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Published by Paydirt Media, 2020-09-24 03:41:08

pd287-Oct20-mag-web_Neat

SPEAKER HIGHLIGHTS













John Welborn Oley Dibba-Wadda Richard Hyde Karl Simich Tim Carstens
Managing Director and CEO President and CEO Managing Director Managing Director and CEO Managing Director
Resolute Mining Ltd Gam Africa Institute West African Resources Ltd Sandfire Resources NL Base Resources Ltd
for Leadership (GAIL)









Tom Revy Paul Roberts Mike Christie Peter Ledwidge
Managing Director Managing Director Director - Exploration Managing Director
BlackEarth Minerals NL Predictive Discovery Ltd First Quantum Minerals Ltd Mako Gold Ltd










Len Kolff John de Vries Allan Mulligan William Witham
Chief Operating Officer CEO and Managing Director Executive Director Chief Executive Officer
IronRidge Resources Ltd Black Rock Mining Ltd Walkabout Resources Ltd AAMEG









David Turvey Mark Strizek Mark Jessell Speaker TBA
Managing Director Executive Director Director Mayflower Capital Investments
Kogi Iron Ltd Tietto Minerals Ltd Agate Project Ltd


SIGN UP TODAY AND JOIN OUR SPONSORS AND SUPPORTERS TO DATE:



























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aUSTRaLIa’S PaYDIRT OCTOBeR 2020 Page 101
aUSTRaLIa’S PaYDIRT OCTOBeR 2020 Page 101aUSTRaLIa’S PaYDIRT OCTOBeR 2020 Page 101

ReGIonAL RoUnDUP AFRIcA





BlackEarth revs up for more testing




hen COVID-19 infections around the
Wworld began to spike earlier this year
and countries such as Madagascar started
closing their borders, BlackEarth Miner-
als Ltd managing director Tom Revy had a
heart-in-mouth moment.
A shipment carrying about 60t of graphit-
ic material from BlackEarth’s Maniry pro-
ject was due to leave Madagascar for the
BGRIMM testing facilities in China. It was
considered one of the most important de-
liveries in the company’s short history given
the results of the planned laboratory tests
would ultimately be fed into an upcoming
BFS.
With international travel restrictions sud-
denly implemented in a bid to slow the
spread of COVID-19, Revy could have
been forgiven for thinking the shipment
might not make it into China. Fortunately, BlackEarth managing director Tom Revy (pictured left) on site at the Maniry graphite project in
those concerns were quickly alleviated and southern Madagascar
a three-month pilot programme to test the
sample will soon be under way.
That test work has since become even Revy said the BGRIMM testwork would and the variability that was contained in the
more vital with BlackEarth recently signing help to validate RHI’s required product material in the ground. Then it was to un-
a binding offtake MoU with Tier 1 refractory specifications and allow both parties to derstand what the offtakers wanted, what
producer RHI Magnesita. Under the MoU, advance the terms and conditions of the products were in demand and what was be-
BlackEarth will work with Austria-based agreement. ing projected as high-demand, high-value
RHI to explore opportunities to produce “Like a lot of graphite producers, we’re products in the future.
tailor-made natural graphite concentrate held by confidentiality in terms of what the “Then we did metallurgical test work to
samples and products using material from detail of the offtake arrangements are, but make sure that based on our understand-
Maniry. suffice to say they are binding in terms of ing of the material in the ground and the
“We’ve stated since day one our aim moving to the next stage,” he said. specifications needed in the marketplace
was to work with Tier 1 companies and to “Everyone is focused on what is required that we could match the two together and
that extent that also encompasses offtake,” in order to formulate a formal sales offtake have a robust flowsheet which could pro-
Revy told Paydirt after announcing the arrangement and to that end some broad- duce those specifications on a medium to
MoU in August. based terms and conditions have already long-term basis.”
“The banks and equity markets take been agreed to.” Revy said restrictions on regional travel
greater comfort when they see you deal- BlackEarth’s testwork so far has con- in Madagascar had limited the company’s
ing with a quality company because it gives firmed that graphitic material from Maniry is ability to undertake some work on the
them greater comfort in terms of decreas- suitable for anode production in the battery Maniry project, located in the south of the
ing the risk on the revenue side. It’s always market, but it is the medium-sized material island nation, but he did not believe Black-
tough to get offtake arrangements with Tier ideal for the refractory industry which the Earth had been adversely impacted by the
1s because obviously they’re bombarded company is especially targeting in this up- shutdowns implemented to slow the spread
by both up-and-coming and current pro- coming programme. of the coronavirus.
ducers for product sales, but that didn’t de- Coarse material for fire-retardant and foil “The Government is doing its best. It has
ter us. We understood it takes a long time production in the expandables market is quarantined people, they’ve basically re-
and there’s perhaps more red tape involved also part of the company’s potential product stricted movement within the major cities,
in getting there. suite. they’ve had curfews, etc to minimise the
“We have now tested our material fairly Revy said the company’s commitment to impact,” Revy said.
extensively and we are comfortable both testing had put it in a strong position ahead “I think in reality they’re no different com-
from an offtaker testing and independent of the scheduled completion of a BFS on ing out of this any faster or later than most
laboratory testing point of view that our Maniry during the first half of next year. other sub-Saharan countries. As for the
products will fit into three main categories.” “Everything we’ve done has been, I think impact on us, we would like to do some
RHI is a leading supplier of high-grade it’s fair to say, Rolls Royce,” Revy said. more drilling once regional travel is permit-
refractory products, systems and solutions “The aim was to understand the variabil- ted because we already have the drill rigs
which are critical for high-temperature pro- ity in material which historically has been a there. We would like to drill the higher grade
cesses in a wide range of industries such challenge to some operations in terms of north-west area as part of the BFS and in-
as steel, cement, non-ferrous metals and producing a consistent product to the speci- corporate those results into the final data.”
glass. fications of their off-takers. Our first stage – Michael Washbourne
was to understand what was in the ground

