“I feel like we are uniquely placed in min- ment conditions will be welcoming. That is carbonised world?
ing, and I am particularly excited about why we need to think sooner rather than “I’ve said it a few times, we have to mine
critical minerals because NSW has 17 of later whether the current critical minerals our way to a clean future,” Houssos said.
the 24 elements on Australia’s critical min- strategy is fit for purpose.” “The downstream space in particular is
erals list, and that doesn’t include copper McLean praised the new State Govern- something really interesting because of
which will be crucial,” Houssos told Pay- ment for its approach so far but said sev- the promise it holds around our plans for
dirt. eral areas needed to be prioritised. local manufacturing.
Houssos said her Government would re- “First and foremost, it is about ensur- “So, as we start to see closure of coal
tain the well-received Critical Minerals and ing support for critical minerals projects,” mines over the next few decades, the criti-
High-Tech Metals she said. “The previous Government’s cal minerals future becomes even more
Strategy but would strategy and first round of funding was important.”
continue to assess very welcome and the Government must For Houssos, NSW’s critical minerals
its performance. deliver further streams of the Critical Min- future offers the potential to reinvigorate
“The previous erals Fund to turbocharge development in mature mining centres and create new op-
Government had the State. portunities.
a strategy and we “We would like to see further streamlin- “Jobs in mining support supply local
understand the ing of the assessment processes through economies,” she said. “I was in Broken Hill
need for stability an expedited framework for critical min- recently and saw all the hi-vis jackets in
and certainty,” she erals projects. We support the new con- the cafés and shops. They have changed
said. “Naturally cierge service and would like to see further the energy in the town, it was pumping.
over time we will support for new regulatory framework. That is the economic multiplier effect we
evaluate whether talk about.”
the critical miner- McLean agrees that if industry gets it
als strategy is fit- right, NSW mining could be seen in a new
for-purpose, along light.
with the gas and “Now – with the critical minerals push
coal strategies.” – is the opportunity to engage with com-
The international munity, especially in Sydney,” she said.
critical minerals “Mining is still the great barbeque stopper
space is becom- in Sydney, there is not the direct connec-
ing highly competi- tion to the industry in the community that
tive as jurisdictions there is in, say, Perth. But this is an excit-
jockey for a posi- ing opportunity for industry to ensure there
tion in a still-to- is a new era.”
be-defined global Having recently participated in a round-
supply chain. Gov- table discussion with fellow state and
ernments across territory mines ministers as well as Fed-
the world are of- eral Resources Minister Madeleine King,
fering subsidies, Houssos is confident the Government has
loans and grants an active role to play in critical minerals
to attract both pri- development.
mary extraction “We have heard from the Federal Treas-
and downstream urer Jim Chalmers about how important
processing. Can critical minerals will be to the economy,
NSW remain com- NSW Minister for Natural Resources so it is up to us all to bring about things
petitive? Courtney Houssos holistically, we want to find ways to work
“We are facing together to make Australia more attractive
challenging times “The New Frontiers Programme has to investors, ” she said. “I have been dis-
in attracting inves- been well-received so the Government cussing with my counterpart in Queens-
tors, but I think we needs to support those new geoscience land [Scott Stewart] the ways they are at-
can say we are initiatives which produce the world-class tracting investment into the infrastructure
open for business data which attracts investment.” needed for downstream processing, using
in a few key ways,” Houssos believes critical minerals de- government’s procurement capabilities,
Houssos said. “A strong geological survey velopment could also solve NSW mining’s etc. to support processing hubs for junior
is really important, so junior explorers and image problem. companies.
mid-tier companies can access that pre- Mining’s reputation has taken a batter- “I think that is an interesting area, how
competitive data which leads to discovery. ing in recent decades with mining commu- government can use its convening power
“We also need to make sure the invest- nities in the regions feeling neglected and to benefit industry. The University of New-
ment climate is right. I accept we do have inner-city residents associating the indus- castle, for example, no longer has a mining
a more complex approvals system than try with environmental mismanagement. course. I find that remarkable and is some-
other jurisdictions but that is a legacy of Houssos said the Government was as where I believe Government can help and
not having FIFO. Our mines are close to eager as industry to change these per- play an important role.”
communities, so we need a robust system. ceptions. Could communities learn to be
“If we get those things right, the invest- proud of the role they are playing in a de- – Dominic Piper
AUSTRALIA’S PAYDIRT SEPTEMBER 2023 PAGE 51
NEW SOUTH WALES
S2 set to repeat the
Nova trick in NSW
he people behind S2 Resources Ltd “Similarly, this time, the same people
Thave a history of finding high-grade had been there. They did similar work
deposits in underexplored areas. and left for their own reasons, without
S2 managing director Mark Bennett – really doing any follow-up on the ground.
who famously made the Nova-Bollinger Where we picked up the ground, we in-
nickel-copper discovery for Sirius Re- herited all those data sets, which is great
sources over a decade ago – has turned because they cover a very big area and
to the promising Koonenberry belt in they cost more than we could afford to
western New South Wales where he spend on acquiring them.”
believes the next big find of his career Bennett described the practice of ap-
could be waiting. plying for an exploration permit on previ-
“Koonenberry’s a bit of a new frontier – ously surveyed land as “getting a running
but that’s where you find the big discov- start”, adding S2 had also been warmly
eries, because no one has been there received by the small section of pastoral-
before,” Bennett told Paydirt. ist landholders in Koonenberry.
S2 officially arrived on the Koonen- However, he is cautious about reading
berry belt in June, when it was granted too much into the early engagement with
three separate exploration licenses cov- local stakeholders.
ering 2,712sq km of ground containing “You get a range of responses, and
prospective stratigraphy for nickel, cop- you have to work around them,” he said.
per and PGMs. “Some landowners are kind of relaxed
Koonenberry previously attracted in- and sign up pretty quickly, some don’t
terest from Vale-Inco in the late 2000s want you anywhere near their ground for
and more recently Odin Metals Ltd inter- whatever reason.
sected copper sulphide and oxide miner- “Our experience in the Wheatbelt
alisation at Grasmere. is, when you first turn up, 20% of peo-
Vale-Inco’s work was enough to in- ple will say ‘yes, no problem’, 20% will
trigue Bennett to look further into say, ‘I never want to see you again’ and
Koonenberry’s potential. 60% are in the middle and will just sort
“This is our first foray into NSW, so we of stand back and see how you behave.
are kind of learning as we go a bit,” he “In the past, what we’ve found is that Mark Bennett
said. “We’ve heard of instances where once we’ve earned our stripes, they’ve
people view NSW as a harder place to seen that we’re responsible and that
mine than WA, for example, but then we’re not going to wreck the ground and relatively shallow, going down to less
again, most places are.” so on. Most of that middle ground tends than 100m of post-carboniferous cover.
Picking up the pieces left behind by to fall in line.” Unsurprisingly, given his thirst for ma-
Vale-Inco’s exploration efforts has paid S2’s preliminary working theory is jor discoveries, Bennett is eyeing a very
dividends for Bennett and his team in the nickel, copper and PGE content at large prize at Koonenberry.
the past, so it’s no surprise S2 are sift- Koonenberry resembles mineral districts “A lot of companies will chase smaller
ing through historical nickel surveys for in Russia and WA. targets that are easier to find and easier
potential clues about where to drill next. Bennett attributed the company’s to mine,” he said.
“When we were exploring in the Fraser confidence in Koonenberry to similar “S2, like Sirius before us, specifically
Range, we took a view based on re- geological characteristics found in more look to the big ones, and when you do
gional aeromagnetic gravity datasets established mining regions elsewhere in find them, they are very lucrative and
and likened it to two areas in Canada – the world. sufficient to support the cost of [mining]
the Thompson belt and the Raglan belt “Koonenberry is a mobile belt wrapped it all. The Koonenberry belt has that po-
– which are big nickel mining sectors,” around a craton margin,” he said. “In the tential, for sure.”
Bennett said. case of the Fraser Range, it was the Rounding off recent developments at
“Those same guys who have those ar- Albany-Fraser belt wrapping around S2, the company has agreed to hand
eas in Canada have been to Australia, the Yilgarn Craton. In this case it’s the over its two Finland exploration licenses
maybe 10-15 years ago, they looked at Saddleback greenstone belt wrapping to Kinross Gold Corporation, receiving a
the Fraser Range and saw similarities around the Curnamona Craton, which cash consideration of $US175,000.
but didn’t follow through with enough has Broken Hill in it. So, a similar sort of – Michael Cameron
work on the ground. That’s where Sirius mega-scale tectonic setting.”
came in and ultimately picked up the S2’s initial exploration will target min-
ground and found Nova. eralisation either exposed at surface or
PAGE 52 SEPTEMBER 2023 AUSTRALIA’S PAYDIRT
A new chapter for Aurelia
nder the direction of new managing di- “The [interim] management team did a Cobar and maybe some other things in the
Urector Bryan Quinn, Aurelia Metals Ltd great job of stabilising the business from future as well,” Quinn said.
is embarking on a 100-day turnaround plan where it was heading late last year in terms “The hub is where the centre of the sup-
to regain the confidence of investors and of getting cash flowing in the right direction, port functions are, it’s where the majority of
other key stakeholders. paying back debt and getting a new finance the staffing would be, while the spokes are
Aurelia was facing an uncertain future deal in place to build the Federation mine. very fit-for-purpose mines.
this time last year with two of its operations “My mandate has been to really look “If we can do that successfully, then we’ll
nearing the end of their life and its most at what are the five focus areas to regain perhaps look at whether we step outside
promising development project put on hold confidence in the company so that people that region and do something similar in an-
as the company struggled to land the requi- understand this is a good company to work other region. I think if we can be a devel-
site finance. at and our investors, shareholders and oth- oper and operator of choice in this sort of
Thanks to the efforts of the interim man- er major stakeholders can see we have a base metals space, there’s no reason why
agement team over the first half of the year, clear vision for the future.” we can’t partner up or look at some of these
Aurelia appears back on track and last Around the time of Quinn’s arrival, Aure- other options in other regions, because
month officially resumed decline develop- lia repaid in full its previous debt obligations people will want us to be there and help
ment at its Federation base metals project, and finalised a new financing package with them achieve that.”
about 10km south of its now mothballed leading commodities trading house Trafig- Aurelia is yet to decide the long-term fate
Hera operation in central-west New South ura, comprised of a $US24 million loan of its 450,000 tpa processing plant at Hera
Wales. note advance, a $65 million performance which was placed on care-and-mainte-
According to the proposed mine develop- bond facility and an offtake agreement for nance during the June quarter.
ment plan, high-grade zinc and lead as well 700,000t of any combination of copper, Quinn said all options were on the table,
as healthy quantities of copper, gold and zinc and lead concentrate production for including the possibility of reviving Hera for
silver will be extracted from Federation over the Peak processing plant, beginning Janu- toll treatment opportunities in the region.
the next eight years with an estimated pro- ary 1. “We’re spending minimal, but what’s nec-
duction capacity of 600,000 tpa. First stope Aurelia supported those financing ar- essary, money to keep it available for the
ore is expected within 12 months. rangements with a $40 million institutional future,” he said.
“It’s definitely worth keeping the
lights on and keeping it ready to
go in the future. It will need some
capital – not a lot – but care-and-
maintenance is the best solution
for the interim.
“Having a mill in this industry is
gold because the cost of building
new things with inflationary pres-
sures, getting resources, getting
materials, getting contracting
companies to come and do it, is
exorbitant. So, if you have these
opportunities where you can use
existing infrastructure with small
amounts of money, it’s a great so-
lution and great place to be as a
company.”
The final two pieces of Quinn’s
five-pillar strategy for Aurelia’s
turnaround are continued en-
gagement and development of its
Aurelia restarted decline development at its Federation mine early last month workforce across NSW and giv-
ing its Dargues gold mine a fitting
Restarting activity at Federation was placement and entitlement offer. finale over the next 18 months.
one of the five focus areas outlined in the Two other key aspects of Quinn’s five fo- “We want to leave a legacy behind for
“CEO’s 100-day plan” which former BHP cus areas include establishing Peak – par- the community, but also for the people who
Ltd and Oz Minerals senior executive Quinn ticularly its existing 800,000 tpa processing work there,” Quinn said.
put forward soon after officially starting with plant – as the company’s centralised pro- “Whether someone comes along and
Aurelia in June. duction hub in the Cobar region and devel- wants to invest in the future and take it off
“I spent my first month on site under- oping a pipeline of “spokes” post develop- our hands, or whether we remediate it and
standing the culture, understanding a bit ment of the Federation mine. take the machinery and components with
more about where the opportunities lie, “I’ve quoted to the market that we’re look- us to other parts of the organisation, it’s su-
understanding what’s been done over the ing at a hub-and-spoke model, where the per important we do it safely and we do it for
last six months to get to this point where we hub is the Peak mine and the spokes are maximum value.”
are,” Quinn told Paydirt. projects like Federation, New Cobar, Great
– Michael Washbourne
AUSTRALIA’S PAYDIRT SEPTEMBER 2023 PAGE 53
NEW SOUTH WALES
Tomingley the toast
of Alkane
espite producing more than 550,000oz opment early last decade, Tomingley was
Dand being arguably one of Australia’s slated to close by the end of 2025. Earner,
most reliable gold mines for almost a dec- who joined the company in August 2013
ade, Tomingley continues to live in the ahead of the first gold pour, is not the least
shadow of Alkane Resources Ltd’s 10.1 bit surprised the mine has outperformed
moz Boda discovery. expectations.
Not that Alkane managing director Nic “Every mine needs really good geology
Earner is complaining. As far as he is con- and an understanding of that geology, and
cerned, the less inquiries he receives about we’ve absolutely had both,” he said. FY2023 production of 70,253oz from
the company’s only operating asset the bet- “We’ve always sought to increase the Tomingley exceeded original guidance of
ter. size of the resource and extend it. We’ve 55,000-60,000oz
“I probably get more calls and emails never stopped looking in and around the
about our exploration stuff than anything mine. There’s a whole heap of geological pating the unveiling of the first economics
else,” Earner told Paydirt. things that we thought were there – which for Boda and Kaiser – collectively known as
“The reason being that our production are there – which have worked in our favour. the North Molong porphyry project – and, in
is going so well. Most people just want a “From the very initial resource that we particular, what the proposed mining opera-
status update on how Tomingley is ticking had, we’ve ended up with 110% of those tion would entail.
along but then they want a really detailed ounces in every category. And what I mean “From an investor’s perspective, this
overview of what’s happening on the explo- by that is, if we thought there was 100oz [study] will take it to that next level of de-
ration side of things.” there, we got 110oz. Our geological estima- risking,” he said.
It has been a watershed year for Toming- tion has always been below what we’ve ac- “Most retail investors are quite happy with
ley, about 50km south-west of Dubbo, with tually pulled out of the ground.” the risk, they’re excited by the potential up-
FY23 production of 70,253oz at an AISC of All mining activity at Tomingley is now side, whereas larger investors like to see
$1,602/oz comfortably exceeding original taking place underground following com- things progressively de-risked, even if they
guidance of 55,000-60,000oz at an AISC pletion of open-cut operations at the Calo- potentially give away some upside.
of $1,650-1,900/oz, and the NSW Minister ma deposits. At the end of the June quar- “We’re doing very early stage concepts
for Planning also green lighting the Toming- ter, Alkane confirmed the exploration drive on both open cut and underground opera-
ley extension project, ensuring the mine will from the existing Tomingley underground tions. I expect the eventual mine will be a
continue operating until at least 2032. to the new Roswell orebody was also fin- blend and it will come down to a trade-off
ished and would soon around what pays off capital fastest versus
become the production what gives the best economic efficiencies
decline. once it’s developed.”
