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AUSTRALIA’s largest rail freight company Aurizon is teaming up with Gina Rinehart’s joint venture business GVK Hancock to develop a 60 million tonne per annum port and rail project to unlock coal reserves in Queensland’s Galilee Basin. The two companies have signed a non-binding term sheet for the development, which could represent a $6 billion investment. Under the proposed framework, Aurizon would acquire a majority 51 per cent interest in Hancock Coal Infrastructure, which owns GVK’s rail and port projects. GVK received Commonwealth environmental approvals for a greenfield rail operation and a coal terminal at Abbot Point last year. GVK chairman Dr G V Krishna Reddy said in a statement that the deal with Aurizon represented one of the most...

EMERGING gold explorer Dacian Gold is one step closer to defining economic ore reserves at its flagship Mt Morgans project after unveiling new high-grade drill results mid-March. A broad-spaced diamond drilling program has been testing for extensions at the south end of the Westralia gold deposit – part of the company’s wholly owned Mt Morgans gold project – 40km west of Laverton in the Goldfields region of WA. The drilling confirmed the existence of high-grade gold 450m below the existing resource boundary at Westralia, with the mineralisation remaining open at depth. Significant intersections included 17.08m grading 7.5 grams per tonne gold from 218.7m, and 0.63m grading 32.7g/t gold from 375.6m. “These very broad-spaced diamond drill intersections confirm our view that...

THE South Australian branch of the Civil Contractors Federation of Australia is calling on the state’s government to upgrade a central road transport route through and around Port Augusta to assist the growth of the resources sector. The lobby group warned that a lack of vital transport infrastructure in the state’s northern region was severely hindering its economic development. “The important transport gateway – known as Yorkeys Crossing – is in major need of redevelopment as it currently falls far short of what is required to promote an expansion of the mining, oil and gas, and other important industry sectors in the state,” the Civil Contractors Federation said in a statement. Over-size vehicles are currently not permitted to use Port...

INTEGRATED precious metal and uranium explorer Marmota Energy has applauded authorities for their final decision to approve first drill testing at its high-priority Durkin copper-nickel prospect in South Australia’s Gawler Craton. Following the government approval, Marmota announced mobilisation was set for 25 March to the rig site at Durkin, near the company’s Indooroopilly gold project and Challenger gold mine. Marmota conducted geophysical surveys in late 2012 after laboratory assays of the company’s initial surface samples confirmed copper and nickel mineralisation. Within these positive initial results, multiple coincident EM conductor, gravity and surface geochemical targets were identified for first-round drilling. The company reported that it maintained “reserved anticipation” for the mineralisation potential within several parts of the Durkin area, with multiple...

DIVERSIFIED explorer Core Exploration has initiated a follow-up drill program on an exceptional uranium discovery at its wholly owned Fitton project in northern South Australia. The 2500m reverse circulation (RC) drilling program will target down dip and strike extensions of the high-grade uranium mineralisation – including 5m at 0.25 per cent uranium oxide – which were discovered during the company’s maiden drilling program in late 2012 at the Scott Lee prospect within Fitton. Core stated that program would also follow up on an anomalous uranium intersection at Fitton’s Hamilton prospect and surface mineralisation (1400 parts per million uranium oxide) found recently at the newly discovered Bruce Lee prospect – 300m west of Scott Lee – in February this year. Assay...