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Magmatic Resources subsidiary to spin-off and list on ASX after acquiring gold/ polymetallic projects

Magmatic Resources Limited (ASX:MAG) said its wholly-owned subsidiary Australia Gold and Copper Ltd (AGC) plans to seek a listing on the ASX after undertaking a series of asset purchases in the highly prospective central Lackland Fold Belt in New South Wales.

The assets AGC is eyeing include Magmatics Moorefield Gold Project and two other highly prospective central Lacklan gold/polymetallic projects – Cargelligo and Gundagai projects – from New South Resources Pty Ltd (NSR).

NSR will receive as consideration AGC shares amounting to a 40% interest in AGC pre the initial public offering (IPO) proposed to be undertaken by AGC. Magmatic will hold the remaining 60% in AGC pre-IPO.

Following the demerger of the Moorefield project, Magmatic will remain focused on its East Lachlan gold and gold-copper porphyry projects.

Junior explorer with a majors portfolio[hhmc]
Magmatic executive chairman David Richardson said: “Combined with the exciting Gundagai and Cargelligo projects, identified an..

Magmatic Resources Limited (ASX:MAG) said its wholly-owned subsidiary Australia Gold and Copper Ltd (AGC) plans to seek a listing on the ASX after undertaking a series of asset purchases in the highly prospective central Lackland Fold Belt in New South Wales.

The assets AGC is eyeing include Magmatics Moorefield Gold Project and two other highly prospective central Lacklan gold/polymetallic projects – Cargelligo and Gundagai projects – from New South Resources Pty Ltd (NSR).

NSR will receive as consideration AGC shares amounting to a 40% interest in AGC pre the initial public offering (IPO) proposed to be undertaken by AGC. Magmatic will hold the remaining 60% in AGC pre-IPO.

Following the demerger of the Moorefield project, Magmatic will remain focused on its East Lachlan gold and gold-copper porphyry projects.

Junior explorer with a majors portfolio


Magmatic executive chairman David Richardson said: “Combined with the exciting Gundagai and Cargelligo projects, identified and developed by NSR CEO Glen Diemar, AGCs three projects represent a major portfolio with each project significant in their own right.

“We have always described MAG as a junior explorer with a majors portfolio, and this transaction will further unlock shareholder value, giving shareholders exposure to both MAG and AGC shares and further upside of two new gold projects.

“We are excited that Glen Diemar will join as AGC managing director, bringing his extensive knowledge of the Central Lachlan region, project development experience and exploration success."

NSR CEO Glen Diemar added: “The potential of each of these three assets to host significant, near surface resources is exciting and within Australian Gold and Copper the future of these assets is clearly on a strong trajectory for unlocking that value.

“We are excited to bring together an advanced portfolio of targets, each with outcropping mineralisation and historic or recent drilling intercepts.”

AGC IPO


Magmatic shareholders will see immediate increased shareholder value as they will own shares in both Magmatic and AGC via the proposed in-specie share distribution.

Details of the priority entitlement to AGC IPO will be provided in due course.

The demerger of Moorefield and the NSR acquisitions remain contingent on Magmatic shareholder approval, satisfactory tax ruling from the Australian Taxation Office on the distribution in specie, regulatory approvals, compliance with ASX escrow requirements and waivers, among others.

Proposed AGC board


The board of AGC will initially comprise of:

➢Managing director Diemar who has extensive experience in all sectors of the mining and exploration industry, with a focus on NSW mineral systems and early-stage discoveries. Diemar has worked at BHP Billiton and numerous juniors, both internationally and locally;

➢Non-executive director Richardson who is Magmatic executive chairman;

➢An independent non-executive chairman; and

➢Under the binding term sheet, Magmatic has the right to appoint another director.


The combined AGC portfolio offers multiple drill-ready targets of Fosterville-style gold, McPhillamys-style gold and Cobar-style gold-polymetallic mineralisation within the Central Lachlan Fold Belt.

Gold and copper 'hotspots'


The Lachlan Fold Belt is one of the worlds gold and copper “hotspots” with a long history of high-grade gold production.

Magmatic recognised the regions potential early and acquired four exploration projects, including Moorefield, from the worlds seventh-largest gold miner, Gold Fields and it believes it has a multi-year head start in the region.

The Moorefield project (EL7675 – Moorefield and EL8669 – Derriwong) comprises two granted exploratioRead More – Source

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Australia

Argonaut Resources directors show faith in company by participating in oversubscribed SPP

Argonaut Resources NL (ASX:ARE) directors have demonstrated their faith in the company’s copper-zinc strategy by participating in the recently closed share purchase plan (SPP).

Independent non-executive chairman Patrick Elliot purchased more than 4.465 million shares at 0.55 cents per share in an indirect interest.

He now holds 5,876,159 shares in that interest with another 20,324,574 held in a separate indirect interest.

Independent non-executive chairman Malcolm Richmond acquired more than 5.454 million shares in a direct interest, increasing the number held in this interest to almost 15 million with another 1 million held in an indirect interest.

Overwhelming response to SPP[hhmc]
The company was overwhelmed by the response to its SPP which closed early and more than twice oversubscribed with the target subsequently increased to $2.5 million from $1.2 million.

Subscriptions in excess of $3 million were received and as a result, the SPP was closed with immediate effect.

Money ..

Argonaut Resources NL (ASX:ARE) directors have demonstrated their faith in the company’s copper-zinc strategy by participating in the recently closed share purchase plan (SPP).

Independent non-executive chairman Patrick Elliot purchased more than 4.465 million shares at 0.55 cents per share in an indirect interest.

He now holds 5,876,159 shares in that interest with another 20,324,574 held in a separate indirect interest.