Page 102 OCTOBeR 2020 aUSTRaLIa’S PaYDIRT

Complete





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SERVICES INCLUDE:
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MAINTENANCE
GRADE CONTROL DRILLING

BLAST HOLE DRILLING
DEWATERING

MINE PLANNING AND DEVELOPMENT








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services solution for your project.



www.capdrill.com | [email protected]

ReGIonAL RoUnDUP AFRIcA




Shandong upped its offer for Cardinal Resources to $1/share last month
Metal Tiger plc, an existing shareholder
of both Cobre and Kalahari Metals, will
reduce its current stake in the Kalahari
Metals JV from about 62% to 49% post-
completion.
Exploration on KML’s tenements was
in progress at the time of print, with future
exploration activities to be jointly funded
under the proposed JV arrangements with
Metal Tiger.

Mali Lithium goes

for gold


Mali Lithium Ltd has made the bold deci-
sion to pursue the acquisition of an 80%
interest in the Morila gold mine from Bar-
rick Gold Corp and AngloGold Ashanti Ltd.
The purchase is estimated to cost $US22-27
Up and up for production from Namdini could start in the million, with the acquisition subject to Mali
Lithium securing acquisition finance and no
first half of next year.
A capital cost of $US390 million (includ-
Cardinal ing $US42 million contingency) is required objection from the Malian Government.
Close of the transaction is being targeted
to build Namdini, with a 2019 feasibil- for the end of this month. Mali Lithium will
Shares in Cardinal Resources Ltd sky- ity study indicating production of 287,000 raise up to $70 million to fund the acquisition,
rocketed to all-time highs – $1.02c/share ozpa gold over at least 15 years. with Resolute Mining Ltd to join the register
– in early September as Shandong Gold It is estimated that 1.1 mozpa gold will be as a strategic investor.
Mining Co. Ltd exercised its right to match produced from Namdini in the initial three Morila has produced in excess of 7.4 moz
or make a superior takeover proposal for years of operations. gold over 20 years from a 4.5 mtpa plant. It
the company. Assuming a $US1,550/oz gold price, currently boasts an inferred resource adja-
Shandong increased its offer for 100% the feasibility study estimated AISC of cent and beneath Morila totalling 32mt @
of Cardinal to $1/share after NordGold $US895/oz over 15 years, payback of nine 1.26 g/t gold for 1.3 moz contained within a
S.E. upped its own takeover bid to 90c/ months, pre-tax NPV of $US1.4 billion and conceptual pit shell of $US1,250/oz.
share. pre-tax IRR of 57%. A new resource and updated mine plan
“Cardinal notes while the further im- were reportedly being prepared in light of
proved offer is no longer subject to Chi- “prevailing gold prices”.
nese regulatory approvals or FIRB ap- Botswana calling “Morila is one of West Africa’s great gold
proval, it remains subject to a number of mines and we are excited and privileged to
conditions, including the minimum accept- for Cobre acquire a mine of Morila’s calibre with its
ance condition of 50.1%,” Cardinal said in past production plus mineral resources [gold
a statement. Cobre Ltd has joined the copper-rich endowment] of 8.7 moz gold,” Mali Lithium
“The further improved offer from Shan- region of the Kalahari copper belt in Bot- executive chairman Alistair Cowden.
dong Gold is now being carefully consid- swana. “This is truly a transformative transaction
ered in detail by the board, together with A binding heads-of-agreement for the for the company as we become a gold pro-
the special committee and its financial and proposed scrip-based acquisition of 51% ducer. We have a unique advantage as the
legal advisers. Cardinal will also continue of the equity of private UK company Kala- newest gold producer on ASX as Morila has
to engage with Shandong Gold in respect hari Metals Ltd (KML) was signed in Au- all the infrastructure required of an operating
of the further improved offer.” gust by Cobre. remote gold mine as well as the expertise of
Since competing offers were made for KML controls 8,100sq km in Botswana the operating team. We will benefit from the
Cardinal by Shandong and NordGold, it (6,650sq km 100%-owned and 1,450sq substantial sunk capital invested by the pre-
has always been the company’s prefer- km in JVs), the second largest tenure vious owners over the last 20 years.”
ence to reject NordGold’s proposal and holding in the country behind Sandfire Re-
accept Shandong’s bid; a stance which sources Ltd.
remains. At the time of print, Cobre was undertak- Alistair Cowden
Interest in Cardinal is fuelled by its 5.1 ing due diligence on KML’s ground, with a
moz Namdini gold project in Ghana’s Up- final decision to proceed, which is subject
per East region. to various conditions, to be voted on by
Sovereign Parliamentary Ratification for shareholders at this month’s AGM.
a mining licence at Namdini, which is valid Under the proposed deal, Cobre will
for a renewable term of 15 years starting purchase an initial 49.9% stake, increas-
in 2020, was received recently and FEED ing to 51% subject to regulatory approvals,
activities expected to be completed in Q4. funded by the issue of 21.4 million Cobre
Meanwhile, the resettlement action plan shares at 20c/share, to be escrowed until
is targeted for completion in Q1 2021, as January 31, 2022.

