Connect with us

Australia

Ora Banda Mining delivers high-grade gold from regional drilling at Davyhurst project

Ora Banda Mining Ltd (ASX:OBM) has received encouraging high-grade gold results in a regional program at Mulline and Golden Lode mineralised corridors around its Davyhurst project in WAs eastern Goldfields.

Highlights from the Flame prospect at Golden Lode corridor include 2 metres at 19.22 g/t from 58 metres; 9 metres at 5.52 g/t from 64 metres, including 7 metres at 6.9 g/t; and 3 metres at 8.19 g/t from 80 metres.

The region around Davyhurst has been underexplored in the past.

Flame results encouraging[hhmc]
Ora Banda considers the results returned from Flame in the southern end of Golden Lode corridor as highly encouraging, demonstrating high grades over mineable widths in contiguous holes from surface.

These results are north of an historical 50-100 ppb gold-in-soil auger anomaly that has only been tested by shallow (20-30 metres deep), broad-spaced RAB drilling in the past.

Shares have been more than 17% higher to 23.5 cents intra-day, up from 9.7 cents at close on March 23…

Ora Banda Mining Ltd (ASX:OBM) has received encouraging high-grade gold results in a regional program at Mulline and Golden Lode mineralised corridors around its Davyhurst project in WAs eastern Goldfields.

Highlights from the Flame prospect at Golden Lode corridor include 2 metres at 19.22 g/t from 58 metres; 9 metres at 5.52 g/t from 64 metres, including 7 metres at 6.9 g/t; and 3 metres at 8.19 g/t from 80 metres.

The region around Davyhurst has been underexplored in the past.

Flame results encouraging


Ora Banda considers the results returned from Flame in the southern end of Golden Lode corridor as highly encouraging, demonstrating high grades over mineable widths in contiguous holes from surface.

These results are north of an historical 50-100 ppb gold-in-soil auger anomaly that has only been tested by shallow (20-30 metres deep), broad-spaced RAB drilling in the past.

Shares have been more than 17% higher to 23.5 cents intra-day, up from 9.7 cents at close on March 23.

Near mine diamond drilling revolved around the down-plunge extensions to the Golden Eagle underground mine and a single hole was drilled to examine the untested footwall sequence of the Missouri open pit deposit.

High-grade results


Other highlights from recent drilling include:

  • 4.0 metres at 6.18 g/t from 36.0 metres at Young Australian;
  • 4.0 metres at 10.78 g/t from 44.0 metres at Young Australian;
  • 4.0 metres at 3.82 g/t from 137.0 metres at Young Australian;
  • 5.3 metres at 3.46 g/t from 343.2 metres at Golden Eagle, including 2.3 metres at 7.5 g/t;
  • 2.1 metres at 12.93 g/t from 350.9 metres at Golden Eagle;
  • and 5.6 metres at 3.18 g/t from 207.4 metres at Golden Eagle.

More than 47,000 metres of drilling


Managing director David Quinlivan said: “The company has completed more than 47,000 metres of drilling since commencing in June 2019, a vast majority of which has been committed to resource definition drilling.

“These results represent the first to come from our ongoing regional exploration programs.

“They provide an exciting insight into the potential prospectivity of the tenement package and we look forward to continued success as the drilling programs progress.”

Young Australian prospect


The Young Australian prospect sits within the Mulline corridor, a 16-kilometre long x 2.5-kilometre wide, northeast-striking zone of highly anomalous gold-in-soils with numerous historical workings and more recent (1990s) shallow laterite open pits.

Two fences of RC holes, 400 metres apart were drilled to test the continuity of mineralisation recorded in old RAB holes to the north and south of oneRead More – Source

Continue Reading

Australia

Trigg Mining managing director shows faith in SOP strategy with on-market purchase

Trigg Mining Ltd (ASX:TMG) managing director Keren Paterson has demonstrated her confidence in the companys sulphate of potash (SOP) strategy with an on-market share purchase.

On June 2, Paterson acquired 52,000 shares in a direct interest.

She now holds 52,000 fully paid ordinary shares in that direct interest and another 1.45 million loan shares in the same interest, which were acquired under a Loan Funded Plan.

The MD also holds 2.498 million shares in an indirect interest.

Shares last traded at 8 cents and since the close on April 1 have traded in the range from 2 cents to 8.7 cents.