Underground pro- Despite the contrasting geological sys-
duction at Roswell is tems which host both Tomingley and North
expected before the Molong, Earner said the company had no
end of the year. reservations around operating two different
Detailed engineer- styles of mining operations in NSW.
ing for the paste plant “It [North Molong] would certainly be a
to be used at Roswell larger operation requiring more equipment
remains ongoing, while and larger equipment, lower stripping ra-
the long-lead items tios, all those sorts of things which bring
required for the instal- with them both complexity and simplicity.
lation of a flotation and “Obviously a porphyry with a much lower
fine-grinding circuit strip ratio can be easier to mine, but then
have all been ordered. you’ve got all the different geometallurgical
Alkane’s Tomingley operation will celebrate 10 years of continuous “Both are modest models you have to balance for recoveries
gold production in February 2024 projects, but both are and other stuff. And then you’ve got con-
really important for the centrate handling and you’ve got concen-
The environmental protection licence future of Tomingley,” Earner said. trate shipping, whereas we just pour doré
and associated mining lease for the Tom- An upgrade to the 10.1 moz gold equiv- at the moment.
ingley extension project have both been alent resource at Boda is also expected “Nothing I’ve described there is remark-
awarded in recent months. before year’s end, with an update to the able from an operations and delivery per-
By 2025, the capacity of the Tomingley accompanying 4.72 moz gold equivalent spective, so it hasn’t been a big area of dis-
process plant will increase from 1 mtpa to resource at Kaiser penciled in for early next cussion with us, it’s more around how we
1.75 mtpa and the production run rate near- year. This will be quickly followed by a pre- want to go about it.”
ing 100,000 ozpa. liminary economic study. – Michael Washbourne
When Alkane pulled the trigger on devel- Earner said investors are eagerly antici-
PAGE 54 SEPTEMBER 2023 AUSTRALIA’S PAYDIRT
Legacy leans on Newmont
espite tough market conditions facing Legacy is drawn to epithermal systems Drake copper-gold project) for $200,000
DASX juniors, Legacy Minerals Hold- with its Black Range project also hosting from White Rock Minerals Ltd. The ac-
ings Ltd is feeling more comfortable than the mineralisation style. quisition will be funded through Legacy’s
ever, thanks to the backing of the world’s Byrne said this type of mineralisation is recent sale of its Mulholland project for
largest gold producer Newmont Corp. not commonly found in NSW. $105,000.
Legacy entered a $15 million farm-in “That’s predominantly due to the age The newly acquired licence, along with
and JV agreement with the gold mining of NSW, being such an old geological the pegging of a surrounding exploration
giant in April over its Bauloora project in terrain, low sulphidation epithermals are application, covers an area of 350sq km.
New South Wales. The deal will see New- formed during an active hydrothermal Historical intersections on the explo-
mont take a 51% interest by spending $5 event, so think of your volcanic rim coun- ration licence have hit 18.65m @ 5.8%
million within 48 months and undertaking tries,” he said. copper, 0.74% zinc and 0.1 g/t gold from
4,000m of drilling. “The fact we’re seeing evidence, strong 52.35m (including 10.1m @ 7.26% cop-
This interest can escalate to 75% if evidence, of preserved epithermal sys- per, 2.58% zinc and 0.12 g/t gold from
Newmont spends a further $10 million tems, is something that’s been a real 88m), 25m @ 1.26% copper from 12m
and completes an additional 8,000m of technical breakthrough on these projects, and 6m @ 2.75% copper from 105m.
drilling. so that’s what’s got us quite excited. Legacy intends to carry out a system-
Legacy managing director Chris By- “We’re starting to look at these projects atic exploration approach across the new
rne said the interest was born out of the in a different light, they’ve never been project including mapping, rock chipping
company’s ability to prove the scale of the looked at before from this perspective.” and petrography/textural interpretation to
Bauloora project’s epithermal system. Byrne said the company was applying vector future exploration.
“When Newmont and any other sort of new geophysical techniques to cater to- Byrne said the company had been
watching the Mt Carrington licence for
some time prior to the acquisition.
“It’s the same type of system that we’re
looking for at the Bauloora and Black
Range projects, these low sulphidation
epithermals, something that there hasn’t
been a whole lot of expertise in NSW for,”
he said.
“We were quite confident in our ability
and our learnings from our success at
Bauloora in terms of demonstrating Tier-1
scale and managing to attract significant
investment in joint venture partners like
Newmont.
“Picking up a project like Mt Carrington
for $200,000, we see as a phenomenal
deal considering the sheer scale of the
system. There’s an incredible amount of
value we believe we can unlock there that
might have been missed by a lot of the
previous companies.”
While Byrne acknowledged the mar-
ket has been “jittery” lately in the junior
space, he is feeling more confident with
Newmont funding activities at Bauloora.
“We’re delivering on the fundamentals,
and I think that’s really important to focus
Legacy’s exploration success in NSW has attracted the attention of major gold on the business rather than the market,”
producer Newmont he said. “With the work that we do and the
results, there’ll hopefully be an inevitable
majors are looking for projects, they’re wards this type of system, which he be- rerate when the market starts to warm up
looking for ones that have Tier-1 potential lieves will deliver great results. towards the junior exploration space.”
and they saw that in some of the results While Legacy has traditionally been – Yvette Ogilvie
we were putting out and were keen to focused on the Lachlan Fold Belt within
partner up,” he told Paydirt. NSW, its epithermal strategy has seen
“These systems can be quite large, and the company also branch out into the
we think it’s quite a great deal in terms of New England Fold Belt.
allowing us to progress that project to- Last July, it acquired the Mt Carrington
wards production and development.” exploration license (to be named the
AUSTRALIA’S PAYDIRT SEPTEMBER 2023 PAGE 55
NEW SOUTH WALES
Goldolphin’s granite trifecta gambit
odolphin Resources Ltd has bolstered molybdenum at Cyclops, while high-grade to launch the state’s mining industry into a
Gits footprint for potentially valuable rare molybdenum (3,320 ppm) was also found strong position to capitalise on future de-
earths around its Narraburra project, about at the Goodrich project, along with 0.15% mand for rare earths and other potential
340km west of Sydney. copper and 0.23% lead. battery minerals.
The company has picked up a new 112sq Godolphin’s team of home-grown he- While Godolphin’s experience with the
km exploration licence – subsequently roes and an office in Orange gives the NSW regulatory process has been posi-
named Cambrai – which was identified as company advantages when it comes to tive so far, Owens said the release of more
a potential north-western extension of Nar- getting ahead in the competitive NSW min- data would provide explorers with valuable
raburra in the Lachlan Fold Belt. ing industry. clues on where to drill, highlighting her un-
Goldophin managing director Jeneta “Our geologists live, work and breathe fettered infatuation for “free data”.
Owens said the initial geological assess- Lachlan Fold Belt geology, they’ve all “That [geological data] would be a really
ment of the Cambrai licence had presented come from operating mines and advanced good way to generate new projects and
some interesting findings. projects in the area,” Owens added. “Eve- prospects, it would be very supportive of
“It hosts its own A-type granite, which ryone has an intimate knowledge of the de- the exploration industry,” she said.
has never been tested for rare earths be- posit styles that we’re looking for.” Questioning whether the ALP’s win in
fore,” Owens told Paydirt. Unsurprisingly, Godolphins has also had this year’s NSW State Election led to allo-
“We also know there’s historic tin mines no trouble finding local expertise in NSW cations from the $130 million Critical Miner-
in that area from a different granite. It has since the company was spun out from als and High Tech Metals Activation Fund
been very underexplored and hosts three West Australian nickel-focused developer not being fully dispersed, Owens said; “the
different types of granite in the one tene- Ardea Resources Ltd in December 2019. grants that were put forward, the ones that
ment, which is quite unusual.”
Godolphin has been very active at Nar-
raburra since entering into a farm-in and
JV agreement over the project in March
2022 with private explorer EX9 Pty Ltd.
The company can earn up to 75% via a
two-tranche exploration spend totalling at
least $3 million.
A maiden JORC-compliant resource for
Narraburra of 94.9mt @ 739 ppm TREO
(with a higher-grade component of 20mt @
1,079 ppm TREO) was announced in April.
The advantages of exploring immedi-
ately adjacent to the established resource
at Narraburra are obvious to Owens, who
lauded the increased optionality that prox-
imity to an existing project provided.
“Why would we not pick up the tenement Godolphin is earning up to 75% of the Narraburra project under a JV agreement with private
next door?,” she said. “It allows us flexibility explorer EX9
from a development perspective, to have
ground that we may be able to use, close “The spin-off from Ardea really did sepa- were successful did not take up that whole
to where the mill might be.” rate the NSW tenements from the WA ten- allocation. In fact, not anywhere near the
Leach testing on samples from Nar- ements, that has allowed us to really hy- full allocation that was promised.”
raburra demonstrated high recoveries of perfocus on NSW,” Owens said. “We have Godolphin received $100,000 in funding
key magnet metals neodymium (94%) and a group of local area experts, our senior through the State’s New Frontiers Explo-
praseodymium (90%). geologist Paul [Flitcroft] was actually born ration Program to help fund the Cyclops
Other projects in Godolphin’s portfolio and raised in Orange. He knows a lot about drilling campaign earlier this year, but only
include promising copper-gold prospects the local geology.” two streams of the Critical Minerals and
in the central west of NSW. In May, soil and Owens holds no fear about an expected High Tech Metals fund have been initi-
rock chip samples returned results from a slowdown in the mining industry for Godol- ated. Stream 1 handed out $5.75 million for
600m long, 200m wide area of up to 0.25% phin, pointing out the benefits of retaining NSW projects and applications for stream
copper and 0.81g/t gold, just 700m from key personnel and keeping operating costs 2 – with individual grants ranging from $2
the Yeoval project, which hosts a resource down when overheads increase. -10 million – closed last October.
of 12.8mt @ 0.38% copper, 0.14 g/t gold, “We don’t have a head office in Syd-
2.2 g/t silver and 120 ppm molybdenum. ney, we don’t have FIFO staff,” she said. – Michael Cameron
The nearby Cyclops and Goodrich pros- “It doesn’t cost us very much to keep the
pects were assayed from ground rock in lights on and keep our important people on
March. Highlights included 3.87% cop- the books. That’s very important to us.”
per, 0.31 g/t gold, 20.7 g/t silver, 210 ppm NSW has all the weapons in its arsenal
PAGE 56 SEPTEMBER 2023 AUSTRALIA’S PAYDIRT
Sunrise at dawn of a new era
trong inherent ESG credentials will be a “It’s probably unrealistic to think the
Skey factor in Sunrise Energy Metals Ltd Western carmakers will take the risk [of
securing offtake and funding for its name- being fully-vertically integrated] but there
sake project, according to managing director are certainly things happening in the US,
Sam Riggall. EU, Korea and Japan to open up funding
Sunrise has been pursuing finance op- whether through the IRA and Defense
tions for the central New South Wales pro- Production Act in the US, the Critical Raw
ject since the 2020 BFS estimated a capex Materials Act in the EU or the Economic
requirement of $US1.8 billion. Security Partnership Act in Japan.”
Riggall acknowledged the difficulty in Again, Sunrise’s ESG credentials and
funding such a capital-intensive project but Tier-1 location could hand it an advantage
said the changing battery minerals land- in attracting equity investors. The project
scape would hopefully place a premium on will enter a nickel market increasingly dom-
sustainable operations such as Sunrise. inated by vertically-integrated mining-re-
“ESG credentials are really important in fining-conversion complexes in Indonesia.
the battery materials, we discovered that as Riggall understands these Chinese-owned
we engaged with end-users,” Riggall said. operations have big cost and infrastructure
“Our project has several advantages in this advantages over Sunrise but believes oth-
regard. It will use 100% renewable power er issues may cloud their marketability in
and because of NSW’s comprehensive the eyes of Western carmakers.
permitting and operating environment we “China is developing its efforts to con- The Sunrise nickel-cobalt project in central
already know and have plans around our vert Indonesian NPI [nickel pig iron] into NSW is now fully permitted
emissions, dust, water, labour, everything. nickel sulphate but that process has a car-
It gives a high level of confidence to equity bon footprint seven times what our HPAL
investors and debt providers.” operation will have,” he said. “There are processing pathway for Sunrise.
Despite those advantages, funding a also other environmental issues, such as “After 30 years of laterite project devel-
multibillion project still remains a challenge tailings management and deforestation opment in Australia most of the key risks
for a junior of Sunrise’s size. Riggall said the and community tensions. I’m not sure the have been ironed out,” he said. “The past
company continued extensive discussions carmakers understand the challenges they problems were no single failure, each
with an array of groups around debt and eq- face yet. The question is, are they prepared project had its own issues, whether mate-
uity for Sunrise. to pay for better ESG performance?” rial handling problems with the clays, poor
The project is slated to produce 21,300 While Sunrise is defining itself against flowsheet design or poor equipment selec-
tpa nickel and 4,400 tpa cobalt in the form the Indonesian nickel industry, it is also tion.
of sulphate products, making it an ideal benefitting from it. “China has developed expertise and
input for the EV battery supply chain. It is Chinese players such as Tsingshan now has six of these projects ramping up
expected funding will come from EV sector transformed the global nickel sector last or in construction in Indonesia. They have
participants. decade with their ability to produce NPI worked out the optimum flowsheet and we
“Finance will be linked to offtake, to get cheaply from low-grade nickel laterite ores. have used the engineers who worked on
a big project like this off the ground you It transferred this technology to Indone- those flowsheets for our own design.”
need that,” Riggall explained. “Conventional sia, in the process turning the South-East That design will see Sunrise produce
mining finance works well with a syndicate Asian nation into the world’s largest nickel nickel and cobalt sulphate products initially
of commercial banks providing the debt. producer. but the company has also assessed the
What’s left is the equity gap, and it is certain- The success is in contrast with Austral- potential for p-CAM and black recycling
ly difficult to find the pools of capital suitable ian mining’s patchy history of laterite pro- streams.
to this type of project in Australia – patient, duction which has seen major assets such With downstream possibilities open-
long-term capital. We have been working as Murrin Murrin and Ravensthorpe fail to ing up across the critical minerals space,
with car manufacturers and battery mak- live up to expectations. Sunrise’s proposition is not as unusual as it
ers along with governments to look at how Riggall said the lessons learnt in Aus- once would’ve appeared and Riggall is de-
public-private partnerships could solve that. tralia, China and Indonesia had provided a termined to define a pathway to success.
“China bit the bullet on nickel laterite pro-
Sunrise plans to produce nickel and cobalt sulphate products, with the potential of p-CAM cessing and full integration but the West
production to be added needs to get good at it as well,” he said.
“Projects like Sunrise will have to come into
production if the West is to meet its emis-
sions targets.
“The industry is currently fragmented
between mining, refining, chemical con-
version, battery cells, batteries and cars.
In China, these groups share the risk. The
same has to come to the West.”
– Dominic Piper
AUSTRALIA’S PAYDIRT SEPTEMBER 2023 PAGE 57
NEW SOUTH WALES
Lode picks its favourite
hile NSW explorers are often drawn people understand what’s going on be- company’s NSW portfolio.