Page 104 OCTOBeR 2020 aUSTRaLIa’S PaYDIRT

If its not INVAL, it’s not Invincible

ReGIonAL RoUnDUP





Gloves off, Xanadu punches on



at Kharmagtai




or the first time in a decade the Tier 1 work Hill and Copper Hill,” Moorhead said. out return.
Fcopper-gold porphyry potential at Khar- An interim resource of 600mt contain- Strong support for the placement indi-
magtai, one-hour drive from Oyu Tolgoi, ing 1.9mt copper and 4.3 moz gold (2.6mt cates an acceptance of the reset Xanadu
Mongolia, could be given a fighting chance copper equivalent), including shallow, high- has embarked on, which has included
of being fully realised. grade mineralisation of 54mt @ 0.86% cop- Stewart moving back to Australia from
Kharmagtai is the flagship asset of per equivalent for 317,000t copper and 1.13 Mongolia and culminated with the newly
Xanadu Mines Ltd, which had pivoted moz gold is the base at Kharmagtai ahead developed chief operating officer role for
towards bringing a low-cost, high-value of upcoming exploration and resource drill- Munkhsaikhan Dambiinyam in-country and
small oxide gold development into fruition ing. the appointment of chief financial officer
by capitalising on the gold cap identified at “For us it is about getting back to drill- Spencer Cole mid-year.
Stockwork Hill. ing and progressing to that next resource. Xanadu’s executive team is vastly differ-
The company has come to understand We will start a very aggressive 3-4 rig ent to last year, with the crew of Stewart,
that while there is oxide gold at Kharmagtai, programme soon. We get to really take Cole, Dambiinyam, Ganbayar Lkhagvas-
it is supergene in nature and therefore “this the gloves off with the project and give it uren (executive director) and Mat Brown
limits the potential size of the oxide gold de- the drilling it deserves; it has had that stop (chief geologist) eager to embrace the fu-
posits there, with only small oc-
currences identified to date”.
A desktop study is underway
to determine the oxide gold
possibilities at Kharmagtai, but
meanwhile Xanadu has revert-
ed to demonstrating the project
could be regarded in the same
class as Oyu Tolgoi and Cadia
Valley, New South Wales.
“Kharmagtai is a large and
complex, gold-rich porphyry
copper system that bears all the
hallmarks of a potential Tier 1
asset, with many similarities to
giant deposits such as Oyu Tol-
goi in Mongolia and Cadia Valley
operations in New South Wales,”
Xanadu non-executive chairman
Colin Moorhead told sharehold-
ers at the company’s AGM in late
July.
Shortly after starting as chair-
man of Xanadu in November,
Moorhead accompanied chief
executive Andy Stewart to see
Kharmagtai, South Gobi, first- Unlike some porphyry systems which have an epithermal gold cap,
hand. the gold at Kharmagtai identified to date is supergene in nature
After seven years managing
global exploration and resource develop- start progress ever since Ivanhoe [Mines ture at Kharmagtai starting in an environ-
ment for Newcrest Mining Ltd (2008-2015) Ltd] had it 10 years ago. Now a company is ment of improving copper prices.
and chief executive of PT Merdeka Copper funded to really give the project the drilling Copper was edging $US3/lb at the time
Gold as it built Tujuh Bukit in Indonesia, and focus it needs,” Xanadu chief executive of print as supply disruptions and China’s
Moorhead can call on vast experience to Andy Stewart told Paydirt. swift economic recovery from COVID-19
guide both project and company in the de- A two-tranche placement to raise $12 were factors in the red metal’s price rising
sired direction. million was announced in August, with Ar- to almost three-year highs in August.
“To be considered a true Tier 1 copper- gonaut Securities Pt Ltd and CLSA Aus- There are concerns that China alone
gold deposit, Kharmagtai needs to grow in tralia Pty Ltd joint lead managers to the won’t be able to offset the weaknesses of
size and grade. These outcomes are clear- placement. economies in other parts of the world and
ly possible with more drilling, as the miner- Key shareholders in Xanadu – Asia that growth in the copper market will soften
alisation defined to date remains open in all Capital and Advisors Pte Ltd and SSI Asset in 2021.
directions, and importantly, there is clear Management AG – backed the placement, “We’ve been waiting for copper to run,
evidence of higher-grade zones at Stock- which also saw institutions which had sold there hasn’t been success in finding new


