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Published by Paydirt Media, 2017-10-11 23:00:12

GMJ129-October-December

LATIN

AMERICA

16-17 May 2018

Perth,Western Australia

LADU offers unrivalled access, information, opportunity and

discussion on mining in this dynamic region.

• An untapped region full of potential

• Establish new networks and build relationships with key stakeholders
• Gain unique access to Latin American ministerial delegations

• Exchange ideas
• Discover more about best practice in Latin America – government relations, law, infrastructure,

finance, security, sustainability and social responsibility

“The DFAT meeting room worked “It was a good conference and nice
really well and it was great to meet to have the positive sentiment
the delegations. Our meetings with the returning to the marketplace, Paydirt
Vice Ministers/Directors were definitely again playing a critical role in that
productive.” – First Quantum Minerals facilitation.” – 5th Level Consulting

www.latinamericadownunder.com

To present, exhibit or attend as a delegate please contact
Mel Fogarty on (+61) 8 9321 0355 or email [email protected]

DRILL BITS www.ddh1.com.au

mineralisation below and along strike from historical mining
areas.

The August programme at Mulwarrie, about 150km north-
west of Kalgoorlie, was completed in two phases, with
Phase 1 comprising 24 holes for 2,780m of drilling. It was
successful in identifying and validating the previous RC
drilling to the south of the Central Pit.

Drilling also targeted the area down-plunge of significant
intersections from the newly defined East lode, confirming
continuity over 75m down-plunge.

Millennium has intersected mineralisation Best intercepts included 5m @ 20.75 g/t from 114m
500m to the north of Shearers (including 2m @ 48.25 g/t from 114m, 4m @ 13.46 g/t from
57m and 10m @ 4.58 g/t from 71m) and 3m @ 43.52 g/t
MILLENNIUM FINDS EXTENSION TO from 72m (including 2m @ 64.73 g/t from 72m).
SHEARERS
Drilling from the southern zone also extended the high-grade
Millennium Minerals Ltd’s ongoing drilling and exploration zone to depths below 100m, highlighted by new zones of
work at Nullagine has flagged a potential increase to the mineralisation in the hanging wall. Some of the better assays
inventory and mine life of its Pilbara-based gold operations. included 9m @ 3.12 g/t from 101m (including 2m @ 9.29
g/t from 102m and 12m @ 14.66 g/t from 123m) and 3m @
Drilling has intersected mineralisation 500m north of the 30.57 g/t from 30m.
Shearers deposit, part of the Five Mile
mining centre, with a number of thick Meanwhile, positive initial results
intercepts reported such as 19m @ received from metallurgical test work
1.10g/t from 36m, 5m @ 3.02g/t from 51m has indicated the mineralisation
(including 1m @ 8.75 g/t), 14m @ 1.76g/t is amenable to conventional CIL
from 34m and 17m @ 2.89 g/t from 21m processing.
(including 3m @ 7.55 g/t).
SARACEN BUOYED BY
Geological remodelling has also identified CAROSUE DAM INTERCEPTS
a potential cutback to the Shearers pit.

Shearers is the second key target of A series of encouraging drilling
Millennium’s expansion initiative aimed at results has provided Saracen Mineral
establishing a minimum five-year mine life Holdings Ltd with plenty of optimism
at Nullagine, based on annual production for the future of Carosue Dam beyond
of 100,000oz. the existing five years of mine life.

DRILLING IGNITES SPITFIRE’S Saracen has identified potential mine Drilling of the Karari underground has
BELIEF IN MULWARRIE life extensions at Carosue Dam continued post the August update
of the 465,000oz reserve, with infill
Follow-up drilling at Spitfire Materials Ltd’s results including 18.1m @ 10.5 g/t,
Mulwarrie gold project has confirmed 42m @ 4 g/t, 36.3m @ 4.6 g/t, 29m
the presence of high-grade primary gold @ 5 g/t, 34.4m @ 4 g/t and 35m @
3.8 g/t.

