pd275-Sept19-mag-web

“The first hole drilled by Bloomgold using

Ed’s theory came up with high-grade min-

eralisation. It was, I think, the reinvention of

the project.”

Since then Galena has barely stopped

with a PFS released in September 2018

and the resource upgrade to 37.4mt @

7.5% lead and 18 g/t silver and probable

reserve of 10.3mt @ 8.8% lead and 24 g/t

silver following in December.

“By 2016, this project had received

35,000m of drilling in 35 years,” Molyneux

said. “A little over two years later it has had

78,000m. So yes, it is very much now a dif-

ferent beast. We could’ve lived or died at

the drill bit and we have proved the theory

by infill and follow-up drilling. Every time we

have drilled the [high-grade] Apron zone

we have increased the grade and thickness

and there is still a level of conservatism in

the modelling.”

Abra’s flourishing clearly attracted Toho Galena has struck a $90 million equity and offtake agreement with
which is already a major player on the inter- Japanese mining and smelting house Toho Zinc
national lead scene.

“Australia is a jurisdiction they know and ment market is less informed on lead.” but every EV still has a lead-acid battery in
like but ultimately it was all about the eco- Since joining the company, Molyneux it. Lithium-ion batteries are used for propul-
nomics of the deposit, the investment re- sion but EVs require a different power sys-
turn. And, that is not just the resource but has fully absorbed the market dynamics tem for managing the computer 24/7 and
every aspect of the project; the metallurgy and is now confident Abra is arriving at an managing the charge and discharge.”
is extraordinary, the geotech is going well, ideal time.
there is water on site – it has come up at Supply-side problems are also a consid-
every point.” “We are quite bullish on the lead market eration for buyers. The closure of some of
and the interest we’ve had satisfies us that the world’s longest running zinc mines has
While Toho may have needed convinc- the market is very tight,” he said. “It has left lead users bereft of a major supplier via
ing of the project specifics, it undoubtedly been in deficit and experts were predicting by-product credits and recycling – which
already had a clear reading on the future a surplus for 2019 and 2020 but they are accounts for 50% of annual production –
of the lead market. Molyneux, however, ad- looking to step back from that prediction is coming under increasing environmental
mits he was not so certain when he joined because of a lack of supply. The LME in- pressures.
Galena in August 2018. ventories are at record lows and spot treat-
ment charges are at record lows.” “The main issue is on the supply side, by-
“When I looked at this project, my big- product production and recycling but even
gest question was about the lead market,” Instead, it is a lack of understanding where there is new lead concentrate availa-
he said. “If these numbers were associated about the lead market which has led to ble, there are more issues with deleterious
with a copper project it would be the easiest what Molyneux perceives as an undervalu- elements such as mercury and arsenic,”
copper project in the world, but the invest- ing of Galena and Abra. Molyneux said. “And, because China has

“Galena is fairly unloved,”

Abra remains one of the largest undeveloped he said. “We have only 800 introduced limits, the value of penalties has
shareholders which is very increased. This puts Galena in a good posi-
lead deposits in the world low for a company with a tion because it is the cleanest concentrate;

$140 million market cap it is high grade and there are no penalty

and a project in construc- elements.

tion. The commodity expo- “That fact will be reflected in the offtake

sure and a lack of under- terms.”

standing about lead is the As part of its investment deal, Toho has

big reason we are under- access to 40% of Abra’s offtake with Ga-

valued versus our NPV.” lena having recently started a tender-style

Lead may seem a bit process for the remaining 60%.

passé in comparison to “We have had nine parties participating,

lithium, cobalt and the oth- running from end-users to traders,” Moly-

er new energy metals but neux said. “Offtake can be an any day-type

Molyneux is always eager thing. When we feel we’ve pushed it as far

to remind investors that as we can, we will finalise a deal.

new generation EVs still “We are in a good position. We don’t

need old-style technology. need a cornerstone finance solution and

“There are a lot of myths because there is enough competition for

around lead,” he said. our concentrate, we can say: ‘show us you

“People question the fu- can pay a premium’.”

ture of lead-acid batteries – Dominic Piper
because of the rise of EVs

AUSTRALIA’S PAYDIRT SEPTEMBER 2019 PAGE 51

BASE METALS SPOTLIGHT

Investigating new options

With the decision made to park pro- did look at getting into that ourselves but
gress on one of Australia’s best un- it would have been like going into the ca-

developed silver projects and Oz Minerals sino and putting it all on black and all our

Ltd committed to an earn-in agreement at available cash into drill those three holes

Maslins, Investigator Resources Ltd is in proposed. We worked with both the SA

acquisition mode. Government and Geoscience Australia

An announcement on Investigator’s in getting additional data collected, which

incoming project could come as early as really let us put together a pack and go

September/October, with acting chief ex- out and market the opportunity. We had a

ecutive Andrew McIlwain telling Paydirt number of parties interested and certainly

the company had cast the net over 80 pro- Oz was keener than others and well ahead

jects both in Australia and abroad. of the pack.”

Iron ore in Madagascar, copper porphy- While expenditure at Maslins is largely

ries in Mongolia and copper in Chile were taken care of, Investigator does not plan

some of the opportunities reviewed by on ramping up activity at the 42 moz silver,

Investigator, however, the time and costs 55,000t lead Paris project.

associated with entering such endeavours Motivation to get cracking at Paris would

essentially means a domestic gold project be on the back of silver trading at $US20/

is what the company will put its hands on. oz and while gold prices had dragged sil-

“We’ve probably got enough real estate ver to a position where the value of the pre-

in South Australia, but there are enough cious metal at Paris was $1 billion [at the

opportunities here and everyone would time of print], McIlwain was not getting too

have looked at WPG’s [Resources Ltd] Andrew McIlwain excited.
Challenger asset and Tunkillia which have McIlwain said Paris was not “dead”,

been around. Principally, we are looking be spent by Oz at Maslins in the next 12 however, dramatic changes in the silver
domestically and focused on gold,” McIl- months, with the mid-tier copper producer market and prices approaching $30/oz sil-
wain said. entitled to 70% of the IOCG project if it ver would reinvigorate the project.
spends $10 million.
“Our background and the skill set we “We have had our tenement there re-
have – Dave Ransom [non-executive A three-stage exploration programme newed for another three years. We are sit-
chair] and Kevin Wilson [non-executive di- over five years is the strategy at Maslins, ting on it and have basically put together a
rector] – we have a fair understanding of of which Investigator remains project man- data pack that allows us to jump straight
what is around the place.” ager. into a full blown feasibility study or to divest
it,” McIlwain said.
When Investigator triggers the acquisi- “We will have our guys on the ground,
tion, a capital raising will likely follow, with their costs will be recovered and they will “Certainly something is changing in the
$1.2 million credited to the company at the also pick up a management fee, so we ac- market and the gold-silver ratio of about
end of the June quarter. tually come out of that net positive,” McIl- 50:1 – meaning you have to buy 50oz of
wain said. silver to have an equivalent of an ounce of
Current cash is enough to keep the lights gold – more recently that has been more
on for Investigator, which was preparing to “We needed a partner for Maslins, we
send a crew to Mas- like 90:1.

lins to conduct gravity Investigator’s Maslins Project: 6500000mN surface “If it was back at the
and infill MT surveys View looking north-east 50:1 number we’d be

to enable final drill surface off to the races. In the

hole designs to be EL570P5rWophoitsteadtDarill Hole last 10-12 years it has
completed ahead of Locations, from surface dropped as low as
diamond drilling next to top of residual 30:1, but there is no
year. 6486000mN gravity shell real industrial or silver
5km depth (Between demand that changes
“We’re looking to strike length that metric.”
drill in early 2020, that 350 and 750m)
was Oz’s preference, rMesaisdluian(lstog5mkrmoaddvepiettlhyl) esdhell – Mark Andrews
they have enough 6km
work on at the mo- AusLAMP MT survey data
ment. We were also 728000mE EL5705 Whittata indicates the Maslins
being a little bit strate- 4km IOCG target lies within a
gic and had left some deep conductive trend
gaps in the geophys- N that includes Olympic
ics which they want
to go back and infill,” IVR’s EL5705 (OZ MInerals earning in)
McIlwain said.
IVR proposed Diamond Drill Holes
A minimum of $1.4
Historic drill holes (tails indicate depth) Dam, Carrapateena and
million will need to surface Prominent Hill

PAGE 52 SEPTEMBER 2019 AUSTRALIA’S PAYDIRT

Tiger sees red metal in Cobre

Anew force in copper could “We were the first group to
quickly emerge after Lon- have a look at the historical

don’s Metal Tiger plc entered a data, which showed promising

funding term sheet to provide grades but nothing like what we

a cornerstone investment of $2 hit. After completing the ground

million to drive Cobre Pty Ltd’s EM, fixed loop and moving loop

ambitions to list on the ASX in work, it [Perrivale] was the only

the next 12 months. target we drilled and we got 5m

Already heavily invested in at around 10% copper plus high-

Mod Resources Ltd for its cop- grade gold, zinc and silver as

per play in Botswana that is well,” Holland said.

soon-to-be acquired by Sandfire “The interesting part is the pri-

Resources NL, Metal Tiger is mary copper – the VMS-style,

now poised to hold 19.99% and black-looking, smoke-looking

a seat on the board of Cobre material – which is quite rare to

upon completion of a proposed find in Australia.”

$8 million IPO. Since producing the recent

“They [Metal Tiger] are also hit, Holland said he thought Co-

going to end up being one of the bre had the majority of the main

largest shareholders of Sandfire area on the greenstone belt

post completion of the transac- with about 380sq km, however,

tion of the sale of the Botswana closer inspection indicated there

asset. They have the experience may be further potential beyond

of the exploration stage through the company’s package.

to development. On top of that, “After looking on TENGRAPH

having Terry Grammer – Pros- there has been a few other

pector of the Year in 1999 – who companies that have come and

has been with Jubilee, Western Cobre hopes to launch an $8 million IPO within the next picked up the remaining land,
Areas [Ltd], Sirius, Mod, the list 12 months on the back of VMS-style base metals and gold which we don’t think is like the
goes on. But, Grammer believes area we want to focus on for
we have the technical structure potential, north-west of Leonora, Western Australia VMS structures,” Holland said.

to host quite a large VMS and I “We believe we have picked

guess he is putting his money where base metals and gold mineralisation at up all the land to be able to find all the

his mouth is to back that strategy,” Co- shallow depth, with the best assay re- VMS’s in this region. We have noticed

bre executive director Martin Holland told ported being 5m @ 9.8% copper, 3.2 g/t that Newmont [Mining Corp] is also sur-

Paydirt. gold, 34 g/t silver and 3.1% zinc. rounding us, so there appears to be a

“From a due diligence and technical Holland said the area was drilled by couple of opportunities people have

point of view, they have given their tick of WMC back in the 1970s at the height picked up around us since our hit.”

approval and they think it is very rare to of the nickel boom, meaning everything As Cobre plots a timeline for an ASX

find primary copper at plus-10% grades else had been overlooked. listing, a full EM campaign has been

in a VMS system in Australia; Terry is planned to identify more targets for drill-

very excited to be part of it.” ing, with Holland saying there are quite a

Cobre appears to be making the most number of conductive targets throughout

of a land package, north-west of Leon- the portfolio.

ora, formerly held by Fortescue Metals “We plan to have a real thorough look

Group Ltd. and interpret those results because we

Historic RC drilling results of 6m @ have only drilled the first target which

2.78% copper and 6.43% zinc from 30m came up with that result. With that infor-

and 4m @ 4.6% copper and 2.12% zinc mation we’ll be able to put that in the pro-

from 92m from the 1970s weren’t enough spectus and hit the ground running with

to entice Fortescue to expend much ef- an aggressive drilling programme when

fort into the project, which it eventually we list,” Holland said.

dropped four years ago. Should Cobre manage to execute the

Nevertheless, Fortescue retains a 2% term sheet with Metal Tiger by satisfying

royalty on any copper produced within all necessary conditions and raise the

the portfolio by Cobre in the future and, intended IPO amount of $8 million, the

judging by recent activity, the latter could company will have enough funds to really

be onto something significant. kick-start meaningful exploration for an

A 1,000m RC drilling programme at initial three-year period.

Perrivale intersected high-grade VMS Martin Holland – Mark Andrews

AUSTRALIA’S PAYDIRT SEPTEMBER 2019 PAGE 53

BASE METALS SPOTLIGHT

King Leopold
hoists Chalice

upon a hill

Even with a handful of cash to deploy, Apart from Bux- is a first pass taking place there,” Dorsch
Chalice Gold Mines Ltd couldn’t bag ton’s activity, the said.
an advanced nickel project it has been West Kimberley
hunting since 2017. has been bereft Having completed the acquisition of
of exploration for King Leopold in July, Chalice has moved
The company was close to paying decades given quickly to have a drilling programme in
$US30 million for an asset overseas in the Yampi Sound sight, as it looks to capitalise on the mo-
mid-2018, however, an incumbent with area had been mentum gathering at the Pyramid Hill
a pre-emptive right blocked Chalice’s preserved for mili- gold project in Bendigo.
move for the project. tary training.
Dorsch believes there is a genuine
“There are not many development- Once the region greenfields discovery in the pipeline at
ready, advanced nickel plays worldwide. was opened to Pyramid Hill, situated in the northern
Therefore we’ve gone for quite early explorers, Buxton added Double Magic, goldfields of Victoria.
stage opportunities, which is a reflec- north-east of Derby, to its portfolio in 2015
tion of there not being a lot of high-grade and has since caught the attention of In- Kirkland Lake Gold Inc and Catalyst
nickel resources out there,” Chalice man- dependence Group NL (IGO). Metals Ltd have ignited the region on
aging director Alex Dorsch told Paydirt. the production and exploration fronts,
Last November, IGO was granted a respectively, while several gold zones
“We have definitely been looking and two-year option to enter an earn-in and intersected in the basement at the Karri
put the ruler over a number of opportuni- JV agreement at Merlin/Double Magic, and Ironbark targets have Chalice in the
ties across the world now and they are while an agreement to earn-in and JV spotlight ahead of a potential drilling pro-
not easy to come across.” on regional tenure in the West Kimberley gramme in September.
was also struck, subject to conditions,
Chalice’s extensive search for a nickel which include Buxton being free-carried “What we have done so far is really just
sulphide play saw the company arrive in through to feasibility on both deals. a scattering of reconnaissance spaced
Western Australia’s Kimberley region. drill holes over virgin, undrilled terrain.
In recent times, Buxton and IGO have We started to get some bedrock gold
In mid-July, Chalice completed the ac- added further ground under the West anomalies, but we now need to go to a
quisition of private explorer North West Kimberley JV (WKJV), with the former tighter line spacing [500-1,000m]. Then
Nickel Pty Ltd (NWN). now holding some 4,330sq km in its own we need to do grid drilling over that and
right and in partnership. see whether we can get an indication of
NWN’s highly attractive portfolio in- the large bedrock source,” Dorsch said.
cluded the Ruins nickel sulphide project, Given the presence of IGO, and now a
West Kimberley, adjacent to Buxton Re- cashed-up Chalice, the West Kimberley “There is another aircore programme
sources Ltd’s Merlin/Double Magic pro- is starting to receive due attention. lined up and it is quite a deep aircore pro-
ject. gramme, so the rig we have got lined up
With working capital and investment gives us the ability to drill a 180m hole;
Ruins is part of Chalice’s 1,800sq km dis- balance of $30 million, Chalice is capable when the cover is only 50-70m that is
trict-scaleplayatKingLeopold,WestKimberley. of funding exploration and bringing the pretty handy. We will drill not quite an RC
King Leopold project up the value curve programme, but it is not really a true air-
Alex Dorsch on its own. core programme either.”

“We could be drilling the better conduc- Dorsch believes the initial cynicism
tors in September this year, so that should about the prospectivity of Victoria’s
give us a good feel for whether there is northern goldfields has largely dissipat-
a discovery to be made or not,” Dorsch
said.