Page 106 OCTOBeR 2020 aUSTRaLIa’S PaYDIRT

AsIA










A two-tranche placement to raise $12 million was announced
in August by Xanadu
copper orebodies and the trigger [price] Hugo Dummett North underground mine at [Ltd], which are both TSX-listed. So, you
to start building new mines is $US3.50/lb,” Oyu Tolgoi was included in the study, which have one of the biggest gold investors in-
Stewart said. also confirmed that the caving method of vesting in Mongolia,” Stewart said.
“The long-term fundamentals of copper mining is suitable. “We were able to bring on some very
are good on the back of the shift to clean Meanwhile, the underground schedule good domestic institutions into this raising
energy, batteries and EVs. We are making and costs as previously announced re- which was very pleasing. I think people
good progress at Red Mountain [420km mained for Oyu Tolgoi, meaning a delay are starting to look at Mongolia and maybe
south-east of Ulaanbaatar] where we are of 21-29 months for first sustainable pro- some of the issues around Oyu Tolgoi are
working under JV with JOGMEC, which is duction compared to the original feasibility Rio Tinto issues, it is not about the country.
positive for Mongolia with the Japanese in- study guidance in 2016 and an increase of “It is not the country delaying the pro-
vesting in our project. The Japanese have $US1.3-1.8 billion from the original $US5.3 gress of the project, in fact to the contrary,
always had a steady supply of copper and billion development capital. they are an equity holder in the project and
haven’t invested in exploration for a decade Detailed study, design, engineering and want to see it go into production. The under-
or so and it shows that Japan is prepared to optimisation work is ongoing to support the ground delays and capex aren’t Mongolia’s
invest in the future supply of copper.” definitive estimate of Panel 0 for the devel- issues.
Not long ago, there were few prepared opment of Oyu Tolgoi is due to be com- “I think that is the whole thing, people
to contemplate investing in Mongolia given pleted in the second half of 2020, with Rio have been saying that the relationships are
the perceived difficulty of doing business Tinto stating that delays and costs could be not good and now we know why it is not
in country as headlined by Rio Tinto Ltd’s subjected to ongoing COVID-19 matters. good because there is a capex blowout and
struggles at Oyu Tolgoi. “Mongolia is a place that hasn’t seen a time delay and Mongolia had to buy that
In July, Rio Tinto advised it had com- lot of investment in the last few years with equity.”
pleted an updated feasibility study on Oyu the ongoing issues at Oyu Tolgoi. But Eric
Tolgoi and was in the process of submitting Sprott has put $C15 million into gold com- – Mark Andrews
it to the Government. pany Erdene [Resource Development
A new mine design for Panel 0 of the Corp] and $C15 million into Steppe Gold







GET
YOURS
TODAY






Past and present Conference
Proceedings and USBs are
available for sale


For details or to download
an order form, visit
www.newgengold.com


Phone (+61) 8 9321 0355 or
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Jointly organised by:


Keith Yates & Associates Pty Ltd




aUSTRaLIa’S PaYDIRT OCTOBeR 2020 Page 107

SIGNED, SEALED AND DELIVERED


































Rapid Crushing and Screening Contractors has taken delivery of the Jonsson L160 primary crusher, which weighs nearly 190t

Jumbo arrives at Rapid it nearly eliminates the need for separate Macarthur steels ties with
rock breaking.
What is believed to be the biggest “It can produce big tonnages, at the RCR
track-mounted rock crushing machine in best price possible and is the ideal so-
the world has recently arrived in Western lution for mines having a stand-down or Macarthur Minerals Ltd has engaged RCR
Australia. unplanned failure of a mine’s primary jaw Mining Technologies Pty Ltd to provide a con-
In a world first for a private contractor, crusher. The L160 can be mobilised as a ceptual engineering and design solution for
Perth-based Rapid Crushing and Screen- stop-gap measure to minimise downtime rail transport and unloading infrastructure of
ing Contractors has recently taken deliv- and maintain high volume processing,” magnetite concentrate at the Port of Esper-
ery of a Jonsson L160 primary crusher. he said. ance.
Rapid Crushing and Screening Con- Rapid obtained the machine to fill a A subsidiary of NRW Holdings Ltd, RCR
tractors operations manager Glenn Irvine void in mine-site crushing and screening holds an exclusive license to develop the He-
said the crusher was built in Sweden and work that exists Australia-wide. lix dumper system in Australia and, in combi-
is the first of its type in Australia. Because of its capacity, Rapid antici- nation with Kiruna Wagon, has the ability to
The mega unit has been fitted with a pates considerable demand for the ma- manufacture both the dumper and wagons in
host of optional features, including a Met- chine. Western Australia.
so C160 jaw crusher, a large feeder, rear The machine’s fleet number is 747, Macarthur has tasked RCR with examining
support legs and hopper extensions. hence it has been appropriately nick- the potential of deploying the cutting-edge rail
“It is the ultimate mobile machine for named, Jumbo. unloading technology, which has been suc-
open quarries and mines that require a Whilst Jumbo does not have the capac- cessfully used in Scandinavian magnetite
seriously high capacity, heavy duty unit ity to fly from site to site, Irvine said the operations for several years, across the com-
with the ability to accept up to 1,200mm machine is surprisingly easy to transport, pany’s flagship Moonshine magnetite depos-
ROM rock,” Irvine said. which is just as well as its first project will its at Lake Giles.
Irvine said its use reduces costs in- be at a site in northern Queensland. If constructed, the Helix dumper system will
curred through sorting oversize ROM as be capable of handling tonnages well in ex-