Wto the Lachlan Fold Belt, Lode Re- low the surface,” he said. “We’ve spent year to date $1.8 mil-
sources Ltd has instead chosen to focus “We noticed the previous explorers lion on exploration on Webbs, quite a
its efforts on the underexplored New just didn’t drill in the right location; they big spend for a small company, but I’m
England Fold Belt. didn’t drill below old workings. The old happy to say that we’ve had some spec-
The New England belt has had a long timers mined down to shallow levels, but tacular results,” he said.
history of mining with the most significant the fact that they were mining down to While Lode was one of the first mov-
period occurring between the 1850s and as much as 60m tells you that they were ers in the New England belt, others have
1914. However, Lode managing direc- mining something economic in their followed.
tor Ted Leschke told Paydirt the region terms. Immediately north of Webbs Consol is
hadn’t seen a big push in exploration “From the get-go, we just drilled below an exploration licence held by Fortescue
since the 1970s. old workings and, presto, we got some Metals Group Ltd, which was pegged in
“There have been two or three min- fairly impressive grades.” August last year. In 2021, Newmont Corp
ing cycles since then and it just hasn’t Some of the best drill results at Webbs also moved into the New England belt
had the attention, so a lot of these things Consol were at the Tangoa West lode and holds several exploration licenses
haven’t been looked at in the modern with assays intercepting 221.2m @ 569 spanning 160sq km.
sense and that’s the opportunity,” he g/t silver equivalent from 98m and 65m Van Heyst said Lode was fortunate to
said. @ 904 g/t from 104.4m. The company have picked up unpegged brownfields
Lode holds seven projects in the belt, has drilled to a depth of 280m, where the projects due to others focusing on the
but its flagship Webbs Consol silver as- mineralisation remains open. Lachlan Fold Belt.
set is where Leschke sees the most po- “Grade is king. There are a few other “When we first went into the New Eng-
tential. silver players in the market, not many, land Fold Belt, everything was picked up
Webbs Consol was discovered in 1890 only one or two. If you compare our in the Lachlan and New England was
and saw intermittent mining activity until grade to theirs, we’re one order higher, relatively open,” he said.
the mid-1950s. at least, if not more,” Leschke said. “Once we pegged the ground and
Leschke said a few companies had ex- Lode executive chairman Andrew Van became aware of what we were doing,
plored the project but failed to correctly Heyst said the high-grade nature of the there was a mini ground rush around us,
interpret the geology. intercepts at Webbs Consol had placed so we did create our own little gold rush
“Sometimes it takes a few go’s before the project to the front of the queue in the in general terms, but these things take
time to work out.
“It’s been encouraging for us to have
these big moths come in and I think
there’s a lot of eyeballs on our work. All
of a sudden, we’re starting to get some
institutional interest and we have proven
and very high grades.
“I think what the market is looking for
now is for us to establish marketable
mineable scale.”
New targets have recently been identi-
fied at Webbs Consol through geophys-
ics and initial geochemistry.
Leschke said the company was cur-
rently defining the project’s best lodes
for the next round of exploration.
“Exploration is a numbers game, you
don’t want to put all your eggs in one
basket and just like when we listed, we
drilled three projects to determine which
was best,” he said.
“By the same token within the Webbs
Consol project, we need to have a se-
ries of options, so we can select the best
and then focus on that alone rather than
spreading efforts evenly across eve-
rything when some might not be up to
scratch.”
– Yvette Ogilvie
Webbs Consol has assumed flagship status in Lode’s portfolio of NSW projects
PAGE 58 SEPTEMBER 2023 AUSTRALIA’S PAYDIRT
PAGE 58 SEPTEMBER 2023 AUSTRALIA’S PAYDIRT
King of the Cobar hill
ot even in his wildest dreams could
NKingston Resources Ltd managing
director Andrew Corbett have anticipated
such strong returns from tailings retreat-
ment at the Mineral Hill gold-copper project
in New South Wales.
With potentially only eight months of tail-
ings operations remaining at Mineral Hill
before the focus switches to hard rock min-
ing, Corbett had nothing but praise for the
Cobar-based project which his company
acquired in January 2022 after hitting a
stumbling block with its former flagship as-
set in Papua New Guinea.
“It’s been an absolute pleasure for the
team to demonstrate the ability of a tailings
project to generate free cash flow,” Corbett
told Paydirt.
“On the back of the strong production
from the tailings, we’ve not really needed to
rush into the next phase. We’ve got the best
part of a year of tailings still to go, which
means we’ve got time to build even more
tonnes into our inventory.
“I’m just so proud of the team and the
fact we’ve been able to demonstrate a Kingston produced 16,067oz gold from Mineral Hill in FY2023
positive outcome from tailings retreatment,
because usually those stories are few and
far between. Our cash has been going up he said. “At the moment, we’re scheduled to “The one thing I’d say we’re quite proud
quarter-on-quarter basically since we’ve finish the tailings by April next year, but I ac- of at Kingston is we’ve actually done what
taken over.” tually think we’re going to get another cou- we said to shareholders from the very start.
Kingston reported gold production of ple of months in. And that’s before we even And if we can support Condobolin and the
16,067oz at an average sales price of start to talk about the new opportunities to local Lachlan Shire, they will support us.
$2,750/oz and AISC of $1,676/oz from Min- come because we’ve got a lot of really excit- People want us to be a good corporate citi-
eral Hill across FY2023. This included an ing exploration targets in the pipeline. zen.”
8% increase in both output (4,944oz) “I’d like to see us get two undergrounds While Mineral Hill has essentially jumped
and sales (4,777oz) and a 6% drop in AISC producing, that would be the aspiration, to the front of the queue in the portfolio,
($1,462/oz) for the June quarter. which would then allow us to really push the Kingston is still determined to bring the
As FY2023 drew to a close, Kingston rat- plant. We have 700,000 tpa capacity in the 3.8 moz Misma gold project in Papua New
tled the tin for $6.5 million to start pursuing CIL and another 350,000 tpa with the flota- Guinea into production. However, Corbett
expansion plans for Mineral Hill, including tion plant. It’s an amazing position as one said the $476 million price tag was too
the upcoming transition to open pit mining of only four operating plants in Cobar and much for a junior to fund on its own.
in April next year. the only operating plant in Southern Cobar.” “We’ve been very open to the market say-
Kingston has set respective production Kingston has so far maintained a pre- ing that we can’t afford that, but we 100%
targets for open pit (258,000t @ 3.72 g/t dominantly residential workforce at Mineral believe in the project, so we’re looking for a
gold and 57 g/t silver) and underground Hill with 75% of critical personnel based in JV or partner on the project,” he said.
(885,000t @ 3.51 g/t gold equivalent) as the nearby town of Condobolin or the La- “Last year was tough in gold, people
part of its life-of-mine plan which extends chlan Shire. weren’t looking for new gold projects to
operations at Mineral Hill out until at least Corbett said the company was striving to build and I don’t think that’s changed much
the end of FY2027. avoid outsourcing risks to contractors and yet, although I think there’s a potential win-
According to the company, just $16 mil- consultants where possible. dow coming, it feels like people are getting
lion is required to restart major mining ac- “We would rather take a green operator – more interested.
tivity at Mineral Hill, about 520km west of someone off the street, for example – and “We still have the process open, and we
Sydney. The life-of-mine plan forecasts train them up and manage that risk versus welcome talking to people about potential
revenue of $325.6 million, EBITDA of $115 the contractor doing it,” he said. JVs for Misima. My personal view is it will
million, NPV of $44 million post-tax, IRR of “Our No.1 focus is to make Condobolin get rebuilt, we just need to navigate how
161% and payback in 1.3 years. prosper. If it prospers, we will prosper. We that happens.”
Corbett expects production from Mineral want to be the employer of choice in Con- The DFS on Misima forecast revenue of
Hill to continue well beyond FY2027 given dobolin and the largest employer in the $6.1 billion and free cash flow of $2.7 billion
the life-of-mine plan represents just 22% of Lachlan Shire. Our people can go home at over the estimated 20 years of mine life.
the current 8.9mt resource. night, on equal time rosters, and still go out – Michael Washbourne
“We’re literally only just getting started,” on the farm and do other things as well as
work for us.
AUSTRALIA’S PAYDIRT SEPTEMBER 2023 PAGE 59
NEW SOUTH WALES
Kincora springs into
review mode
incora Copper Ltd has kicked off a stra- me, Jemalong, Cundumbul and Condobo- taking potentially longer and land access
Ktegic review to drive more attention to lin exploration licences from its JV partner conversations taking longer as you have
its expanding New South Wales portfolio. RareX Ltd. In exchange, Kincora will issue increased population density,” he said.
The review will weigh up several initia- 40.6 million CDIs and grant a 1% NSR for “We’re quite fortunate being out in the
tives for the company’s Mongolian assets the vended licences to RareX. central west that you’re predominantly
– including potential partnering, funding Following the acquisition, RareX will be- dealing with pretty pragmatic farmers and
or divestment – marking the copper ex- come Kincora’s largest shareholder with in a district where there’s been a history of
plorer’s next step to becoming a solely an 18% stake. exploration and mining.”
Australian-focused explorer. Spring believes NSW is the second- Kincora has uncovered a number of en-
best region to operate in couraging targets at its Trundle project. All
Australia behind West- five diamond holes in its latest programme
ern Australia. confirmed an extensive multiple system
The NSW Govern- gold-copper complex.
ment New Frontiers Drilling at Trundle has confirmed a 3.2-
Exploration programme km gold copper mineralised strike, which
has awarded five sepa- is open to the north and south. Mineralisa-
rate project grants to tion is confirmed up to 900m wide with a
Kincora for a total of vertical depth of greater than 800m.
$609,500. Meanwhile, over at its Cundumbul pro-
“Everyone’s a fair way ject, Kincora has aligned with Earth AI to
behind WA but based on use artificial intelligence to generate tar-
permitting statistics, it’s gets.
pretty much NSW as a “One thing we like about Earth AI is obvi-
clear second to the oth- ously they use the artificial intelligence and
er states and territories,” proprietary data they’ve got, but they’re a
The NSW Government New Frontiers Exploration programme Spring said. bunch of geologists and they’re very much
has awarded five separate project grants to Kincora for a total of Spring has also been focused on going out and ground truth-
$609,500 encouraged by the ing these targets that the AI side of things
amount of corporate identifies,” Spring said.
Kincora launched the review last June activity happening in the
after receiving a number of inquiries over State.
its Mongolian assets, including the Bronze In June, Glencore sold
Fox project which hosts a resource of its copper mine in Cobar
426,000t copper and 437,000t gold. to Metals Acquisition
Kincora chief executive Sam Spring Corp for $1.64 billion.
hopes the review will justify the company’s Areas closer to Kin-
spotlight on NSW. cora’s projects also saw
“It’s hard for a junior to do big positions in some corporate action
two jurisdictions justice,” he told Paydirt. with neighbour Inflection
“There are two sorts of scenarios that Resources Ltd executing
we’re working towards; if we’re able to a heads of agreement
recycle capital from Mongolia to fund ex- with AngloGold Ashanti
ploration activities in NSW or if we retain a Ltd. Under the deal, An-
carried interest with another group taking gloGold can earn up to a
control of the Mongolian portfolio, and re- 75% interest in as many Kincora has moved to secure full ownership of all its NSW assets
taining attractive upside suited to the port- as five copper-gold pro-
folio that we’ve got up there. jects via a $135 million expenditure com- “The exploration alliance we have sees
“We’ve had a number of expressions of mitment. them and us being aligned in terms of they
interest, and site visits and due diligence While the deals in the region were en- only end up with something if they make
are ongoing for that portfolio.” couraging, Spring also noted one of the a new discovery in terms of a qualifying
Further exemplifying Kincora’s NSW- key challenges facing the NSW jurisdiction interval.”
centric strategy is its move to secure a could be its dense population.
100% interest in all its projects held within “It is increasingly complex in terms of – Yvette Ogilvie
the State. ESG considerations, the population den-
The company last month acquired the sity of people moving from cities out to
remaining interest in the Trundle, Fairhol- regional areas, you are seeing permits
PAGE 60 SEPTEMBER 2023 AUSTRALIA’S PAYDIRT
Sky ‘has a grab’ of
country rock lithium
Sky is optimistic about Tallebung’s
bulk, high-grade tin project
ky Metals Ltd has stumbled across higher grades in terms of our other pro- metallurgy,” Davies said. “It’s very shallow.
Spotentially high-grade lithium in what jects and things where we’ve got similar The actual veins themselves dip shallowly
chief executive Oliver Davies believes is age granites, similarly evolved granites, as well, which makes open pit mining very
the first discovery of its kind in the East we haven’t seen lithium in that tenor,” easy. The orebody is 200-300m wide as
Lachlan Fold Belt. Davies said. well as very long. Western NSW is a very
Rock chip samples taken from Sky’s Narriah is not the only battery minerals good tin-tungsten target in itself and has
Narriah project – historically mined for tin opportunity in Sky’s NSW portfolio with never been extensively drilled at depth.
– returned grades of up to 0.19% lithium, rare earths also identified at the compa- “The tin price now is well over three
3.59% tin and 1.66% tungsten. ny’s Doradilla project, 45km south-east of times the copper price, it’s a really attrac-
“It’s sort of a first for NSW and the East Bourke. One recent drill hit returned 24m tive commodity we’re looking for.”
Lachlan Fold Belt to get those sort of lithi- @ 3,871 ppm TREO from 44m, including Sky hopes to reach a critical mass of
um numbers,” Davies told Paydirt. 8m @ 10,191 ppm TREO from 48m. 20mt at Tallebung, before starting scoping
“So far the results haven’t been from Davies said finding such concentrations study work. Further drilling is also required
anything particularly selectively sampled, of rare earths over such a vast area was a to convert a sizeable portion of inferred re-
it’s just been the country rock that we’ve pleasant surprise but was reluctant to get sources into indicated status above 10mt.
had a grab of,” he said. his hopes up at this early stage of explora- The company recently divested its Gal-
Sky was drawn to the area after examin- tion. wadgere project near Wellington, entering
ing maps of historical mines in south-west “There’s a lot of work that needs to go on a purchase agreement with Burrendong
New South Wales which depicted promi- in the background, such as nailing down Minerals Ltd, which will provide an explo-
nent lithium pegmatites. the metallurgy,” he said. ration expenditure of $250,000 before pur-
“For them [miners in the 70s], it just “It’s not so much a question of whether chasing the exploration license outright for
would have been a geological curiosity, we can get the rare earths out of the rock, $600,000 in shares or cash.
the pegmatites, it wasn’t something they it’s more a question of how economic Despite NSW having a reputation as
were really looking for,” Davies said. “It that’s going to be.” being a harsh regulator for resources pro-
gives us hope that if they were bothering Sky is exploring other options to make jects, Davies sang the praises of the State
to map them, they must have been pretty the Doradilla finds more feasible, enlisting Government for its recent efforts to sup-
distinctive, pretty well-developed.” the help of ANSTO and the University of port the mining and exploration industries.
Davies considers the numbers “com- NSW to determine the mineralogical com- “There’s been quite a lot of improvement
forting” and is hopeful planned drilling into position of the rare earths. on behalf of the NSW government, in a lot
the fresh rock will produce higher grade Lithium and rare earths are not the only of the aspects of regulatory management,”
results. eggs in Sky’s basket, with tried and tested he said.
Sky is seeking the necessary approvals exploration for tin and tungsten also on the S2 Resources Ltd managing director
to carry out further exploration at Narriah, menu. Mark Bennett backed up Davies’ state-
10km south-southeast of Rankin Springs, The Tallebung project in the Wagga tin ment.
as soon as possible. belt is showing promise as a bulk, high- “The NSW Government granted us an
“At the moment, I think what we’ve got grade tin resource. exploration license within roughly two
looks pretty enigmatic and unique, I cer- “Tallebung has the advantage of being a weeks,” Bennett said.
tainly haven’t seen much potential to get very simple deposit with very cost-effective
– Michael Cameron
AUSTRALIA’S PAYDIRT SEPTEMBER 2023 PAGE 61
2023 Preliminary Conference Programme
Monday 13 November SESSION FIVE: Chair: Justin Osborne, Chairman, Matador 2023 sponsors, exhibitors
3.00pm Registration Open Mining Ltd.
