Public Company News

Venus Metals and Rox Resources have extended high-grade gold mineralisation at the Currans Find North prospect near Youanmi, WA, with drilling returning a top intersection of 1m @ 57.2g/t gold from 110m down-hole. The results extend high‐grade gold mineralisation at depth and demonstrate the potential for the discovery “blind” high‐grade gold lodes along strike and down‐plunge from known mineralisation.

Azumah Resources has completed a high-level scoping study indicating that its Bepkong underground deposit at the Wa gold project in north-western Ghana, could produce 154,000 ounces of gold and generate a cash flow of $47m over 4.5 years. In July, the company delivered a maiden underground resource of 2.4Mt @ 3.59g/t gold for 279,700 ounces at the Bepkong deposit, doubling the previous mineral resource inventory.

Buru Energy has encountered good to excellent shows while drilling through the primary objective Reeves Formation at its highly-prospective Adoxa-1 conventional oil exploration well in the Canning Basin, Western Australia. Live oil shows were observed at the surface and the well also intersected oil shows in cuttings samples of interpreted good quality sands at 970m and 1,565m measured depth.

Lithium Australia’s maiden reverse circulation drilling program at its Youanmi project near Sandstone in WA’s Murchison region is off to a flying start with initial assays returning a peak result of 1m @ 3.07% lithium oxide. Drilling has extended the extent of known lithium-bearing pegmatites at the project and has so far confirmed mineralisation over 1,200m of strike, which remains open down-dip and along strike.

AVZ Minerals’ metallurgical test work programs for its Manono lithium-tin project in the DRC, have delivered encouraging results in line with other global lithium-mineralised pegmatite ores and support its ongoing DFS. Testing has generated similar rock characteristics and strengths to other spodumene-bearing ore deposits and heavy liquid separation produced a high-grade concentrate at 6.2% lithium oxide, with a 66% concentrate recovery.

Australian Potash has cranked up the JORC mineral resource of its Lake Wells sulphate of potash, or “SOP”, project near Laverton, WA, by 23% to 18.1 million tonnes of drainable SOP. This resource is entirely within the measured category, which gives the company a high degree of confidence that it can support its initial planned 150,000 tonne per annum project for a long, sustained period.

King River Resources has increased its footprint in the Northern Territory’s Tennant Creek copper-gold belt with the application for two prospective new exploration licences. One of the licence applications contains the same geological formation hosting the Tennant Creek and Rover goldfields, while the other covers the historical Kurundi open pit and underground mine where rock sampling returned over 5g/t gold and up to 9.7% copper.

Novo Resources is vectoring towards a prospective region located southeast of historical workings and trenches at its Egina gold project near Port Hedland, WA, after delineating a 600m wide region of gravel that contains plentiful gold nuggets. The company identified the patch during a ground-penetrating radar survey in May, which outlined a valley floor containing the sought-after gold-bearing gravel horizons.

Nzuri Copper’s takeover by Chinese industrial player, Chengtun Mining Group, is entering its final stages with shareholders set to vote on the AUD$109.5 million all-cash takeover offer in mid-August. The company’s Kalongwe copper-cobalt project within the Central African Copperbelt in the far south of the Democratic Republic of the Congo is expected to play a key role in Chengtun’s copper-cobalt expansion plans in the country.

Rox Resources and Venus Metals have commenced a 14,000 metre reverse circulation drilling program aimed at newly developed high-grade targets and extensions to known mineralisation at their Youanmi gold project. The Commonwealth prospect, where historical drilling posted a top intersection of 18m @ 12.9g/t gold from 39m down-hole, crowns the joint venture’s hit list.

Strike Energy has confirmed that it has made a significant conventional gas discovery in the Wagina sandstone of its multi-target West Erregulla-2 well in the Perth Basin, Western Australia. Notably, the well has yet to intersect the secondary target Basal Wagina sandstone and will now be finished before drilling resumes towards its total planned depth of 5,200m to intersect the Basal Wagina and primary target Kingia-High Cliff sands.

Multi-commodity explorer Venus Metals has received a vote of confidence from Queensland multi-millionaire and veteran coal miner, Christopher Wallin, who injected $1.2 million into the company through a placement of shares priced at 20 cents each. The investment gives Mr Wallin, one of Australia’s top 50 richest people, a substantial 5.03% stake in the company.