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Marvel Golds transition to gold supported by 54% lift in Tabakorole resource to 910,000-ounces

Marvel Gold Ltd (ASX:MVL) has confirmed the success of its transition to gold explorer by delivering an upgraded mineral resource for the Tabakorole Gold Project in Mali, West Africa, with 910,000 ounces grading 1.2 g/t.

The new JORC-compliant mineral resource represents a 54% increase in ounces and a 20% increase in grade from the NI 43-101-compliant 2007 resource estimate with a total combined resource of 23.9 million tonnes.

Around 32% of the resource is classified as indicated, while 43% sits within 100 metres of surface, thus increasing the confidence for an open-pittable production scenario.

“Exceeded our expectations”[hhmc]
Marvel managing director Phil Hoskins said: “This is a significant improvement in the mineral resource for Tabakorole.

“A 54% increase in ounces combined with a 20% improvement in grade is an excellent outcome that has exceeded our own expectations.

“From the outset, we firmly believed that a revised approach to resource modelling, together with the inco..

Marvel Gold Ltd (ASX:MVL) has confirmed the success of its transition to gold explorer by delivering an upgraded mineral resource for the Tabakorole Gold Project in Mali, West Africa, with 910,000 ounces grading 1.2 g/t.

The new JORC-compliant mineral resource represents a 54% increase in ounces and a 20% increase in grade from the NI 43-101-compliant 2007 resource estimate with a total combined resource of 23.9 million tonnes.

Around 32% of the resource is classified as indicated, while 43% sits within 100 metres of surface, thus increasing the confidence for an open-pittable production scenario.

“Exceeded our expectations”


Marvel managing director Phil Hoskins said: “This is a significant improvement in the mineral resource for Tabakorole.

“A 54% increase in ounces combined with a 20% improvement in grade is an excellent outcome that has exceeded our own expectations.

“From the outset, we firmly believed that a revised approach to resource modelling, together with the incorporation of results of both our recent drilling and historic drilling, presented an opportunity to grow the Tabakorole mineral resource. “

“To have delivered the maiden JORC resource of almost one million ounces of gold is an exceptional result that has validated our approach and confirmed the opportunity at Tabakorole.”

Shares today have been as much as 9% higher to 6.3 cents.

Resource estimate


Since acquiring the project Marvel has completed 1,544 metres of diamond drilling which, in combination with the 2010-2014 drilling, has been included in the updated resource estimate.

The estimate has been prepared by a leading consultant with much experience in resource estimation at West African gold projects.

This was done using multiple indicator kriging (MIK) incorporating a change of support analysis – a method which factors in mining dilution and can be considered a 'recoverable resources' estimate.

Opportunities for resource growth


The company believes there are numerous opportunities for growing Tabakorole resource estimates.

Recent aircore drilling has confirmed that gold mineralisation continues at least 600 metres along strike to the northwest with results up to 6 metres at 6.2 g/t gold.

Hoskins said: “We have known mineralised strike extensions to follow-up whilst the deposit remains open at depth.

“Combined with recent transactions that have increased our landholding at Tabakorole to 375 square kilometres and the demonstrated regional prospectivity, we are confident that further resource growth can be achieved.”

Drilling planned


The deposit remains open along strike to the southeast as well as at depth, including several areas throughout the existing resource constrained by lack of drilling.

This zones consistency and predictability provide confidence of a very high conversion of ounces from the inferred category into indicated when infill drilling is conducted.

Marvel plans to start resource expansion drilling during the December quarter to test some of the opportunities.

Hoskins said: “We look forward to starting Stage Two drilling in the December quarter.”

Advance regional exploration


Following the increase in the Tabakorole landholding, the company intends Read 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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