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ECR Minerals plc (LON:ECR), the precious metals exploration and development company, is pleased to announce the receipt of significant gold assays in relation to the reverse circulation (RC) drilling programme recently completed at the Blue Moon prospect, which is located within the Bailieston gold project area in the state of Victoria, Australia.
ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”) has 100% ownership of the Bailieston project.
Significant intersections from three of twelve RC holes drilled by MGA at Blue Moon are reported below. Assay results for the remaining nine holes are pending. A map showing the location of drill holes completed at Blue Moon by MGA may be viewed through the following link:
Readers are advised to review the Company’s announcement dated 28 January 2019 regarding the commencement of the Blue Moon drill programme, which can be viewed through the following link:
Readers are also advised to review the Company’s further progress update announcement dated 28 February 2019 which highlighted the presence of visible gold in drill cuttings from Blue Moon, which can be viewed through the following link:
- Following the reporting of visible gold from hole number BBM007 (see 28 February 2019 announcement), assay results received for BBM007, BBM006 and BBM004 have shown both high grade intervals and significant widths of anomalous gold grades;
- Significant intersections are reported in Table A below and include 2 metres @ 17.87 g/t gold from 57 metres down hole in BBM007 within a zone of 15 metres at 3.81 g/t gold from 51 metres;
- In addition, BBM006 returned 3m @ 3.88 g/t gold from 170 metres down hole within a zone of 11 metres @ 2.42 g/t gold from 169 metres;
- These results from Blue Moon indicate that a high grade zone exists within the target sandstone host and further results and work will be required to understand any concentration of mineralisation within shoots.
Craig Brown, Chief Executive Officer of ECR Minerals commented: “These results quantify the field geologists’ assessment of visible gold at Blue Moon during drilling of BBM007 and provide great encouragement for the Company and the Bailieston gold project.
To achieve an intersection of 17.87g/t gold over 2 metres is notable. But also of significance is that this was part of an intersection of 15 metres at 3.81g/t gold from relatively shallow depth.
The Company awaits further results from drilling across Blue Moon, Creswick and Black Cat and will provide updates to the market as appropriate.”
MGA completed three diamond drill holes (BBM001-3) at the Blue Moon prospect in 2018. The results of this drilling were announced on 6 July 2018, and the relevant announcement can be viewed here:
As previously announced, gold mineralisation at Blue Moon is associated with sandstone plus dykes intruding the sandstone and adjacent to it.
MGA’s 2018 diamond drilling did not obtain fresh sample from beneath the oxide zone. The twelve reverse circulation (RC) holes completed recently (BBM004-15) aimed to intercept the sandstone on 50 metre spacing across three sections and to gain samples from beneath the oxide zone.
BBM004 & 6 intercepted the host sandstone beneath the oxide zone. Logging recorded estimates of up to 4% pyrite and 2% arsenopyrite with minor quartz. No visible gold was seen in these samples.
The base of the oxide zone was at 64 metres in BBM007 within the host sandstone. Visible gold was seen in three samples (3 metres @ 13.4 g/t gold from 57 to 60 metres). It is possible these are elevated gold values as a result of supergene enrichment close to the base of the oxide zone.
Significant intersections from Q1 2019 RC drilling at the Blue Moon gold prospect
EL5433, Victoria, Australia
NB: intersections reported are apparent width.
|Hole ID||From||To||Interval (m)||Grade g/t gold|
Table 2: Hole details
COMPETENT PERSON STATEMENT
The information in this announcement that relates to Exploration Results is based on information compiled by Dr Rodney Boucher of Linex Pty Ltd. Linex Pty Ltd provides geological services to Mercator Gold Australia Pty Ltd, including the services of Dr Boucher, who has a PhD in geology, is a Member and RPGeo of the Australian Institute of Geoscientists and is a Member of the Australian Institute of Mining and Metallurgy. Dr Boucher has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Dr Boucher consents to the inclusion in the announcement of the material based on his information in the form and context in which it appears.
MARKET ABUSE REGULATIONS (EU) No. 596/2014
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (MAR). Upon the publication of this announcement via Regulatory Information Service (RIS), this inside information is now considered to be in the public domain.
FOR FURTHER INFORMATION, PLEASE CONTACT:
|ECR Minerals plc||Tel: +44 (0)20 7929 1010|
|David Tang, Non-Executive Chairman|
|Craig Brown, Director & CEO|
|WH Ireland Ltd||Tel: +44 (0)161 832 2174|
|Katy Mitchell/James Sinclair-Ford|
|SI Capital Ltd||Tel: +44 (0)1483 413500|
ABOUT ECR MINERALS PLC
ECR is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd has 100% ownership of the Avoca, Bailieston, Creswick, Moormbool and Timor gold exploration licences in central Victoria, Australia and the Windidda gold project in the Yilgarn region, Western Australia.
ECR has earned a 25% interest in the Danglay epithermal gold project, an advanced exploration project located in a prolific gold and copper mining district in the north of the Philippines. An NI43-101 technical report was completed in respect of the Danglay project in December 2015 and is available for download from ECR’s website.