Road sealing boost[hhmc]
Last week Trigg received an infrastructure boost for its Lake Throssell SOP Project in WA with a joint State and Federal government program to seal a 41-kilometre section of the Great Central Road.

The road is a key arterial route that runs from Leonora and Laverton towards Trigg's high-grade project and the $20 million road sealing contract will assist in future pro..

Trigg Mining Ltd (ASX:TMG) managing director Keren Paterson has demonstrated her confidence in the companys sulphate of potash (SOP) strategy with an on-market share purchase.

On June 2, Paterson acquired 52,000 shares in a direct interest.

She now holds 52,000 fully paid ordinary shares in that direct interest and another 1.45 million loan shares in the same interest, which were acquired under a Loan Funded Plan.

The MD also holds 2.498 million shares in an indirect interest.

Shares last traded at 8 cents and since the close on April 1 have traded in the range from 2 cents to 8.7 cents.

Road sealing boost


Last week Trigg received an infrastructure boost for its Lake Throssell SOP Project in WA with a joint State and Federal government program to seal a 41-kilometre section of the Great Central Road.

The road is a key arterial route that runs from Leonora and Laverton towards Trigg's high-grade project and the $20 million road sealing contract will assist in future project development.

This work is expected to improve project access and future logistics in terms of the transport of people, equipment, materials and product to and from the project.

Travel restrictions eased


The WA Government also announced a further phased lifting of intrastate travel restrictions which is expected to clear the way for the resumption of field activities and for the companys maiden exploration aircore drilling program to begin next quarter.

SOP targets defined


Read More – Source

Continue Reading

Australia

Australian Potash adds $2.23 million to bank on completing rights issue

Australian Potash Ltd (ASX:APC) has completed its rights offer of one share for every seven shares held at an issue price of 5 cents, with applications received for over 70% of the entitlements offered.

The company raised about $2.23 million via the rights offer which complements the $2 million placement completed in April 2020.

Lake Wells Sulphate of Potash Project[hhmc]
APC holds a 100% interest in the Lake Wells Sulphate of Potash Project (LSOP) in Western Australia's Eastern Goldfields.

Following the release of the Definitive Feasibility Study (DFS) in August 2019, APC is focused on the Front-end Engineering Design (FEED) study, finalising offtake discussions and securing financing to develop the LSOP.

Offtake deals and approvals progressing well[hhmc]
APC managing director and CEO Matt Shackleton said: “The strong vote of support shown by our shareholders through this rights issue is very encouraging.

“There is clear recognition of the continued good work the APC team ar..

Australian Potash Ltd (ASX:APC) has completed its rights offer of one share for every seven shares held at an issue price of 5 cents, with applications received for over 70% of the entitlements offered.

The company raised about $2.23 million via the rights offer which complements the $2 million placement completed in April 2020.

Lake Wells Sulphate of Potash Project


APC holds a 100% interest in the Lake Wells Sulphate of Potash Project (LSOP) in Western Australia's Eastern Goldfields.

Following the release of the Definitive Feasibility Study (DFS) in August 2019, APC is focused on the Front-end Engineering Design (FEED) study, finalising offtake discussions and securing financing to develop the LSOP.

Offtake deals and approvals progressing well


APC managing director and CEO Matt Shackleton said: “The strong vote of support shown by our shareholders through this rights issue is very encouraging.

“There is clear recognition of the continued good work the APC team are doing on the offtake program, where just under 50% of the planned production is now contracted; the approvals pathway, where we recently received consent from the Environmental Protection Authority to commence minor works on site and our Environmental Review Document is progressing steadily through the approvals process; and financing, where we have experienced project debt providers in our data room conducting due diligence.

“The changes we have been making through the FEED program are yielding some quite outstanding results, including reducing the LSOPs already low carbon footprint and improving logistics.

30-year mine life producing 150,000 tonnes per annum


Shackleton added: “The building blocks are all here: a major JORC compliant Measured Resource estimate that is the largest in class, a methodical, thorough and detailed sequence of studRead More – Source

Continue Reading

Australia

Perseus Mining Exore acquisition will provide near-mine gold ounces

Perseus Mining Limited (ASX:PRU) (TSE:PRU) (OTCMKTS:PMNXF) is acquiring Exore Resources Ltd (ASX:ERX) (OTCMKTS:NLIOF) which will result in Perseus gaining a gold project near its Sissingué Gold Mine in Côte dIvoire.

