes at 30.1% iron and metallurgical test work indicates this can be upgraded to 68.5-69.1% iron.

Ularring has an indicated resource of 54.46 million tonnes at 47.2% iron and an inferred resource of 26 million tonnes at 45.4% iron.

Further resource updates are expected with drilling results imminent.

Magnetite focus

Macarthur plans to exploit the hematite resource through tribute mining and to focus on the high-value, high-grade magnetite resource.

After working the project for the last 7-8 years, Macarthur has positioned the project to optimise future and growing demand for high-grade magnetite concentrate, supported by positive studies, strong eRead More – Source

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Australia

Meteoric Resources drilling intersects high-grade gold shoot below Juruena resource

Meteoric Resources NL (ASX:MEI) has intersected a high-grade gold shoot below the current Juruena resource as part of the companys maiden drilling program across its Brazilian portfolio.

Drill hole JUDD022 targeted the southern high‐grade gold shoot at the Dona Maria deposit intersecting 4.4 metres at 13.5 g/t gold from 300 metres including 2 metres at 27.3 g/t gold from 302 metres.

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Meteoric managing director Dr Andrew Tunks said: “This fantastic result from JUDD022 caps a remarkable maiden drilling campaign by Meteoric at Juruena which commenced with one of the best drill results in the World in 2019 of 20.6 metres at 94.9 g/t gold from 97 metres and was followed by some further stunning results during the campaign.

“To my mind, this final result is the best of the bunch as it confirms the high grade is open at depth, providing us with a host of immediate drill targets to substantially grow the Juruena resource.

“It really is only the beginning of the road fo..

Meteoric Resources NL (ASX:MEI) has intersected a high-grade gold shoot below the current Juruena resource as part of the companys maiden drilling program across its Brazilian portfolio.

Drill hole JUDD022 targeted the southern high‐grade gold shoot at the Dona Maria deposit intersecting 4.4 metres at 13.5 g/t gold from 300 metres including 2 metres at 27.3 g/t gold from 302 metres.

Meteoric managing director Dr Andrew Tunks said: “This fantastic result from JUDD022 caps a remarkable maiden drilling campaign by Meteoric at Juruena which commenced with one of the best drill results in the World in 2019 of 20.6 metres at 94.9 g/t gold from 97 metres and was followed by some further stunning results during the campaign.

“To my mind, this final result is the best of the bunch as it confirms the high grade is open at depth, providing us with a host of immediate drill targets to substantially grow the Juruena resource.

“It really is only the beginning of the road for Juruena and I cant wait to get the drill rigs turning again and see just how wide and deep the high grade mineralisation at Dona Maria extends.

“In technical terms, the results from JUDD022 confirm the interpreted continuity and steep southerly plunge of the southern high‐grade ore shoot at Dona Maria.

“JUDD022 intercepted the mineralised zone approximately 30 metres below the current Mineral Resource model and conclusively shows the mineralisation is still strong below that depth.

“We expect to commence drilling early in Q2, with the exact date dependent on the cessation of the current wet season.”

Juruena resource


The latest round of results highlights the confirmation of a high‐grade ore shoot at Dona Maria and the potential for Tomate to provide additional ounces to the Juruena resource which currently stands at 1.2 million tonnes at 6.3 g/t gold for 261,000 ounces.

MetRead More – Source

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Australia

Lake Resources to upsize share purchase plan following strong investor demand

Lake Resources NL (ASX:LKE) received a further boost for its growth plans with strong investor demand for its share purchase plan (SPP) and placement.

The companys $1.5 million SPP has been oversubscribed having secured some $2.1 million while a private placement to sophisticated and professional investors has raised a total of about $3.37.

Lake is now considering upsizing the SPP to accommodate the increased demand from shareholders, with such funding to help speed the companys development plans.

The strong investor support will facilitate the development of sustainable and scalable direct extraction technology at Lakes flagship Kachi Lithium Brine Project in Argentina.

The technology developed by Lakes partner, Lilac Solutions has received backing from a fund led by Bill Gates and other global business heavyweights and offers a potential sustainable solution for the lithium brines industry.

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Lake managing director Steve Promnitz said: “The strong investor su..

Lake Resources NL (ASX:LKE) received a further boost for its growth plans with strong investor demand for its share purchase plan (SPP) and placement.

The companys $1.5 million SPP has been oversubscribed having secured some $2.1 million while a private placement to sophisticated and professional investors has raised a total of about $3.37.

Lake is now considering upsizing the SPP to accommodate the increased demand from shareholders, with such funding to help speed the companys development plans.

The strong investor support will facilitate the development of sustainable and scalable direct extraction technology at Lakes flagship Kachi Lithium Brine Project in Argentina.

The technology developed by Lakes partner, Lilac Solutions has received backing from a fund led by Bill Gates and other global business heavyweights and offers a potential sustainable solution for the lithium brines industry.

Lake managing director Steve Promnitz said: “The strong investor support is extremely encouraging, particularly amid current market conditions, and I would like to sincerely thank both our new and existing investors for your commitment.

“Lake has some huge milestones Read More – Source

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Australia

Cardinal Resources receives water extraction permits for Namdini

Cardinal Resources Ltd (ASX:CDV) has been granted water extract permits for its Namdini Gold Project in Ghana, West Africa.

The permits allow Cardinal to extract raw water from:

The White Volta River for mining and processing purposes; and
Boreholes located within the Mining License area for mine construction and development purposes.

Cardinals chief operating officer Dave Anthony said: “These key permits will enable Cardinal to support the development and operation of the Namdini Gold Project.

“These permits allow for all year‐round water extraction from the White Volta River, as well as boreholes located on the project site.”

CEO and managing director Archie Koimtsidis added: “We are extremely grateful to the Water Resources Commission of Ghana and all involved for the approval of our Water Use Permits and ongoing water licences.

Namdini rapidly moving into development phase[hhmc]
“We are enthused with the granting of these critical permits as they are essential to the Namdini ..

Cardinal Resources Ltd (ASX:CDV) has been granted water extract permits for its Namdini Gold Project in Ghana, West Africa.

The permits allow Cardinal to extract raw water from:

  • The White Volta River for mining and processing purposes; and
  • Boreholes located within the Mining License area for mine construction and development purposes.

Cardinals chief operating officer Dave Anthony said: “These key permits will enable Cardinal to support the development and operation of the Namdini Gold Project.

“These permits allow for all year‐round water extraction from the White Volta River, as well as boreholes located on the project site.”

CEO and managing director Archie Koimtsidis added: “We are extremely grateful to the Water Resources Commission of Ghana and all involved for the approval of our Water Use Permits and ongoing water licences.

Namdini rapidly moving into development phase


“We are enthused with the granting of these critical permits as they are essential to the Namdini Project.

“With these approvals in place, there is clear demonstration of continued support for the project development from the Ghana Government.

“The Namdini Gold Project is rapidly and successfully moving into its development phase.”

Feasibility study based on US$1,350 per ounce gold


Notably, Namdinis feasibility study ascribed a post-tax net present value (NPV) of USD$590 million and an IRR of 33.2% for the proRead More – Source

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