ECR’s wholly owned Argentine subsidiary Ochre Mining has 100% ownership of the SLM gold project in La Rioja, Argentina. Exploration at SLM has focused on identifying small tonnage mesothermal gold deposits which may be suitable for relatively near-term production.
World’s insatiable appetite for batteries sparks multi billion pound lithium mining boom in Australia! Via abcnews
Growing demand for batteries for electric cars and power storage is driving increased investment in lithium mining in Western Australia. WA is currently supplying more than 40 per cent of the world’s lithium and a new mine in the Pilbara is the latest in a string of investments in the industry. The West Australian Government is now encouraging industry to build a battery factory in the state to capitalise on the boom.
Cadence Minerals (KDNC) – Macarthur Minerals (TSX-V: MMS) to commence drilling Nickel Sulphide Targets at Lake Giles project, Western Australia.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Macarthur Minerals (“Macarthur”, TSX-V: MMS) has announced it will commence drilling high priority nickel sulphide targets at its Lake Giles project in Western Australia. The targets were derived from recent geophysical surveys using Moving Loop Electromagnetic (“MLEM”). Surveying at Moonshine successfully delineated two bedrock conductors, MC01 and MC02, with a further bedrock conductor identified at the Snark prospect as announced on August 28, 2018.
- A Moving Loop Electromagnetic (“MLEM”) survey was conducted across three prospects at the Lake Giles project. The survey targets were derived from previous drilling and soil geochemistry data that indicated potential for nickel sulphide.
- Interpretation of data was undertaken by geophysicists from Newexco Services Pty Ltd who are experts in the application of geophysical surveys for the discovery of nickel sulphide deposits.
- The survey at Moonshine recorded strong conductance across all five lines with modelling delineating two bedrock conductors, MC01 and MC02.
- The survey at Snark identified two bedrock conductors at Snark, SC01 and SC02.
- Conductors MC01 at Moonshine and SC01 at Snark are considered high priority targets and will be tested by drilling. Two drill holes have been planned to intersect the conductors at the point where they display a high EM response.
- Orbit Drilling has been engaged to undertake the drill program and will mobilise to site in October upon receipt of drilling permits. An initial program of two holes drilled to a depth of 200m will be completed by the end of October. Follow-up drilling is scheduled to commence on return of favourable results.
Cadence holds approximately 12% of the issued equity interest in Macarthur, which is an Australian mining exploration company focused primarily on lithium, iron ore and gold in the Pilbara region of Western Australia. It also has a lithium project in Nevada, USA.
The full release can be found at:
Cadence Minerals CEO Kiran Morzaria commented: “We are greatly encouraged by the progress and recent developments reported by the Macarthur Minerals team. Having already amassed a considerable historical dataset for Lake Giles, if the presence of a massive sulphide structure is confirmed, as CEO Cameron McCall says it will add additional value to the project with multiple commodities, and for Cadence Minerals it will provide further validation for the Macarthur investment case. We look forward to the results next month.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
– Ends –
For further information:
Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School.
About Cadence Minerals:
Cadence is dedicated to smart investments for a greener world. The planet needs rechargeable batteries on a global scale – upcoming supersized passenger vehicles, lorries and buses – require lithium and other technology minerals to power their cells. Cadence is helping find these minerals in new places and extracting them in new ways, which will meet the demand of this burgeoning market.
Cadence invests across the globe, principally in lithium mining projects. Its primary strategy is taking significant economic stakes in upstream exploration and development assets within strategic metals. We identify assets that have strategic cost advantages that are not replicable, with the aim of achieving lower quartile production costs. The combination of this approach and seeking value opportunities allows us to identify projects capable of achieving high rates of return.
The Cadence board has a blend of mining, commodity investing, fund management and deal structuring knowledge and experience, that is supported by access to key marketing, political and industry contacts. These resources are leveraged not only in our investment decisions but also in continuing support of our investments, whether it be increasing market awareness of an asset, or advising on product mix or path to production. Cadence Mineral’s goal is to assist management to rapidly develop the project up the value curve and deliver excellent returns on its investments.
Certain statements in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identiﬁed by their use of terms and phrases such as ‘‘believe’’ ‘‘could’’ “should” ‘‘envisage’’ ‘‘estimate’’ ‘‘intend’’ ‘‘may’’ ‘‘plan’’ ‘‘will’’ or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors’ current expectations and assumptions regarding the Company’s future growth results of operations performance future capital and other expenditures (including the amount. nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reﬂect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors. Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The Company cannot assure investors that actual results will be consistent with such forward-looking statements.
ECR Minerals #ECR sees ‘significant gold opportunity’ at Blue Moon in Australia – Proactive Investors Stocktube
ECR Minerals PLC’s (LON:ECR) CEO Craig Brown and geologist Dr Rodney Boucher discuss the recent work programmes carried out at the Blue Moon gold project in Australia.
Article by DealStreetAsia
Gold producers in Australia are outperforming their global competitors, prompting investors to encourage them to expand their horizons and acquire struggling North American rivals.