Ahead of a potential drilling programme,
ground-based EM was being conducted
on half of the ground that has not already
been covered by airborne EM.

“At the moment, we are doing ground
checks on the EM targets identified al-
ready, then we have a new airborne sur-
vey ongoing on the newer stuff we have
to the east. That has never had any geo-
physics flown on it whatsoever, so there

PAGE 54 SEPTEMBER 2019 AUSTRALIA’S PAYDIRT

Strong, shallow EM conductors have been identified at King Leopold, with drilling planned
this month to test multiple new ground-based EM targets

ed and that punters are starting to under- and people are taking note of that. The A phase two moving loop EM (MLEM)
stand the modes of exploration required grades speak for themselves. There is survey was planned for late August,
to deal with looking under cover. not much risk on the grade and if we find subject to access, to follow up on
something we know it is going to be de- any conductors identified from the
“You can’t go out there thinking about cent grade. It is just the function and na- airborne EM survey
drilling deep holes into the bedrock be- ture of the geology there that the grades
cause there are no real geophysical vec- are very good.”
tors. There are really minimal targeting
techniques that you can use other than Pyramid Hill along with King Leopold
doing top of bedrock geochemistry. That are the two projects in focus for Chalice
is what we have done and it looks very now that it has sold its gold assets in
promising,” Dorsch said. Quebec to TSX company O3 Mining Inc.

“I think what we have done is reflected For $C12 million plus a 1% NSR on
in the market because this could be a big certain mining claims within East Cadil-
new story in greenfields gold in Australia lac and Kinebik, which are not encum-
and there are not a lot of real new stories bered by pre-existing royalties, O3 Min-
in that space at the moment. ing formalised the purchase of Chalice’s
gold projects in Quebec in July.
“People were in disbelief about Kirk-
land Lake at Fosterville 12-18 months Therefore, in Pyramid Hill and King
ago and there was cynicism, I think, in Leopold, Chalice has two early stage
the more traditional gold places here in projects to contend with, while its cash
WA where people like to think WA is the stocks also means the book is open to
home of gold. Now, clearly the stand- potentially picking up other assets.
out gold mine worldwide is in Victoria
Dorsch said the company has been
Pyramid Hill in Victoria could host inundated with opportunities to consider.
a major greenfields discovery
“We are looking at quite a bit earlier
stage projects than we historically have,
just because we feel that the brownfields
and advanced staged projects are very
saturated as there is a huge amount
of demand for a de-risked project out
there,” Dorsch said.

“There are not many unicorn acquisi-
tion opportunities floating around and
that is a very competitive space. With
Pyramid Hill and King Leopold still being
early stage projects, we like to keep our
eye out for other things to add into the
portfolio.”

– Mark Andrews

AUSTRALIA’S PAYDIRT SEPTEMBER 2019 PAGE 55

BASE METALS SPOTLIGHT

Jervois makes the moves in cobalt sphere

Despite one of the “worst cobalt markets… a partway constructed mine, the platform that included a refinery. We are taking a step
since the arrival of EVs” Jervois Mining there is essentially for us to come in and re- back based on the experience of Michael
Ltd has rallied genuine support in its pursuit ally finish a project that is already permitted,” Rodriguez [operations director at Murrin
of consolidating opportunities in the sector. Crocker said. Murrin] who had run a cobalt refinery there
for a long time as we look to undertake a
So far this year, Jervois has completed a To date, $US100 million has been spent scoping study on the refinery also,” Crocker
merger with M2 Cobalt and gained entry into on plant, infrastructure and the completion of said.
Uganda, while more recently it overcame environmental permitting at the high-grade
pushback from First Cobalt opposing the cobalt-copper ICO project, near Salmon, The ICO feasibility and refinery scoping
deal with eCobalt to make its way into the Idaho, US. studies are scheduled to be completed at
US. the end of Q1 2020.
According to NI 43-101 standards, ICO
Having achieved its desired merger out- hosts the largest cobalt resource in the US Given that timeline, Jervois believes that
comes with both M2 and eCobalt, a targeted with measured and indicated material cur- upon project financing closure and the open-
$15 million capital raising was oversub- rently totalling 3.87mt @ 0.59% cobalt and ing of mine portals at ICO, first commercial
scribed, suggesting market acceptance of 0.85% copper plus an additional 1.82mt @ production of concentrate ready for sale to
the cobalt strategy to be employed by Jer- 0.46% cobalt and 0.81% copper in the in- Western customers could be achieved 12
vois. ferred category. months after construction in the second half
of 2021.
“We decided to take $16.5 million, 10% Last month, infill and exploration drilling
oversubscriptions, and I think that demon- was planned to start, with the programme “There is a Plan of Operations [approval]
strates even in weak markets we have the intended to further de-risk the project and for 1,200 tpd ore [but] our view is that the
capacity to raise funds,” Jervois chief execu- potentially offer resource and production mine should ultimately be larger. We have
tive Bryce Crocker told Paydirt. upside. a couple of drill rigs arriving [early August]
and we are going to start infill drilling the
“We’re a group of executives that are re- Drilling was due to start as the tender pro- orebody to improve both the geological con-
ally focused on building an operating com- cess of selecting an engineering group to fidence ahead of project financing and also
pany of scale.” update the feasibility study was in play. to extract core to finalise lock cycle tests for
metallurgy and also samples for off-takers,”
Through the eCobalt merger, Jervois now “There is a feasibility study that we are Crocker said.
has exposure to the Idaho cobalt operations updating based on a mine and mill that will
(ICO), which is an advanced opportunity for produce concentrate. We are also undertak- “To move forward into production quickly,
the company to sink its teeth into. ing a study on a refinery. eCobalt had actu- we move forward to construct the mine
ally previously prepared a feasibility study
“ICO was attractive for us because it is

PAGE 56 SEPTEMBER 2019 AUSTRALIA’S PAYDIRT

on the basis of the existing permit. bench strength – everyone has built their forts in Tanzania thus far will be worthwhile.

We’ve already had meetings with the resumes from larger organisations – but “We wouldn’t have been persistent and

US Forest Service [the regulatory now we have assembled a team in a small- visiting the country on such a regular basis

authority] and we’ve been transpar- er company which gives you recognition and interacting with the leadership if eve-

ent that we do want to make the mine quickly given the size and pace of decision ryone wasn’t aligned with ensuring that the

larger. Equally, getting into produc- making. I think that helps governments see mining industry remains open to foreign

tion at the approved scale and dem- that we have what it takes to take on risk and capital,” he said.

onstrating bona fides and credibility move on quickly, but equally we have the “We hope to be at the front end of that with

in terms of environmental and oper- credibility to back up and say what we are the Government really initiating access to in-

ating stewardship regarding safety, going to do.” ternational capital, after a period when, due

etc. with the regulators is important. Uganda has had to battle a period of politi- to the uncertainty, it perhaps wasn’t available

In doing that, I think it will facilitate a cal uncertainty, however, the landscape has as it could have been otherwise.”

pathway to a larger operation more changed and although Falconbridge is no While Crocker is confident of good out-

rapidly.” longer functional, Crocker is buoyed by that comes at Kabanga, he knows reversing in-

Coming to grips with the operating company’s success of operating a mine in vestor sentiment is not a given.

environment in the US will be done country for 25 years. “Ultimately policy towards foreign invest-

as Jervois also gets a feel for the A successful venture into Uganda could ment matters. Sentiment matters and senti-

prolific Kilembe copper-cobalt area essentially underpin Jervois’ overall East Af- ment can be turned off quickly, but neces-

and Bujagali copper-cobalt project in rican strategy, which includes the Kabanga sarily turned back on; that is an unfortunate

Uganda. nickel-cobalt project in Tanzania. reality and why we are sitting down with

Jervois holds 100% of a combined The one-time Glencore Kabanga asset governments and explaining how important

11 ELs totalling 2,415sq km at Kilem- is said to have resources totalling 57mt of stability, predictability and fairness are so im-

be and Bujagali. “easily floatable sulphide ore” at 2.6% nickel, portant,” Crocker said.

“Crocker only started assessing the 0.2% cobalt and 0.35% copper, not to men- Tanzania has a proven mining history and

mining, exploration and re- the situation between miners and

finery potential in Uganda Ultimately policy towards the Government appears to be im-
in mid-2018 and has come foreign investment matters. proving, giving Jervois impetus to
around quick to the view stay put at Kabanga.
that the East African nation
It is prepared to do the same at

is “definitely somewhere Sentiment matters and sentiment what used to Jervois’ beach head
you can operate”. can be turned off quickly, but not – the 93.3mt @ 0.63% nickel and
0.05% cobalt (measured and indi-
He said Uganda was ris-

ing as an exploration des- necessarily turned back on; that is cated) Nico Young project in New
tination and Jervois was at an unfortunate reality. South Wales.
the forefront of the charge,
A PEA on Nico Young, which

spending about $1 million has the potential to be one of Aus-

per month on drilling. tralia’s largest nickel-cobalt opera-

“We won’t be spending that on an tions, was completed earlier this year and

annualised basis – it will extrapolate discussions with potential partners for the

out – but certainly right now we are project and off-takers started.

more active than anyone,” Crocker Jervois global pipeline of plays may ap-

said. pear too hard to manage but not for Crocker

Crocker, a former head of business devel- and co.

opment at Xstrata, believes he and his well “We have the ability to resource up through

credentialed board and management, in- our networks in a way that others at this end

cluding non-executive chair Peter Johnston of the market may struggle. We are attracted

(former interim chief executive at Tronox to Idaho because once we finish the feasi-

Ltd) and non-executive director Brian Ken- bility study and secure project financing we

nedy (Glencore), have the clout to convince are 12 months from first construction, which

the Ugandan Government it has the requi- involves a simple sulphide mill concentrate

site skills to help the country’s mining sector where ramp up is measured in weeks not

prosper. months or years,” he said.

Dean Besserer is the company’s explora- “If we were awarded Kabanga or Kilem-

tion general manager at ICO and in Uganda be tomorrow there is work that needs to
where Jennifer Hinton is country head and Bryce Crocker be done on both. What I’d like to create is

Thomas Lamb operations manager in the a construction team in the process of build-

East African nation. tion the significant regional exploration po- ing Idaho that can potentially roll elsewhere

“We did cornerstone the last equity raise tential. as we bring forward other projects in a logi-

with leading Australian institutions and it is Jervois sees the potential to access Ka- cal sequential manner. We are conscious of

quite a different business model to a lot of banga from the strong base it hopes to es- not exerting ourselves, we are conscious of

other companies as we are actively involved tablish in Uganda. focusing on delivery. I think for us right now

in the business,” Crocker said. Crocker has been engaged with govern- the focus is on delivering what we have and

“We are serious about getting on the ment officials in Tanzania for over a year demonstrating the potential of Jervois as an

ground, deploying and building an operation regarding Kabanga and feels strong ties are operating company that has few peers really

and we carry that across when we interact being built with the Mining Ministry and at on the ASX and TSX-V.”

with governments in Uganda and Tanzania. higher levels. – Mark Andrews
Both governments can see that we have the Essentially, Crocker believes Jervois’ ef-

AUSTRALIA’S PAYDIRT SEPTEMBER 2019 PAGE 57

NEW SOUTH WALES FOCUS

NSW goes for high tech
metals future

Along awaited plan to unlock New presenting in high tech metals. “I was reading that the money and risk
South Wales’ resources potential has In February, the NSW Minerals Strate- was going to come out of tech and can-
come forth at the right time. nabis back into mineral explorers. I think
gy, born from the 2015 Minerals Industry that is what the whole of Australian ex-
With the State’s farming sector crip- Action Plan, was released. ploration is looking forward to, but it is a
pled by drought, mining is one alternative very exciting time for NSW. On [August
outlet for some regional communities to The strategy focuses on metals with 16], we had new areas opened for ex-
depend upon for livelihoods. high technology applications, as the ploration access in what was previously
Government identified the growing de- locked up; these are all good signs that
“It is in these times that often regional mand for a broad range of metals linked NSW is on the road to a prospective fu-
communities are very keen to welcome with the EV and battery movement and ture.”
exploration companies with a diversity of other applications of the future.
income and support that those compa- ABS statistics suggest interest is brew-
nies can offer,” Association of Mining and McClean applauded the NSW Gov- ing in NSW with mineral exploration ex-
Exploration Companies (AMEC) NSW ernment’s pro-activity to encourage fur- penditure up in the March quarter ($61.9
manager Lucy McClean told Paydirt. ther action and investment in the mining million), which equated to over 12.4% of
sector through providing better data, national expenditure.
“It is tragic out there [for farmers], improved communication, supporting a
but we do hear just how our members skilled workforce and effective and effi- In 2018, a total of $247.4 million was
are supporting regional communities in cient regulation. spent on mineral exploration in NSW,
broader ways and it is a very important making up 11.3% of expenditure in Aus-
relationship right now to make sure those “We are working hard on government tralia.
communities stay on their feet. It has policy change, but right now we have got
been a sensitive relationship in the past all the ducks in a line so to speak. The Given the sentiment towards battery-
but certainly we now believe that mining NSW Minerals Strategy was released, related minerals and the State Govern-
and farming can work together.” so for the first time in living memory the ment’s minerals strategy being geared
Government has set up and outlined that towards high tech metals, it will be no
While mining can help alleviate some NSW is open for business for the NSW surprise to see investment in prospective
of the strains experienced in traditional minerals industry. The Government is a projects increase in time.
agricultural areas of the State, the push strong supporter of the industry with key
from government to open up the resourc- objectives and action targets to be deliv- What may also enhance NSW’s stand-
es sector comes from the opportunities ered,” McClean said. ing as a mining investment jurisdiction

PAGE 58 SEPTEMBER 2019 AUSTRALIA’S PAYDIRT

Lucy McClean

will be positive outcomes in the that McPhillamys would pro- “It has been a sensitive
development space. vide. relationship in the past
but certainly we now believe
Prominent West Australian He added that engaging that mining and farming can
gold producer Regis Resources and consulting with the com-
Ltd has long been associated munity, including all neigh-
with the McPhillamys gold pro- bours, local residents and
ject and sees it as an essential business and other stake-
part of its portfolio.
holders in the area, was para- work together.
McPhillamys, 40km from mount.
Newcrest Mining Ltd’s Cadia
project, hosts 2 moz in gold re- “It’s important to take the
serves and could produce 180-
200,000 ozpa gold over a cur- time to get to know the com- progressing, with its completion to come
rent 10-year mine life. munity and understand the issues and subsequent to the EIS submission in or-
concerns that people may have. The der for any other additional requirements
Meanwhile, the nearby consultation to date has been very help- for project development coming from the
400,000oz (resource) Discov- ful in shaping our plans for the project. development application process.
ery Ridge project has the poten- We’ve made a number of changes to
tial to be “great” value enhancer the site layout and operational arrange- A 2017 PFS on McPhillamys estimated
at McPhillamys for Regis. ments as a result of the feedback we’ve capital requirements for the project to be
received,” Beyer said. about $215 million.
“We see this as being a sig-
nificant arm of our step-change “The McPhillamys project team is pre- “With 350 construction jobs and 260
in our gold production in the fu- dominantly local so most of our staff are operational jobs, the mine would provide
ture. As we have alerted to the from Blayney and surrounding communi- many opportunities for local people and
market, we have formally put in a significant economic boost for the local
our development application for ties. We’ve always had an open economy,” Beyer said.
approval with the NSW Govern- invitation for people to call into
ment that includes an extensive our office in Blayney and we “The NSW assessment process is
EIS [submitted in July],” Regis also meet regularly with lo- thorough and rigorous, as you would ex-
managing director Jim Beyer cals in their homes or places pect for a large and complex project like
said. of business. We’ve had over a gold mine. McPhillamys has involved
1,000 face-to-face meetings years of detailed studies and planning
“This will take a while for us to since the project commenced which is essential for the success of the
work through, we will go to pub- and our project staff regularly project.”
lic hearing and that is anticipat- attend local community meet-
ed to start the public process in ings and events. McClean said she hoped to see
the next 2-4 weeks [September] McPhillamys coming online soon.
and then we will work our way “We’ve also had two lots of
through the planning commis- project open days which pro- “Communities are always going to be
sion and look to get approval for that vided opportunities for locals interested in local projects for what they
sometime in the future.” to come and meet staff and can bring to the community but in NSW
Beyer told Paydirt that Regis had re- technical experts, ask ques- there will always be concerns around the
ceived very strong local interest in the tions and generally find out environment, particularly water in the
employment and business opportunities more about the project. These current drought conditions. I am pretty
events were very well received, sure that the company and community
and we’ll be holding more open can work together to bring the project on
days as the project proceeds.” line,” she said.