5.00pm Welcome Reception 08.30am Keynote Address: Gold-rich porphyry provinces and supporters to date
Exhibition Area, Pan Pacific Hotel of the circum-Pacific—characteristics, origins
and exploration criteria
Tuesday 14 November Professor David Cooke, Director of CODES
University of Tasmania
08.00am Arrival Tea, Coffee and Registration SPONSORS:
09.15am Canada Porphyry Cu-Au mineralisation at East Ridge, a
09.00am Welcome and opening
Keith Yates AM and Bill Repard new discovery at the Red Chris deposit, British
Columbia, Canada
SESSION ONE: Chair: Keith Yates, Co-organiser Nicholas Fitzpatrick
09.15am USA The Silicon Project: a Greenfields discovery of Newcrest Mining Limited
epithermal mineralisation in Nevada, USA 10.00am Morning Tea
Mark Doyle
AngloGold Ashanti Limited SESSION SIX: Chair: Fraser MacCorquodale, General Manager,
10.00am USA The Goodpaster Discovery, an intrusion-related gold Greenfields Exploration, Newcrest Mining Limited
system within the Pogo District, Tintina Gold 10.30am Indonesia A discovery history of the Onto Cu-Au High
Province, Alaska. Sulphidation deposit, eastern Nusa Tenggara
Scott Roberts Barat Province, Indonesia
Northern Star Resources Limited David Burt
PT Sumbawa Timur Mining
10.45am Morning Tea
11.15am Papua New The Blue Lake Porphyry – a greenfields gold-
SESSION TWO: Chair: Tara French, Managing Director, Guinea copper discovery in Papua New Guinea
Cazaly Resources Limited
Chris Muller
11.15am Côte Discovery and Development of the Doropo Gold K92 Mining Limited EXHIBITORS:
d’Ivoire Project, Côte d’Ivoire
Craig Barker 12.00pm Lunch sponsored by Northern Star Resources
Centamin plc Limited
12.00pm Mali Syama North: Change in strategy leads to discovery SESSION SEVEN: Chair: Philippa Sivright, Director Regional
Exploration - Australia, Newmont Australia
Alastair Gallaugher
Resolute Mining Limited 1.00pm Ecuador The discovery, geology and mineralisation of the
12:45pm Lunch sponsored by De Grey Mining Ltd Cacharposa porphyry copper-gold deposit,
Porvenir project, southern Ecuador
SESSION THREE: Chair: Jamie Rogers, General Manager Exploration, Dr. Steve Garwin
Northern Star Resources Limited SolGold plc
1.45pm Canada Windfall Gold Deposit, Eeyou Istchee James Bay, 1.45pm Ecuador Tandayama-América Cu-Au porphyry deposit,
Quebec, Canada: Evolution of a High-Grade World Cascabel cluster, northern Andes of Ecuador
Class Deposit Through Discoveries Benn Whistler
Mathieu Savard SolGold plc
Osisko Mining Inc.
2.30pm Afternoon Tea
2.30pm Canada The Pickle Crow Gold Deposit – A new perspective
SESSION EIGHT: Chair: Douglas Kirwin,
on a historic high-grade Archean goldfield Independent Exploration Geologist
Juan Gutierrez
AuTECO Minerals Ltd 3.00pm Chile Cortadera deposit: Discovery and geology of a
copper-gold-molybdenum porphyry in the
3.15pm Afternoon Tea
Cretaceous metallogenetic belt of northern Chile
SESSION FOUR: Chair: Lynda Burnett, Principal, GeoLucid Andrea Aravena
Hot Chili Limited
3.45pm Australia A new approach to old ground: The discovery and
delineation of the Moyagee Gold Deposits Emerging Discovery
(Cue Gold Project) 3.45pm Argentina Vendaval Cu-Au Deposit Argentina - Third time lucky
Rob Waugh & Jonathan Gough Steve Anderson
Musgrave Resources Limited First Quantum Minerals Ltd.
4.30pm Australia Discovery of the Large Alkalic Gold-Copper 4.30pm Forum - Convenor: Dominic Piper,
Porphyry at Boda in the Macquarie Arc, NSW Editor, Gold Mining Journal
Ian Chalmers Prof. David Cooke, CODES, University of Tasmania
Alkane Resources Ltd. Steve Garwin, Consultant Geologist
Fraser MacCorquodale Newcrest Mining Limited
5.30pm Pre-dinner Drinks sponsored by First Quantum Doug Kirwin Independent Exploration Geologist
Minerals Ltd. The Rise of Copper-Gold Porphyries—their
7.00pm Dinner sponsored by Newcrest Mining Limited potential to produce a significantly increased
proportion of global gold production—exploration
Grand River Ballroom, Pan Pacific Hotel
implications?
Wednesday 15 November 5.30pm Closing Drinks sponsored by OceanaGold
08:00am Arrival Tea, Coffee and Registration Corporation, Lobby Lounge Pan Pacific Hotel
*This programme is subject to change without prior notice
2023 sponsors, exhibitors
and supporters to date
SPONSORS:
Dinner Pre-dinner drinks Closing Drinks Café Lunch
Sponsor: sponsor Sponsor: Sponsor: Sponsor Day 1:
Proceedings Lunch Lanyard Gold Nugget Water
Sponsor: Sponsor Day 2: Sponsor: Sponsor: Sponsor:
EXHIBITORS:
Jointly organised by:
Keith Yates & Associates Pty Ltd
14 - 15 November 23
Perth, Western Australia
www.newgengold.com
MINING SERVICES
Minnovare sets sights on development
fter rewriting underground production rifle,” Beilby said. “If the engi-
Adrilling efficiency in the last few years, neer has designed a heading
Hexagon Mining company Minnovare is in a particular direction, the
now set to change underground develop- Development Optimiser® en-
ment productivity with its latest innovation, sures the hole is drilled in that
the Development Optimiser®. exact direction.”
Minnovare has enjoyed enormous suc- Five separate trials have al-
cess with its Production Optimiser® system ready been conducted on the
in the last five years, with more than 45% Development Optimiser® with
of long-hole stoping operations across Aus- results surprising even Beilby.
tralia using the technology. “The trials demonstrated
The system combines hardware and a few things, but in particular
software to improve drilling efficiency and they showed a 35-50% re-
productivity in underground mines. Its Opti- duction in over-break, which
Box technology calculates optimum boom means less material move-
dip and dump angles independent of on- ment and significantly quicker
board inclinometer systems, reducing blast- rates of advance,” he said.
hole deviation. As well as the related cost Mick Beilby
Having originally modified the technology savings and productivity gains, Minnovare
from exploration to production, Minnovare believes the Development Optimiser®, like Spotted Quoll nickel mine and also saw op-
now finds itself adapting the system to de- the Production Optimiser®, can deliver us- portunity to reduce carbon emissions using
velopment drilling as well. ers environmental benefits as well. the system. Bellevue managing director
“Where some technology groups de- “Miners are being compelled to meet Darren Stralowe has said something similar
velop products and systems in isolation, increasingly high bars regarding ESG re- and Aeris Resources has undertaken an in-
without speaking to the industry, we take porting so we started to think about how depth study which showed they were able
the opposite approach,” Minnovare direc- our technology could help our customers,:” to reduce underground carbon emissions
tor Mick Beilby said. “Our R&D is done from Beilby explained. “We engaged ESG con- at the Cracow mine by 12.3%, or 6,200t.”
a market-driven perspective. We engage sultancy Super Smart Energy to assess The unveiling of the Development Op-
with our customers and that is what led us and analyse the potential carbon reduction timiser® and continued success of the
to adapt the technology from exploration to capabilities of the Production Optimiser®. Production Optimiser® has come as Min-
production and now into development drill- “That work showed that for the average novare transitioned to a new era following
ing.” West Australian underground gold mine, its takeover by Swedish multinational tech-
Beilby said discussions with Minnovare the increased efficiency achieved by using nology group Hexagon.
clients – which includes the likes of North- the Production Optimiser® could lead to a While Minnovare now sits under a much
ern Star Resources Ltd, IGO Ltd, Aeris 1,000-8,000t carbon reduction. Just 1,000t larger company umbrella, Beilby said the
Resources Ltd and Bellevue Gold Ltd – is the equivalent of taking 300 Hilux’s off rollout of the Development Optimiser® was
encouraged to apply the Production Opti- the road each year. That was staggering to proof the firm had retained its start-up spirit.
miser® ethos to the underground develop- hear.” “It was something that was definitely a
ment setting. With the system’s emission reduction concern when we were negotiating the sale
“Customers always highlight develop- potential independently verified, Minnovare of Minnovare because it was that entrepre-
ment drilling as a challenge,” he said. “The and Super Smart Energy set about helping neurial spirit that got us to where we were
process is very reliant on the operator’s miners quantify it within their own opera- and we didn’t want to lose that,” he said.
skills and experience. When you don’t have tions. “But if you look at Hexagon Mining, it has
both of those, it can lead to poor outcomes “We have created an emissions reduc- been built on a series of acquisitions over
– over-breaking, under-breaking or slower tion calculator for the Production Optimis- 10-15 years. They have done a good job
advances – which leads to higher costs and er®,” Beilby said. “Companies can go to building and integrating by keeping the en-
slower development.” the Minnovare website and enter tonnage, trepreneurial spirit alive. A lot of those en-
The Development Optimiser® works in grade and a few other details to gather an trepreneurs stayed with the company and
a similar way to its production counterpart. estimate of the CO2 emissions abated by if you go into the Hexagon Mining Perth of-
A combination of advanced hardware and using the Production Optimiser®. fice, many of them are still around, and the
sophisticated digital platform enables the “There is a very similar value proposition company is run like that.
drill operator to set and maintain designed for the Development Optimiser®. By defi- “Being part of Hexagon has given us
drilling trajectory with precision over every nition, completing development faster with things we could never achieve alone, par-
hole. The driller sets and locks in target less waste will mean less diesel/energy ticularly the ability to get boots on ground,
alignment using the Optimiser® and its ar- consumed and a reduced carbon footprint.” which was a bit of a barrier to international
ray of sensors and data analysis software. As well as Super Smart Energy’s assess- expansion.
The system alerts the operator to any devi- ment, Minnovare has found independent “Overall, they have let us continue to run
ation, allowing the driller to make immediate verification from customers themselves. the business as we always have and the
necessary adjustments. “IGO has said publicly that it has achieved results have been phenomenal, with 70%
“I equate it to providing the scope for a increased accuracy and consistency at the year-on-year growth.”
PAGE 64 SEPTEMBER 2023 AUSTRALIA’S PAYDIRT
SGS: Assaying Excellence
old assaying services rise and fall on
Gtheir reliability, accuracy and trans-
parency and as the industry welcomes
a new generation of technology, major
assay labs are working hard to reinforce
their reputation.
As part of the world-leading testing, in-
spection and certification company, SGS
Australia is at the forefront of innovation in
the sector. Paydirt spoke with SGS Aus-
tralia national resources general manager
Juan Smith about the company’s commit-
ment to accuracy and transparency, as
well as innovation.
sorption spectroscopy and inductively it valuable for large-scale operations, but
coupled plasma mass spectrometry, we demands skilled operators and careful
employ a diverse arsenal of techniques to calibration. PhotonAssay provides non-
cater to varying client needs. Our invest- destructive, efficient results while minimis-
ment in cutting-edge technology reflects ing environmental impact, yet equipment
our dedication to providing clients with the availability may limit its widespread use.
most precise results possible and there is Leachwell and BLEG analysis offer larger
a real focus on clarity. sample mass options that can be used for
SGS Australia is known for its unparalleled both exploration and metallurgical applica-
Juan Smith
proficiency in gold assaying and has an tions.
unwavering commitment to accuracy and Having the technology available is
SGS Australia is a market leader in transparency. one thing, but applying it in the right
what is the most competitive gold As well as traditional fire assay, we have context is also crucial?
assaying sector in the world. What is a range of methodologies available includ- Beyond the technical prowess, SGS Aus-
the key to maintaining your standing? ing PhotonAssay, aqua-regia for gold, tralia prioritises building long-lasting affilia-
“Our commitment to accuracy and trans- Leachwell, bulk leach extractable gold tions with its clients. Our attention to detail
parency drives our gold assaying opera- (BLEG). We believe our expertise in these and dedication to client satisfaction have
tions. We understand the significance of techniques puts SGS Australia at the pin- cemented our stellar repute in the industry.
gold in the global economy, and our ser- nacle of expertise and reliability in the Aus- We believe in building lasting relationships
vices play a pivotal role in maintaining trust tralian gold market. with our clients. Each sample represents
and integrity in the industry. SGS Aus- Assay results can be the very a unique connection, and we approach it
tralia’s gold assay services encompass a lifeblood for companies, particularly with the utmost care and attention.
comprehensive suite of techniques, each junior explorers and emerging miners. The client-centric approach has earned
meticulously designed to ascertain the pu- How do you ensure your labs meet the company a reputation not only for its
rity and composition of gold. client demand? scientific excellence but also for its com-
SGS’s operations focus on clarity because In a sector where promptness can sig- mitment to customer satisfaction. We want
we believe transparency fosters trust, en- nificantly influence value, SGS Australia SGS Australia to shine as an exemplar of
suring clients are well-informed about their ensures rapid, yet accurate results, under- meticulousness, clarity, and unwavering
gold samples. standing the pressing needs of our clien- dedication to our clients.
Transparency is the bedrock of trust. Our tele. With the constant evolution of technology,
clients rely on us to provide accurate infor- We understand the urgency our clients of- SGS continues to stand as a trusted ally
mation about their gold samples, and we ten face. Our streamlined workflow allows for companies in need of precise and time-
ensure that our processes are transparent us to deliver results swiftly, empowering ly gold analysis. We are not just providing
at every step. This commitment extends to our clients to make informed decisions gold assay services; we are upholding
client involvement in the process, fostering with minimal delay. trust, authenticity, and accuracy.
a sense of collaboration and confidence.
We also understand that each client and Regardless of the technological innovation
Fire assay techniques have been tried even project is unique. We aid clients in – gold assaying continues to progress, of-
and tested over decades, but is it selecting the most suitable technology, fering amplified precision, efficiency, and
possible to stay innovative? weighing aspects like accuracy, efficiency, safety, catering to the ever-adaptive min-
From fire assay, a time-tested method, and environmental impact. Fire assay MP- ing sector.
to advanced technologies like atomic ab- AES offers speed and sensitivity, making
AUSTRALIA’S PAYDIRT SEPTEMBER 2023 PAGE 65
MINING SERVICES
After more than 30 years on the Australian mining scene,
Martin Abbott is heading up a new venture, Minegear
Mining Supplies, which will use every inch of that
experience to deliver high-quality mining equipment
and supplies to the Australian sector.
Paydirt spoke with Abbott about Minegear’s approach to
navigating the global mining equipment network.
You launched Minegear at the end of Miners want the products they want; they mining equipment.
2022, what was the opportunity you don’t just accept something because the As well as sourcing equipment,
saw? supplier has a piece of equipment to sell. Minegear is adept at manufacturing
At Minegear, we take the same approach, your own products. Can you tell us
The Minegear team has accumulated dec-
ades of hands-on field experience and a I want to provide customers with the prod- about some of your innovations?
global network of professional contacts. ucts they need, not what they think they As with our sourcing strategy, we want eve-
want, or what I want to sell.