Page 52

www.ddh1.com.au

At Deep South, infill intercepts of 8m @ 7.9 g/t, 9.1m @ 6.3 equivalent) from 58m downhole, including 0.6m @ 0.8 g/t
g/t, 3.8m @ 10.5 g/t and 6.1m @ 6.3 g/t has confirmed the gold, 2,090 g/t silver and 0.2% zinc (28.5 g/t gold equivalent)
existing resource, as per the FY2018 mine plan. from 85 m.
Only 10% of the target area has been tested to date.
Drilling of the dedicated hanging wall positions at Whirling Closed spaced drilling completed to date has also elucidated
Dervish has begun, with first results due later this quarter. further structural controls on high-grade shoots as well
as the broad vertical and lateral metal zonation within the
Saracen managing director Raleigh Finlayson said these stockwork vein system.
results provided evidence of Carosue Dam’s organic growth
potential. BEADELL RAMPS UP TUCANO DRILLING

“With the encouraging results at Karari and the Beadell is accelerating its exploration efforts around Tucano
commencement of drilling at Whirling Dervish, we will aim to
extend our visibility well beyond five years at Carosue Dam Beadell Resources Ltd has accelerated its near-mine and
and we anticipate further drilling updates over the coming regional exploration efforts following robust results from
months,” he said. drilling around the Tucano gold mine in northern Brazil.
A 4km corridor between the areas known as Tap AB and
GOLD ROAD FINDS GROWTH POTENTIAL AT Torres has been the main focus of Beadell’s drilling efforts,
GRUYERE with encouraging results such as 17.5m @ 7.55 g/t gold
from 56m, 5m @ 7.18 g/t from 26m, 15m @ 4.74 g/t from
Gold Road Resources Ltd has intersected high-grade gold 208m and 18m @ 1.75 g/t from 166m reported.
along strike of two trends at its Gruyere gold project, as part Beadell chief executive Simon Jackson said the company’s
of the company’s ongoing strategy to discover high-margin exploration strategy was to not only add near-term mineable
projects within a 25km radius of the under-construction CIL ounces to the reserve, but to also look for the next Tucano-
processing plant. style deposit.
“The ongoing results from Tap AB and the emergence of on
Best intersections along the 14km of strike which comprises strike extensions, including the Torres target, illustrate that
the Attila-Alaric trend included 8m @ 4.95 g/t from 205m, significant upside remains within 2km of the Tucano plant,”
3m @ 11.87 g/t from 123m, 11 metres @ 2.89 g/t from 20m, he said.
5m at 5.16 g/t from 114m and 1.6m @ 11.56 g/t from 276m.

Diamond intercepts 40m @ 2.51 g/t from 417m and 11m @
2.46 g/t from 85m were reported along the 11km Gruyere-
YAM14 trend, as well as RC hits of 8m @ 2.9 g/t from 88m
and 18m @ 1.26 g/t from 104m.

SILICA HILL CONTINUING TO HAVE AN
IMPACT

Assays have confirmed the near-surface bulk tonnage
potential of the Silica Hill prospect at Impact Minerals Ltd’s
Commonwealth gold project, about 100km north of Orange
in New South Wales.

Hole CMIPT063 recently returned 98m @ 0.7 g/t gold and
53 g/t silver (1.5 g/t gold equivalent) from 58m downhole,
including 31m @ 1.3 g/t gold and 70 g/t silver (2.2 g/t gold

Page 53

AFRICA

Making it happen
in West Africa

by Mark Andrews

Mako Gold Pty Ltd will hit the ASX with a pipeline
of targets to drill.

The company is on track to complete a $5.5 million
IPO in Q4 and included in the offering will be
exposure to a farm-in/JV play with established West
African gold miner Perseus Mining Ltd.

The deal with Perseus was announced in September
and concerns the Napié permit in Côte d’Ivoire.

Mako can earn 51% in the Napié permit by spending
$US1.5 million over three years and 75% by sole
funding to completion of a feasibility study.

Mako managing director Peter Ledwidge, who Mako Gold chairman Mark Elliott with managing director Peter Ledwidge and
helped discover Natougou in Burkina Faso for Orbis general manager of exploration Ann Ledwidge in Perth earlier this year
Gold, now being developed by SEMAFO, said
realising the potential at Napié quickly would be
the task upon listing.

“We like to hit a project hard and evaluate the between the granite and greenstone, so we still want our
potential as soon as possible. Then you can move it to the soil programme to go 1-2km into the granite which is the
next stage,” he said. traditional environment,” he said.