– Mark Andrews

A DFS at McPhillamys is

Jim Beyer

AUSTRALIA’S PAYDIRT SEPTEMBER 2019 PAGE 59

NEW SOUTH WALES FOCUS

Sky flies back into tin

It is a case of back to the future for Peter are now trading at 12c,” he said. “It is a very lieve there is a porphyry intact underlying the
Duerden and the Sky Metals Ltd team as tightly held stock and there wasn’t a lot of fall- high-grade lodes.”
the newly resourced junior looks to pick up out from the backdoor listing. We were able
where its predecessor left off on a suite of tin to mop up any strays and put those shares in First assays were yet to be received at the
assets in western New South Wales. the hands of the investors backing us.” time of print but Duerden was excited by the
early indications.
Sky landed on the bourse in July following Having well-known backers has been a
a restructuring and relisting of shell company benefit but Sky has also played its own part “It is still early days in the programme and
Planet Gas. Sky’s focus is the Tallebung and in building market attention with an aggres- getting the assays back will guide future
Doradilla tin projects, two assets which had sive early exploration push. work,” he said.
lain dormant in Aurelia Resources Ltd fol-
lowing its acquisition of the Hera zinc-gold Duerden said the nature of the two pro- Once drilling at Tallebung is completed,
project in 2014. jects meant Sky could start exploration in- Sky will move onto Doradilla – 30km south
stantly. of Bourke in north-western NSW.
Aurelia had listed (as YTC Resources) on
the back of the tin assets and when Aurelia “The targets are mature, well defined and Doradilla lies between the Lachlan and
decided to offload them, YTC founder Ri- only sitting there because of corporate cir- Thompson Orogens and has shown poten-
mas Kairaitis took them back privately. cumstances so we have been able to hit the tial for base and precious metals as well as
ground running. Really, we are just getting tin.
“It is a case of getting the old band back back to the unfinished business of 10 years
together from the YTC Resources days,” ago.” The known mineralised zone extends
Sky chief executive Duerden told Paydirt. over 16km of strike with historical intersec-
“These assets had been sitting stagnant in Sky started work immediately on relisting, tions including 40m @ 0.56% copper, 1.6%
Aurelia then put into a private vehicle but with the company launching a seven-hole tin and 0.38% zinc.
the vendors had got to the stage where they RC and diamond drilling programme at Tall-
were looking for a way to progress explora- ebung in July. On August 5, the company “Doradilla has never really had justice
tion. Rimas had an existing relationship with reported encouraging visuals from the first done to it from an exploration perspective,”
Norm Seckold so they took the opportunity diamond core with drilling intercepting mul- Duerden said. “Bornite has been document-
to work together. tiple mineralised zones 300m below previ- ed in the old logs and we will base our target-
ously identified tin lodes. ing on the reassessment of those old holes.”
“The tin market is at an interesting stage
so they came together, found the Planet Drilling at Tallebung is targeting two styles Sky’s entry into the Australian tin space
Gas shell, raised $4.5 million and relisted it of mineralisation – high-grade lode and por- comes at an intriguing time for the metal with
as Sky.” phyry-style tin-silver-tungsten. a number of juniors eager to take advantage
of dynamic supply/demand narrative.
Kairaitis and Seckold both command size- “It is a pretty aggressive programme we
able investor followings and Duerden said have embarked on but that is because we “Tin is at an interesting stage,” Duerden
Sky had immediately benefitted from their think we can add value quickly at Tallebung,” said. “With a change in demand for lithium-
involvement, garnering almost instant mar- Duerden said. “The high-grade, near-sur- ion batteries, tin is about more than cans.
ket recognition. face shallow mineralisation has a lot of tin We are hearing more and more about the
lodes which were historically worked and EV and clean tech space and tin has an im-
“There has been a really strong investor then geophysics have defined a potential portant role to play in that; it is about much
reaction. We raised the money at 4c and we porphyry setting under the tin lodes. We be- more than tin cans today.”

– Dominic Piper

PAGE 60 SEPTEMBER 2019 AUSTRALIA’S PAYDIRT

Home is where the growth
is for Aeris

Thwarted in its M&A efforts and frus- been a saviour for Aeris. start drilling later this financial year,” La-
trated by technical challenges on its “The Tritton operations have consist- buschagne said.
South Australian exploration asset, Aeris
Resources Ltd is turning back to its home ently produced at more than 25,000 tpa Across the border in SA, the company
patch for growth options. copper and those production results have has chosen to take a more considered ap-
significantly improved our financial posi- proach to the Torrens IOCG JV with Argo-
After pulling back from the financial brink tion,” he said. naut Resources NL. Aeris is 70% owner
less just a few years ago, Aeris is now and manager of a project which has been
eager to expand its horizons beyond the The operation is currently producing touted as having strong geophysical sig-
25,000 tpa copper it produces from its Trit- from two underground mines – Tritton and natures than Prominent Hill, Carrapateena
ton mine in New South Wales. Murrawombie – and has a four-year pro- and even Olympic Dam. Access was de-
duction plan based on reserves of 8.4mt nied for more than a decade due to envi-
Its first attempt at doing so came earlier @ 1.5% copper. The task in front of Aeris ronmental and heritage approval process-
this year with a $US575 million offer for now is to prolong that mine life through re- es but the JV eventually gained access to
Glencore’s CSA copper mine, also in NSW. source and reserve extensions. Lake Torrens earlier this year.
That bid failed and when the company an-
nounced in May it was also suspending ex- “It has a four-year production plan but However, the strict permitting condi-
ploration on the much-vaunted Torrens JV each project has the opportunity to extend tions mean drilling is a delicate, expensive
in South Australia, the company was back and in the last two years, a lot more effort exercise. The company drilled two holes
to square one in its growth plans. into exploration,” Labuschagne said. in January but in May chose to suspend
exploration while it decided on the best
Aeris executive chairman Andre La- Among the targets are depth extensions course of action.
buschagne admitted at Diggers & Dealers at Tritton and Murrawombie as well as new
2019 had been a frustrating year for the targets such as the Budgerygar under- “We are unable to leave a footprint on
company’s growth ambitions but he reiter- ground deposit (accessible from the Tritton the lake so the rig has to be broken down,
ated both the progress it had made and the decline) and Kurrajong where the com- helicoptered in and rebuilt each time,”
options it had in front of it. pany has an exploration target of 3-4mt @ Labuschagne said. “It is very expensive
1.5-2% copper. drilling, $1 million a hole, so now that we
“Six years ago, the company was $140 have proven the concept that we can get
million in debt and had two loss making While conversion of those targets will through the aquifer, we will pause explora-
mines,” Labuschagne said. “Now we have provide immediate lift to Tritton reserves, tion and see what the best way forward is.
got Tritton, which is an exceptional as- Labuschagne has his eye on an even
set, performing well and a balance sheet greater, regional prize. “There has to be cheaper ways to man-
in good shape. The share price is off fol- age the project.”
lowing the failed bid for CSA and the post- “Greenfields exploration will be the
ponement of the Torrens drilling but we are game-changer for us,” he said. “We have Away from its existing assets, Aeris is
in a highly endowed region [of NSW] and 2,100sq km of ground and we are targeting keen to bolster its portfolio.
there are a lot of opportunities.” plus-10mt @ plus-2% orebodies; it is now
about how we target those opportunities.” “We are looking for opportunities to
Labuschagne’s desire for growth comes grow the production profile of Aeris,” La-
on the back of solid performances at Trit- While the southern half of the tenement buschagne said. “We will pursue strategic
ton. The underground mine is forecast to package has proven well-endowed thanks M&A opportunities to add value, comple-
produce 24,500t copper-in-concentrate in to the existing deposits, the northern por- ment the existing portfolio and transform
FY20 at C1 cash costs of $2.80-2.95/lb, tion is largely underexplored. Aeris has Aeris into a mid-sized, multi-mine com-
having posted $2.47/lb in the June quarter. undertaken two airborne EM surveys over pany.”
the tenements in the last two years and is
Labuschagne said the operation’s pre- now planning ground-based EM and drill- – Dominic Piper
dictability over the last seven years had ing to tighten up 29 identified anomalies.

“This is fertile ground and we will

Aeris forecasts 24,500t
copper production from its

Tritton operation in FY20

AUSTRALIA’S PAYDIRT SEPTEMBER 2019 PAGE 61

NEW SOUTH WALES FOCUS

Godolphin’s stable full of
NSW thoroughbreds

Ardea Resources Ltd is looking to defy on the structure, ground which is prospective our own.”
market trends around IPOs by spinning for a wide range of minerals, first and fore- Elsewhere in the portfolio, Godolphin
out its New South Wales assets into a new most gold.”
vehicle; Godolphin Resources Ltd. has prospects with potential for copper and
The portfolio is stocked with gold and cop- copper-gold porphyry and epithermal min-
Ardea has a portfolio stacked with devel- per-gold prospects around the Orange area. eralisation. In anticipation of the IPO, Ardea
opment and exploration assets, headed by has been working up a number of the lesser
the massive Kalgoorlie nickel project (KNP) Godolphin is aiming to raise $4-8 million known targets.
in Western Australia. New chief executive at IPO with Penkethman saying a two-year
Andrew Penkethman said the creation of exploration budget had already been set. In August, it announced visible gold had
Godolphin would ensure the NSW assets been encountered in rock chip sampling of
were not lost in the wider mix. Among the most immediate targets is historical workings on the Gundagai project.
the Lewis Ponds gold-zinc VMS project, At the Yeoval copper-gold project, Ardea an-
“Ardea is really three or four companies just 20km north of McPhillamys. A focus for nounced on August 15 that it had defined an
in one and we are spoilt for choice with old-time prospectors, Lewis Ponds has a re- inferred resource of 12.8mt @ 0.38% cop-
more than 3,000sq km of tenure, the larg- source of 6.62mt @ 1.5 g/t gold, 68 g/t silver, per, 0.14 g/t gold, 2.2 g/t silver and 120 ppm
est nickel-cobalt resource in the developed 2.4% zinc and 1.4% lead. molybdenum. Penkethman said such work
would continue as the Godolphin IPO was
Ardea chief executive Andrew Penkethman Penkethman said the deposit had origi- arranged.
assesses BHP mining stockpiles from 1991 nally been defined as a high-grade under-
ground massive sulphide deposit but Godol- “We are clearing the decks and need to get
at the Mt Aubrey project in NSW phin’s geological model was based on the all the information out into the public domain
potential for structural-hosted gold minerali- before we complete the prospectus,” he said.
world and fantastic gold potential in WA as sation to provide bulk tonnage targets. “That will give Godolphin the best opportunity
well,” Penkethman told Paydirt. “Looking at for success.
the funding and personnel available, we de- “It was mined in the 19th century as a high-
cided the best way to add value to the NSW grade, narrow vein underground mine but no “The plan is to have the rigs turning from
assets was with a dedicated management one has ever considered the bigger picture,” Day 1 at Mt Aubrey. There are only three
team and company. But, the spin-out will al- he said. “If you look at a lot of the Lachlan board members and two geologists based in
low Ardea shareholders to retain exposure Fold Belt deposits, they are large-scale open Orange, so there will be a very low burn rate.”
to those assets through Godolphin.” pit bulk operations. We will use that method-
ology to look at Lewis Ponds with new eyes Penkethman’s enthusiasm for the Godol-
The Godolphin stable will be made up of as a potentially conventional open pit. phin assets, and the wider potential of NSW,
more than 3,000sq km of ground along the is clear.
Godolphin Fault on the renowned Lachlan “Historically, it was only ever looked at for
Fold Belt. base metals, soils were never even assayed “Look at the Lachlan Fold Belt; it has only
for gold but the rocks are remarkably simi- had small fraction of the attention the East-
“We have a commanding tenement posi- lar to McPhillamys and we need to do more ern Goldfields has received but is highly
tion on the Godolphin fault, a regional-scale work on that gold side.” prospective,” he said. “A lot of these pro-
structure which hosts a number of deposits, jects have received no modern day explora-
including Regis Resources [Ltd]’s McPhilla- Gold will also be the focus at Mt Aubrey, tion. Geophysics have advanced a lot since
mys gold deposit. We have plus-60km strike on the northern margin of the Lachlan Trans- those days as have assaying techniques; we
verse Zone. Historical intercepts from the routinely assay for 60 elements now to bet-
prospect include 12m @ 18 g/t, 38m @ 2.9 ter understand the geology. That technology
g/t and 7m @ 20 g/t gold. In addition, a re- was not available to past explorers.”
cent Ardea soil auger sampling campaign
returned up to 103 ppb gold on drill-ready He acknowledged NSW had developed a
anomalies. reputation for access issues but said Ardea
had not encountered any difficulties.
“Mt Aubrey is an epithermal vein system
which was mined by BHP [Ltd] in 1990-91 “In WA, we are used to dealing with mas-
when they were getting 3 g/t gold,” Penketh- sive pastoral leases. In NSW it is different
man said. “They only mined to 40m and and you have to develop relationships with a
structurally it is open along strike and at number of landholders. It is a very important
depth. We have done some auger surface part of the business, particularly in NSW.
geochem which has been encouraging and That’s why it is preferable that your person-
we have demonstrated the vein system ex- nel are based in the community as we will
tends for a few kilometres; we don’t know if it have with the exploration office being situ-
is all mineralised but it is encouraging. ated in Orange.”