I came to Australia in 1990, moved to the The expertise and personal touch come in rything to be practical. We don’t want to de-
Goldfields with my family and started work when helping the client settle on the right sign something that ends up sitting on the
as a diesel mechanic, gaining knowledge product. Often mining teams know the is- workshop shelf for years that’s impractical
of the mining industry and working my way sue and the outcome they want, but they or difficult to use.
through the ranks to management. I’ve don’t necessarily know the exact solution. We engineer and manufacture everything
worked in so many aspects of the indus- to the highest standard and ensure prod-
try both here in Australia, and internation- Because of our vast experience, we have ucts can stand up to the toughest environ-
ally and gained a lot of experience in both a very practical approach and can provide ments in surface and underground mining.
maintenance and mining. My career path expert insight into an array of products and From our facilities south of Perth and in
has led to roles in maintenance, mining, equipment that may suit individual clients’ Ireland, we manufacture our own range of
and senior management roles with both needs. This helps them make informed de- mining products and innovations from com-
miners and service providers.” This expe- cisions about purchases that will add value pliant MEWP’s, ventilation doors, truck tip-
rience & knowledge of the mining industry to their operations. ples, LV ramps, monorails, pipe supports &
gives me the ability to discuss and advise We source the equipment ourselves. I’ll al- rated stands to name a few.
on most aspects of mining from mobile min- ways buy from reliable sources, inspect the
ing equipment supply through to mining in- equipment personally and check the ma- Then we have our on-demand manufactur-
frastructure design and supply. chine maintenance history etc. It is some- ing where we can basically fabricate to the
client’s requirements, think steel piping &
I established Minegear with partner com- thing you have to do to ensure you provide structural steel.
pany IME Consultants who are a well-es- quality, reliable equipment.
tablished engineering consultancy with of- Mining equipment supply is not only Finding practical solutions is what we are
fices both in Australia and Europe, hence about selecting the right equipment, about.
through our combined efforts and capabili- but making sure it is available, Mining technology and equipment is
ties I believed we could offer unique prod- which can present wider logistical constantly evolving. How does Minege-
ucts and services to the global mining in- challenges. How is Minegear placed ar keep up with the latest innovations?
dustry. to meet these challenges? Again, it is about studying the innovations
There is a global demand for metals in sup- First of all, I am always keeping an eye out first-hand and understanding how they will
port of moving to cleaner energy, and so for good equipment, wherever it is. benefit clients. Technology has come a long
the mining industry is particularly busy. I way in the last 15 years, particularly around
felt the time was right to establish Minegear Secondly, we have set up bases in both efficiency and safety. If it is a safety add-on,
and provide miners and suppliers alike with Western Australia and Europe which or if you require machinery with automa-
a partner that can provide professional and means we can source from both sides of tion or remote control etc., we can help with
tailored support services accordingly to the world. This can be especially useful for sourcing the right product. We have a good
their needs. Not just a rinse and repeat of the African miners. There is a big Australian relationship with the technology companies
what has been done in the past, but work- influence in the West Africa gold sector, so and the OEMs all have their own technolo-
ing with them to understand their needs, the miners and contractors naturally look to gy divisions now.” Given Minegear’s global
and using our experienced team to provide Australian service providers. But the logis- client base, we also ensure the learnings or
fit-for-purpose results. tics from Australia to Africa can be difficult. innovations developed in a particular region
Being in WA and Europe, we can have Aus-
What guidance do customers need in tralian-engineered products manufactured are shared with all our clients. So, whilst we
selecting and sourcing equipment? in Europe and ship it directly to Africa, sav- ensure we keep ourselves up to date on the
latest developments, we also share this with
We see Minegear as not just a supplier but ing weeks in shipping time whilst not com- all our clients which we feel helps foster the
a trusted partner to the mining industry and promising on quality. That is particularly im- constant quest for a safer environment for
base our capability on three areas – exper- portant right now as the shipping industry is everybody within the industry.
tise and reliability, global sourcing networks still very congested, slow, and difficult.
and a personalised approach. The same applies to the sourcing of mobile
PAGE 66 SEPTEMBER 2023 AUSTRALIA’S PAYDIRT
XCMG Australia on mission
to change perceptions
t is a huge mission, but XCMG Mining As well as design and component qual- our clientele wants something included or
IEquipment Australia mining manager ity, Keays recognises XCMG will have to changed, it’s not a two-year approvals pro-
Jason Keays is increasingly confident the offer high-quality support if it is to land on cess. We can turn it around for the next
Chinese OEM can take on the big boys in the Australian mining scene. production run.”
the Australian resources space. “Your equipment is only as good as If availability is the present focus, im-
Keays started in the role of business de- your support and so we are working with proved emissions performance is looming
velopment manager – mining 12 months different companies to boost our support as the next major trend in mining equip-
ago, tasked with establishing the XCMG services in Australia,” he said. “That will be ment.
brand in a highly competitive mining space key to a successful business. Again, XCMG is well placed to benefit
dominated by Caterpillar and Komatsu. “The equipment is designed so parts from the shifting focus.
Having assessed the landscape and de- are as common as possible. XCMG has a “Innovation, particularly in the green
fined the opportunities, Keays is assured worldwide network of spare part centres,” space, is in integral to XCMG,” Keays said.
China’s largest OEM can carve a niche for he said. “Therefore, their guarantee is to “China is the leader in EV technology,
itself. have parts on site within 72 hours and it’s whether commercial or passenger vehi-
“XCMG has been the No.1 OEM in proving a winner with new and existing cles and XCMG is part of that.”
China for 35 years and globally they are customers.” XCMG is already supplying one Chinese
third behind Caterpillar and Komatsu, the Long lead times have caused consterna- gold mine with a first autonomous trucking
company is internationalising its business tion among clients of major mining equip- fleeting, comprising 240t and 120t trucks,
and it is a space it wants to grow over the ment manufacturers in recent years as a 90t excavator. The company is also de-
next few years with the target of becoming new projects and expansions are stalled veloping fully electric product lines includ-
No.2 globally by 2027. Coming to Australia by a lack of available equipment. ing, a fleet of driverless road machinery
is a big part of that strategy,” Keays told Keays believes XCMG can beat current used to build an express-way, larger bat-
Paydirt. timelines. tery autonomous truck with and without
“We have already set up dealerships na- “We know long lead times for surface trolley assist, and battery-driven 70t min-
tionally for the construction sector, but my and underground mining equipment is a ing trucks and motor graders.
job is to look after the mining equipment big challenge in Australia currently,” he “The development and release of
and drive into that market.” said. “XCMG sees a great opportunity to electrified products continues, including
Having scouted the local scene for 12 capitalise on that gap in the market. The earth-moving machinery, tunnelling and
months, Keays has identified the areas lead time on a 700t excavator is currently underground machinery, concrete, mining,
where XCMG could capitalise. piling and trenchless machin-
“Although XCMG might not ery, highway trucks and core
be a household name just yet, parts and components like
we’re certainly making all the electric motors and control-
right moves to challenge com- lers,” Keays said.
mon misconceptions, secure Having set up shop last
high profile clients and devel- year, Keays is now eager to
op long-term relationships for permanently establish XCMG
the future,” he said. in the Australian mining heart-
“I am convinced about the lands.
quality of the products, and “We are looking to open
I know the pricing we can a facility in Perth and pos-
achieve can add value in the sibly one on the East Coast
Australian marketplace and I in the short-term future,” he
think we can solve some of the said. “We will go to where the
lead time issues the Australian projects are, if we have a con-
mining industry is seeing.” tract in Queensland, we’ll set
Keays admitted Chinese up there, if the business is in
manufacturing didn’t have the South Australia, that’s where
strongest reputation in Austral- XCMG Mining’s XE5600 excavator is now available in Australia we’ll go.”
ia but said he had seen first- The flexibility will only ben-
hand the quality XCMG maintained. only eight months, plus 28 days to mobilise efit customers as they commit to the new
“There is often an assumption that Chi- from China. That is significantly less than brand. Keays is ready to welcome them.
nese manufacturing is cheap, but XCMG what you are seeing from other suppliers. “The Australian market is very exciting,”
has got it right and has built an international “We also have a direct line of communi- he said. “It hasn’t been easy, but we are
business which proves that,” he said. “It is cation into the manufacturing of equipment ready now.”
all supported by quality components which for the Australian market, which means we
exemplify the commitment to excellence.” build and change to customer demand. If
AUSTRALIA’S PAYDIRT SEPTEMBER 2023 PAGE 67
MINING SERVICES
Increasing the spec on micro-XRF
ortable Spectral Services’ (PSS) in- “Being the only commercial service As with so many new technologies, in-
Ptroduction of micro-XRF instruments provider of this equipment in mining, we creased use has led to further, previously
into the mineral analysis space has been had a very immediate demand for sample unexpected opportunities.
so successful, the Perth-based company throughput and turn around. he said. “In “Incidentally, we decided to take high
is already implementing upgrades which some cases, the sample preparation was resolution images of samples and found
will allow it to service more clients. a laborious process, limiting our capacity that we could pull more data such as grain
Micro XRF is a rapid, non-destructive given the levels of demand we had.” size, etc,” van der Pal said. “We have be-
analytical process used to acquire quali- Always eager to innovate, PSS worked gun to detect a lot of information and col-
tative and quantitative geochemical and with Bruker and technology group Auton- lect new result types which were not even
mineralogical data at a high spatial resolu- oma to solve this problem. Together they initially considered.”
tion. developed the AM4 automated analysis Portable XRF technology has already
While widely used in academia, micro- suite, an automated system capable of had a dramatic effect on in-field explora-
XRF had never been adopted in a com- preparing and entering samples into the tion and the PSS team believes the micro-
mercial setting. PSS has introduced the M4 Tornado Plus 24 hours a day. XRF instruments are showing potential to
technology with a geological application “The premise behind the automation be similarly revolutionary to industry.
at its Perth facility, installing the Bruker M4 project is how can we increase capacity to Van der Pal said the larger, more de-
Tornado Plus. An instrument which can meet the demand from clients,” van der Pal tailed data collection had sparked inno-
detect elemental maps at micro-scale and said. “The results have been excellent with vative thinking from explorers using the
detect down to carbon. not only increased throughput but also ac- instruments.
“Some clients just want the tip of the ice-
berg, but others are already pushing it into
new directions,” he said. “Several clients
are making use of the instruments ability
to map fluid pathways and other textural
relationships within the mineralogy. If you
have a certain phase in the host rock that
contains the minerals of interest, you can
determine the stages of formation.”
The sheer volume of information gath-
ered from the analysis could be over-
whelming, but PSS is ready to assist cli-
ents in finding greater value out of the data
presented.
“Because there are millions of data
points collected with each sample
scanned, we have already had some cli-
ents develop the data in new ways. But
we also process the data with a method
that makes it useable for juniors as well as
larger companies.” van der Pal said.
“We are always up for a discussion.
We’re geoscientists as well so we like to
chat about how we can implement new
ideas using this technology. We are more
According to PSS managing director curacy. The micro-XRF can achieve very a partner than a service provider.”
Chris Brand, the micro-XRF offers de- good analysis of heavy minerals and rare As well as the scientific advantages,
tailed information without the prolonged earths elements. Because these samples micro-XRF also offers users potential cost
turnaround of chemical analysis. are grains, we previously had to manually and even sustainability bonuses.
“It bridges the affordability gap of scan- spread them in the puck. With the AM4, “The industry is starting to understand
ning electron microscopy (SEM) and the robot does all the spreading in just a how XRF can assist them in adopting
chemical analysis at metre scale, provid- few seconds. a greener approach to their exploration
ing detailed information on minerology and “The idea is for an end-to-end solution. programmes,” van der Pal said. “These
chemistry you otherwise wouldn’t get on After loading samples onto a conveyer, the techniques don’t use harmful chemicals.
the microscale.” rest of the process is automated. There They are relatively quick and inexpensive
PSS senior spectral geoscientist Jack is virtually no manual handling. This im- processes, and it reduces the number of
van der Pal said the launch of the service proves process governance with the goal samples which need to be gathered.”
had been so successful, the company was of reaching a more automated QA/QC
quickly struggling to keep up with demand. system.”
PAGE 68 SEPTEMBER 2023 AUSTRALIA’S PAYDIRT
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REGIONAL ROUNDUP
Funding deal puts West
Wits closer to restart
West Wits completed critical pre-
est Wits Mining Ltd could be produc- for $US10-15 million can now say, ‘well, development works on the Qala Shallows
Wing gold within six weeks of securing $US10-15 million has already been done, mine last year
the full raft of development funding for its we can do something here because it’s got
Qala Shallows project in South Africa, ac- momentum’. The number of discussions in “To me, it insulates the project and the
cording to chairman Michael Quinert. the last few weeks has almost doubled in company from adverse fluctuations in the
In what kicked off a defining fortnight terms of people wanting to come and talk gold price, because as we all know, if the
for its long-term production ambitions, to us about funding it. And that’s been a di- gold price drops, the first ones that get
West Wits received a formal expression rect result of the IDC. picked off are the ones that have got the
of interest from the Industrial Development “There’s no doubt it has put us in a strong higher cost of production. Then, as that
Corporation of South Africa (IDC) on July position to assess what’s available and to happens, there’s a shortage of supply and
11 to provide a debt facility of R300 mil- have a better chance of procuring finance, the price rebounds. But, with such a low
lion (about $US15.9 million on current ex- but also a better chance of procuring a bet- AISC, we’re almost insulated from the cy-
change rates) to begin establishing its first ter rate and better type of finance for the cle.”
mining operation at Qala Shallows, part of shareholders. I’m very buoyant and posi- West Wits plans to use some of the po-
the company’s wider Witwatersrand Basin tive about the funding potential now, par- tential IDC funding to mobilise a mining
project in Johannesburg. ticularly with the IDC putting in their offer contractor, establish a 30,000t ore stock-
West Wits quickly followed up the fund- before the updated DFS came out.” pile and facilitate steady delivery of 15,000
ing breakthrough with an updated DFS West Wits elected to update its DFS tpm to a nearby plant operated by Sibanye-
for Qala Shallows which forecast a 38% after spending the better part of last year Stillwater Ltd, as per a previously agreed
increase in recovered gold over nearly 18 undertaking pre-development works at toll treatment agreement.
years of mine life and a host of improved fi- Qala Shallows, including re-opening and The company ceased mining at Qala
nancial metrics, including a reduced capex expanding an existing decline. Shallows last year prior to the toll treatment
of $US54 million. Qala Shallows is now expected to pro- agreement being finalised. However, Quin-
Quinert said the company’s quest to land duce 924,000oz over its life-of-mine and ert remains adamant the pre-development
full development funding for Qala Shallows generate free cash flow of $US522 million works have given West Wits a vital head
– the first of several mines it hopes to bring (up 95% from the previous DFS), pre-tax start most aspiring gold producers could
into production in the renowned Witwa- NPV of $US367 million (up 104%) and only dream of.
tersrand Basin – had gathered “a whole achieve payback in 4.1 years (down from 5 “The mine is now in a state where within
new momentum” on the back of the IDC’s years) after first production. 4-6 weeks of funding we’ll be producing
endorsement. Estimated AISC for steady-state produc- ore again, it’s not like we’re going to have a
“I used to use the analogy, ‘it’s like hav- tion of circa 70,000 ozpa decreased almost 6-12 week delay,” he said.
ing everyone at the dance but no one is 10% to $US871/oz. “Being underground last year gave the
on the dancefloor’, but having the IDC on “People have different views, but for me technical guys and the engineers a lot
board makes things so much easier,” Quin- it’s always the AISC, particularly during more information regarding the depth,
ert told Paydirt. that steady state in the middle, which really shape and size of the stopes, and also
“Other financiers who might come in matters,” Quinert said. where there are available stopes from the
PAGE 70 SEPTEMBER 2023 AUSTRALIA’S PAYDIRT
AFRICA
An updated DFS found just $US54 million
is needed to bring Qala Shallows back into
production
mon Whyte. ever was. So, we’ve got the operational
“We were disap- side covered and I can quite easily step
pointed to lose Jac, back into being executive chair during this
but it’s testament to interim phase and help fill any gaps on the
the work he’s done corporate and banking side.
for us over the last
4.5 years that he was
poached, and one
certainly cannot be
upset with someone
pursuing a career
option of that magni-
tude,” Quinert said.