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Page 108 OCTOBeR 2020 aUSTRaLIa’S PaYDIRT

cess of Macarthur’s immediate requirements running, with the company looking forward specialising in the sale and distribution of
for the Lake Giles iron project, providing the to seeing it perform. mineral commodities.
potential for increased trade through Esper- “This fantastically built, high capacity The initial focus for Conrad will be to en-
ance, subject to capacity elsewhere within Schramm T685 is already busy working gage with existing customers which have
the port. for our valued clients,” Strike managing di- already been identified. Conversion of let-
It also has the potential to optimise the ex- rector Richard Bennett said. ters of intent for fully refined halloysite-kao-
isting capacity of the Berth 3 ship-loader, en- “Using large diameter RC, this machine lin product into legally binding agreements
hancing its current performance from 2,200 is capable of drilling to 600m. The newest will be an emphasis.
tph to about 4,500 tph where out-loading machine to the Strike fleet is ideal for the It is expected Conrad will target other
speeds are increased to match. toughest drilling projects. customers, predominantly from the key
Following completion of the engineering “With our new and existing state of the Asian markets, where the company is
design report by RCR, Macarthur will engage art equipment, we look forward to working looking to secure toll-refining and other re-
with key stakeholders on a preferred option alongside our clients to help them achieve lated business opportunities.
for the development of unloading infrastruc- their goals.” Andromeda said it was confident of
ture at the Esperance port. landing binding offtake agreements for
Conrad on the charge both fully refined and initial DSO products
Depco at the drill-ready Andromeda Metals Ltd has teamed with from its Poochera halloysite-kaolin project
in South Australia.
for Castillo Conrad Partners, a leading internationally-
focused marketing and logistics business
Castillo Copper Ltd has appointed Depco Lucky No.13 for Strike Drilling
Drilling as the lead contractor for its upcom-
ing RC and diamond campaigns at the Big
One deposit and Arya prospect within its Mt
Oxide project in north-west Queensland.
Depco is a privately-owned Queensland-
based group which has been operating
since the early 1960s and has significant
experiences across multiple projects in the
Mt Isa Basin area.
Subject to legal review and Castillo
shareholder approval, Depco has agreed
to accept a material proportion of its drill-
ing fees in Castillo shares, with a six-month
voluntary escrow period.
Castillo hopes to complete around
3,400m of RC drilling at Arya and 4,400m
of RC drilling at Big One, followed by an in-
cremental diamond drilling campaign at the
latter.
Strike Drilling expands

with 13th rig

Drillers around Australia are in great de-
mand and it is therefore timely that Strike
Drilling has expanded with the times with
the addition of a 13th rig to its fleet.
Strike’s latest rig recently hit the ground