“We believe we will be able to define low- – Dominic Piper
cost ounces near surface early and then test
the wider structure to grow the resource lat- For more on Ardea’s WA portfolio, look
er. So, in the worst-case scenario we would out for the Australian Nickel Conference
be toll-treating thousands of ounces. In the preview in the October edition of Australia’s
best-case, we have enough ounces to go on Paydirt

PAGE 62 SEPTEMBER 2019 AUSTRALIA’S PAYDIRT

The mineralised cobalt
footprint at Flemington

has been tripled

AUZ spring heeled at Flemington

The cobalt price demise has seen a ppm (0.11%) from 4m. Benjamin Bell
washout of companies in the space. Individual metres grading as high as
However, the ones that remain are man- SK Innovation will purchase 100% of
aging to cajole a section of the investment 16,300 ppm (1.63%) cobalt were also re- battery-grade cobalt sulphate and nickel
community’s attention, with Australian ported, with continuity of the high-grade sulphate produced from Sconi for an initial
Mines Ltd (AUZ) among the most promi- zone contiguous with and extending seven-year period, with the potential for a
nent. 1,200m west of the existing Flemington re- further six years’ supply to be secured.
source of 2.5mt @ 0.103% cobalt and 403
In July, AUZ seamlessly raised $5.8 mil- ppm scandium (measured) and 200,000t “You have to take a view of the sector
lion via a SPP to drive the Sconi cobalt- @ 0.076% cobalt and 408 ppm scandium you are in opposed to the commodity price
nickel-scandium project in North Queens- (indicated). in the short term. No-one is saying that
land towards an investment decision and EVs are going away - in fact everyone is
potential start to construction towards the A further 12,000m – the single largest moving towards it - so that trend is there
end of 2019. exploration/resource programme of its but will it happen as quickly as some say?
type at Flemington – is planned to start in I don’t know but, at the end of the day you
Financing discussions with banks and October ahead of a proposed resource up- need the cobalt and the nickel and outside
lenders to build the 75.71mt @ 0.6% nickel date scheduled for early 2020. the DRC there is not much,” Bell said.
and 0.08% cobalt Sconi project, which is
projected to produce $5 billion in free-cash There was minor share price appre- “We are taking a more medium-term
flow over 30 years, remained in progress ciation for AUZ upon the Flemington an- view of the sector than perhaps others
at the time of print. nouncement in mid-August, indicating and that means in the wash out of the
the market was attuned to the story and commodity price decrease there are less
“[Financing discussions] are not as sexy rewarding exploration. of us there. People with projects of some
for investors and with that news flow tends sort of merit tend to withstand these trends
to dry up,” AUZ managing director Benja- “We are active, we are drilling, we are in commodities, albeit quietly. The cobalt
min Bell said. doing work, we are doing feasibility stud- price will increase again in coming years,
ies and we have a demonstration plant that there will be more interest in the space and
“However, there is a lot of drilling ahead we have run. We are not raising money to we will be more advanced.”
in New South Wales coming up in the next keep the lights on, we are raising money
12 months largely because we have a 30- to do activity and because that generates – Mark Andrews
year mine life at Sconi and to be honest news flow and, theoretically, improve-
there is not much value in drilling it out to ments in the share price it is easy to raise
40-50 years. Whereas, in NSW at Flem- money when investors can see where the
ington there is potential to add lots of ton- money is going,” Bell said.
nage quite quickly, so much of our focus in
terms of exploration will be in NSW for the “A lot of money is going on drilling of our
next year or two.” second project, running our demo plant
and making more samples. It keeps us go-
Soon after Bell spoke to Paydirt, it was ing well into the June quarter of next year
announced that the mineralised cobalt and gives us 12 months’ worth of cash and
footprint at Flemington in NSW’s Parkes allows us to continue our work and takes
region, had been tripled and mineralisa- the focus off raising money.”
tion continued to remain open along strike.
Additionally, the support for AUZ also
The announcement was made in light of highlights the growing thematic around
AUZ completing the first phase of resource the battery/EV sector and the demand for
expansion drilling at Flemington, with sig- commodities such as cobalt and nickel.
nificant results including 15m @ 2,054
ppm (0.2%) cobalt from 3m; 14m @ 1,202 To this end, AUZ is also well placed hav-
ppm (0.12%) from 11m and 13m @ 1,186 ing signed a long-term off-take agreement,
subject to conditions, with SK Innovation.

AUSTRALIA’S PAYDIRT SEPTEMBER 2019 PAGE 63

NEW SOUTH WALES FOCUS

Aurelia on road to recovery

Aurelia Metals Ltd is set to confirm the ap- 1- 2A
pointment of a new chief executive this
month as the gold and base metals producer Aurelia has guided production of 33,000-36,000oz at low AISC from Hera in FY2020
attempts to regain favour with sections of the
market. 95,000oz gold, 20,000-24,000t lead, pany was through the worst and could finally
25,000-30,000t zinc and 4,000-6,000t cop- start looking at the bigger picture at that op-
Shares in Aurelia peaked at 99c in March, per in FY2020. eration.
but the sudden departure of popular chief ex-
ecutive Jim Simpson less than two months “What we look at is which material and Johnstone is particularly excited about the
later trigged a negative reaction from the which lenses will give us the best margin and Federation discovery, about 10km south of
market and the company lost more than half that’s the material we prioritise,” Johnstone the Hera plant, where mineralisation has
of its value. said. been extended more than 500m below
surface, underpinned by a drill intercept of
At the time of print, the company’s stock “That was pretty straightforward when we 26m @ 16.4% lead-zinc, including 11.5m @
had recovered to 52c after dipping as low as had the high gold Chronos lens, but as that 31.1% lead-zinc.
40c in July. depletes we’ve needed to look at what areas
are going to generate the most revenue or “We’re continuing to drill that out and we’re
Aurelia chairman Cobb Johnstone, who the most cash flow and the best margins for hopeful that will become a deposit that can
has been acting chief executive since Simp- the business. extend the life of Hera,” he said.
son’s departure, said the company was clos-
ing in on a replacement from a shortlist of “We didn’t have the capacity to treat some “There was limited capacity when we car-
impressive candidates. of that lead-zinc material through the plant, ried a heavy debt burden to undertake large
so we’ve been upgrading the plant so we exploration at Hera, so we’re delighted that
“I think it’s fair to say we’re coming to the can treat any of the material we have in front now we’re in a cash position we’ve been able
end of the search process, we’ve seen a of us.” to step out and have almost immediate suc-
number of very strong candidates and we’re cess there.”
just in the final stages as we speak,” John- The upgrade of the Peak plant is ex-
stone told Paydirt. pected to be completed during the March Aurelia has also enjoyed exploration suc-
2020 quarter, with Aurelia anticipating that cess at Kairos which sits below the main
“We’ve been busily working away to find a throughput rates and unit cost performance Peak deposit. Best drill intercepts to date in-
replacement and to make sure the business will improve rapidly thereafter. clude 16m @ 72 g/t gold and 8.5% lead-zinc
remains in shape while we do that.” and 14m @ 43 g/t gold and 13% lead-zinc.
Aurelia has tipped more than $50 million
The search for a new chief executive does into improving the operating performance Accelerated underground development is
not appear to have impacted performance of Peak since acquiring it in late 2017 for tipped to deliver access to the base of Kairos
at Aurelia’s two operations in New South $US58 million. towards the end of FY2020, which will also
Wales, with the company finishing FY2019 coincide with Aurelia’s expectations that an-
on a high note. “We knew we had to do a lot of work to nual throughput at Peak will be approaching
ensure the underlying fundamentals of Peak its 800,000 tpa nameplate capacity.
PYBAR is the main mining contractor at were solid, but it’s been a very successful
both Hera and Peak acquisition with a very rapid payback,” John- Johnstone said the company was continu-
stone said. ally looking at ways to better integrate its two
Combined gold production of 117,521oz operations.
at $1,045/oz AISC from the Hera and Peak “We knew at the time that Chronos was
mines was slightly above guidance despite a finite resource, that we had somewhere “They’re only about 100km apart by road
reduced contribution from the high-grade in the order of 12 months of very strong re- and they treat a very similar suite of com-
Chronos orebody at Peak during the March sults to come, but then we had a fair amount modities, so clearly there are some syner-
and June quarters. of work to do to ensure the ongoing viabil- gies to be had across a raft of different areas
ity and profitability of the business, which is in having the two operating in parallel,” he
Base metals production is set to take on what we’ve been working at over the last 12 said.
greater significance for the company this fi- months or so.”
nancial year as operations transition to high- “Certainly there’s the capacity to share re-
er lead-zinc zones at both Peak and Hera. Aurelia experienced multiple setbacks sources between both.”
during the commissioning of Hera five years
Aurelia has guided production of 85,000- ago, but Johnstone was confident the com- – Michael Washbourne

PAGE 64 SEPTEMBER 2019 AUSTRALIA’S PAYDIRT

April 2020 1 - 2 April 2020

Hilton Adelaide

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BUSH TELEGRAPH

Gold in beautiful harmony

What a difference the past few months end of June. permit, so it cannot be finalised yet. He
has made to Harmony Gold Mining
Co Ltd’s fortunes, thanks to the soaring At R640,000/kg that debt will drop to added that Harmony is committed to “re-
gold price and the collapsing rand.
around R3 billion by end of FY2020 and, commencing constructive negotiations
If the revenue bonanza continues the
implications have to be favourable for at R750,000/kg, the debt disappears with the newly-appointed PNG Govern-
the group’s planned development of the
Wafi-Golpu copper-gold project in Papua completely with Harmony showing a ment and stakeholders”.
New Guinea.
small net cash position. A highlight of Harmony’s results for
Harmony chief executive Peter Steen-
kamp spelt out the potential financial Should that actually happen it puts Har- FY2019 was the contribution to profits
benefits at the group’s year-end results
presentation held recently in Johannes- mony in a much stronger position to fund made by the Moab Khutsong mine which
burg, but he refused to be drawn on two
key issues; how Harmony intends fund- its share of the Wafi-Golpu project. The Harmony bought two years ago from An-
ing its 50% share of Wafi-Golpu and
whether Harmony is bidding to total cost of that project was estimated in gloGold Ashanti.
acquire the Mponeng mine which
AngloGold Ashanti Ltd has put up March last year at $US5.38 billion to be Moab Khutsong was the largest con-
for sale.
split equally between project partners tributor to Harmony’s free cash flow kick-
Harmony has been a dog for
nearly a decade because the prof- Harmony and Newcrest Mining Ltd. ing in R745 million.
itability of its short-life, high cost
and low-grade mines has suffered Getting Wafi-Golpu going is critical The second biggest contributor was
badly. The group has been caught
in a margin squeeze imposed by for Harmony’s long-term future given the Hidden Valley mine (R573 million) in
declining or stagnant gold prices
and steadily rising costs being the short remaining economic lives of PNG which Harmony bought from part-
pushed up by consistently above
inflation increases in the costs of ner Newcrest for just $1 plus its li-
power and labour in South Africa.
abilities some three years ago and
But that situation changes dra-
matically, albeit temporarily be- then spent $180 million on turning
cause experience shows working
costs inevitably catch up with ris- it around.
ing revenues within a year or two
when the rand gold price takes Steenkamp was roundly criti-
off, as it has done over the past
month. cised at the time for that deal but

The rand gold price has reached he pointed to the latest results from
record levels around R750,000/kg which
compares with the average price of Hidden Valley as justification and
R586,635/kg which Harmony actually re-
ceived in its year to end June. as confirmation of Harmony man-

Investors have responded by driving up agement’s ability to meet produc-
Harmony’s share price, which has more
than doubled over the past 12 months to tion guidance.
around R47 at the end of August.
Steenkamp refused to answer
Harmony reported an AISC margin of
7% or R36,648/kg of gold produced for any questions regarding Har-
FY2019.
mony’s intentions over Mponeng
According to Steenkamp, if the gold
price averages R640,000/kg in the cur- and would not even talk about the
rent FY2020 then the AISC margin rises
to 11% (R61,000/kg) and, if it averages hypothetical potential benefits of
R750,000/kg, then the margin increases
to 30% (R171,000/kg). such an acquisition.

What will Harmony do with all that mon- But, Harmony has to be one of
ey? First and foremost it will deal with its
debt which stood at some R5 billion at the the most likely bidders because

its Kusasalethu operation sits ad-

jacent Mponeng meaning there

are obvious major attractions in
Peter Steenkamp terms of opening up sterilised ore

reserves through the removal of

its South African mines. Steenkamp de- boundary pillars.

scribed Wafi-Golpu a year ago as a “game I guess it will come down to what price

changer” for Harmony and repeated that and on what terms Harmony can acquire

assessment in his latest presentation. the mine. AngloGold Ashanti chief exec-

Conventional wisdom amongst ana- utive Kelvin Dushnisky is naturally talking

lysts has been that Harmony simply can- up Mponeng’s prospects.

not afford the cost of its share of building Bottom-line is that Dushnisky clearly

Wafi-Golpu; an assessment which Steen- wants out of South Africa, so if Mponeng’s

kamp and Harmony finance director future is so great why is AngloGold

Frank Abbott have repeatedly rejected. Ashanti selling it?

A year ago Steenkamp said Harmony I reckon the strategic advantage in

would have a funding plan in place for this situation lies with the bidders and, if

Wafi-Golpu by the end of June but the Harmony can strike a good enough deal,

funding plans for the mine have been put then there could be another boost to the

back by delays in getting the special min- group’s short-term revenues, assuming it

ing permit required from the PNG Gov- can repeat its success with the takeover

ernment. of Moab Khutsong.

Steenkamp says getting that permit in Brendan Ryan is a Johannesburg-
place has top priority because the fund- based mining writer
ing will be effected by the terms of the

PAGE 66 SEPTEMBER 2019 AUSTRALIA’S PAYDIRT

REGIONAL ROUNDUP AFRICA

Resolute firms footing in Africa

Resolute Mining Ltd is on course to final- strated that they can work in these jurisdic- bination of aspects from geology to country
ise the acquisition of Toro Gold Ltd in the tions,” former Toro non-executive chairman risk and technical risk. There’s always lots

middle of this month and take its Afrocentric Mark Connelly told Paydirt. of traffic going in and out; Africa comes with

gold business to another level. “It will probably take little bit more time challenges, but not without reward,” Con-

Resolute reached terms on a $US305 from the senior management and [Reso- nelly said.

million deal – $US130 million cash and lute managing director] John Welborn’s day “The Resolute deal sends a good signal

142.5 million shares ($1.78c/share on July is going to get busier along with the corpo- to the investment market that West Africa is

30) – to acquire Toro in July. rate team in Perth. But, on the ground the open for business and deals can be done

The Mako gold project in Senegal, of team has been there a long time and is well and having been on the ground there is a

fair bit of activity, so it is all positive.”

In a true bull market for gold, there is a

spur for further consolidation in the sector.

Some of the ASX plays on the cusp of

development include West African Re-

sources Ltd (Burkina Faso) and Ghanaian

gold-hopefuls Cardinal Resources Ltd and

Azumah Resources Ltd.

Whether these companies receive corpo-

rate interest may depend on the continuing

strength of gold which has broken through

the $US1,500/oz mark in recent months.

“I definitely think there are more possibili-

ties and chances of consolidation provided

it makes sense for both parties. There is no

reason why there couldn’t be any further

consolidation or M&A transactions hap-

pening and certainly the rising gold price

Through the Toro Gold acquisition, Resolute now has exposure helped the Resolute transaction,” Connelly

to a producing asset in Senegal said.

“I think it comes down to how people and

which the Government retains a 10% free established. It gives Resolute greater scale management teams view the gold price,

carried interest, was the attraction for Reso- and a refocus back on exploration, which how investors view the gold price and get-

lute to act on Toro and spread its wings fur- they probably haven’t done for a number of ting good returns on those investments.

ther in West Africa. years.” It is encouraging to see a transaction like

Mako – 160,000oz gold @ $US800/ While Australian companies are heavily [Resolute/Toro] and I am pleased this has

oz forecast – will beef up Resolute’s pro- vested in exploration activity across Africa happened because of the scale and oppor-

duction profile, alongside Syama in Mali, and many have been successful in bringing tunity for these types of transactions.”

to 400,000oz @ $US960/oz for FY2019 assets to the point of development before – Mark Andrews
(December 31), while the company also re- offloading them, few have taken the plunge

ceives exposure to Toro’s exploration tene- and purchased a producing asset like Res-

ments in Cote d’Ivoire and Guinea. olute.

Through interests in other companies Mako’s maiden year

and direct holdings, in addition to Senegal, of production in 2018

Cote d’Ivoire and Guinea, Resolute has delivered 156,926oz

an exploration presence in Burkina Faso, gold @ $US655/oz

DRC, Mali and Sudan. AISC and is expected

The company is also tracking towards a to produce an aver-

decision to potentially recommission Bibi- age 140,000oz over

ani, a 10-year, 100,000 ozpa underground seven years of open

gold opportunity in Ghana. pit operations.