“Fortunately, his
plan with us was al-
ways to be the CEO
of the company and
not actually be the West Wits hopes the re-opening of Qala
person, hands on, Shallows will help unlock other stranded
day-to-day running gold assets in the Witwatersrand Basin
the mine because he
old workings that could be accessed quite saw that as a distraction from some of the
quickly. broader issues in terms of strategic plan- “When we get the funding and the mine
“I don’t know many mines that can say ning and what you need to be doing as a gets going again, my recommendation to
they’ll be in production in 4-6 weeks. Ad- CEO. the board is we’ll review it [the CEO posi-
mittedly, we have to build a stockpile for “It was always going to be Rudi who ex- tion] again. The practical issue we have at
five months because we don’t want to just ecuted the mine plan. He’s another min- the moment is if we were to go and recruit
start sending dribs and drabs of ore to the ing engineer and is across as much of the someone now, they might say, ‘I should
plant, but once we’ve built that stockpile, detail on the actual physical mining as Jac wait until the funding is there’. There’s still
we can start actually delivering ore and that bit of uncertainty until we’ve got it over
smelting gold.” the line.”
The only blip for West Wits in what was Quinert also senses many eyes are
an otherwise defining fortnight was the sud- watching to see if West Wits can make the
den resignation of Johannesburg-based successful transition from developer to pro-
managing director Jac van Heerden, who ducer and prove doing business in South
was instrumental in steering the company Africa is not as difficult as many believe.
towards the cusp of production over the “I’ve said to South Africans, and I’ve
past four years. even said to the IDC, a lot of people in
Van Heerden, who will remain with the Australia are watching what we’re doing,”
company as a non-executive director, ac- he said. “We’re a small cap trying to start a
cepted a position as general manager of mine in one of the best mining fields in the
a significantly larger copper-zinc-gold pro- world and if we get this done, it will actually
ject in East Africa. Following his departure, open the door for others to follow.
Rudi Deysel was promoted to the roles of “We know the IDC are really excited
chief operating officer and country man- about playing a role in opening up a gold
ager. mine close to where jobs are needed be-
Deysel had worked closely with van cause no one’s opened up a gold mine
Heerden for more than two years on the like this for ages. And don’t forget, this is a
Qala Shallows development. wonderful goldfield which has already pro-
Quinert insisted there was no rush to duced over 25% of the world’s gold.
appoint a replacement for van Heerden. “I once said to someone I wish they’d
The Melbourne-based lawyer has since find gold on the Champs-Élysées and we
taken on more executive responsibilities could all sit in French coffee shops, but the
and is confident he can finalise the remain- reality is you go where the gold is – and
ing project funding requirements with help there’s still lots of gold to be found here.”
from executive manager, commercial Keith – Michael Washbourne
Middleton and chief financial officer Si-
Former managing director Jac van Heerden
has transitioned to non-executive director
AUSTRALIA’S PAYDIRT SEPTEMBER 2023 PAGE 71
REGIONAL ROUNDUP AFRICA
Strata stacks up in Botswana
fter spending several years in the invest- Strata holds three royalties under four tors in Australia since then, in what marks
Ament wilderness, Botswana has recap- separate agreements from Metal Tiger’s the beginning of a new level of engagement
tured the market’s attention, largely thanks to historical ownership of ground in Botswana. with Strata’s potential audience.
Sandfire Resources Ltd’s successful devel- These include a 2% NSR capped at $US2 “We’ve been actively involved in the Aus-
opment of the Motheo copper mine and Co- million over the T3 project, which is currently tralian markets for quite some time now, so
bre Ltd’s impressive copper-silver discovery being mined by Sandfire, and an uncapped this is not our first introduction to them,” he
at its Ngami project. 2% NSR over any future production from a said. “However, we recognise the need to
One company particularly appreciative of circa 8,000sq km licence holding in the Kala- engage more with the investment commu-
that success is Strata Investment Holdings hari Copperbelt, including the A4 deposit nity here, especially since we have moved
Plc, which has recently rebranded itself as a which is due to start mining next year. our main listing to the ASX.
strategic investment company. The company also has an uncapped con- “This is actually the first time we have gone
Formerly known as Metal Tiger, Strata ditional 2% NSR over Cobre’s Kitlanya West out to meet people face-to-face in Australia
owns circa 1% of Sandfire and is eligible for and Kitlanya East projects, as well as the since our rebrand. It didn’t make sense to
a 2% NSR royalty over Motheo production. southern half of the Okavango copper pro- come here earlier when we only had a small
The company also has a nearly 20% active ject. secondary listing and were still deciding on
equity investment stake in Cobre, including “Botswana is undeniably one of the most our corporate direction and strategy.”
a 2% NSR over a por- McNeilly acknowl-
tion of its Botswana edged that the deci-
assets. sion to delist from
Now solely listed AIM was not univer-
on the ASX after ex- sally well-received
iting London’s AIM by UK shareholders,
exchange earlier this but he emphasised
year, Strata has quick- the company had no
ly established strategic other option after an
positions in junior ex- unsuccessful attempt
plorers Armada Met- to move to the spe-
als Ltd (Gabon), Me- cialist funds segment
teoric Resources Ltd of the London Stock
(Brazil) and Southern Exchange.
Gold Ltd (South Ko- “It’s important to
rea). It also has an eq- note that we did eve-
uity portfolio of about rything within our
20 names, mostly with power to try and en-
companies listed on Strata has three royalties under four separate agreements on ground sure that UK share-
the ASX. being mined or potentially developed in Botswana, including Cobre’s holders were looked
Strata chief executive Michael McNeilly Ngami project after by pursuing the
said the company had transitioned away transition to a different
from its origins as a hybrid investing com- attractive mining jurisdictions, ranking in category of listing in London,” he said.
pany/junior explorer and was now solely the top 10 countries globally in the most re- “While it’s true that some of the smaller
focused on identifying lucrative investment cent Fraser Institute Survey,” McNeilly said. retail holders are understandably upset, the
opportunities across the full breadth of the “However, if you’re looking for exposure to larger shareholders have been highly sup-
natural resources sector. the region, there’s not a lot of options after portive of our decision and understand the
“We have a very clear strategy to create Sandfire, Cobre and a few other junior ex- rationale for the change.”
long-term value for shareholders, unlike in plorers listed in London. McNeilly also suggested resources
the past where we were a blend between “If you’re seeking copper exposure and groups with a proven track record of access-
an investment company and junior explorer,” are comfortable with the region – which ing capital were more likely to be a target for
McNeilly told Paydirt. there’s no reason not to be, given Sandfire future investments.
“We will gradually transition from a typi- has successfully established and put into “It’s very clear that some people have ac-
cal investing policy that involves investing in production a new mine there – our approach cess to capital, while others don’t,” he said.
securities or financial products, to one that offers a distinct way to invest. Our strategy is “Projects that may appear similar and un-
seeks more liquidity and diversity, resulting also a stable way to invest, as we don’t an- dervalued, but whose management teams
in reduced early-stage junior exposure in our ticipate dilution in the future, as we work on lack access to capital, represent less ap-
core investments. Equally, our sites are set executing our plans.” pealing investment opportunities.
on executing complementary investments In late May, Sandfire confirmed it had “Liquidity is another important factor
which have the potential to transform the tra- produced the first copper concentrate from for us, which is why within the next couple
jectory of the business. Motheo as construction of Botswana’s new- years, we want to have at least 20-50% of
“As this transition takes place, our roots est mine neared completion. our portfolio invested in more diversified and
in Botswana are poised to deliver the com- Bangkok-based McNeilly has been doing highly liquid miners.”
pany’s first major windfall for shareholders.” the rounds with various brokers and inves-
– Michael Washbourne
PAGE 72 SEPTEMBER 2023 AUSTRALIA’S PAYDIRT
ASIA-PACIFIC
Besra jumps funding hurdle
ecuring funding is often one of the
Sbiggest hurdles facing junior compa-
nies bringing projects into production, but
Besra Gold Inc has beat the odds, secur-
ing a $US300 million funding facility to
advance its Bau project in Malaysia.
The company entered into a binding
gold purchase agreement last May with
major shareholder Quantum Metal Recov-
ery Ltd and received shareholder approval
in July.
The facility provides up to a $US300 mil-
lion deposit – to be paid over 30 months
– against future gold production ounces.
Besra will deliver up to 3 moz of future gold
production to Quantum as consideration
for the facility.
Besra executive director John Seton
said this deal will allow the company to
enter production without the need to raise
future capital.
“It’s really important for us because
there’s a number of junior companies out
there which have got really nice projects,
but the real impediment is getting financed
and when you do get finance it typically
comes with a high price and future dilution
of shareholders when you’d have to raise
your equity contribution to match the debt Besra has secured a $US300 million funding facility to push its Bau project into development
contribution,” he told Paydirt.
At the time of print, the company had
drawn down two payments totalling $5 mil- The Bau project hosts a total resource “The issue for me is that I’ve been at this
lion. of 72.6mt @ 1.43 g/t gold for 3.3 moz with company for 25 years and it’s time to let a
Seton said the funding facility had seen an exploration target of 4.9-9.3 moz. How- younger person take the reins and be with
strong support from shareholders, but he ever, Seton considers this target to be con- it for another five years and take it to that
noted institutional investors were more servative as it only accounts for deposits next stage.”
cautious. While Besra shares jumped where resources have already been es- Seton, who has previously handled pro-
upon the announcement of the funding, tablished rather than the rest of the gold jects in Vietnam, said he found Malaysia
much of the initial interest has since dis- field. and Sarawak much easier to work in.
sipated with shares trading at 21c at the The funding from the $US300 million fa- “When Sarawak joined the Malaysian
time of print. cility will also be used for exploring other Federation, they reserved limited self-au-
As Besra gears up to head into develop- areas in the Bau goldfield corridor. tonomy when it came to immigration and
ment, the company is planning to take a As the project shifts towards production, natural resources and that means we’re
prudent approach. Besra will make a number of management operating under a different royalty regime
Seton said the company is moving into changes, including the appointment of a than east Malaysia,” he said.
pilot trial production as part of its ongoing new chief executive. “Sarawak regards mining as a bit of a
feasibility work for commercial-scale pro- Former chief executive Dr Ray Shaw sunrise industry and that’s reflected in the
duction. agreed to step into the position of chief fact that the royalty of gold is set at 0%.
“You have to have the absolute certainty technical officer to focus on in-country de- “The meetings we’ve had with the lo-
that you’ve done all the metallurgical test velopment and exploration activities. cal politicians have been very supportive
work that you can possibly do so that when Seton, who also once held the chief ex- and things have happened in the normal
you design and build your plant, it’s fit for ecutive position, has taken on Shaw’s cor- course when we’ve been dealing with
purpose,” he said. porate duties until a replacement is found. licence renewals and things like that. I
“It’s too late when you’ve built the thing “There’s a long-term path to build Besra mean, the bureaucracy is not fast, it’s not
to realise you should have made it a bit dif- up into more than just a single production like Australia, but it does happen.”
ferent. We’re trying to take a very prudent company. We want to strengthen both the
approach to it going forward and we just board and management in terms of indus- – Yvette Ogilvie and Fraser Palamara
want to make sure we really understand try experience and the ability to deliver,”
what we’re dealing with.” Seton said.
AUSTRALIA’S PAYDIRT SEPTEMBER 2023 PAGE 73
REGIONAL ROUNDUP LATIN AMERICA
Viridis has acquired the Colossus rare
earths project in Brazil from Varginha
Mineraçao, which operates several clay,
bauxite and magnesium plants in Poços
De Caldas, South America’s largest-
known alkaline complex
Viridis enters
Brazil
iridis Mining and Minerals Ltd has over the last six months, but once the Co- already remarkably high on a peer com-
Vadded some Latin American flavour lossus project was introduced to us, we parison basis.
to its growing exploration portfolio after knew immediately it had all the qualities to “In parallel, the company plans to con-
securing access to the Colossus rare be a valuable and exciting asset,” he told duct preliminary metallurgical testing to
earths project in Brazil. Paydirt. prove the REE mineralisation is in fact
The company acquired 100% of the “Colossus has already shown proof of ionic, which has major implications for the
rare earth rights to the project early last concept through shallow auger drilling, economics of the project.”
month from Varginha Parties, giving it a adjoins Meteoric’s [Resources NL] world- The decision to move into Brazil was
56sq km landholding in South America’s class Caldeira project, and we believe also supported by the success of companies
largest-known alkaline complex, Poços de has the potential to be a Tier-1 project in such as Meteroic, Sigma Lithium Corp and
Caldas. terms of both size and grade.” Latin Resources Ltd.
Viridis struck another deal with the ven- The previous owners of Colossus drilled “Brazil represents a jurisdiction with
dors just two weeks later for an additional 34 shallow auger holes to a maximum favourable mineral endowment for world-
34.5sq km for no extra consideration. The depth of 3m. Viridis said all 34 holes re- class projects, supportive government and
expanded area consists of rare earths and turned “remarkable” grades of rare earths low regulatory burden for miners, and is
yttrium rights across 12 licenses, bringing mineralisation within heavily weathered still relatively under-explored compared to
the total project landholding to 90.69sq clay and humic profiles. Australia and Canada,” Shahzad said.
km. Highlighted previous results include 3m “Viridis believes that Poços De Caldas,
The total consideration will consist of @ 2,003 ppm TREO from surface, 3m @ which hosts the largest known alkaline
$US2 million, of which $US1 million will be 1,997 ppm TREO from surface and 3m @ complex in South America, has the po-
paid upfront, while the rest will be received 1,785 ppm TREO from surface. The min- tential to become the next large producer
as an advanced royalty payment from fu- eralisation remains open in all directions of Ionic REE Clays, and can be a central
ture production. Viridis will also issue per- and at depth with no drilling ever complet- component of the western rare earth sup-
formance rights to the vendors as part of ed below a 3m depth. ply chain.”
the acquisition. “Our first priority is to drill deeper into Previous owners Varginha hold over
The move into Brazil was driven by the the mineral system to understand exactly 300 mining titles for bauxite, manganese,
company’s desire to increase its expo- how thick the clay body is over the project limestone, granite, clay, rare earths and
sure to critical minerals. Viridis also has areas, with a view to establish a maiden peat. The Brazilian miner currently oper-
exploration projects in Canada, Western mineral resource at the project,” Shahzad ates eight open-pit mines which collec-
Australia, South Australia and New South said. tively producing about 560,000t of ore and
Wales. “Drilling deeper will also allow us to find clay per year.
Viridis executive chairman Agha the ‘REE Enrichment Zone’. Since REE Viridis has also established a partner-
Shahzad said building out Western sup- ions in ionic clay bodies tend to remobi- ship with Varginha to explore further ac-
ply chains for rare earths was becoming lize to the intermediate weathered layer quisition opportunities of mining licenses
increasingly important. – which begins at around 5m depth – our prospective for ionic clay-hosted rare
“The company reviewed numerous po- belief is the grades we have seen to date in earths.
tential transactions and business oppor- our 3m auger holes represent some of the
tunities in lithium, niobium and rare earths lowest grades we’ll encounter, which are – Yvette Ogilvie
PAGE 74 SEPTEMBER 2023 AUSTRALIA’S PAYDIRT
NORTH AMERICA
AZL positions for extraction disruption
rizona Lithium Ltd (AZL) managing di- AZL has not encountered any oil or hydro- place at the right time” to secure funding for
Arector Paul Lloyd predicts M&A activity, gen sulphide at Prairie. the development of Prairie.
potentially involving major oil and gas play- Lloyd said a timeline set out for devel- AZL previously secured funding of $32.5
ers, will shift the lithium sector towards direct opment of the Prairie resource was very million in March 2022 for the development
lithium extraction (DLE) within the next 18 achievable due to “the large resource being of a research facility at its Big Sandy pro-
months. located in a currently producing oil and gas ject, as well as land acquisition, drilling and
“With far superior recoveries and the region with a very pro-business provincial a PFS.
selective nature of DLE, the product will government.” A JORC resource of 32.5mt including a
become dominant in the North American Last year the company secured $12 mil- higher-grade zone of 12.7mt at 2,360 ppm
market,” Lloyd told Paydirt. lion in funding to purchase land for a lithium LCE for Big Sandy was announced in 2019.
