Public Company News

ASX-listed lithium developer, AVZ Minerals, has agreed to buy out its junior partner’s 10 per cent stake in the massive Manono lithium and tin project in the Democratic Republic of the Congo for $15.5 million. AVZ will now move to 75 per cent ownership of the project and it is currently advancing discussions with potential debt providers and offtake partners for the proposed US$545 million project development.

ASX-listed PharmAust plans to start a phase one clinical trial of its cancer fighting drug, Monepantel, next year to see if it can help patients suffering from Motor Neurone Disease. The clinical-stage oncology company was recently awarded a grant of $881,085 from FightMND that will be used to conduct the trials. Melbourne-based FightMND was co-founded by former AFL player and coach, Neale Daniher, and is the largest independent funder of MND research in Australia.

South American focused gold miner, Troy Resources, has crunched the numbers to upgrade the mineral resource estimate at its Karouni gold project in Guyana to a healthy 1,007, 000 ounces from 16 million tonnes grading 2.0 g/t gold. Troy is also on track to produce up to 40,000 ounces this financial year at an all-in-sustaining-cost of between US$1,450 and US$1,550 an ounce.

Great Southern Mining has extended the strike length at its Cox’s Find gold project near Laverton in WA by 1km to the north. The best result from the recent RC drilling at two key target areas returned 8m at 1.1 g/t gold from 91m, including 2m at 3.2 g/t gold. Other notable hits were 6m at 1.0 g/t gold from 114m and 13m at 0.7 g/t gold from a relatively shallow 34m.

Lithium Australia’s joint venture partner at the Wundowie project, Australian Vanadium, has launched into a detailed study of the historical exploration dataset, highlighting the potential of the tenure to host significant nickel, copper and platinum group mineralisation. The companies are now planning an extensive program of geophysical and geochemical surveying across the collaborative tenement positions.

ASX-listed gold explorer, Venus Metals, has teased out some encouraging deeper gold hits from drilling at the Sovereign discovery at its joint-ventured historic Youanmi gold project in WA’s Murchison region. The most notable intersection was 8m going 5.03 grams per tonne gold from 160m including 2m at 15.83 g/t from 160m and 3m at 2.86 g/t from 165m.

Cobre Ltd has nailed its preliminary metallurgical test work for the Perrinvale VHMS project in Western Australia. One 90kg bulk sample from the Schwabe prospect has undergone initial testing and produced impressive head grades of 3.6 per cent copper, 1.6 per cent zinc, 1.1 g/t gold and 13.1 g/t silver from a standard suite of copper and zinc sulphides. Test work will now proceed to the development of a potential processing route for the project.

Unlisted Gawler Craton gold explorer, Barton Gold, has further strengthened its board of directors with the appointment of experienced corporate lawyer, Christian Paech, as it looks to significantly expand the global resource inventory at its historic Tarcoola and Tunkillia gold projects ahead of a planned ASX listing. Paech was most recently the General Counsel and Company Secretary at oil and gas giant Santos.

Mako Gold has extended the footprint of its Tchaga gold discovery in northern Cote d’Ivoire in Africa, blowing out the strike length of the high-grade discovery to more than 1.6km. The company’s preliminary results from its latest round of shallow RC drilling include 3m at 4.59 g/t gold and 10 metres at 1.1 g/t gold.

ASX-listed Calidus Resources has started early capital works at its planned $116 million Warrawoona mine about 25km south-east of Marble Bar in WA’s East Pilbara. The company says it has now locked in the preferred major mining and engineering contractors for the project that is expected to turn out free cash flows of $58.5 million a year against all-in sustaining costs to produce each ounce of gold of just $1,250.

ASX-listed agribusiness developer, Alterra Ltd, has successfully rattled the tin for $1.7 million following a placement to new investor, Emanuel Exports and existing major shareholder, Sandon Capital Investments. In a boost for Alterra’s financing aspirations for its WA agricultural projects, Emanuel will emerge as a major shareholder with 15 per cent ownership of Alterra’s expanded issued capital, whilst Sandon maintains its 19.2 per cent stake.

Novo Resources has taken another significant step as it charges towards production in the Pilbara, this week appointing two well credentialed mining men to oversee the company’s transition from explorer to gold producer. The move follows hot on the heels of the company completing the acquisition of Millennium Minerals and its mothballed Golden Eagle mill at Nullagine in WA earlier this month.