Despite a vast portfolio of projects in “An Australian com-

West Africa, there are no concerns from pany buying an oper-

industry that Resolute is now stretched too ating asset in Africa is

far. always a positive sign

“Clearly, the Toro acquisition, in my view, to me. I don’t think

comes with an immediate management there is any shortage

team and lots of history there. Resolute has of [Australian] teams

been on the ground in a number of jurisdic- on the ground. It’s all

tions for a number of years and obviously about getting com- Mako in Senegal started producing gold in 2018
they have a good reputation and demon- fortable with the com-

AUSTRALIA’S PAYDIRT SEPTEMBER 2019 PAGE 67

6 - 8 September 2017

Perth,Western Australia

Tuesday 3 September 2019

17:00 Welcome Reception, Bar Uma (Lobby Lounge), Pan Pacific Hotel, sponsored by Australian Stock Exchange Ltd

Prog4ra-m6mSeeDpatyeOmnbee r 2019 Wednesday 4 September 2019

07:15 PAerrrivtalhTe,aW, CoeffesetaendrRnegAistruatsiotnralia

Session One

08:15 Welcome: Bill Repard, Executive Chairman, Paydirt Media Pty Ltd (5)
08:20 Opening Address: Hon. Mark McGowan MLA, Premier of Western Australia (15)
08:35 H.E. Madame Lelenta Hawa Baba Ba, Minister of Mines and Petroleum, Republic of Mali (20)

SPEAKER HIGHLIGHTS 08:55 John Welborn, Managing Director and CEO, Resolute Mining Ltd (25)
09:20 Chris Evans, Managing Director, Mali Lithium Ltd (15)
09:35 Julian Hanna, Managing Director, MOD Resources Ltd (25)
10:00 Questions (5)
Nick Holland
10:05 Morning Tea, ExhibCithioienfAErxeeac, ustpivoenOsoffriceedr,bGyoSloduFtiheldAsfrLitcdan Airways (20)

Ses111s100:i::042o055n TTEHwrioomrno .lCGSamwrseatdreten,sMM, Maannaatngh2Naain0agsigisch0nDkg8eini.DHrtMePrircoorePtliocdlo,ratuorMnarc,ndtienBdohidasCttaseEihestrOasRbot,vfeeOhisMesoerniiouinowrCenncraeaEoMsslOfRiCLn“eteoFBsdroOfea(uGl2irsnc0ooeLg)fstlddttahhn(Fe1edi5egEc)lldnooesmbrg–apyl,talhRneeeyapdSfuoeobrrulict1inh0osAfyuSefosratiurcatsaihn.nAaU-bbfnrlaeidcsaeegrod(2Nlg0do)imcldkinmtihnienge”croa–mndspinahncaeys
11:20 Tom Revy, ManagingmDiaredcetosr,igBnlaicfikcEaanrtthsMtriindeersalsinNbLe(c15o)ming a truly global mining company with operating mines
11:35 Questions (5) and projects in six countries.
11:40 WQ&ilAlia: mMiWtigiathtianmg ,aBAneudsfotrrreaesliap-jooAnifnrdiicniangMgGitnooerldsaelscFauinerdlditEsyneNrrigsicykkGs rh(o4eu5lp)d(AseAnMioErG)p(oCsoitnivoennoirn); Hot.hEe. rMSaoduatmh eALfreicleanmtainHinagwa
Baba Ba, Republic ocf oMmalip; aTnoiensy, iSnhcleuedhinagnI,mDpeaplaarPtmlaetinntuomf FaonredigGn eAnffcaoirrs. Haned jToriandeed(DthFeATm);inLinisgainSdhuasrtlraynidn,1A9u9s0tralian
Strategic EPxohliicbyitIionsntiAturcftereaaor,(meAsepSrPoaIcna);cfstJooeourrhnegntdrinaWbgdyuefailSrbtomionlgarDnrwc,eeiRltonheisttoautleruByt.weCLMhoteidmnrien(5ag0nhL)detdBsp.Aecnct
the first 11 years of his professional
12:25 Lunch, from Wits University in Johannesburg.

Session Three Nick matriculated at King EdwardsVII School, also in Johannesburg.

13:15 H.E. Oumarou Idani, Minister for Mines and Quarries, Burkina Faso (20)
111433:::035550 ARCirncadhirgaerMwdaCHcukyndanye,i,nMMgahannaIKaanmggvoiinen,gjgsDotDDoirieriArrceeatcconnttroo,ndrWr,,aEGWannolketlardsebteponAurfRetrniiRmceeausnRoreRu;sreDocseuiorsruecLrcetctsdeoLsr(1,tL5dVt)ed(1c(51t)o5)r Global
14:20 Questions (5)
14:25 Panel Discussion: KMoejeotAtnhneaAnmisbaassseardiaol resnPtraerptreOnneeur– AaunsdtrailniavneasntdoAr,frwicainthdipalnomeaxticteconrspisvceomgelotobgaelthnerettowdoiscrukss the

landscape for investmentainntdhesirtrreospnegcttivrearcekgiornesc(o45r)d of growing new businesses across international markets. He
Dominic Piper, Ausistracluiar’srePnaytdlyirtm(CanonavgeinnogrV);eGctitoar KGalombaatl,haanndinHve.Est.mMeanrtthhionludsinvgacnoSmcphaanlkywwyitkh–inSoteutrhesAtfsrica;
JAaenldnisnIonyvneDsCtemheeanarnttdCreHosm.aEmn.iidinnsCsHiihnon.ranfErits(.auAtsIreustasrlalltuieryrcaeaSdtuseoKo)rheauu,brntciere–cashM–naaKnouerdlointyigiuanys;,f;rHsBap.srEotor.rnuJtto,ceetyudcMreueocKuamitlkieooasnsf(tuZaninnmdodbataab–bbiwoUlyetg)eabancnydhda.;fHKoIaou.Enjno.dHFisnratgaallrniMdtkeaedByr,wihdAiaisualsynctaraaPr–lieoaZenrratTmrbadiae;


15:10 Afternoon Tea, ExSheibritvioicneAs r(eMa,PsSp)oinnspoarretdnebryshGipeowdirthillt(h2e0)Ghana Ports and Harbour Authority, Bolloré
and Maersk (APMTerminals) to develop a modern container terminal inTema, Ghana.
Session Four
CMhFKiueooflojrEounxAmeinc,unM(taAivninAeiwsROtielFflrf)iac,olehsfrooE, sTnbteeeerdrgtrhyoaenmanTKindueeyAMsnduoinasteetyrraSa3llpiSDaeeaeLpvktetedelrom(p1ab5mt e)terhne2t,0AR1ue9sptubrbyallMiicaouAfrfdUroigcacanhdUUa n(n2iiv0ve)errssiittiye.s Network
15:30 Hon. Eng. Irene
15:50 Richard Taylor,
$1 111111A7777666E:::::::11252040a5,500005a6r vl30ya10iBl.Ma0KCYQJOWPibor0aroaoludlhlieeyncjiilenoneslrnk2usieacadttA0MntA.nmaiee1toGntliai9illVannrxWSFtsria,ToiuinoP(ien5tna,ns)hr,c,ItnnaPotMveaimferoratst-nnn,thaoeLC,grreohiEn-aniCxegAndPCfhodDouOEnibRrEi,xrspineeAttoNcEticrrosrtuaehoantStrpTuielvArraieEeTasAnrnOat-deNxeT(fAaCC,2ufOiPr0cEfTO;ewrT)ODrPi,A,CciABraCPTe(lTAa1cMct5OOMHokI)riEO,RnRNGEVoeeNcT(rFck3Cat0MUoI,l)sOrRiSnaNGiMnNPnlgodIObLFTtaEYdlENnI((O12EeR50Sr)S)UgEOyNSRGRTCrPSoIELAuHpLROI(PAATRAAVIGMCANAEIGIPDNL)AAAIETSwBXIEaOrLRHdENsSI:!B.TITOIDOANY
* This programme is subject to change

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PRESENTERS INCLUDE: REGISTER TODAY

6 - 8 September 2017

Perth,Western Australia

Programme Day Two Tim Carstens Thursday 5 September 2019
John Welborn Julian Hanna Managing Director Archie Koimtsidis John de Vries
MaRn0ae7gs:oi3nl0ug teDiMreAicntrionrgriv&LatlCdTEeOa, CoffeeMMaOannDdaRRgeiensggoisuDtrricraeetsciotLontrd Base Resources Ltd
CEO & Managing Director CEO & Managing Director

Cardinal Resources Ltd Black Rock Mining Ltd

Session Five

08:30 Keynote Address (20)

08:50 Hon. Naana Eyiah, Deputy Minister of Lands and Natural Resources, Republic of Ghana (20)

09:10 Nick Holland, Chief Executive Officer, Gold Fields Ltd (20)

09:30 Archie Koimtsidis, Managing Director and CEO, Cardinal Resources Ltd (15)
BlaM01c09ak::En04Taa50ogr tmihngMRDeBDinviieraylerlvcaetGlsoruNMyLa, nCnhainirmgW,aaEnGlkx,laTeoTbrcbehouavetuliottvHraeReBeGCasehdoonaulosdirrofcmMnHeasiynnLbetrdisd,LJtudw(1iB5Ra)etMtnDeearawnyvaMaigdbiinlnFegelarEDannliaseregrLcagimtnioeirstePdty Len Kolff Justin Tremain
Ltd Managing Director
(IC1ro5hn)ieRfidOgpeeRraetsiongurOcefsficLetdr Exore Resources Ltd

10:15 Questions (5)

10:20 Morning Tea, Exhibition Area, sponsored by Ashurst (20)

Session Six

10:40 Dr Jânio da Rosa Correa Victor, Secretary of State for Geology and Mines, Republic of Angola (20)

GoldM1111eaC::n10nr5Ra0a gi imginMRgeaLSDscotiirknueeardcpyctesohsareLyntdRWeeedtPh,arCetnhreiaGePrflih-llEb,iElexnMEeretdcaru+mgntyaiTavgonReibdneOigssnofDfuicrirceeerc,stMorinabnFodirssDCtREiQreeOMusc,oatiLonkuurteruc-cmCaeEphsxMarpLilsiDotntdreiiaear(tam1iol5son)Lntdd Company CLthdris(1E5v) ans William Witham
Chief Executive Officer
Managing Director
Birimian Ltd AAMEG
11:30 Phil Edmands, Partner - Energy and Resources, Gilbert + Tobin Lawyers (20)

11:50 Questions (5)

11:55 Panel Discussion: Women in Mining (45)

12:40 Lunch, Exhibition Area, sponsored by Orezone Drilling (50)

13:00 Women in Leadership Lunch, Silver Room, Novotel Perth Langley Hotel

SesMsaRinoicanhgainrSgdeDHviyredecento r Eddie Grieve Ben Gargett Errol Smart Speaker TBA
Head of Listings and Partner Managing Director & CEO METS Ignited Australia Ltd

Wes1t3A:3fr0ic an ReHso.Eur.cePsrL.tAd issatouIsSsouAepSrhXSieLertvdGicelas dima, Minister of MPinweCs and Geology, RepuOblricioonfMSienneeraglaslL(t2d0)
13:50 Moses Tshetlhane, Deputy Director, Department of Mineral Affairs Division, Ministry of Mineral Resources,

S14I:G10 N JGUererPeenmTTeycOhSnionDlocglAyaiaYrn,dMAEanneNarggyiDnSgeDcJuirOreitcytI,oRNr,eBpauOtbteliUcryoRMf BinoSetrsPawlsaOnLatNd(2(20S5) O) RS AND SUPPORTERS TO DATE:

14:35 William Witham, Chief Executive Officer, Australia Africa Minerals and Energy Group (AAMEG) (15)

14:50 Rupert Morgan, Executive Director – Structured Political Risks, Gallagher UK (15)

15:05 Questions (5)

15:10 Afternoon Tea, Exhibition Area, sponsored by SkyTEM (20)

Session Eight

15:30 Hon. Jean Claude Kouassi, Minister of Geology and Mines, Republic of Ivory Coast (20)
15:50 Justin Tremain, Managing Director, Exore Resources Ltd (15)
16:05 Peter Ledwidge, Managing Director, Mako Gold Ltd (15)
16:20 Steve Parsons, Executive Director, African Gold Ltd (15)
16:35 H.E. Dr Samuel Urkato, Minister of Mines and Petroleum, Federal Democratic Republic of Ethiopia (20)
16:55 Jason de Carteret, Africa Development Director, Solarcentury Ltd (15)
17:10 Questions (5)
17:15 Panel Discussion: Financing projects in Africa - hoops, hurdles and fish bottoms (45)
18:00 Cocktail Function, Exhibition Area

* This programme is subject to change

Interested in presenting or sponsoring? Contact Namukale Nakazwe-Msiska [email protected]
Interested in exhibiting? Contact Christine Oelschlaeger [email protected]
For all queries phone +61 (0)8 9321 0355

6 - 8 September 2017

Perth,Western Australia

Programme Day Three Friday 6 September 2019

4 - 6 September 2019 08:30 Arrival Tea, Coffee and Registration
Session NPineerth,Western Australia
09:00 Dr Abdulkadir Mu’azu, Permanent Secretary, Ministry of Mines and Steel Development, Federal Republic of Nigeria (20)

09:20 Hugh Morgan AC, Director and Louisa Lawrance, Consultant Geologist, Comet Minerals Ltd (20)
09:40 Andrew Spinks, Managing Director, Kibaran Resources Ltd (15)
09:55 Jason Brewer, Managing Director, Force Commodities Ltd (15)

SPEAKER HIGHLIGHTS 10:10 Kingdom of Morocco, Speaker TBA (20)

10:30 Bertrand Montembault, Partner, Herbert Smith Freehills (20)

10:50 Questions (5) ExhibiCNtiohiniecAfkEreHxae,cosupltlioavnensOdofrfeicderb, yGPoCldFFCiealdpsitLatldGroup (20)
10:55 Morning Tea,

Session Ten Nick Holland has been CEO of Gold Fields – the South African-based gold miner – since

11:15 Panel Discussion: M2e0e0t8.tPhreioArmtobtahsastahdeorwsaPs aCrFtOTwoof t-heAcuostmrapliaannyanfod rAf1ri0caynedairpslo.mUantidc ecorrpNs iccokmtehteogceothmerptaondyiscuss
DtBGhaeuoremlaohniudensdic–ciapC–PeoSifputoederadrinn’,Iv;vAeBosutiermsetrhamer;enaanCandsltidlaiiianpe’cnsierttrsPhorieaOegojyeinrdIdwcririufrteeeicstcslnpeaa(iCe-ndnncJottdosiitnsvinxsevtaerenvrcindesdiosogeHaiiuroons)nn;.ndEistAnrHo.(i4nbeBf.5deEs“)e.crB.loelKeowmianHirgBniugmathsrasenMteregieunsloldiyabr–ngaedlNlokHliebg–a.eaEdMrli.meaoE;rriGndoinicwlnecsgoinun;cnsPoNtMeamiitinipelAaearbnsdlDyej–eowgEiyogi–ltylehdGpt–ohm; apEHintneah.riE;niaoH.gtp”iIi.nbaEag;r.namJdheinhaimenassne





Ian Halliday, AustralBiaenfoTrreadejoainndinIgnveGstomldentFiCeoldmsmNissiciokn (hAeuldstrsaedne)ior position in other South Africa mining
12:00 Hon. Winston Chitcaonmdopa, nMieinsi,stinercoluf dMiningesImanpdaMlainPilnagtiDneuvmeloapnmdenGt, eRnecpourb.liHc eofjoZiinmebdabtwhee (m20in) ing industry in 1990
12:20 Mike Christie, Direcftroor m- Eaxpclcoorautinotni,nFgirsfitrQmuaDnteulmoitMteinewrahlserLetdh(2e0)spent the first 11 years of his professional
12:40 QLEedundeisKetoGiolrfnfi,esvC(5eh)i,efHOeapderoacNftaiLnircigsekteiOnmrgffsiaacaftetnrre,dicrIIrusogslaunretaRerdiddSugeaeartvtiRincKeegssi,nowAguiurtEcshetdrswaaLliaBtardn.dC(Ss1ot5Vom)cIIkSaEncxhdcohBaon.lAg,eaclLcstodfri(on1m5J)oWhanitnseUsbnuivregr.sity in Johannesburg.
12:55
13:10

13:15 Lunch, Exhibition Area (60)

Session Eleven Kojo Annan
Investor and Entrepreneur; Director, Vector Global

1144::1355 PHeotne.rGCelsalrekreM, GuernrearaKyl,oMMjoainnAaisgtneenrr aoInfndMuissintreays and Energy, Republic of Liberia (20) w(20it)h an extensive global network

Esnegraigaelmeennttr, eMpErTeSnIegunirteadnAdusintrvaelisatLotrd,
14:55 Speaker TBA (15) and strong track record of growing new businesses across international markets. He
15:10 Dr Marina Confait,isPrcinucriprael nStelcyremtarayn, DageipnagrtVmeecntt oofrFGoreloigbnaAlf,faainrs,inRveepustbmliceonftSehyochldeilnlegs (c2o0)mpany with interests
in infrastructure, technology, sport, education and biotech. Kojo started his career
15:30 Questions (5)

15:35 Afternoon Tea, ExhiinbitnioantuArraela r(2e0s)ources and infrastructure most notably by founding Meridian Port

Session Twelve Services (MPS) in partnership with the Ghana Ports and Harbour Authority, Bolloré
and Maersk (APMTerminals) to develop a modern container terminal inTema, Ghana.