“We do see that there is a structural shift processing plant and expand AZL’s lithium Several strategic partnerships – with US
about to happen in the lithium market as research centre in Arizona. This “technolo- biotech company Cemvita Factory and
DLE goes into commercial application. The gy incubator” is developing methods of lith- Navajo Transitional Energy Company LLC
product will be sorted out by downstream ium extraction from both ores and brines, (NTEC) – were signed in 2022 to assist with
processors and the costs of production will as well as production methods for battery- Big Sandy’s development. NTEC is man-
be in the lowest quartile.” grade lithium chemicals. aging permitting and mining operations at
AZL increased the resource of its Prairie Lloyd said North America presented the project and will include a DFS and mine
lithium brine project in Saskatchewan by Australian lithium companies with a wealth construction.
38% to 5.7mt LCE in August. It is reportedly of opportunity due to the sheer size of the “NTEC owns the Navajo mine, holds a
the highest-grade lithium brine resource in market and a permissive regulatory frame- 7% interest in the Four Corners Power Plant
Canada. work. and owns and operates mines in Montana
A PFS will be completed at Prairie by the “The Prairie project is ideally located,” and Wyoming.
end of the year and a DLE pilot plant will Lloyd said. “NTEC was awarded both the ‘Sentinels
be operational in November. Well tests last “Significant government incentives, ma- of Safety’ award by the National Mining As-
April found higher than expected extraction ture infrastructure and no political risk make sociation and the National Award for Excel-
rates. [North America] a fantastic place to develop lence in Surface Mining Reclamation by the
“Higher sustainable production rates like world class lithium projects. We are close Office of Surface Mining Reclamation and
this further decrease the future capital and to the Lithium Research Centre and just Enforcement,” Lloyd said in an ASX an-
operating costs associated with wellfield in- over the US/Canada border. Some other nouncement.
frastructure,” Lloyd said. projects may have exploration windows Lithium expertise is helping Lloyd’s team
A $10 million capital raise in July will help and other difficulties to deal with, but Prairie to understand the market. He said there
to fast-track production at Prairie, which does not have any of those types of chal- were many DLE players developing extrac-
could be achieved in as little as 18 months, lenges. Our Canadian staff do not see mi- tion technology with varied efficiencies.
according to Lloyd. Despite the region be- nus 30C as a major hurdle.” AZL’s chief technical officer Brett Rabe
ing regarded for its oil and gas production, Lloyd said the company was in “the right has been working in lithium brine opera-
tions for more than a decade and his ex-
pertise, along with AZL’s equipment at the
LRC, were crucial for the company when
evaluating the emerging DLE industry, ac-
cording to Lloyd.
“Our CTO worked in DLE before they
came up with that name. We have our own
technology but are evaluating other tech-
nologies in tandem. Tech performs differ-
ently for each type of brine involved. We are
only prepared to evaluate serious players in
the market,” Lloyd said.
Sedimentary and brine lithium are not
the only types of deposit on AZL’s radar.
The company made a strategic invest-
ment in Midwest Lithium AG late last year
of $US1.25 million for exploration work at
its Black Hills landholding in South Dakota,
which potentially hosts lithium spodumene.
“We are looking forward to Midwest list-
ing on the ASX and we believe they will do
very well,” said Lloyd.
– Michael Cameron
The Arizona Lithium and Navajo Transitional Energy Company’s management teams outside
the Lithium Research Centre in Phoenix
AUSTRALIA’S PAYDIRT SEPTEMBER 2023 PAGE 75
SIGNED, SEALED & DELIVERED Protecting Directors. Together.
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APA set to charge Nolans AVL powers up a first
nificant local content, including AVL’s va-
Rare earths hopeful Arafura Resourc- for WA nadium electrolyte from its plant which is
es Ltd has appointed APA Group as its currently under construction in Wangara.”
preferred independent power provider Australian Vanadium Limited’s (AVL) Site planning and development work is
for its upcoming Nolans operation in the 100%-owned subsidiary VSUN Energy under way, with Invinity’s VFB to be deliv-
Northern Territory. Pty Ltd has signed an agreement with ered and installed later this year.
Under an early works agreement, West Australian regional energy provider Horizon Power chief executive Steph-
APA will undertake engineering design Horizon Power for the purchase, instal- anie Unwin said the pilot could help solve
and project development planning for lation and commissioning of a vanadium the important technical problem of long
the proposed plant, which would include flow battery (VFB) in Kununurra. duration storage and performance in
aeroderivative gas turbine generators to The 220kWh battery, which can deliver harsh conditions.
supply electricity and waste heat recov- up to 78kW of power, will be sourced from “Long duration energy storage provides
ery systems to supply steam for use in the leading global VFB manufacturer Invinity backup power during times of peak de-
facility. Energy Systems plc. mand or when the power supply is inter-
The agreement follows a formal com- AVL chief executive Graham Arvidson rupted, storing high volumes of excess
petitive tender process through which said it was the first contracted VFB project energy when demand is low and the ability
APA was selected as Arafura’s preferred for an Australian energy utility. to shift energy storage into the night,” she
independent power provider. “VSUN Energy has been actively pur- said.
General Electric Company will also pro- suing opportunities for VFB deployments “The VFB is specifically designed to de-
vide co-generation power plant technol- and is seeing an increased interest from liver large amounts of energy over a long
ogy to APA and support the power and all energy sectors for this effective energy period of time and is temperature resilient
heat requirements of the processing fa- storage technology which uses vanadium – which is critical for our unique regional
cility. at its core,” he said. and remote networks. This is an exciting
The proposed GE technology solution “Horizon Power has chosen to be one of trial which will allow us to increase our un-
provides for a reduction in gas usage and the early movers in Australia in support of derstanding of the technology in a regional
emissions of approximately 29% over the a technology game changer for the many energy system and its ability to provide
use of conventional generation for power microgrids in the country. long periods of 100% renewable energy.”
and steam. Contract negotiations are “Future VFB projects in Australia will
ongoing.
Arafura general manager projects
Stewart Watkins said the agreement was
an important step towards the proposed
development of Nolans.
“Kicking off this early works contract
will optimise the power and steam gen-
eration solution and progress the engi-
neering in advance of procurement of key
equipment,” he said.
Early works are expected to be com-
pleted by early 2024.
The design and construction of the pro-
posed co-generation plant and a related
long-term power purchase agreement re-
main subject to further negotiations and
approvals between Arafura and APA.
AVL’s VSUN Energy subsidiary is set to purchase, install and commission a vanadium flow
battery for Horizon Power
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PAGE 76 SEPTEMBER 2023 AUSTRALIA’S PAYDIRT
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Protecting Directors. Together.
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Monadelphous ready to tential to expand these capabilities globally.
expand Kemerton “This acquisition is an important step
toward Metso’s ambition to strengthen our
Albemarle Corp has contracted major automation and control capabilities,” Metso
engineering firm Monadelphous Group Ltd Services president Sami Takaluoma said.
to assist with the expansion of its Kemerton “Brouwer’s expertise complements
lithium hydroxide plant in the south-west of Metso’s capabilities in large mechanical
Western Australia. upgrade projects. Together, we will offer RCT has deployed its remote ControlMaster
Valued at circa $200 million, the contract comprehensive service packages for bulk technology at a multi-metal mine in Finland
includes front-end pyromet structural, me- material handling equipment upgrades
chanical, piping, electrical and instrumenta- and ensure fast commissioning. We are place for dust control purposes, it significant-
tion works associated with two new lithium delighted to welcome our new colleagues ly reduced the amount of time an operator
processing trains. to Metso, and we look forward to starting a can work each day.
This award follows the successful con- journey of collaboration to become our in- RCT’s ControlMaster technology can re-
struction and delivery of the first two trains, dustry’s preferred services provider.” move the operator from the machine itself
with Monadelphous also recently winning Brouwer has extensive design and devel- and relocate them to a state-of-the-art auto-
contracts for long-term maintenance and opment experience with all key software and mation centre, keeping them safe from harsh
sustaining capital projects at Kemerton. hardware platforms, including delivery of fit- weather conditions and exposure to dust.
Work is expected to begin later this year for-purpose, end-to-end solutions using all “The technology is extremely robust,
and is scheduled for completion in the sec- major PLC, SCADA, and HMI platforms. which means it can operate effectively in ex-
ond half of 2025. Metso has been an industry leader in the treme weather conditions such as the minus
Monadelphous was also recently award- bulk material handling industry for more 50C experienced on site,” Thomas said.
ed a contract to supply and construct an than a century, with more than 8,000 ma- “It’s fit-for-purpose, designed to cater to
overland conveyor and transfer station at chines installed globally. It provides state- mining clients, all over the world. In addition
Fortescue Metals Group Ltd’s Christmas of-the-art solutions for all mining and aggre- to this, ControlMaster is extremely flexible
Creek iron ore mine in the Pilbara, as well gate customers. with third-party networks and other solutions
as a two-year extension to its existing main- The acquisition was expected to close which is what makes the technology stand
tenance services contract at BHP Ltd’s last month. Both parties have agreed not to out from competitors.”
Olympic Dam operations in South Australia. disclose the transaction value, which Metso
“We are extremely pleased to have se- said has no material impact on its financials.
cured these key construction opportunities Santos still flying
and look forward to continuing to deliver with Alliance
high-quality solutions for customers, as well RCT goes remote
as supporting local communities through in Europe Alliance Aviation Services Ltd has signed
the provision of employment and supply a new five-year agreement with Santos Ltd
opportunities,” Monadelphous managing Remote Control Technologies Pty Ltd to continue chartering flights to and from the
director Zoran Bebic said. (RCT) has deployed one of its state-of-the- oil and gas giant’s operations in South Aus-
art teleremote dozers for the first time on tralia’s Cooper Basin.
Metso picks up private European soil. Under the renewal, services will continue
Currently operating at a multi-metal mine to operate from Adelaide to Moomba and
Aussie engineer in Finland, the ControlMaster technology from Brisbane to Ballera and Moomba, with
was chosen for its durability, interoperability a total of 22 scheduled flights per week.
Metso Corp is acquiring Brouwer Engi- and high level of customer support. Alliance has been providing services to
neering, a privately-owned Australian com- The decision to implement the technology Santos in Queensland since 2006 and in
pany specialising in automation, control on a D11T dozer was in line with the site’s South Australia for the past seven years.
systems and electrical solutions for bulk automation strategy and its focus on improv- “It is a tribute to all of our staff and suppli-
material handling solutions. ing overall employee wellbeing. ers that we continue to be recognised as a
The Finnish group believes the acquisi- RCT business development manager safe and reliable operator,” Alliance manag-
tion strengthens its bulk material handling Mike Thomas said while legislation was in ing director Scott McMillan said.
Solving complexity with our new Discover more
Australian Directors & Officers
Liability insurance policy
We’re Australia’s leading D&O insurer for the Mining
and Resources industry. Ranging from junior explorers
through to the largest producers, we offer insurance
solutions throughout all stages of the mining cycle.
AUSTRALIA’S PAYDIRT SEPTEMBER 2023 PAGE 77
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DRILL BITS
Hammer smashes out zone of mineralisation. Adriatic vastly improves
Hammer managing director Daniel
more mineralisation Thomas said the most recent results dem- Rupice confidence
onstrate the “exceptional” endowment of
Hammer Metals Ltd has intercepted a copper-rich prospects in the company’s Adriatic Metals Plc has upgraded the re-
broad zone of mineralisation at its Mt Isa portfolio. source at its Rupice deposit in Bosnia and
project in Queensland. “As we look to embark on our next drilling Herzegovina, marking a 93% improve-
At Mascotte, the company hit 53m @ programme, we now have three high prior- ment in indicated tonnes.
1.55% copper and 0.52 g/t gold from 77m, ity prospects to pursue – South Hope, Mt The new resource sits at 21.1mt @ 156
including 12m @ 2.48% and 0.71 g/t from Mascotte and Hardway – all with recorded g/t silver, 1.2 g/t gold, 4.3% zinc, 2.8% lead,
77m and 9m @ 2.33% and 0.68 g/t from drill intersections of more than 50m grading 0.4% copper and 27% barium sulphate,
95m. above 1% copper,” he said. containing 105 moz silver, 789,000 oz
The latest results come from follow up “These three prospects are separated by gold, 913,000 zinc, 581,000 lead, 88,000t
drilling, which was also completed at South up to 60km, with Hammer holding the vast copper and 39,000t antimony.
Hope. majority of tenure in between. In addition to Some 87% of the resource now sits in
Assays from South Hope intercepted these targets, we have developed several the indicated category.
12m @ 1.02% copper and 0.1 g/t gold from high-ranking prospects all with the poten- Adriatic managing director Paul Cronin
10m, including 3m @ 1.81% copper and tial to significantly contribute to our growing said the updated resource reaffirms the
0.45 g/t gold from 19m. copper inventory in the Mt Isa region, which world-class nature of the Rupice deposit.
Further follow-up drilling will be com- represents Australia’s largest base metals “The increase in tonnes and contained
pleted at Mascotte to test for a previ- district.” metal since the 2020 resource demon-
ously unrecognized southerly plunging strates the potential for significant growth
in both reserves and life of mine, offering
substantial development optionality to in-
crease near-term metal production,” he
said.
“Excitingly, Rupice and RNW remain
open, and we will continue with an aggres-
sive exploration programme throughout
2023 that is expected to add significant
further resources and position Adriatic as
one of the leading base and precious met-
als developers in Europe.”
The updated resource estimate does
not include drilling completed since the
end of May.
Bright results
for Sunshine
Sunshine Metals Ltd has intercepted
high-grade copper and gold at its Liontown
deposit, within the Ravenswood Consoli-
dated project, in Queensland.
The latest assays intercepted 3.9m @
23.2% zinc equivalent comprising 8.3%
copper and 0.2 g/t gold, while another hit
Hammer has three priority drilling targets, including Mt Mascotte, to pursue at its Mt Isa 3m @ 13.4% zinc equivalent comprising
project in Queensland
P
PAGE 78 SEPTEMBER 2023 AUSTRALIA’S PAYDIRTAGE 78 SEPTEMBER 2023 AUSTRALIA’S PAYDIRT
7.6 g/t gold and 0.3% copper. ing of the GEO-01 gold discovery likely to Another potential PGE
The results were received by the previ- significantly enhance the Minyari Dome
ous owner of the deposit, which completed development opportunity,” he said. discovery for Galileo
25 diamond holes. “We look forward to further evaluating
Sunshine believes these results demon- GEO-01 with the objective of delivering First assays from RC drilling at the Jim-
strate the potential to grow the resource to a significant maiden resource as we con- berlana prospect, within Galileo Mining Ltd’s
the east and west. tinue the systematic testing of other high- Norseman project, have revealed a promis-
Further assays from the former owner’s potential targets, including Tetris, during ing intersection of 11m @ 0.21 g/t palladium,
drill programme are pending. our Phase 2 drilling programme during the platinum and gold, 0.18% copper, 0.13%
Sunshine managing director Damien remainder of this year.” nickel and 0.03% cobalt from 61m.
Keys said the assays extend the New
Queen Lode 180m beyond the reported Alvo’s broadest base
resource.
“All remaining diamond samples have metal hit
been dispatched to the laboratory and the
focus has now shifted to field validation Maiden diamond drilling at Alvo Min-
of targets ahead of drilling in late August erals Ltd’s C4 prospect, within its Palma
2023,” he said. project in Brazil, has delivered the broad-
est base metals intercept to date.