“We are going to drill immediately after listing and there are Mako plans to spend about $3.5 million on exploration during
four different prospects just on the Côte d’Ivoire project. We a two-year period in the hope of landing a big fish to raise
have a 300sq km permit and four prospects Perseus has more money on the back off.
taken to drill-ready stages.”
“Our intent is to make a discovery and do a larger raising, in
Ledwidge said one diamond hole would be drilled into each the order of $10-20 million, so that we can really move the
prospect followed, subject to striking mineralisation, by a project along quickly,” Ledwidge said.
further four or five RC holes.
Ledwidge has form with West African junior explorers and
Rock chip samples up to 59.4 g/t gold and intersections from said Mako was in the enviable position of having people
RAB drilling of 5m @ 3.66 g/t gold, 4m @ 8.49 g/t, 9m @ interested in the story at an early stage.
3.76 g/t, 16m @ 2.08 g/t and 6m @ 3.12 g/t has Ledwidge
excited to start drilling in Côte d’Ivoire. Furthermore, established new mining codes in both countries
and acknowledgement from their respective governments
Being a start-up explorer, Mako will engage a small mobile about the benefits a flourishing sector could bring provided
geological crew which will alternate between Côte d’Ivoire some certainty for investors, according to Ledwidge.
and Burkina Faso, where Mako has the Niou and Tangora
projects, with the latter to be drilled early on. “I see Cote d’Ivoire being the same opportunity as Burkina
Faso was in the mid-90s where they are just realising what
“If we drill in Côte d’Ivoire, then while we are waiting for the opportunities are for foreign investment coming in for
assays to come in we will use the crew to go and drill the exploration,” he said.
other project. We will be drilling each one of them and also
be conducting a regional soil sample programme on the “There are only half a dozen serious explorers and producers
eastern half of the Tangora permit,” Ledwidge said. there. There are some newcomers in there who have a
reasonable chance of making discoveries, but I’d say Côte
Ledwidge said the western half of Tangora was all granite, so d’Ivoire has more greenstone [potential] than any other West
there was no use wasting money on that part. African country.”

“High-grade ore deposits are usually located at the contact

Page 54

Toro charging ahead
in Senegal

by Mark Andrews

There is a strong Australian influence behind the construction of Mako in
Senegal, with the likes of Lycopodium and Ausdrill subsidiary AMS involved

There is a sense West African gold players are back in The proposition Toro will be taking to market is the 1.8 mtpa
vogue thanks to a solid gold price and Toro Gold Ltd is CIL Mako gold project in Senegal, which is poised to deliver
well placed to take advantage of improving market conditions. 1 moz gold over an initial eight years.

“A lot of companies that we were benchmarking ourselves Construction of the $US158 million project started in August
against have been a bit quiet, but there has been a bit of a 2016 and is on track for first gold to be poured during Q1
resurgence in West African gold and that correlates to the 2018.
current strength in the gold price,” Toro chief executive Martin
Horgan told GMJ. “Private equity investors dominate our register and at some
point we will need an equity or liquidity event, so the most
“It certainly feels like there are a lot more supporters than obvious is an IPO,” Horgan said.
there was compared to a couple of years ago. I am not quite
sure it is buoyant, but it certainly seems like it is heading the “The big question for us now is the timing. Do we do it pre-
right way.” or post-commissioning of operations at Mako? And, as we
are getting closer to that date that is a conversation we will
Further improvements in the gold sector will be beneficial for have with our shareholders, whether we go before or after
Toro as the time comes for the company to consider listing [commissioning] with the first quarter of next year being a
on a stock exchange. potential window to list.”

So far, the company has been heavily backed by private Toro is currently headquartered in Guernsey, making the
equity investors and shareholders, however, Horgan is aware LSE an obvious place to list and Horgan has all but ruled out
a conversation around launching an IPO is approaching. finding a home for the company in Canada.

Page 55

AFRICA

“There is a significant Australian First gold
content for the project – Lycopodium production
[Minerals Pty Ltd] construction, from Mako
Ausdrill [Ltd] as mining contractor, is expected
RCF out of Perth is on the register, in Q1 2018
as well as African Lion, Macquarie

– so the ASX potentially pays that,

but obviously there is a UK element

to the company and a West African

flavour to consider as well. My sense

is that it won’t be Canada and it will be

one of the ASX or LSE,” Horgan said.