15:55 H.E. Dr Abbas ElshKaoijkohAnMnaonhwaimll aelsdo Sbaeltihhe, KUenydneortseecSrpeteaarkyearnadtAthcteinAg uMsitnriastleiar oAf fMriicnaerUalsn, iRveeprsuibtliiecsoNf Seutdwaonr(k20)
16:15 Colin Roberts, ChairFmoarnu,mSa(ltAeArnRaFs)L,thdos(1te5d) on Tuesday 3 September 2019 by Murdoch University.
16:30 Questions (5)

11$76A::2E3105a, a 6rvl30ya10iBlCC.Ma0ibllr0ooadleyssiniir2unnac0nggt.e1tGPDi9l aSrTnineklsD, iBsacruUssmCPioaORn(LNo(E4b5SbT)yEALoNCuOnTgTePA),PTsTpOHIoOnREsNoTCrUe,OdSNbNPyIOFTPwENIECRSSEONSRTCSIELHLOIPARAVGANAIDNLAIESBXELRHESI!BTITOIDOANY
TO CONFIRM YOUR PARTICIPATION.

* This programme is subject to change

www.africadownunderconference.com

REGIONAL ROUNDUP REAGFIRSTICEAR TODAY

Prieska rises in SAPRESENTERS INCLUDE:

Evidence of the deep pools of capital and exports for the
ready for deployment in South Africa country, there are big

is shining through BEE group Prieska Re- pockets of finance,

sourJcoehsn. Welborn Julian Hanna the commercTiaiml bCaanrksstens Archie Koimtsidis John de Vries
ManPargiiensgkDairRecetsoor u&rCceEsO is the BMEaEnapgainrgtnDeirrector in SA areMsainttaingigngoDnirector CEO & Managing Director CEO & Managing Director
anRdesohloutldesM2in0in%g Lotdf Orion MiMneOrDalRsesLotdur’sces Ltdpools of cBaapseitaRlesaounrdces Ltd
Cardinal Resources Ltd Black Rock Mining Ltd

Prieska copper-zinc project in the North- are looking for deploy-

ern Cape. The company was further ment opportunities.

strengthened last month as Safika Re- They are trying to

sources (44.72%) joined Black Star Min- drive a new economy

erals Pty Ltd (17.31%) and Kolobe Nala in SA, so the banks

Investment Company Pty Ltd (37.97%) as are prepared. Mean-

a sharTeohmolRdeevry. Trevor Benson while all theDoaldvidmFultaun-agan Len Kolff Justin Tremain
MSaanfiakgainigsDwireeclltokrnown in thEexeNcuotirvteheCrhnairmanal funds anMdanmagaisnsgivDeirector Chief Operating Officer Managing Director
CBlaacpkeE,arhthavMiningeraelms NbLarked oWnalkeaxbpoloutraRteiosonurces Lftudnds likBeatttehrye MMineertaalls Limited IronRidge Resources Ltd Exore Resources Ltd

and mining activities in the region in 2006. Industries Benefit

Safika’s subsidiary, Tshipi é Ntle Man- Funds Administrators

ganese Mining, is in partnership with Ju- [pension fund] have

piter Mines Ltd at Tshipi, which is part of a enormous amounts of Errol Smart
diversified portfolio including investments capital,” Smart said.

in agricultural, industrial and manufactur- Having the Prieska project ready to be of copper and zinc to keep off-takers at

ing Carnadig hMeaaclkthay interests plus PtrhailnEsdpmoartnds developed, SMmiakret Chharsistaiestrong grasp onChris bEavyanfsor the moment. William Witham
anMdalonaggisintigcsD.irector Partner - Energy Resourtchees financiDnigrelcatonrd-sEcxapploeraattiotnhe momentM. anaging D“iTrehcetorbig minesChthieaftExreecmutaivien Oaffriecerex-
Gold“TenhrRoimugRhesTosuhrcipesi Lintdthe NorthGeirlnbeCrta+pTeobin The PFirrsiet sQkuaanVtuMmSMindeerpalos sLittd hosts re-BirimihanauLtsdting their open pits aAnAdMstEaGrting to go

and other investments these guys are sources of 30.49mt @ 1.2% copper, 3.7% underground, which will rebase the whole

generating the kind of free cash flows zinc, which is primed to deliver an initial cost of producing copper and I think we

many Australian mining companies would 10-year operating delivering 2.4 mtpa for are going to be well placed to reap the

dream about,” Orion managing director 20-24,000 tpa copper and 70-80,000 tpa benefits of that. There is a lot of talk

Errol Smart said. zinc. about big zinc mines that have to come

“They are a diversified business. They Peak funding required to bring Prieska on board, with something like 15 of them

ownR[iacghraircduHltuyrdael] operations in EQdudieeeGnrsi-eve back to life isB$en37G8armgeiltliton, according toErrol nSemeadrting to be successfSupleinaktehreTirBdAevelop-
lanMdaannagdinagreDiarencteoxrample of cHoemapdaonfiLeisstiinngs anda BFS released PinarJtnuenre, which alsoMhaingahg-ing Dirmecetonrt p&laCnEOand thMatEThSaIsgnniteevdeAruhstaraplpiaeLntded
WSeosFtuuAthrftrhiAceafnrrimcRaeosrwoeui,trShcemdseaLetrdtpssapidooblosdoieIfssscualAeikpSreiXStateLhlrt.ve”dices lighted post-tax fiPnwaCncials of $819 milliOonrion MinbeerfaolsreL.tdIf two or three of those big ones

cash flow and $408 million NPV. fail, there will be a gap in the market,”

Development Finance Institution (DFI), Payback is expected to take three Smart said.

aInnSdduIsPGturibaNllicDeUInvvePelosptmTmeeOnnttDCCooArrppYoorraaAttiioonnN((IPDDICC))JOINyseeaerkOsingUfrotomRlofScirksPtinOpdroeNdbutScfutOinodnRi,ngwSiathnAdONteriroDmn SUcaP“uWPseeOwarRee TagreeEttibRnugiSldainTlgotOaofmDaotdtAeenrTtnioEnm:ibnee-,

were keen on financing mining projects sheets and launch an equity raising be- which is a massive problem in SA. Almost

on very reasonable terms right now. fore Christmas. all the mines get built in the shadows of

“They want to stimulate job creation Assuming the timeline guided is an existing mine and they inherit the last

achieved, Orion mine shutdown’s labour force, so they in-

plans to break herit sins of the fathers and all the inef-

ground and start ficiencies.

construction on one “We are starting with a clean sheet and

of SA’s most modern we can build an internationally competi-

mines in early 2020. tive modern mining operation and get it

Just as SA is lack- right from the beginning. We are doing it

ing in new modern in SA the exact same way as you would

mine developments, do it in Australia or in North America. We

investors in the have this enormous shaft, one of the big-

country are bereft gest shafts you could want in the world

of listed base metals and we have decline road ways all the

vehicles to support. way to the bottom of the orebody. It will be

Therefore, Smart developed with renewable energy, most

believes the com- of our tailings will be going back under-

pany can capitalise ground, so most of those high-level risk

on investor “FOMO”, issues that everybody pays attention to

while also taking ad- around the world, we are insulated from.”

vantage of the dwin- – Mark Andrews

InteSoruetshtAefrdicainn ipnvreesstoersnatriensgwaorrmsinpg oovnesr Oorrioinn,ga?s iCt isotnhetact NadlmingukglaoblealNsaupkpalyzwe-Msiska [email protected]
only listIendtbearseesmteetadlsinplaeyxohn itbheitJiSnEg? Contact Christine Oelschlaeger [email protected]

For all queries phone +61 (0)8 9321 035AU5STRALIA’S PAYDIRT SEPTEMBER 2019 PAGE 71

REGIONAL ROUNDUP AFRICA

Patience a virtue for Volt

Volt Resources Ltd chief executive Tre- ously undertaken bond
vor Matthews hopes patience will be re- issuances on either of

warded as his company attempts to finalise these markets.

development funding for its Bunyu graphite Last month Volt

project in Tanzania. raised $1.65 million

Matthews has spent much of the past six from a share purchase

months in Tanzania so he can be on hand plan and top-up place-

to readily meet with government officials ment, with those funds

and regulators to answer any questions set to help support its

they may have about the company’s pro- financing discussions

posed $US40 million note issue and listing as well as reduce

of those notes on the Dar es Salaam Stock some of its short-term

Exchange. debt obligations.

Volt is also seeking to undertake a bond Volt, which is be-

issue and listing on the Stock Exchange of ing advised by Exotix

Mauritius. Both funding options are current- Capital on its fund-

ly with regulators awaiting approval. ing strategy, hopes to

Matthews said while the process had begin early construc- Construction at Bunyu could begin in the coming months,
taken longer than the company would have tion works as soon as pending Volt securing approval for its Tanzanian note issue
liked – Volt began pursuing the note issue the approvals are re-

soon after the upheaval of Tanzania’s min- ceived. Environmental Volt has signed two binding offtake
agreements with major Chinese partners
ing legislation in mid-2017 – he still believed and mining licences are already in place and a US graphene company, with a third
agreement to be finalised post completion
it was the best chance of obtaining develop- and a new project management contractor of the financing.

ment funding for Bunyu. is set to be appointed imminently. Matthews said wrapping up the financ-
ing for Stage 1 could ultimately prove to
“We formed the view some time ago The Tanzanian Rural Road Authority is be more challenging than when the time
comes to complete the same exercise for
when we went down this pathway of rais- also believed to be ready to start upgrading the Stage 2 expansion.

ing money from local investors that this the main access to site. “It might sound a little bit incongruous, but
I do believe this is probably the most diffi-
seemed to be the most logical way for- Stage 1 comprises development of a culty financing of the two, just trying to put
the funding in place for this initial develop-
ward,” Matthews told Paydirt via phone 23,700 tpa operation at Bunyu for $US31 ment,” he said.

from Tanzania. million, plus resettlement compensation of “That said, investors like the concept of
a smaller, less risky Stage 1 because if we
“That is still our view, that this is the right $US3.5 million. have any issues, they’re not problems that
are costing you $US10 million or $US20
Matthews said a staged million or $US30 million to rectify. It will
probably just be in the low millions to fix up
approached to development those problems and overcome them.”

was the best way forward Matthews added the Tanzanian Govern-
ment continued to make all the right noises
for his company. Stage 2 will around supporting development of new
mining projects in the country.
see operations ramped up to
“I think in general there has been an im-
170,000 tpa. proving position adopted by the Govern-
ment and a willingness to engage and look
“We had a PFS on a much at further changes [to the legislation], based
on feedback from the mining companies,”
larger project to produce he said.

around 170,000 tpa and that “In our case, we’ve obviously had an is-
sue with the corporate regulator in terms of
a maximum expenditure of our ability to proceed forward with our note
issue, but we’re optimistic based on the
about $US173 million,” he feedback from government that there is a
willingness to try and help facilitate project
said. “That was published in development.”

December 2016 and it has

sort of become the proxy for

what an expansion would

look like, but we do need to

Volt chief executive Trevor Matthews (second from left) do a final definitive or bank-
with visiting Chinese and Japanese delegations able study which we plan to
at Bunyu earlier this year do while we’re in constructing
Stage 1.

pathway. It might take a bit to work your way “There’s a lot of benefits in doing that be-

through to that end point, but we think at cause we’ll pick up a lot of information, not

the end of the day it will probably still be the only from the Stage 1 feasibility study, but

quickest pathway for us to get that funding also we should have a lot of good costing

in place.” information coming out of the fact that we’re

Matthews said it was very much a waiting building Stage 1. And once we get into

game for Volt as regulators sifted through commissioning and into operations we’ll get

all the various aspects of the note issue. feedback on plant performance and be able

The process has perhaps been drawn out to feed that back into our final design and

because no mining company has previ- engineering for the expansion.” – Michael Washbourne

PAGE 72 SEPTEMBER 2019 AUSTRALIA’S PAYDIRT

LATIN AMERICA

Challenger readies
for South American tilt

Exploration activity in Ecuador remains high

Overwhelming support for a $5 million to push on with exploration in both coun- gramme near the second target was un-
fundraising campaign is an indication tries. der way at the time of print.
of the potential seen in Challenger Explo-
ration Ltd’s South American assets, ac- Prior to receiving geophysical results With two world-class drilling targets
cording to managing director Kris Knauer. from El Guayabo, the company was err- identified from the first line of geophys-
ing on the side of pushing harder at Hual- ics, Knauer hopes the remaining results
“We opened and closed the IPO in four ilan where underground channel sam- will deliver the same quality for the com-
days and that is because of the quality pling has returned results in the order of pany.
of the assets. There are not many things 201 g/t gold, 1,560 g/t silver and 3.3%
around where you have historical results zinc from a 1m sample within a broader “We are just finishing up an under-
of 150m @ 2.5 g/t gold or over 100m @ 5m zone grading 52.5 g/t gold, 410 g/t sil- ground mapping and channel sampling
0.6% copper, 0.6 g/t gold in Ecuador, ver and 6.1% zinc. programme and we are waiting for as-
while in Argentina there is a historical says across that tenement. We are talk-
resource of better than 600,000oz @ “Before I would have said that two- ing to concession holders next door, we
plus-12 g/t gold. I think as long as those thirds of our effort would be going into don’t want to drill until we have wrapped
projects weren’t in Russia or China, then Argentina until we started to see the geo- up those discussions and we will prob-
we were always going to get support,” physics results from Ecuador and now I ably want to do a bit more infill IP now
Knauer told Paydirt. think the effort will be split 50/50,” Knau- that we can see that these targets are
er said in late July. actually pretty shallow. If we get another
Challenger’s legacy asset – a shale couple of targets like we have got on this
gas exploration play in South Africa – “We are organising a drilling contractor north-south IP line then we will probably
remains under application, with the SA in Argentina, we finished the EIS on the be drilling in Ecuador sooner rather than
Department of Mineral Resources and southern half of the project and that will later,” Knauer said.
the Petroleum Agency of SA consulting be the first thing we drill, which could be
with both offshore and onshore petrole- as soon as 6-8 weeks away. We are just “Hopefully we will be drilling in Octo-
um industries on a new draft petroleum finishing the 3D modelling now and we ber/November this year, so we will roll
resources development bill. are working up the drill targets.” from drilling about 1,000m in Argentina,
then maybe after a six-week break while
“The shale gas asset is a sleeper, Meanwhile, at El Guayabo, southern we assess another couple thousand me-
hopefully, one day it gets awarded. It’s Ecuador, an initial round of geophysics tres we will then roll up into drilling in Ec-
effectively an option which doesn’t cost has revealed two targets for Challenger. uador.”
us anything,” Knauer said.
“The first target sits underneath some Challenger has enough money for the
With Challenger stymied in progress in historic drill holes that confirmed a cop- next two years to produce a resource in
SA, it decided to pursue other interests per breccia down to 300m with the geo- Argentina, plus 3,000-4,000m of drilling
and earlier this year found a pathway for- physics suggesting it goes down to at in Ecuador where about 8km along strike
ward through AEP Pty Ltd. least 800m increasing in size and intensi- of El Guayabo is the 8.5 moz gold and 1
ty at depth. It now appears that drill holes blb copper (inferred) Cangrejos project.
AEP owned rights to earn 75% of the such as JDH-09, which intersected 112m
Hualilan gold project in Argentina and @ 0.6% copper, 0.7 g/t gold and 14.6 g/t “It is almost 10 moz gold and they are
100% of El Guayabo in Ecuador. silver only intersected the lower intensity talking about producing 500,000 ozpa
top of the target,” Knauer said. gold at $US600/oz. That is the nearest
By acquiring AEP and undergoing thing to us and we have the same age
the re-compliance process on the ASX, The second target appears to boast rock,” Knauer said.
Challenger is now active again with ex- the same properties as the first copper
posure in two of South America’s most breccia target, albeit larger and not sub- – Mark Andrews
attractive exploration destinations and ject to any exploration near it.
perhaps most importantly it has the cash
A field mapping and sampling pro-