Independent non-executive chairman Malcolm Richmond acquired more than 5.454 million shares in a direct interest, increasing the number held in this interest to almost 15 million with another 1 million held in an indirect interest.

Overwhelming response to SPP


The company was overwhelmed by the response to its SPP which closed early and more than twice oversubscribed with the target subsequently increased to $2.5 million from $1.2 million.

Subscriptions in excess of $3 million were received and as a result, the SPP was closed with immediate effect.

Money raised under this SPP and from the recently completed $2.7 million share placeRead More – Source

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Australia

Strickland Metals shares jump 39% ahead of drilling base metal target near DeGrussa

Strickland Metals Ltd (ASX:STK) shares surged 39% today ahead of its maiden drilling program at the Doolgunna Project, which will include a diamond drilling program that is likely to begin by the end of this month.

As a part of the program, a minimum of four diamond holes will be drilled to a depth of 500 metres to test a VMS target similar to the nearby DeGrussa deposit of Sandfire Resources (ASX:SFR).

Heritage survey[hhmc]
Exploration activity has recommenced on the Doolgunna Project following completion of heritage surveys to allow land access to areas where the company wishes to complete exploration drilling.

The target for drilling is a compelling base metal prospect that exhibits geological characteristics that are interpreted to be similar to Sandfire Resources’ DeGrussa deposit about 30 kilometres to the east of the project.

The prospect has a 3-kilometre-long electromagnetic conductor that lies below an outcropping copper-zinc gossan that has been mapped over a 1.2-kilomet..

Strickland Metals Ltd (ASX:STK) shares surged 39% today ahead of its maiden drilling program at the Doolgunna Project, which will include a diamond drilling program that is likely to begin by the end of this month.

As a part of the program, a minimum of four diamond holes will be drilled to a depth of 500 metres to test a VMS target similar to the nearby DeGrussa deposit of Sandfire Resources (ASX:SFR).

Heritage survey


Exploration activity has recommenced on the Doolgunna Project following completion of heritage surveys to allow land access to areas where the company wishes to complete exploration drilling.

The target for drilling is a compelling base metal prospect that exhibits geological characteristics that are interpreted to be similar to Sandfire Resources’ DeGrussa deposit about 30 kilometres to the east of the project.

The prospect has a 3-kilometre-long electromagnetic conductor that lies below an outcropping copper-zinc gossan that has been mapped over a 1.2-kilometre strike.

Diamond core drilling


The company plans to start the diamond core drilling by the end of this month.

A multi-purpose drill rig has been contracted to enable the minimum planned program wRead More – Source

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Australia

Pan Asia Metals has positive discussions on plans for Thai lithium project

Pan Asia Metals Ltd (ASX:PAM) has had positive discussions with authorities in Phang Nga Province, Thailand, including the provincial government, for its Reung Kiet Lithium Project.

PAM has submitted a presentation covering all aspects of the project including methods of ongoing exploration, conceptual mining and concentrate production, and the potential for downstream value-adding industries in Phang Nga and Thailand.

The presentation and subsequent discussions were aimed at assisting Phang Nga Provincial Government in their considerations for the proposed mining and industrial development areas.

Provincial Government discussions[hhmc]
Pan Asia was recently invited by the chief executive officer of the Phang Nga Provincial Administrative Organisation (PAO), a Phang Nga Provincial Government coordinating body, to represent PAM and the Reung Kiet Lithium Project.

The meeting was also attended by the head of Phang Nga Provincial Industry along with the representatives of the Phang Ng..

Pan Asia Metals Ltd (ASX:PAM) has had positive discussions with authorities in Phang Nga Province, Thailand, including the provincial government, for its Reung Kiet Lithium Project.

PAM has submitted a presentation covering all aspects of the project including methods of ongoing exploration, conceptual mining and concentrate production, and the potential for downstream value-adding industries in Phang Nga and Thailand.

The presentation and subsequent discussions were aimed at assisting Phang Nga Provincial Government in their considerations for the proposed mining and industrial development areas.

Provincial Government discussions


Pan Asia was recently invited by the chief executive officer of the Phang Nga Provincial Administrative Organisation (PAO), a Phang Nga Provincial Government coordinating body, to represent PAM and the Reung Kiet Lithium Project.

The meeting was also attended by the head of Phang Nga Provincial Industry along with the representatives of the Phang Nga Provincial Public Works and Town Planning Office.

Phang Nga Provincial Industry head has been appointed by the Phang Nga governor as chairman of the Phang Nga New Town Planning Committee.

During the meeting, the chairman of the committee conveyed its support for the Reung Kiet Lithium Project.

PAO wants to ensure that the requirements of the Reung Kiet project are incorporated into the town planning committee’s zoning plans to ensure that the project can progress once exploration and feasibility results prove positive.

“Can bring opportunities”


PAM managing director Paul Lock said: “We have been working hard in Phang Nga province and we are very happy with the positive reception that the Reung Kiet Lithium Project is receiving from the Phang Nga Provincial Government and surrounding communities.

“Reung Kiet is strategically located and based on peer feasibility work the project is positioned to potentially be one of the lowest-cost suppliers of lithium chemicals in the global peer group.

“This is a project that can bring substantial opportunities and value to Phang Nga and Thailand.”

Pan Asia is planning its second Reung Kiet drilling program with expectations that this will begin in the coming months following the conclusion of the current Khao Soon drilling program.

Potential cost curve leader


Reung Kiet is a hard rock project with lepidolite rich pegmatites chiefly composed of quartz, albite and lepidolite with minor cassiterite and tantalite as well as other accessory minerals including some rare earth.

Lepidolite does not require roasting and has a suite of by-products which are recoverable at the concentrator and processing stages of the flow sheet.

Peer feasibility work has Read More – Source

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