NUCLEUS















+ 27 (0)11 028 1181 [email protected] www.nucleusml.co.za



aUSTRaLIa’S PaYDIRT OCTOBeR 2020 Page 109

DRILL BITS www.capdrill.com www.capdrill.com





De Grey does it again gold mineralisation at Falcon over 1.5km, drill core from the Breadalbane Mine soil
with significant results including 21m @ target was also in progress, while a new
There is significant potential to grow the 3.4 g/t gold from 40m and 19m @ 2.1 g/t soil gold anomaly was defined at Hume
gold endowment at Hemi, according to from 68m, 12m @ 2 g/t from 93m, 21m West.
De Grey Mining Ltd, after the discovery of @ 1.1 g/t from 102m, 29m @ 1.3 g/t from
another prospect, Falcon, at the Pilbara- 56m. More assays were pending at the
based project. time of print.
“Reinterpretation of the overall geol- Meanwhile, follow-up RC and diamond
ogy shows the Aquila intrusion strikes for drilling indicated consistent gold minerali-
1.2km in a south-west orientation and the sation with intense brecciation and altera-
new Falcon intrusion strikes for over 1.8km tion over the northern 240m of strike and
in a distinctly north-south orientation,” De to 200m depth.
Grey managing director Glen Jardine said. Highlights included 58m @ 2.1 g/t gold
“Aircore drilling is continuing to track the from 64m, 11m @ 1.2 g/t from 199m and
Falcon intrusion to the south. Opportuni- 24m @ 0.8 g/t from 167m (the RC pre-col-
ties to extend Hemi and to identify similar lar ends in mineralisation with the diamond
large-scale, near-surface Hemi-like intru- core extension intersecting intensely brec-
sions in the Greater Hemi area are being ciated and sulphide rich alteration for a fur-
actively pursued, with two aircore rigs in ther 69.8m downhole, with assays pend-
operation.” ing) and 31m @ 1.3 g/t from 88m.
Assays from aircore drilling confirmed
History prevails
for Sky at
Cullarin

Re-sampling of historic
drill holes from Hume at
the Cullarin gold project, An encounter with
near Goulbourn, New
South Wales, has proved Havieron
fruitful for Sky Metals Ltd. A 300m RC hole will be drilled by En-
Highlights included counter Resources Ltd at the Elsa pros-
134.1m @ 1.1 g/t gold pect on the company’s Lamil project, near
from 25.9m (including the Telfer mine in Western Australia’s Pat-
12m @ 3.96 g/t from 32m erson Province.
including, 4m @ 7.15 g/t “High-grade gold has been intersected
from 32m) and 135.8m in broad spaced drilling over 5km of the
@ 0.73 g/t from 23.8m Lamil dome. Innovative new geophysical
(including 7m @ 5.14 g/t 3D inversion modelling of the IP, magnet-
from 23.8m). ics and airborne EM data has provided a
RC drill testing of new potential step change in the structural un-
soil gold anomalies at derstanding at Lamil and has highlighted
Cullarin started last an untested Haviero-style target adjacent
month, as did diamond to the extensive breccia zone drilled in
drilling at Hume. March 2020,” Encounter managing direc-
Sampling of historic tor Will Robinson (pictured) said.
Another discovery by De Grey at Hemi has given rise to
significant gold growth potential at the Pilbara-based project




Complete



Mining Services






Contact us to discuss your project [email protected] | www.capdrill.com




Page 110 OCTOBeR 2020 aUSTRaLIa’S PaYDIRT

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Southern Gold is well funded for the next two years after raising $10.2 million




























In addition, laterally extensive zones The company announced a hit of 231m
of supergene gold mineralisation will be @ 0.83 g/t gold from 72m (including 54m Southern Gold raises
drilled at the Gap and Dune prospects. @ 1.69 g/t, 25m @ 3.36 g/t and 13.26m $10 million
Drilling is scheduled to commence in @ 3.25 g/t).
September 2020. The results were from the Ternera An oversubscribed $10.2 million equity
A programme of 3,000m was planned prospect, with Tesoro now doubling raising will allow Southern Gold Ltd to un-
for September, with supergene gold min- its drilling programme to a minimum dertake expanded drilling programme on
eralisation from previous drilling at Gap 10,000m. multiple targets and ramp-up project gen-
on a single section over 180m, including eration activity in South Korea over the next
30m @ 1.1g/t gold from 96m, 36m @ 0.4 Resource upgrade two years.
g/t from 124m and 36m @ 0.5 g/t from or Podium Metal Tiger plc and Flannery Family Of-
28m. fice supported the raising by investing $1.7
Drilling at Dune will test for extensions Podium Minerals Ltd is targeting a re- million and $1 million to maintain their re-
to the supergene mineralisation and de- source upgrade at the 1.14 moz Parks spective shareholdings of 17.1% and 10.4%.
fine possible vectors to primary miner- Reef PGM project in Western Australia Meanwhile, Crescat Capital LLC partici-
alisation. Previous broad-spaced drilling this month. pated with an investment of $2.5 million.
returned high-grade gold hits of 4m @ 7.1 The company recently confirmed drill “This was a good time to build quality in-
g/t from 216m, 10m @ 2.8 g/t from 94m targets in a new 1.2km extension of Parks stitutional investors into the Southern Gold
and 4m @ 3.3 g/t from 74m. Reef, with anomalous platinum, palladium, register. I especially welcome North Ameri-
gold and copper discovered in rock chip can institution Crescat Capital LLC, who is
Tesoro goes large at samples collected from the western exten- advised by Dr Quinton Hennigh, and given
El Zorro sion of Parks Reef. Quinton’s background in a similar explora-
RC drilling targeting the western exten- tion group in Japan, Irving Resources, I be-
Tesoro Resources Ltd has confirmed sion is part of the resource upgrade pro- lieve this is an excellent endorsement of our
large-scale gold potential at the El Zorro gramme currently underway. strategy into South Korea,” Southern Gold
project in Chile. managing director Simon Mitchell said.