AUSTRALIA’S PAYDIRT SEPTEMBER 2019 PAGE 73

REGIONAL ROUNDUP

American dream entices
Aussie juniors

An Australian mining invasion is taking hands is the lack of modern exploration modity but retain geographical focus.
place in North America and while the across many US mineral provinces. “Six months ago we had a choice; either
big acquisitions of Newcrest Mining Ltd,
Northern Star Resources Ltd and St Bar- “If Hot Spur was in the West Australian cross our fingers and hope for a change
bara Ltd have made the headlines under- Eastern Goldfields, it would be like Swiss in the cobalt market or search for another
neath them a mosquito squad of juniors are cheese. It is down the road from Bald asset, preferably a gold-copper asset be-
busily building portfolios. Mountain and next to Pasinex but the US cause we believe the fundamentals there
doesn’t have the track record of explora- are pretty good,” Haynes told Paydirt.
In July, TNT Mines Ltd announced it tion under cover that Australia has. They
had acquired the Hot Spur gold project, have never really applied geophysics so Haynes has worked in the US for more
just 9km west of the operating 5 moz Bald Hot Spur, because it has a thin layer of than a decade and is well aware of the ex-
Mountain gold mine in Nevada, US. The cover, has never had a licence over it, nev- ploration potential which exists there. With
project is the second American asset ac- er mind been drilled. Canadian explorers distracted by canna-
quired by TNT since it struck an agree- bis and cryptocurrencies, their Australian
ment with experienced Australian geolo- “We know the cover is less than 100m so counterparts appear to have free rein in
gist Cherie Leeden. we can put some aircore holes in cheaply.” the US but, Haynes warned, new entrants
shouldn’t expect to employ the same early-
Leeden – who is based in the US and The opportunity at Hot Spur is similar to stage strategies they use in Australia.
has built a project generation team under Pelley Ridge, a seemingly quick route to
the NV Resources banner – believes her resource definition. “I understand operating in North Ameri-
adopted country offers tremendous oppor- ca well and that is a competitive advantage
tunity for Australian juniors. Pelley Ridge, 12km south of Hot Springs, for us,” he said. “It isn’t the same as explor-
Montana, is showing potential to be a re- ing in Australia; not everything is available
“There is certainly opportunity there at peat of the high-grade (160mt @ 12% online.
the moment, particularly given the strug- lead-zinc) Sullivan deposit over the border
gles of juniors on the TSX,” Leeden said. in British Columbia. The project contains “If I’m looking for a project in Australia,
“There are a number of projects we have widespread zinc anomalism and has al- I can sit at my desk and look at any state
looked at which are either underappreci- ready produced ore-grade intercepts such GIS and scanned copies of all public re-
ated because they are on the TSX or are as 14.9m @ 5.43% zinc (including 10.8m ports on that ground. I don’t have to get out
with administrators. @ 7.21% zinc). in the field at all initially. The US system
is different. There is no annual reporting
“Hot Spur is a good example. It is ad- At Hot Spur, base and precious metals requirement so a lot of information doesn’t
jacent to Pasinex’s [Resources Inc] Spur are the targets with TNT keen to follow up make its way into central data facilities.
zinc discovery. Pasinex announced that on theories that the project geology is a Eventually you have to get on the ground
discovery with an intercept of 43.9m @ continuation of Pasinex’s Spur deposit. and knock on some doors.
14.2% zinc but the share price on the TSX
still went down. At the moment, you can New World Resources Ltd is another “So, that experience and knowledge be-
acquire a few million dollars’ worth of drill- junior finding neglected exploration plays comes a competitive advantage for us.”
ing for a fraction of the value.” in the US. The company originally entered
the US looking for cobalt but when that Leeden has deployed a similar strategy,
Also playing into Australian explorers’ market sunk in mid-2018, managing direc- relying on conversations and boots-on-
tor Mike Haynes decided to switch com- ground efforts to identify opportunities.

PAGE 74 SEPTEMBER 2019 AUSTRALIA’S PAYDIRT

NORTH AMERICA

TNT is working to test the potential of the
Pelley Ridge base metals target in Montana

New World Cobalt has secured access to the area with the potential for a new VMS are not going to face government chang-
historical workings at Jones Hill, camp,” Haynes said. “There is very limited ing the law on you big time like we have
New Mexico information on the Jones Hill prospect but seen elsewhere in the world.”
what there is says that there was a high-
“I acquired the data library of two old grade resource there but very little has Leeden said doing due diligence on en-
geologists and most of the projects are been done since the 1980s.” vironmental issues was crucial.
being generated out of that,” Leeden said.
“There is no reporting required so a lot of The Jones Hill prospect was subject to “The regulatory environment comes be-
areas have been drilled but there is no several drilling campaigns in the 1970s fore the geology on our project generation
public information. That lack of data is a and 1980s but has been held by the pros- list,” she said. “If it is a scenic area or there
real hindrance. It took us a year to digitise pectors who staked the claim in 1970. New is a river nearby, it is off the list.”
it but now the projects are coming out of World has struck agreement with the pros-
that process.” pectors to explore the ground exclusively Now that New World has gained access
for five years. to Tererro, Haynes is intent on moving
New World’s efforts have led it to the things along quickly.
Terrero VMS project, 120km north-east of The US land system of private, federal
Albuquerque, New Mexico. The compa- and state ownership can be confusing to “The Jones Hill deposit is where all
ny’s ground is in a proven VMS district with newcomers, offering experienced opera- the previous work was done and has a
its Jones Hill prospect lying 8km south- tors an advantage in securing ground, ac- non-JORC-compliant historical resource
west of the historical Pecos mine which cording to Haynes. of 5.8mt @ 1.9 g/t gold, 1% copper and
produced 2.1mt @ 17% zinc-lead, 0.78% 1.46% zinc; that is a really valuable base
copper, 116 g/t silver and 3.63 g/t gold be- “There was no competition from Cana- to start from,” he said. “If we can make the
tween 1927 and 1939. dians for this ground because they are too resource bigger, it dramatically increases
busy growing cannabis and we beat what the chances of having an economically
“Typically, VMS deposits form in clusters few Australians would be looking for be- viable mine here. From there, we have a
so we expect there are multiple deposits in cause we have a team there and under- huge amount of workings, anomalies and
stand how the system works. Again, this is evidence of VMS deposits in the same
our competitive advantage,” he said. geological unit. We think there is a good
chance of finding more ore along that min-
“These are not business people, ge- eralised horizon.”
ologists or explorers but they have always
believed there is something there. We ap- The company has already completed
proached them rather than them actively positive soil sampling, confirming histori-
looking for a partner.” cal results from the Jones Hill deposit and
is now preparing ground-based geophysi-
Leeden said ownership structures in the cal surveys ahead of a maiden drilling pro-
US could often prove a trap for inexperi- gramme.
enced players.
“The geophysics will take about a month
“For instance, Nevada is widely ac- and from there we will rank targets and
knowledged as the best jurisdiction in the begin drilling later in the year,” Haynes
US but I would still take private land in, say, said. “We aim to have a JORC-compliant
Montana over public land in Nevada,” she resource out by mid-2020 and with all the
said. historical data we have we are able to be-
gin in-house mining studies in advance of
The entire country has very complex that so we could be in production within
permitting. four years.”

“It has taken a couple of years to get on TNT has a similarly accelerated timeta-
top of it. We are still working out owner- ble, however its goals are slightly different.
ship, which is a very costly exercise but In August, the company hosted a North
therein lays the opportunity for those will- American major at Pelley Ridge as part of
ing to take the time; you can’t do it in a few due diligence ahead of a potential farm-in
weeks, you are dealing with several peo- agreement.
ple and interests at the same time.”
“The major has had the data for six
Understanding stakeholder concerns is months so they are close to a decision,”
also crucial, according to both Leeden and Leeden said. “It will then be up to TNT
Haynes. whether or not to give some of it away be-
fore any work has been done. Regardless
“We would assess opportunities eve- of the JV discussions, there will be drilling
rywhere in the US but much depends on this year.
the quality of the asset balanced against
the complications you face,” Haynes said. “In Pelley Ridge and now Hot Spur, we
“As a starting point, we would look in Wyo- have a rare opportunity. On both, a few
ming and Nevada with Alaska, Idaho, New hundred grand is all that is needed to find if
Mexico and Arizona next. we have got a world-class deposit or noth-
ing; there will be no in between.”
“But, US law is extremely clear; you
have rights to mine and explore projects. – Dominic Piper
You may face opposition but if you do the
environmental rehab to the standards you
should you will receive permitting. And you

AUSTRALIA’S PAYDIRT SEPTEMBER 2019 PAGE 75

RDDRERIGLILLILOBBINTITSASL ROUNDUPExploring together for success bostech.com.au

Results LIT for Griffin 12km south of Kimba, South Australia, is 17m, 10m @ 3.1 g/t from surface, 48m @
55-130mt @ 33-36% aluminium oxide. 1.84 g/t from surface and 20.5m @ 1.43 g/t.
Assays from Lithium Australia NL’s maid-
en RC drilling campaign at Youanmi have The company came up with the target Meanwhile, Alicanto’s shareholders have
returned significant lithium intersections, in- after a review of the historical drill results at approved the company’s purchase of land
cluding widths of high-grade mineralisation. the EPHPA, which is about 150km south- in the Bergslagen mining district, Sweden.
east of Andromeda Metals Ltd’s Poochera Multiple high-grade copper-zinc-gold-silver
Highlights included 3m @ 1.68% lithium project and is within close proximity to exist- VMS projects, including Naverberg and
from 32m, 4m @ 1.61% from 21m, 5m @ ing power, water, road, rail and other critical Oxberg, were expected to be the target of
1.54% from 62m, 4m @ 1.26% from 2m infrastructure. drilling at the time of print.
and 6m @ 1.61% from 22m (including 1m
@ 4.14%). At the time of print, Archer was uncer- Xanadu’s oxide belief
tain if further exploration would lead to a grows
Mineralisation extends over 2,500m of resource estimate.
strike, is shallow and is open in all direc- Xanadu Mines Ltd is growing increasingly
tions. Alicanto takes flight in confident in the oxide gold potential emerg-
Guyana/Sweden ing at Kharmagtai, southern Mongolia.
“The lithium is hosted in lepidolite, a
lithium mica ideally suited to processing via A major 12,000m diamond drilling pro- Results from Stockwork Hill produced
our proprietary SiLeach® technology. Ini- gramme at the Alicanto Minerals Ltd/Nord shallow oxide gold intersections of 40m @
tial results suggest Youanmi could provide Gold SE Arakaka gold project started last 2.3 g/t gold from surface (including 19m @
critical local feedstock for Lithium Austral- month. 2.83 g/t from 5m), 40m at 0.81 g/t from sur-
ia’s lithium-cathode and battery business face (including 7m @ 1.21 g/t from 6m).
units,” the company’s managing director Drilling at the project, in north-west Guy-
Adrian Griffin said. ana, will initially focus on four stacked, Stockwork Hill is the first prospect to be
sub-parallel, low-dipping mineralised gold drilled outside and above the Kharmagtai
zones across 3,200m of strike. copper-gold deposit, which Xanadu be-
lieves highlights the under-explored na-
Reconnaissance drilling completed be- ture of the broader project. The first-pass
fore at the target produced intersections of diamond drill programme is designed to ex-
13.5m @ 7.36 g/t gold from 87m, 1.9m @ tend both strike and depth to the significant
30.66 g/t from 86m, 10.8m @ 1.66 g/t from

Maiden RC drilling has intersected widths A 12,000m diamond drilling programme at Arakaka, Guyana, started last month
of high-grade mineralisation at Lithium
Australia’s Youanmi project in WA

Archer sets target

Archer Exploration Ltd’s maiden explo-
ration target for its Eyre Peninsula High
Purity Alumina project (EPHPA Project),

Exploring together for success

PAGE 76 SEPTEMBER 2019 AUSTRALIA’S PAYDIRT

Exploring together for success bostech.com.au

shallow oxide gold mineralisation at Khar- forward with a systematic review of the Galan gets going in
magtai. At the time of print, results from six entire historical Higginsville resource in- Argentina
more holes were pending with the company ventory.”
planning follow-up drilling. Galan Lithium Ltd started its maiden drill-
Thor strengthens ing programme at the Western Basin pro-
Xanadu is growing increasingly confident in Molyhil jects on the Hombre Muerto salar in Argen-
the oxide gold potential emerging at Khar- tina late last month.
magtai, southern Mongolia Thor Mining plc has an-
nounced further positive as- Following the recent receipt of drilling per-
The hunt gets better say results from the second mits from the Secretaria de Estado de Mine-
metallurgical bulk sample ría – Gobierno de Catamarca, drilling target-
RNC Minerals Inc has provided an up- drill hole at the Molyhil tung- ing highly conductive anomalies recorded
date to the resource at Beta Hunt, Kam- sten-molybdenum deposit, from Controlled Source Audio-frequency
balda. Northern Territory. Magnetotellurics (CSAMT) surveys previ-
ously completed in September last year
The measured and indicated resource Highlights included: 3.5m
of 944,000oz and inferred resource of @ 1.32% tungsten from Kingston raises the bar in
406,000oz includes current resources for 9.5m, 10m @ 0.32% copper PNG/WA
the Western Flanks Zone and the A Zone from 44m, 10m @ 1.32%
based on the recently completed resource tungsten from 53m, 5m @ Kingston Resources Ltd raised $3.1 mil-
definition drilling programme at Beta Hunt. 1.74% tungsten from 76m lion through a placement of the entire short-
(including 2m @ 0.81% molybdenum fall from its pro-rata non-renounceable rights
“This increase in the Beta Hunt resource from 78m) and 7m @ 1.58% tungsten issue announced in May and can now add
size is an outstanding result at a low dis- from 88m (including 4m @ 0.44% molyb- second rig to the drilling programme at Mi-
covery cost of $7.30/oz. We are aiming denum from 88m). sima, Papua New Guinea.
to convert these resources into reserves, Following the results, Thor has com-
which we expect will be completed in the missioned RPMGlobal to upgrade the A second diamond drill rig will be put into
fourth quarter. These reserves will support Molyhil resource estimate to include operation next quarter focusing on resource
the design of an optimised mine plan and copper. extension and infill drilling at the 2.8 moz Mi-
updated production profile for Beta Hunt,” sima gold project.
RNC chairman Paul Andre Huet said. A $3.1 million raising will help Kingston
fire up the drill rigs in PNG and WA The funds will also allow the company to
“The resource remains open down- progress drilling at the Livingstone gold pro-
plunge. We expect to continue building on ject in Western Australia, with results to be
the resource inventory, which will place delivered throughout the current quarter.
RNC in a stronger position as we move

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AUSTRALIA’S PAYDIRT SEPTEMBER 2019 PAGE 77

SIGNED, SEALED AND DELIVERED www.nucleussc.co.za

RCT gets technical RCT has partnered with TecWise in Brazil binding MoU which will see Geodrill un-
in Brazil dertake up to $US4 million, or 40,000m
equipment, often removing equipment of drilling across all of IronRidge’s gold
Automation specialist RCT has signed operators from the machine cab away and lithium projects in Ghana, Cote
a MoU with Latin American technology from potentially hazardous situations to d’Ivoire and Chad.
outfit TecWise to provide state-of-the-art safely-located operator stations or con-
automation solutions throughout Brazil. trol rooms. The MoU is based on a competitive
quotation process which allows for the
The partnership will see TecWise dis- TecWise has a strong history of de- issue of ordinary shares in IronRidge for
tribute RCT’s suite of control and auto- ploying and supporting fit-for-purpose 50% of the drilling costs up to a value of
mation technology as well as protec- communications and technology inte- $US4 million.
tion and information products to clients gration solutions to companies across
across the Brazilian mining and indus- Brazil and other Latin American coun- Established in 1998, Geodrill is a lead-
trial sectors. tries. ing exploration drilling company with a
fleet of 67 drill rigs operating in Africa.
For the past 47 years, RCT − which Geodrill on the march
has a business team in Santiago, Chile − with IronRidge BGC, Monadelphous
has successfully delivered technological join Rio’s West Angelas
solutions for mobile equipment to min- Geodrill Ltd has signed a drilling-for- team
ing and resource companies around the equity agreement with West African-
world. focused explorer IronRidge Resources Rio Tinto Ltd has awarded contracts
Ltd. worth a combined value of more than
RCT’s technology helps improve $250 million for work on the Robe River
the performance and safety of mobile Both companies have agreed on a JV’s West Angelas iron ore mine.