The parties have entered into a Scheme Implementation Deed which will see Perseus acquire 100% of Exore and the agreement provides a fully diluted equity value of A$59.8 million based on PRUs 10 trading day VWAP.

Resources near Sissingué[hhmc]
Exore will exercise its pre-emptive right to acquire the remaining 20% of the Bagoe and Liberty projects from Apollo Consolidated Limiteds in northern Côte dIvoire for US$4.5 million to obtain 100% ownership.

Bagoe has a maiden JORC-compliant indicated gold resource of 90,000 ounces with a further 440,000 ounces in the inferred category and is within trucking distance of the Sissingué Gold Mine.

“Creating value for shareholders”[hhmc]
Perseus managing director and CEO Jeff Quartermaine said: “The acquisition of Exore results in Pe..

Perseus Mining Limited (ASX:PRU) (TSE:PRU) (OTCMKTS:PMNXF) is acquiring Exore Resources Ltd (ASX:ERX) (OTCMKTS:NLIOF) which will result in Perseus gaining a gold project near its Sissingué Gold Mine in Côte dIvoire.

The parties have entered into a Scheme Implementation Deed which will see Perseus acquire 100% of Exore and the agreement provides a fully diluted equity value of A$59.8 million based on PRUs 10 trading day VWAP.

Resources near Sissingué


Exore will exercise its pre-emptive right to acquire the remaining 20% of the Bagoe and Liberty projects from Apollo Consolidated Limiteds in northern Côte dIvoire for US$4.5 million to obtain 100% ownership.

Bagoe has a maiden JORC-compliant indicated gold resource of 90,000 ounces with a further 440,000 ounces in the inferred category and is within trucking distance of the Sissingué Gold Mine.

“Creating value for shareholders”


Perseus managing director and CEO Jeff Quartermaine said: “The acquisition of Exore results in Perseus gaining ownership of approximately 2,000 square kilometres of geologically prospective land in northern Côte dIvoire, close to our operating Sissingué Gold Mine.

“Sissingué has a mine life of three years from July 1, 2020, and with the acquisition of Exores land package, including defined mineral resources, we have the option of developing Bagoe into a new mine potentially using the Sissingué infrastructure, or alternatively, delineating further mineral resources that can be economically mined and trucked to our Sissingué plant for processing.

“Either option provides an opportunity to continue creating value for Perseuss shareholders.”

Exore recommendation


Exores board unanimously recommends that Exore shareholders vote in favour of the scheme, in the absence of a superior proposal and subject to an independent experts report concluding that the scheme is in the best interests of shareholders.

Acquisition of the remaining interest in the projects will be funded by Exore from its existing cash.

Scheme consideration


The scheme consideration of A$59.8 million is calculated on a fully diluted basis applying a purchase price of A9.8 cents per share and this is based on Perseuss 10 trading day VWAP.

Consideration will be paid in the form of shares in Perseus with each Exore shareholder receiving 1 Perseus share for every 12.79 Exore shares held.

This share swap ratio is based on the 10-day VWAP of Perseus shares on June 2, 2020, and implies a price of A10.5 cents per Exore share based on Perseuss closing share price on that date.

This consideration represents a premium of:

  • • 69% to Exores closing share price of A$0.062 on June 2, 2020; and
  • • 78% to the 20-trading day VWAP of Exore of A$0.059, up to and including June 2, 2020.

Highly prospective ground


Exore holds around 2,000 square kilometres of highly prospective land in northern Côte dIvoire, near the Sissingué mine.

An 80% joint venture in exploration permits making up the Bagoe and Liberty projects, which cover 816 square kilometres, was acquired from Apollo in December 2018.

Exore then expanded this position through additional earn-in and joint venture agreements with local Ivorian groups.

This area is relatively under-explored but known to host geological structures on which several significant gold discoveries have previously been made.

JORC resource


The JORC-compliant resource at Bagoe comprises an indicated resource of 750,000 tonnes at 3.5 g/t for 90,000 ounces and inferred resources of 5.85 million tonnes at 2.3 g/t for 440,000 ounces.

Exore managing director Justin Tremain said: “The board of Exore believes the proposed transaction with Perseus represents compelling vaRead More – Source

Continue Reading

Trending