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WA miner De Grey Mining has received firm commitments from investors to raise more than $31m to further develop its Hemi discovery within the Mallina gold project near Port Hedland. The company plans to execute a placement of about 111.4m shares at a price of 28c each, representing a 12.5pc discount to the last closing price. Executive Chairman Simon Lill said De Grey has been flooded with offers for a capital raising or direct investment since announcing positive drilling results at Hemi, with assays from section A indicating a 30m wide gold zone. The funds will be used to continue exploration activities across the Mallina, but with a specific focus on Hemi. "This is an extremely strong validation as to...

BY REUBEN ADAMS   CORE Exploration believes fresh high-grade drill results have demonstrated “significant potential” to grow resources at the near-term Finniss lithium project in the Northern Territory.   The emerging lithium developer has embarked on aggressive drilling this year to grow the Finniss resource base ahead of a late-2018 Definitive Feasibility Study (DFS) and early 2019 Final Investment Decision. The Pre-Feasibility Study (PFS) confirmed Stage 1 of the Finniss Project, mining the high grade Grants deposit, would generate strong free cash flow; but with a mine life of just 26 months further resources were required to underpin a potential long-life operation. Latest results from the Carlton Prospect, 1km from Grants, included 16 metres at 1.79 per cent lithium oxide...

SUNDANCE Resources will continue to suspend share trading until a takeover agreement has been reached with China’s Sichuan Hanlong Group. Last month, Hanlong was given the green light by China’s National Development and Reform Commission (NDRC) to purchase the international iron ore company, conditional to a “reasonable acquisition price”. Sundance said in a statement share trading would remain suspended until negotiations for the acquisition price had been completed, “at which point in time it will have sufficient certainty to update the market”. In May, Hanlong announced it had proposed to acquire 100 per cent of Sundance for $0.54 per share, valuing the company at $1.7 billion. Sundance board members said the price was attractive and recommended that shareholders vote in...

Findings shared from Australia’s first hydrogen microgrid The WA Government has released findings from a public knowledge sharing report on the Denham renewable hydrogen microgrid. The first of its kind in Australia, the project includes a 703kW solar farm, a 348kW hydrogen electrolyser and a 100kW fuel cell in Denham, WA. It will provide an innovative alternative to diesel and is expected to offset 140klpa of diesel. The public knowledge sharing report will help to advance learnings in technology, costs, regulatory requirements and community sentiment around using hydrogen as a fuel source. WA Premier Roger Cook says the microgrid will...