Complete



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aUSTRaLIa’S PaYDIRT OCTOBeR 2020 Page 111

comInGs AnD GoInGs




alisman Mining Ltd has ap- Perseus as financial controller imon Jackson has been is a mining engineer with over
Tpointed Shaun Vokes as in 2010 before being promoted Spromoted to an execu- 30 years of experience, par-
interim chief executive. Vokes, to her current role in Febru- tive director position at Cyg- ticularly in mine development
who will work alongside re- ary 2013. De Bruin was most nus Gold Ltd. His role will be and underground contracting
cently appointed chairman recently chief financial officer part-time, allowing him to con- across Canada, Indonesia
Kerry Harmanis to identify for Resolute Mining Ltd and tinue as managing director of and Australia. He also spent
new project opportunities for prior to that held senior roles at Kopore Metals Ltd and non- a decade working as a re-
the company, was previously Newmont Corp and BHP Ltd. executive chairman of TSX-V source banker with the likes
Talisman’s chief financial of- listed Sarama Resources Ltd. of Deutsche Bank, Macquarie
ficer and company secretary. NG Ltd investor and public Bank and Fox Davies Capital.
Dan Madden has resigned Trelations executive Paula fter 12 years of continu-
as managing director, but will Raffo has been appointed to Aous service, Ramelius enith Minerals Ltd has ap-
continue as a non-executive the additional role of joint com- Resources Ltd non-executive Zpointed Peter Bird as non-
director until the company’s pany secretary. chairman Kevin Lines has executive chairman. Bird, who
AGM next month to facilitate retired from the company’s joined the board in March,
a smooth handover. Tony uroch Minerals Ltd has board. Appointed a non-exec- replaces retiring incumbent
Greenaway has also departed Aappointed Michael Ed- utive director in April 2008 and Mike Joyce who is not seeking
after his position of general wards to the board to replace promoted to chairman in June re-election at the company’s
manager, geology was made outgoing non-executive direc- 2018, Lines cited personal AGM next month.
redundant. tor Chris Hansen. Edwards and professional reasons, in-
spent three years with Bar- cluding ongoing limitations on
reat Southern Mining has clays Australia in the corpo- travel from his home base in
Gappointed former Barra rate finance department and Adelaide to Perth, behind his
Resources Ltd managing di- then eight years as an explo- decision to step down. Inde-
rector Sean Gregory as chief ration and mine geologist with pendent non-executive direc-
executive and Octavio Gar- the likes of Gold Mines of Aus- tor Michael Bohm has agreed
cia as head of exploration in tralia, Eagle Mining and Inter- to be acting chairman while
Queensland. Meanwhile, chief national Mineral Resources. the company searches for a
operating officer Mark Major He is currently an authorised replacement chair.
has tendered his resignation. representative of investment
advisory firm Alto Capital. ouise Grondin has been
avarre Minerals Ltd has Lappointed to Champion Kristie Young
Nelevated non-executive ustin Boylson has resigned Iron Ltd’s board of directors. ulti-disciplinary engineer-
director Ian Holland to the role Jas a director of Riversgold Grondin is senior vice-presi- Ming and contracting firm
of joint managing director. Hol- Ltd to pursue other projects. dent of people and culture at Primero Group Ltd has ap-
land, who recently stepped He was appointed to the board Canada-based gold producer pointed Kristie Young and Bryn
down as vice-president of in August 2019 to oversee the Agnico Eagle Mines Ltd where Hardcastle as non-executive
Kirkland Lake Gold Ltd’s Aus- restructuring of the company’s she has worked since 2001. directors. Young is a mining en-
tralian operations, will assume affairs, including the farm-out gineer with more than 20 years
the role of sole managing of its Alaskan tenure. of industry experience across
director at Navarre on April a range of areas and most re-
1 next year when company cently held senior growth and
founder Geoff McDermott re- business development execu-
tires from the board after 10 tive roles at PwC and EY. Hard-
years of dedicated service. castle is a partner at national
law firm HWL Ebsworth where
he specialises in corporate,
Gedeon Pelesa commercial and securities law
edeon Pelesa has stepped and is currently a non-execu-
Trevor Benson Gdown as a director of tive director on the boards of
W alkabout Resources Force Commodities Ltd after New Century Resources Ltd,
Ltd executive chairman
three years on the company’s
Caprice Resources Ltd and
Trevor Benson has joined the board, with David Sproule an- Flamingo AI Ltd.
board of Uganda-focused Ionic nounced as his replacement.
Rare Earths Ltd. Benson, who Sproule managed Polymetals han Sik Lap has resigned
replaces retiring director Marc as a private venture for almost Cas managing director of
Steffens, has extensive in- 25 years before listing the com- Amani Gold Ltd, with Klaus
vestment banking experience, pany on the ASX in 2011 and Eckhof assuming the role of
most recently in South East later merging it with Southern executive chairman in an in-
Lee-Anne de Bruin
Asia and China specialising in Cross Goldfields. terim capacity until a perma-
ee-Anne de Bruin will suc- M&A and equity capital mar- nent replacement is found.
Lceed long-term incumbent continue to provide metallurgi- V ancouver-based Jason Meanwhile, Maohuai Cong
ket transactions. Steffens will
Elissa Brown as Perseus Min- Bahnsen has been ap- has joined the company as
ing Ltd’s chief financial officer cal consulting services to the pointed president of Tempus a non-executive director and
next month. Brown is one of company. Resources Ltd as the compa- representative of Amani’s larg-
the company’s longest-serv- ny moves towards its planned est shareholder, Shining Min-
ing employees, having joined listing on the TSX-V. Bahnsen ing Ltd.