Boosted by some of the sector’s best margins, low debt and swelling cash piles, miners in the world’s No. 2 producer are defying a wider lull in gold equities. Saracen Mineral Holdings Ltd. and Northern Star Resources Ltd. have surged in the past year as rivals in Canada, the U.S. and South Africa faltered.
“Australian gold miners currently enjoy some of the highest margins in the world,” said Stephen Land, San Mateo, California-based portfolio manager at the $1.1 billion Franklin Gold and Precious Metals Fund. The producers are being supported by cuts to operating costs and stronger prices of bullion in Australian dollar terms.
Miners in Australia and New Zealand account for about 20 percent of the Franklin fund’s holdings, which last year added positions in Dacian Gold Ltd. and Gascoyne Resources Ltd. Australian companies are now valued more equitably against North American peers “allowing them to be competitive in global M&A,” Land said.
Newcrest Mining Ltd., Australia’s top producer, invested $250 million in Canada’s Lundin Gold Inc. this year, while St. Barbara Ltd. is examining potential deals that could include the U.S. Evolution Mining Ltd. and Northern Star are among other companies with the firepower to move on poorly performing North American miners in the short-to-medium term, Argonaut Securities Ltd. said in a note last month.
“We will consider adding overseas assets to our Australian portfolio,” Evolution’s Executive Chairman Jake Klein said in an emailed statement. The producer has a “preference for first world jurisdictions and hence North America is on the radar.” Northern Star didn’t immediately respond to a request for comment.
Valuations of Australian producers are on par with North American companies for “the first time in memory,” according to Joe Foster, New York-based portfolio manager for the $675 million VanEck International Investors Gold Fund. Australian and U.S. producers currently trade on a similar price-to-cash flow ratio, a metric favored by investors to compare companies in the same industry.
“Australia is a mature gold jurisdiction and companies will have to go abroad for opportunities,” Foster said. “‘If Australian investors won’t support international M&A, then the companies will have to look for support from investors abroad.”
Newcrest and Evolution are among the miners scheduled to address the three-day Diggers and Dealers forum starting Monday in Kalgoorlie, Western Australia. About 50 companies, including BHP Billiton Ltd., Fortescue Metals Group Ltd. and other producers of gold, base metals and battery raw materials will make presentations to more than 2,100 delegates.
Smaller producers including Dacian Gold, Gascoyne and Red 5 Ltd. all have room to grow with “interesting opportunities to deploy cash” on exploration, according to Franklin Templeton’s Land, whose fund holds all three companies. VanEck’s list of junior companies with potential includes West African Resources Ltd., Cardinal Resources Ltd. and Gold Road Resources Ltd., Foster said.
“The North American investors like what they see,” said Rohan Williams, executive chairman and chief executive officer of Perth-based Dacian, which poured a first gold bar in March at the Mount Morgans mine in Western Australia. Miners in the nation are winning attention by “aggressively exploring and finding more gold.” he said. Dacian raised almost A$50 million ($37 million) in share sales last month.
Australia’s gold producers can continue to outperform competitors — and woo global investors — by using strong cash flows to fund exploration at medium-sized mines that have historically lacked detailed studies, Melbourne-based RBC Capital Markets analyst Paul Hissey said in a note last month.
Gold might have finally found its price bottom after seeing three weeks of consecutive losses, said Sprott during Sprott Money’s Weekly Wrap-Up on Friday.
“We had our ‘wash, rinse and repeat’ and now we are ready for the up cycle,” stated Sprott.
August Comex gold hit a low of $1,217 on Friday and then continued to trade near its 12-month lows following the advance reading of second-quarter GDP that showed the U.S. economy growing 4.1%, which was slightly less than the 4.2% projected by market consensus.
“I think we might have hit a bottom sometime when gold got down to around $1,210 inter-day on Friday,” said Sprott.
Aside from this, demand for the yellow metal is also looking solid, which might help gold out in what is historically known as a very dull month.
“When you look at what’s going on with the Commitments of Traders and August gold contract coming up for expiry with that huge open interest,” Sprott said. “When you see exports of gold from Hong Kong into Chia go up 46% in the month of June, when you see the Russians continue to buy gold, selling treasuries hopefully to buy more gold, I sort of wonder if one of the things that China wouldn’t do is sell treasuries to buy gold if they get particularly upset with the new tariff regime.”
“I always thought we lived in a rather enchanted world, where interest rates were zero and we kept printing money all the time. And it looks like theoretically that world has ended,” Sprott said. “We have … signs of things cracking. The 20% decline in Facebook, Netflix running into a few problems, some of the companies that are affected by exports, particularly autos … So we have some segments of the market … that are in a bear market.”
Sprott pointed out that this is not surprising considering that the Federal Reserve is continuing to raise interest rates and shrink the money supply.
“The combination of the Fed shrinking the money supply and raising rates is not going to be constructive for the markets,” he said.
As August doldrums are rolling in, the gold market might surprise investors on the upside, according to Eric Sprott, billionaire precious metals investor and founder of Sprott Inc.