Toro can consider its listing options of the sector. He recognises the potential to add dollars to
with some comfort, as construction at central treasury.”
Mako is progressing smoothly.
With a supportive government behind it, Horgan said, Toro
The company broke ground successfully at the eastern would look to revisit exploration and assess ways to extend
Senegalese project last year, while the majority of materials Mako beyond its current mine life.
and significant equipment has been purchased.
“I think exploration has been key to our success to date and
“The equipment required is already at site so it is now a we have a good track record which we’d like to maintain,” he
case of bolting things together. I think regards physically said.
completing the project we are in good shape. There is clearly
operational readiness, we have the GM in place and he is “It is difficult to be doing exploration while we are building
getting his team up to speed now,” Horgan said. the project; having drill rigs and drillers in and around
while we are trying to build. We will certainly see on-lease
At the time of print, 1,100 people were on site – 90% of exploration ramping back up as we see construction heading
whom are Senegalese – as construction nears completion to completion.”
and operational staff gear up for commissioning.
Horgan said in addition to on-lease exploration at Mako,
Mako will become one of the few gold producing assets in the Cote d’Ivoire remained an emphasis of exploration for the
country. Teranga Gold Corp has been producing at Sabodala company.
for some time; the TiZir Ltd is busy with mineral sands at
Grand Cote, Randgold Resources Ltd is undertaking Toro is JV partner with ASX-listed Predictive Discovery Ltd
feasibility at the Massawa gold project, also in the country’s at Boundiali in Cote d’Ivoire, where good progress is being
east; and IAMGold Corp is continuing with exploration at the made.
greenfields Boto project.
Recent results from RC drilling included 1m @ 22.2 g/t
“Senegal doesn’t have a particularly deep mining sector, so gold from 51m (Gbemou), 1m @ 9.48 g/t gold from 5m
we are basically next cab off the rank which is clearly good (Nyangboue South), 1m @ 7.59 g/t from 16m (Gbemou).
for government royalties, taxes and employment,” Horgan
said. “Our exploration focus has been on the Cote d’Ivoire project
with Predictive and we are pretty happy with the results
“I think Bassari [Resources Ltd] are not far behind us in there. We have done some exploration outside of the permit
getting things moving. The Senegalese sector is small trying to find more ounces,” Horgan said.
compared to neighbouring Mali, but it is growing. The Mining
Minister is an ex-geologist by trade and is very supportive

Perth,Western Australia The CD-Rom for the 2017
Africa Down Under Conference

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Page 56

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HIDDEN TREASURES

Perth’s heart of gold

The Gold Industry Group launched
the Heart of Gold Discovery Trail at
Elizabeth Quay, Perth, in October.

The virtual trail is the first self-guided
tour of its kind, giving people an
interactive gold experience via the
Heart of Gold Australia app, which can
be downloaded for free from iTunes or
Google Play.

Starting at Elizabeth Quay and ending
at The Perth Mint, the gold treasure trail
takes visitors on a journey of discovery –
from today back to the early gold rushes
as it signals 12 locations of significance
throughout the city.

Trailblazers will receive a Heart of The Heart of Gold Discovery Trail is sponsored by Gold Industry Group members The Perth
Gold commemorative medallion on Mint, Gold Fields Australia Ltd, Ramelius Resources Ltd, the City of Kalgoorlie-Boulder,
completion of the trail at The Perth Mining Education Australia, Northern Star Resources Ltd and Gold Road Resources Ltd
Mint, and will go into the draw to win
a real gold nugget from Ramelius
Resources Ltd’s Wattle Dam mine.

Mining Education Australia and the set to celebrate the anniversary of Paddy Hannan, Thomas
WA School of Mines have also joined together to give visitors Flanagan and Dan O’Shea finding gold at the base of Mt
the opportunity to see inside a gold mine using virtual reality. Charlotte 125 years ago.

Perth’s gold trail will be the first of many digital journeys
coming to Australia. In 2018, a trail in Kalgoorlie-Boulder is

INDEX 4, 47 Emmerson 30 Mount Gibson 21 SEMAFO 54
21 Endeavour 38 Musgrave 21
Acacia Evolution 19, 30 Silver Lake 18-23
ACH Minerals 17, 30, 50
AngloGold 12-13 SolGold 36
Artemis 46
Atlantic Newcrest 10, 30, 33 Southern Hemisphere 13

Gascoyne 16, 27 Newmont 48 Spitfire 52
Gold Fields 5, 27, 30
Gold Road 16, 27, 53 Nordgold 44 St Barbara 30

Barrick 29, 49 Northern Star 17, 19, 28-29 Stratex 36
Bassari 56
Beadell 53 Novo 4, 12-13, 14 Sumatra 10
BHP 48
IAMGold 56 OreCorp 47 Talga 12-13
Impact 13, 53 Orinoco 50 Teranga 56
Independence TiZir 56
16 TMAC 48
Torian 17
Calidus 13, 14-15 Kairos 13 Perseus 41, 54 Toro Gold
Capricorn 16 Kefi 40 Predictive 56 Troy 55-56
Cardinal 45 Kin 50
Centerra 36 Kirkland 5
30
Rand 17
Dacian 5, 16, 24-27, 40 Mako 54 Randgold 56 Venturex 13
De Grey 12-13 Merdeka 10 Regulus 29
Doray 16, 30 Metals X 21
Draig 8 Millennium 52 Sandstorm 42 West African 37
Saracen 52-53 Westgold 21

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