Page 112 OCTOBeR 2020 aUSTRaLIa’S PaYDIRT

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Mineral Resources partners with



Lifeline WA




ineral Resources Ltd (MRL) has en- managing director Chris Ellison said.
Mtered a three-year partnership with “Having an organisation like Lifeline WA
Lifeline WA as part of its efforts to ad- that is well-funded and able to expand on
dress the mental health challenges fac- its vital crisis support service is hugely
ing those in Western Australia’s mining important not only for MRL, but for the
sector. entire state.”
MRL will be contributing cash and in- Lifeline WA chief executive Lorna
kind support to help Lifeline WA carry MacGregor said she was grateful to MRL
out and expand its work as the State’s for acknowledging the need and for mak-
largest suicide prevention service. Train- ing mental health and suicide prevention
ing opportunities provided for MRL will a priority.
help the company’s staff build the con- “I hope that the highly visible 13 11 14
fidence, willingness and skills to speak number on the Mineral Resources Next-
about mental health at the earliest op- Gen 2 crusher encourages any person
portunity. who is contemplating suicide, experi-
“The COVID-19 pandemic has further encing emotional distress or caring for
exposed the stress that some workers someone in crisis to call us on 13 11 14,”
across the entire WA mining industry, she said.
not just FIFO workers, are under,” MRL
Chris Ellison

InDeX Emerald 110-111 Macarthur 108 Sandfire 66-67

12
Manuka
16
Saracen
28-29
Encounter
Evolution 32, 34 Marvel 100 S2 Resources 42
Adaman 10 Mincor 4, 23, 82, 97 Salt Lake 48, 52
Aeris 34 Fenix 58, 60 Minotaur 96 Saracen 97
Agnico Eagle 112 First Quantum 80, 82 Mt Gibson 76 Sarama 112
Altura 37 Force 112 Musgrave 4, 70 Saturn 70-71
Amani 112 Fortescue 48, 52, 58 Shandong 104
Andromeda 109 Navarre 112 Sheffield 14
Anglo American 31 Galena 12 New Century 12, 30-31, 112 Silver Mines 18
AngloGold 31, 104 Galileo 84, 94 Newcrest 16, 106 Sky 110
Auroch 96-97 Gascoyne 12 Newmont 6, 32, 112 South32 6, 19
Australian Potash 52 Glencore 22, 31 Norilsk 22 Southern Gold 111
Australian Vanadium 37 Gold Fields 6, 72 Northern Minerals 20 St George 90-91
Azure 79
Gold Road 72-73 Northern Star 28-29 Stone 76
Golden State 10 Strike 60
B2 Gold 100 Great Southern 112 Oklo 100 Syrah 98
Barra 112 OM Holdings 54
Barrick 34, 104 Horizon Minerals 18 Talga 64
Bellevue 4, 12 Panoramic 23, 84-85 Talisman 112
BHP 22, 26, 31, 37, 58, 83, IGO 30-31, 80, 82, 86, 91 Peel 70 Technology Metals 37
91, 97, 112 Iluka 25 Perseus 112 Tempus 112
BlackEarth 102 Investigator 18-19 Pilbara 37 Tesoro 111
Blackstone 93 Ionic 112 Podium 111 TNG 46, 112
Bryah 54
Ivanhoe 106 Poseidon 84-85 Troy 10
Caprice 112 Jindalee 97 Ramelius 112 Vale 6, 30, 58
Cardinal 104 Red 5 12 Venture 58-59
Castillo 109 Kalium Lakes 12, 52 Regis 76-77
Centamin 100 KCGM 28-29 Resolute 98, 100, 112 Walkabout 112
Chalice 4, 23, 37, 42, 54, 59, Kirkland Lake 112 Reward 52 Western Areas 22-27, 82, 84,
70, 72, 84, 86, 88, 91, 96 Kopore 112 Rex 19 86, 91
Champion Iron 112 Rio Tinto 6, 8, 31, 58, 60,
Cobre 104 Legend 4, 23, 37, 84, 91, 92, 91, 107 Xanadu 106-107
Cygnus 112
94, 96 Riversgold 112
Lynas 40, 28-29 Rox 4 Zenith 112
Dacian 12
De Grey 4, 10, 70, 72, 79, 110


Page 114 OCTOBeR 2020 aUSTRaLIa’S PaYDIRT

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