Author: admin

MID tier gold producer Evolution Mining has found more high-grade gold at its Cracow gold mine in Queensland. A drilling program was conducted about 150m north of known mineralisation and has confirmed the presence of a high-grade epithermal gold shoot. Best intersections from the recent diamond drilling program were: 25.4m grading 6.47 grams per tonne gold from 611.6m, 13.7m grading 8.01g/t gold from 539m, and 2.3m grading 61.53g/t gold from 505.2m. The March 2012 quarter brought with it gold discoveries for Evolution, but total gold production fell from almost 90,000 ounces in the December 2011 quarter to 84,122 for the March period. The average gold price achieved also fell, dropping from $1632/oz for the December period to $1604/oz. Cash costs...

JUNIOR exploration company Blackham Resources has secured more than $9 million to fund ongoing exploration at its Matilda gold project in northern WA. New York-based The Lind Partners manages the Australian Special Opportunity Fund, and facilitated an $8.125 million funding agreement between the Australian Special Opportunity Fund and Blackham. Once the agreement has been executed, Lind will give Blackham an initial $250,000 in the form of a $175,000 convertible security and a $75,000 pre-payment for ordinary shares in Blackham. For the next three years, Lind will purchase between $75,000 and $250,000 worth of Blackham shares on a monthly basis. In addition to the $8.125 million funding agreement, Blackham will issue 4.8 million ordinary shares at $0.21 each to sophisticated investors...

EMERGING iron ore company Brockman Resources has intersected direct shipping ore (DSO) mineralisation at its Sirius iron prospect, within the Ophthalmia project area north of Newman in WA’s Pilbara region, confirming the potential of the project. Results were returned for seven of eight reconnaissance diamond drill holes, all of which intersected iron mineralisation. Highlight intersections included 99.15m grading 62 per cent iron, and 70.05m grading 60.6 per cent iron. The previously reported eighth hole intersected 135.45m grading 61.02 per cent iron. Brockman chief executive offi cer Russell Tipper said the results from Sirius supported the company’s confidence that the wholly-owned Ophthalmia could be developed into a potentially viable mine that could operate in conjunction with its flagship Marillana project, about...

A WEEK after discovering course flake graphite at the Argent and Stanley prospects within its Waddikee project, Monax Mining has identified course graphite at a second site within the same deposit. The 2mm flakes, collected near a historical rock chip site, were discovered as part of reconnaissance sampling from the Balumbah prospect; the discovery has confirmed the potential for the Waddikee project, which lies on the Eyre Peninsula. A graphite exploration program undertaken by Monax focussed on assessing historical reports from its wholly-owned Waddikee project, and in a recent statement the company said it was encouraged by the presence of very course graphite within the project area. “Confirmation of a second site of course graphite on the Waddikee project at...

GOLD mineralisation has been discovered at Global Metals Exploration’s flagship Jutson Rocks project, 125km northeast of Laverton in WA’s Eastern Goldfields. Intersections of up to 3.5 grams of gold per tonne across 4m were found during a maiden rotary air blast (RAB) drilling program that consisted of 86 drill holes for a total of 2181m. Nickel, zinc and copper base metals were also intersected, returning results including 36m grading 0.2 per cent nickel from 16m for one drill hole. However, the company said it was unclear whether those results were significant bedrock mineralisation indicators or represented a form of minor supergene enrichment. The auger gold anomalies drilled were defined from a previous bulk leach extractable gold sampling program. Most of...

SOUTH Australian-based Minotaur Exploration has sold its wholly-owned Roxby Downs tenements to BHP Billiton for $10 million. The sale and purchase deed between Minotaur and BHP involves five of Minotaur’s exploration tenements that cover 2555 square kilometres in the Gawler Craton, near BHP’s Olympic Dam operation in South Australia. As part of the agreement, another BHP subsidiary relinquished its 41 per cent interest in the Mutooroo/Thackaringa joint venture at Bonython Hill, allowing Minotaur to regain 100 per cent ownership of the base metal project. In a statement, Minotaur said the deep exploration of geophysical targets around Roxby Downs was inconsistent to its risk portfolio, and reported that it would turn its focus to exploration on its Cloncurry iron oxide copper...