Assays revealed 37m @ 1.9% cop-
Antipa reshapes strategy per equivalent (or 4.6% zinc equivalent)
after new gold find from 113m, including 2m @ 3.6% copper
equivalent (or 8.8% zinc equivalent) from
Antipa Minerals Ltd has made a new 132m, and 4m @ 2.8% copper equiva-
gold discovery at the GEO-01 target within lent (or 6.9% zinc equivalent) from 157m. Galileo appears to have uncovered another
its Minyari Dome gold-copper project in C4 is one of 20 late-time conductors PGE discovery at its Norseman project,
the Paterson province of Western Aus- identified through a VTEM survey flown this time at the Jimberlana prospect
tralia. back in 2008.
The company intercepted 24m @ 1.3 Alvo is continuing drilling with the Drilling hit a mineralised zone on the
g/t gold from 16m (including 4m @ 6.7 g/t hopes of delivering a maiden resource northern side of Jimberlana which remains
from 28m) and 68m @ 1.4 g/t gold from for C4. open at depth and along strike. Results from
68m (including 36m @ 2.6 g/t gold from Managing director Rob Smakman said the southern side of Jimberlana and the Mis-
72m). the company was working to generate sion Sill prospect were expected last month.
The latest assays come from a first-pass targets at C4 that are complimentary to Follow-up drilling will begin on the receipt
Phase 1 drilling programme, which con- the historical work. of the remaining assays.
sisted of 19 RC holes for a total of 3,098m. “If these results continue, we are confi- Galileo managing director Brad Under-
Antipa says the results warrant a re- dent in being able to deliver a maiden re- wood said the latest results paint a positive
evaluation of the exploration programme source estimate for C4 and bring Alvo a picture of Jimberlana.
for 2023 with follow-up RC and diamond step closer to achieving the critical mass “This is an excellent geological location for
core drilling now in the works. required to support a potential economic the potential discovery of economic minerali-
Further assays remain outstanding and mining scenario at Palma,” he said. sation and follow up drill holes are now being
are due to be released imminently. “Importantly, the regional exploration planned,” he said.
Managing director Roger Mason said success gives us confidence that Palma “The results from Jimberlana are a great
the results support the potential to grow has the potential to be a major VMS start to the numerous untested prospects at
the resource this year. cluster system with the team planning Norseman following our Callisto discovery
“The Minyari Dome project economics on testing additional regional targets in last year. We are well funded to undertake
are hugely leveraged to future resource 2023.” our upcoming drill programs and hope to
growth, with any successful follow-up drill- deliver more discoveries over the coming
months.”
A
AUSTRALIA’S PAYDIRT SEPTEMBER 2023 PAGE 79USTRALIA’S PAYDIRT SEPTEMBER 2023 PAGE 79
If you too want to fast track a gold discovery
COMINGS AND GOINGS please contact us to learn more.
w: portableppb.com e: [email protected]
eren Paterson has quinox Resources Ltd ess Maddren has been drian Larking has re-
Kstepped down as manag- Ehas appointed Siyuan Jappointed to the new role Asigned as a director of
ing director of Trigg Miner- (Raymond) Chen as chief fi- of chief executive of Corella Moho Resources Ltd due to
als Ltd and will complete a nancial officer. Chen brings Resources Ltd. personal reasons.
three-month handover pe- over a decade of financial
management, control, plan-
riod. Chair Mike Ralston will ning and analysis to the com- R oderick McIlree has rian Hill has retired as
assume management of day- joined White Cliff Miner- Bnon-executive chairman
to-day activities. Bill Bent has pany. als Ltd as executive chair- of Okapi Resources Ltd, with
also resigned as non-execu- man, while Edward Mead Fabrizio Perilli stepping into
tive director, but will continue an White has been appoint- has been promoted to ex- the role.
as technical adviser. Ied as an additional com- ecutive director. Rob Sinclair
pany secretary at Ark Mines has resigned as a non-exec- G ustavo Macedo has
Ltd, alongside Ian Mitchell. utive director. been appointed market-
White has over 40 years of ing adviser at WA1 Resourc-
experience providing finance atalyst Metals Ltd non- es Ltd. Macedo oversaw
and accounting support. Cexecutive chair Steve CBMM International BV’s
Boston has resigned. operations in Europe, the
B uxton Resources Ltd ey Kingdom has been ap- Middle East and Africa.
managing director and
chief executive Eamon Han- Lpointed chief executive of eter Coleman will chair
non has stepped down from Eastern Metals Ltd. Kingdom Pa new company formed
Keren Petersen his roles. has worked for companies after the merger between
such as BHP Ltd. Allkem Ltd and Livent Corp.
ona Schanche is now aspin Resources Ltd Paul Graves has been ap-
Mchief operating officer of Cchief executive Greg attery Age Minerals Ltd pointed chief executive of
Kuniko Ltd, bringing experi- Miles has been promoted to Bchief executive Gerard the new company. Richard
ence in exploration and sus- managing director, while Jus- O’Donovan has transitioned Seville and Martin Perez de
tainable ESG-aligned mining tin Tremain is now non-exec- to the role of managing direc- Solay have stepped down as
projects to the role. utive chair following the res- tor as the company moves to managing director and chief
ignation of Cliff Lawrenson. advance its interests in the executive respectively.
ribune Resources Ltd critical minerals sector.
Thas appointed Lyndall ietto Minerals Ltd has ap-
Vaughan as the alternate di- Tpointed Clinton Bennett
rector for Otakar Demis. as chief operating officer.
He was previously general
nergy Transition Miner- manager and vice-president
Eals Ltd has appointed of metallurgy at Endeavour
Sara Kelly as non-executive Mining Plc.
chair. She is currently also
non-executive chair of Midas reg Harvey has joined
Minerals Ltd. Greg Miles GLunnon Metals Ltd as
Gerard O’Donovan general manager of the
roy Boisjoli has resigned eter Tsegas, Andrew Ped- Kambalda nickel project.
Tas a non-executive direc- Pley and Rob Chittenden atagonia Lithium Ltd has
tor of Terra Uranium Ltd and are now non-executive direc- Pappointed Feiyu (Sam) Qi ortescue Metals Group
joined Atha Energy Corp as tors of Gladiator Resources to its board of directors. Qi FLtd has appointed Debo-
chief executive. Both compa- Ltd, collectively bringing over is chief executive of Mingjin rah Caudle as chief financial
nies are actively exploring in 85 years of mining experi- and non-executive director officer of Fortescue Energy.
the Athabasca Basin. ence to the company. of Octava Minerals Ltd.
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atthew Gill brings over am Rodda has resigned beth Henson (non-executive outhern Gold Ltd has ap-
M40 years’ experience in Sas managing director director) are other new ap- Spointed Michael McNeilly
the mining industry to his new and chief executive of Po- pointments, while Troy Whit- as chair after the resignation
role of non-executive director dium Minerals Ltd. taker has been announced of Peter Bamford, who will
at Akora Resources Ltd. as chief executive of Alien’s continue as non-executive
R ussell Hardwick has subsidiary, Iron Ore Compa- director. McNally is joined by
new non-executive director
been appointed as com-
ny of Australia Pty Ltd.
pany secretary of Gascoyne John Rock.
Resources Ltd, succeeding
David Coyne who will remain onald S. Swartz II has
as a non-executive director. Dbeen named chief ex-
ecutive of American Rare
enesis Minerals Ltd has Earths Ltd and will be based
Gappointed Matt Nixon in Denver, Colorado. Chris
as general manager of the Gibbs will continue as non-
Leonora gold project. He re- executive director after serv-
Matthew Gill
places the retiring Andrew ing as chief executive for two
teven Kovac has been Lindsay. Alwyn Vorster years.
Sappointed non-executive
non-executive R
director of Delta Lithium Ltd. imon Gray has been ap- ichmond Vanadium outer Pulinix is the new
Kovac is currently chief ex- Spointed Technology Ltd has ap- Wnon-executive director
ecutive of Idemitsu Australia chairman of Pivotal Metals pointed Lingli Zhao as tech- of Kore Potash Plc, bringing
Pty Ltd. Ltd, having served as a direc- nical director to help pro- commercial and corporate
tor on the boards of Morgans gress its Richmond-Julia perspectives to the board.
esra Gold Ltd has fare- Financial Ltd and Shaw and Creek Vanadium project.
Bwelled director Jocelyn Partners Ltd. Gray replaces cott Lowe has been ap-
Bennett, a director of Pan- Peter Hatfull who served in teve Samuel has re- Spointed chief executive
gaea Resources Ltd who the role of chair since August Ssigned as company sec- of Mineral Commodities Ltd.
helped inject significant fi- 2019. Eddy Canova has also retary of Blaze Minerals Ltd He was previously manag-
nance into the company. joined the company as ex- and will be replaced by Sonu ing director of Firefinch Ltd.
ecutive operations officer to Cheema. Interim chief executive Adam
manage its Canadian portfo- Bick will continue as chief fi-
lio of battery metal projects. ndrew Nesbitt’s tenure nancial officer.
Aas chief executive of Re-
bigniew Lubienieki has source Mining Corporation ath Norman has re-
Zresigned from his posi- Ltd has finished and execu- Csigned from her roles as
tion on the board of Cosmo tive chairman, Asimwe Ka- chair, non-executive director
Metals Ltd as non-executive bunga, will now be responsi- and acting chief executive of
director and will continue to ble for day-to-day operations. Lincoln Minerals Ltd.
support the company on a
consulting basis. xperienced rare earth ozsef Patarica has been
Paul Stephen
Eexecutive Lloyd Kaiser Jappointed chief executive
ar Resources Ltd chief ormer Iron Ore Hold- has been appointed as chief of Strandline Resources Ltd.
Oexecutive Paul Stephen Fings and BCI Minerals executive of DY6 Metals Ltd.
has been elevated to man- Ltd managing director Al- Troth Saindi has also been tephen Walsh has been
aging director. Stephen was wyn Vorster has joined Alien hired as senior exploration Sappointed chief geologist
the co-founder and execu- Metals Ltd as non-executive geologist and will oversee at Tivan Ltd.
tive director of Crusader Re- chairman. Guy Robertson the company’s Malawian op-
sources. (finance director) and Eliza- erations.
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AUSTRALIA’S PAYDIRT SEPTEMBER 2023 PAGE 81
LEFTFIELD
Top night for Goldfields generosity
algoorlie drilling company Topdrill raised more than $243,000 for two
Kworthy charities at its annual Diggers & Dealers sundowner last month.
Proceeds from this year’s event went to the West Australian arm of the
Royal Flying Doctor Service (RFDS WA) and Goldfields-based paediat-
ric allied organisation Full Circle Therapies.
Topdrill has now raised $620,000 from its annual sundowners over the
last four years.
“This year’s event was outstanding, not only to welcome delegates
from across Australia at our state-of-the-art headquarters in Kalgoorlie,
but the opportunity to host an event that supports two vital services in
our Goldfields,” Topdrill founder and managing director Tim Topham said.
“Getting stuck in to support charities that support our Goldfields com- More than 350 people attended Topdrill’s annual Diggers & Dealers sun-
munity is what Topdrill is all about.” downer, with funds raised going to RFDS WA and Full Circle Therapies
In 2022, RFDS WA transferred 1,506 patients from the Goldfields re-
gion, an average of four per day. four-night cruise on the Kimberley Quest, including flights to Broome.
Full Circle Therapies will use the donation to help attract and retain al- RFDS WA CEO Judith Barker said while the Kalgoorlie community
lied health practitioners, ensuring that regional children have access to was generous all year round, she praised the resources sector for sup-
therapy currently not available in the Goldfields. porting this annual event.
More than 350 guests attended the event on the eve of Diggers & Deal- Full Circle chairperson Luke Bowler said: “What an amazing outcome,
ers. Prizes from the high-roller auction included a diamond necklace, vin- to raise $243,000 in three hours just shows the generosity and the impact
tage Penfolds wine, tickets to Coldplay’s only Australian concert and a that having Diggers & Dealers in Kalgoorlie has in our community.”
INDEX
Adriatic 78 Burrendong 61 Gold Fields 10, 18 Mineral Resources Richmond Vanadium
Albemarle 5, 12, 24, Buxton 80 Gold Road 18 10, 28, 29 81
32, 77 Green Technology 12 Mingjin 80
Aeris 64 Caspin 80 Moho 80 S2 52, 61
Agrimin 11 Catalyst 80 Hammer 78 Musgrave 38 Sandfire 72
Akora 81 Capricorn 18, 36 Hancock Prospecting Santos 77
Alien 81 CBMM 80 29 Neometals 28 Sibanye-Stillwater 70
Alkane 54 Chesser 10 Newcrest 10, 30, 34 Sigma 74
Allkem 24, 80 Cobre 72 IGO 21, 14, 25, 64 Newmont 10, 34, 55, Silver Lake 36
Alvo 79 Core Lithium 28 Iluka 26 58 Silvercorp 10
American Rare Earths Corella 80 Inflection 60 Northern Minerals 26 Sky 61
81 Cosmo 81 Northern Star 19, 40- SolGold 30
Anglo American 8 James Bay 12 41, 42, 44, 45, 64 Southern Gold 72, 81
AngloGold 60 Eastern Metals 80 SQM 5, 24
Antipa 79 Endeavour 80 Karora 39 Oar 81 St Barbara 36
Arafura 76 Evolution 34 Kincora 60 Octava 80 Strata Investment 72
Ardea 56 Kingston 59 Odin 52 Strandline 46, 81
Arizona Lithium 75 Dacian 36 Kinross 52 Okapi 80 Sunrise Energy 57
Ark 80 De Grey 4, 35 Kore Potash 81 Ora Banda 44 Sunshine 78-79
Armada 72 Delta 24, 29, 81 Kuniko 80 Orecorp 10
ASM 49 DY6 81 Terra Uranium 80
Atha Energy 80 Latin 74 Paladin 48 Tietto 80
Aurelia 46, 53 Endeavour 19 Legacy 55 Pangaea 81 Tivan 81
Aust Rare Earths 49 Energy Transition 8, 80 Lincoln 81 Panoramic 14 Tribune 80
Australian Vanadium EX9 56 Lindian 8 Patagonia 80 Trigg 11, 80
30, 76 Equinox 80 Liontown 5, 23, 32 Patriot Battery 12, 24 True North 15
AVZ 8 Evolution 45 Livent 25, 80 Peel 46
Azure 5, 24 Lode 58 Pilbara 24 Vale 52
Firefinch 81 Lunnon 80 Pioneer Lithium 12 Viridis 74
Battery Age 80 Fortescue 58, 77, 80 Lynas 8, 26, 45 Pivotal 81
BCI 11 Fortuna 10 Metals Acquisition Podium 81 WA1 80
Bellevue 18-23, 64 46, 60 West Wits 70-71
Besra 73, 81 Galan 29 Meteoric 72, 74 Quantum 8 Westgold 38, 44
BHP 6, 10, 14, 30, Galileo 79 Midas 80 White Cliff 80
53, 77, 80 Gascoyne 81 Midland 12 Ramelius 38 White Rock 55 s a l e s @ m i n e g e a r . c o m . a u
Black Cat 42 Genesis 18, 36, 81 Midwest Lithium 75 RareX 60 Wyloo 10
Blackstone 49 Gladiator 80 Mincor 10 Regis 42 + 6 1 8 9 3 3 8 0 2 6 0
Blaze 81 Glencore 46, 60 Mineral Commodities Resource Mining 81
Boss Energy 48 Godolphin 56 81 Rio Tinto 12
w w w . m i n e g e a r . c o m . a u
PAGE 82 SEPTEMBER 2023 AUSTRALIA’S PAYDIRT
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