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White Rock Minerals securing partner to help take Mt Carrington Gold-Silver Project along path towards production

White Rock Minerals Ltd (ASX:WRM) has signed a non-binding Term Sheet with Koala Metals Pty Ltd which will see the parties work together to form an unincorporated joint venture to advance the Mt Carrington Gold-Silver Project in NSW.

The agreement will see White Rock and the private company work through the regulatory approvals process with the aim of bringing the project into production.

If a JV is formed, the parties will work through a definitive feasibility study, complete the environmental permitting and community consultation, and seek development consent from the NSW Government.

In right commodities[hhmc]
White Rock managing director and CEO Matt Gill told Proactive that White Rock was floated on the Mt Carrington asset and while small, it was in the right commodities (precious metals) and was forecast to deliver significant cash flow once in production.

He said it had previously been estimated that the project could produce approximately 35,000 ounces of gold per annum, wit..

White Rock Minerals Ltd (ASX:WRM) has signed a non-binding Term Sheet with Koala Metals Pty Ltd which will see the parties work together to form an unincorporated joint venture to advance the Mt Carrington Gold-Silver Project in NSW.

The agreement will see White Rock and the private company work through the regulatory approvals process with the aim of bringing the project into production.

If a JV is formed, the parties will work through a definitive feasibility study, complete the environmental permitting and community consultation, and seek development consent from the NSW Government.

In right commodities


White Rock managing director and CEO Matt Gill told Proactive that White Rock was floated on the Mt Carrington asset and while small, it was in the right commodities (precious metals) and was forecast to deliver significant cash flow once in production.

He said it had previously been estimated that the project could produce approximately 35,000 ounces of gold per annum, with silver production potentially to follow.

The intended terms of a JV would include that WRM is free carried through the DFS and permitting stage, that Koala Metals funds the Mt Carrington care and maintenance obligations also, and WRM would receive certain cash payments on the way.

Extensive experience


Gill said: “White Rock is extremely pleased to partner with Koala Metals, a company set up to target quality gold and silver projects with near-term development opportunities.

“The Koala Metals management team have extensive industry experience spanning project funding, geology, processing plant design and construction and mine operations, and we believe possess the key requirements to advance and develop the Mt Carrington project.”

However, as the Term Sheet is non-binding, there is no guarantee that any transaction will eventuate.

Term Sheet specifics


Key terms include:

  • On completion of the DFS and EIS, and with a budget of around A$5 million, Koala Metals would earn 30% of the Mt Carrington asset (Stage 1);
  • On achieving FID, Koala Metals would advance to 51% with a further A$1.5 million budgeted during this stage for extension drilling and upside studies (Stage 2);
  • Koala Metals can exercise an option and move from 51% to 70% by paying White Rock A$12.5 million subject to the gold price exceeding AUD $2,600/ounces in the preceding 6 months (Stage 3); and
  • Development of the project into production would occur along JV ownership lines (Stage 4);

Additionally, Koala Metals will be responsible for keeping the tenements in good standing and funding all of the site care and maintenance costs until Stage 2 is complete and White Rock will receive three non-refundable staged cash payments totalling $1 million as the project advances through the first two stages.

“Unlocking asset value”


Gill said: “Securing a quality partner to advance Mt Carrington is a key step in White Rock’s strategy to unlock the value in our three projects; thRead 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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