Perth-based BGC Contracting Pty
Ltd has been awarded a contract for
earthworks and civil construction at the
Pilbara mine site, where two additional
deposits are being developed. This in-
cludes constructing the concrete foun-
dations for the new iron ore facilities in
addition to utilities infrastructure and
heavy and light vehicle road networks
that will connect the existing processing
plant with the new deposits. Work is due
to start on site early next month and is
expected to be completed in December
2020.

Monadelphous Group Ltd will supply
and install the structural, mechanical,
piping and electrical and instrumenta-
tion works associated with the construc-
tion of new iron ore facilities, as well as
modifications to existing plant. This work
has already begun and has an April 2021
deadline.

Rio Tinto has a 53% interest in the
Robe River JV, with Mitsui & Co (33%)
and Nippon Steel (14%) holding the bal-
ance.

NUCLEUS

Nucleus Mining Logistics

Providing turn-key logistics and supply chain solutions into Africa

PAGE 78 SEPTEMBER 2019 AUSTRALIA’S PAYDIRT

www.nucleussc.co.za

novan says.
“Taking the lead in ramping up their or-

ganisation’s governance practices is also
a huge career opportunity for modern ex-
ecutives and directors.”

Operations at Resolute’s Ravenswood gold mine GGI is offering a new online governance
are now digitised and integrated, thanks to IFS training programme for company
directors and executives
Resolute digitises ficiency,” IFS sales vice-president Warren
operations Zietsman said. Mastermynes makes
move on Wilson
Global enterprise applications company Directors get new online
IFS has completed the first phase of en- governance training Mastermyne Group Ltd is set to acquire
terprise resource planning (ERP) deploy- Wilson Mining Services Pty Ltd for an up-
ment with Resolute Mining Ltd which will Global Governance Initiative (GGI) has front consideration of $7.6 million.
ultimately help the gold producer digitise launched an online governance training
and integrate its operations in Africa and programme for company directors and ex- Under the terms of the conditional acqui-
Australia. ecutives. sition agreement, Mastermyne will pay $3.8
million cash with the balance to be issued
ERP deployment replaces a number With statistics suggesting up to 90% of as ordinary shares in the company. The
of standalone information systems with a company board directors are currently un- consideration may also be supplemented
single, integrated, cloud-based system ac- trained in how to govern well – often citing by further cash payment, contingent on the
cessible from all of Resolute’s mine sites, time and cost barriers – the course has performance of the Wilson business over
including Syama in Mali and Ravenswood been designed to be affordable, mobile the next three years.
in Queensland, as well as the company’s and engaging for those who are new to
head office in Perth. governance. Wilson is a veteran of the Australian coal
underground industry and is renowned for
IFS applications now support business GGI’s practical course is outcome- its supply and installation of cavity fill and
processes across the organisation, includ- focused around five key areas – purpose strata consolidation phenolic foams, polyu-
ing finance, human capital management, and culture, integrity, entrepreneurship, rethane chemicals and ventilation control
enterprise asset management, supply society and prosperity – and culminates devices.
chain, mobile work orders, projects and in a final module designed to support cur-
subcontracts, document management rent and aspiring directors to get ready for Mastermyne anticipates the Wilson ac-
and health, safety and environment. board positions. quisition will generate incremental annual
revenues of about $30 million at an EBITDA
A second phase of the deployment will “The problem is that the traditional ap- margin of 10-14%.
integrate IFS applications with mining pro- proach to governance education has been
duction systems. more theoretical, making it difficult for peo- Last month, the company was also
ple to walk away with a clear set of actions awarded a development and outbye servic-
“Resolute is a great example of a mining to implement in their business,” GGI’s in- es contract for Anglo American plc’s Aquila
company making strategic investments house governance specialist Andrew Do- project which is tipped to bring in $95 mil-
in technology to drive innovation and ef- lion over the two-year term.

NUCLEUS MINING LOGISTICS PNRUOCVIDLEESUHSIGH LEVELS

OF SERVICE TO CLIENTS SEEKING WORLD-CLASS
SUPPLY CHAIN MANAGEMENT SOLUTIONS.

greenfield exploration / construction projects / operational logistics

AUSTRALIA’S PAYDIRT SEPTEMBER 2019 PAGE 79

COMINGS AND GOINGS

Michael Anderson has been Metals X Ltd for 15 years, hav- sources of Australia Ltd, with Echo Resources Ltd has ap-
appointed non-executive ing previously held a number Rio Tinto Ltd executive Justin pointed former Altona Min-
chairman of Tiger Resources of senior roles with Western Carey named as her replace- ing boss Alistair Cowden as its
Ltd. A geologist who began Mining since 1988. Cash was ment. Carey has worked for new non-executive chairman.
his career with Anglo Ameri- promoted to chief executive of Rio Tinto for 15 years and is Cowden has almost 40 years
can plc, Anderson held senior Millennium in March 2017 after currently general manager of of experience as a mining ex-
management positions at Gal- initially joining the company as planning and analysis. ecutive, company director and
lery Gold and Exco Resources general manager, corporate geologist. He is also chairman
before joining Taurus Funds two years earlier. Bruce McQuitty of Mali Lithium Ltd and a direc-
Management as a director in tor of Copper Mountain Mining
August 2011. Salvatore Matarazzo has John Richards and Ian Ma- Corp, which acquired Altona in
been added to the board cliver have joined the board early 2018.
Paul Thomas has retired of graphite developer Lincoln of Sheffield Resources Ltd.
from the board of Regis Re- Minerals Ltd as a non-exec- Richards was the former head Alistair Cowden
sources Ltd, but will continue utive director. Matarazzo has of mining and metals at Stand-
as chief operating officer until more than 36 years of experi- ard Bank Australia, while Ma- Scott Reid has transitioned
the end of the month. ence in the financial services cliver is the current chairman into his new role as a non-
industry. of nickel miner Western Areas executive director of Cougar
Alacer Gold Corp has ap- Ltd. Meanwhile, founding di- Metals NL, having assisted the
pointed former Rio Tinto Keith Gordon has resigned rector Bruce McQuitty is set company in his role as Mada-
Ltd executive Kay Priestly as from the board of Ausdrill to retire from the board at the gascar country manager. After
an independent director. Priest- Ltd. Gordon was the nominee company’s upcoming AGM. an earlier career as a mining
ly was chief financial officer of director of Gresham Private analyst, Reid has gone on to
Rio Tinto’s Kennecott copper Equity, which was the majority GBF Holding Pty Ltd co- work for the likes of Blackthorn
operations in Utah before be- owner of Barminco Holdings owner Michael Foulds has Resources, Discovery Metals
ing promoted to oversee the Pty Ltd and now the largest been added to the board of and Andean Resources. His
finances of Rio Tinto Copper. shareholder of Ausdrill with a Orminex Ltd following the sale appointment coincided with
She was also chief executive of 9% interest. of his business to Macmahon the resignation of director Brian
Turquoise Hill Resources from Holdings Ltd. GBF is a major Thomas.
2012 until her retirement two Alex Losada has departed shareholder of Orminex. Fel-
years later. as chief operating officer at low GBF co-owner Ross Gra- Jeffrey Markoff has stepped
Orocobre Ltd after three years ham will act as an alternate down as a non-executive
Jamie Armes has assumed with the company. director to Foulds. director of Axiom Mining Ltd.
company secretary respon- Markoff’s tenure spanned a
sibilities at Chalice Gold Mines Due to personal reasons, Redbank Copper Ltd has transformational period for
Ltd while Leanne Stevens Tony Sheard has stepped appointed Michael Han- the company during which it
takes parental leave. down as TNG Ltd’s chief fi- nington as executive chair- moved from exploration to de-
nancial officer less than a man. Daryl Henthorn and Keith velopment and mining at its
Neil Inwood has stepped month after accepting the role. Middleton have also joined San Jorge nickel mine on the
down as a director of Car- Meanwhile, Dan Foo has been the revamped board as non- Solomon Islands.
naby Resources Ltd, having appointed project director to executive directors, while Kelly
played a key role in the com- oversee the project delivery Moore has assumed company George Lloyd has accepted
pany’s acquisition of the Tick schedule, FEED and overall secretary duties from Carol the role of chief executive
Hill gold project in Queensland. implementation of the com- New. at Sihayo Gold Ltd. Lloyd has a
pany’s flagship Mount Peake multitude of corporate finance
Ken Hellsten has resigned vanadium-titanium-iron project Joe Graziano has been ap- and investment experience in
as chairman of Golden in the Northern Territory. Paul pointed chairman of Kin Asian natural resource pro-
Cross Resources Ltd. Kreppold is also taking on a Mining NL. A founding direc- jects, having recently served
full-time project role responsi- tor, he was also Kin’s company as chief financial officer for
Warren Hallam ble for the delivery of infrastruc- secretary for several years until Indonesia-focused Finders
ture and other packages. 2018. Resources Ltd and led the re-
Warren Hallam has been structuring and turnaround of
appointed managing Anson Resources Ltd has Xanadu Mines Ltd in Mongolia
director of Pilbara gold pro- appointed Tom Currin as earlier this decade.
ducer Millennium Minerals Ltd. a technical advisor. Currin, of
Hallam, who succeeds chief Southwest Technologies, will
executive Peter Cash, was advise Anson on development
part of the leadership team at of its flowsheet for the pre-
treatment of raw brine to the
integration of processes for the
extraction of lithium and other
chemicals.

Zara Fisher has resigned
from her role as a non-ex-
ecutive director at Energy Re-

PAGE 80 SEPTEMBER 2019 AUSTRALIA’S PAYDIRT

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LEFTFIELD

Come in spinner

An international team of subsurface craters and lava flows, Ancient volcanoes have been unearthed in the
explorers from the University of Ade- and the deeper magma Cooper-Eromanga Basins
laide and the University of Aberdeen have chambers that fed them.
uncovered a previously undescribed “Ju- They’ve called the vol- ten during a visit to Adelaide by the Ab-
rassic World” of around 100 ancient vol- canic region the Warnie erdeen researchers and much discussed
canoes buried deep within the Cooper- Volcanic Province. at Adelaide Oval during an England ver-
Eromanga Basins in Central Australia. sus Cricket Australia XI match in Novem-
The volcanoes devel- ber 2017, the researchers were inspired
The Cooper-Eromanga Basins in the oped in the Jurassic pe- to name their discovery Warnie Volcanic
north-eastern corner of South Australia riod, between 180 and Province in recognition of the explo-
and south-western corner of Queensland 160 million years ago, and have been sive talent of former Australian cricketer
is Australia’s largest onshore oil and gas subsequently buried beneath hundreds Shane Warne.
producing region of Australia. of metres of sedimentary rocks.

But, despite about 60 years of petro- The Cooper-Eromanga Basins are
leum exploration and production, this now a dry and barren landscape but
ancient Jurassic volcanic underground in Jurassic times, the researchers say,
landscape has gone largely unnoticed. would have been a landscape of cra-
ters and fissures, spewing hot ash and
Published in the journal Gondwa- lava into the air, and surrounded by
na Research, the researchers used networks of river channels, evolving
advanced subsurface imaging tech- into large lakes and coal swamps.
niques, analogous to medical CT scan-
ning, to identify the plethora of volcanic With much of the research paper writ-



INDEX

Adani 26 Echo 80 Lithium Australia 76 Rio Tinto 40, 46, 78, 80
Aeris 61 EcoMag 9 Lynas 38 RNC 77
Alacer 80 ERA Roy Hill 48
Alicanto 76 Evolution 7, 80
Andromeda 49, 76 20-21, 25, 28, 39 Mali Lithium 80
Anglo American 80 Metal Tiger 53
AngloGold 11, 66 Finders 80 Metals X 80 Salt Lake 4, 12-13
Anson 80 Metro 42 Sandfire 53
Archer 76 First Quantum 33 Millennium 80 Saracen
Ardea 62 Mincor 30, 32-34 Sheffield 20-25, 45-46
Argonaut 61 Fortescue 11, 12-13, 45, 48, 53 MMG 47 Sihayo 80
Aurelia 60, 64 Mod 53 Sky 80
Australian Mines 63 Galan 77 Mount Gibson 49 South32 60
Axiom 80 Galena 50-51 St Barbara 38
Azumah 67 Glencore 47, 57, 61 New Century 47 Sundance
Godolphin Syrah 20, 43, 74
Gold Fields 62 11
Golden Cross 44, 45-46
Grange 4, 36
80
11 Newcrest 28, 41, 58, 66, 74

Newmont 11, 28, 29, 53 Thor 77
Tiger 80
Barrick 28 New World 74-75 TNG 80
TNT 74-75
Bellevue 42, 43 Harmony 66 Nickel Mines 30 Toho 50-51
Hunnan 50 Toro Gold 67
BHP 10, 30, 32-34, 46, 62 Nordgold 76 Tronox 57

Blackham 13 Northern Star 20-21, 25, 28, 74

Bligh 21 Imperial 41

Boss 6 Inca 38 O3 Mining 55
OceanaGold 29
Breaker 44 Independence 11, 30, 32-34, 54 Orion 71
Orocobre 80
Buxton 54 Investigator 52 Oz 52 Venturex 4
Volt 72
Iron Ridge 78

Cameco 7 Ivanhoe 11
Cardinal 67
Carnaby 80 Jervois 56-57 Paladin 7-8 West African 67
Catalyst 54 Jupiter 71 Panoramic 32-34 Western Areas 32-34, 53, 80
Central Norseman 44 Pasinex 74-75 Westgold
Chalice 54-55, 80 Pantoro WPG 49
Challenger 73 Pilbara 44 52
Cobre 53 36
Copper Mountain 80 Kalium Lakes 9, 42 Xanadu 76,-77, 80
Cougar 80 KazAtomProm 7
Kirkland Lake Ramelius 39 Zhaojin 16
Kin 40, 54-55 Redbank 80
Kingston 80 Regis 20, 58, 62, 80
77 Resolute 10, 67, 79

Danakali 4, 12-13 Lincoln 80

PAGE 82 SEPTEMBER 2019 AUSTRALIA’S PAYDIRT

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