Regis Buy 30% of Tropicana From IGO

Tue, 04/13/2021 - 13:15 Konrad Forrest
Tropicana

Jim Beyer, Regis’ Managing Director and CEO said the acquisition of a 30% interest in Tropicana would create substantial value and provide Regis with multiple additional opportunities to deliver growth for Regis shareholders over the short, medium and long term.

This is a genuinely transformational transaction for Regis and one that delivers on our strategic objectives to grow as a safe, responsible, reliable, long life, low-cost gold producer, generating strong financial returns. Diversifying the Company’s robust portfolio through the acquisition of a 30% interest in the Tropicana operation will deliver significant improvements in the Company’s Resources, Reserves and annual production, along with providing additional immediate cashflows, all of which adds to the strength of our platform for undertaking further organic and inorganic growth activities.

Regis is looking forward to working with AngloGold Ashanti, a proven global gold mine operator, to continue delivering a world-class operation at Tropicana for many years into the future.

Regis intends to fund the acquisition through a combination of a fully underwrittenequity raising of up to A$650 million via an institutional placement and an accelerated pro-rata non-renounceable entitlement offer (Equity Raising or the Offer) and a new A$300 million loan facility.

Important information regarding the Acquisition, the Equity Raising and the acquisition funding, including the offer restrictions applicable to the Equity Raising, are outlined in the investor presentation released on the ASX platform today (Investor Presentation).

IGO’s Managing Director and CEO, Peter Bradford, commented:

“Since discovery in 2005, Tropicana has been an important part of IGO’s history and a key driver of our sustained growth. While IGO continues to believe that Tropicana is a high-quality tier-1 gold asset with strong upside potential, it is no longer aligned with our focus on commodities critical to clean energy.

We are therefore delighted to have entered into an agreement to sell Tropicana to Regis.

This transaction, along with the recent investment in Tianqi Lithium assets in Australia, solidifies IGO’s position of becoming a globally relevant pure-play battery minerals producer and developer, uniquely exposed to tier- 1 nickel, copper, cobalt and lithium.

We are extremely pleased with the outcome of the transaction and the assistance of the AngloGold Ashanti teams throughout the sales process. I take this opportunity to acknowledge and thank AngloGold Ashanti for their partnership and support over the last 18 years.

I would also like to acknowledge the IGO Team. To successfully execute the strategic review and associated divestment of Tropicana, while also progressing the investment in the lithium assets of Tianqi in Australia, demonstrates the collective commitment and strength of the IGO Team.”

Completion of the transaction with Regis is subject to the waiver or non exercise of a right of last refusal (“ROLR”) of up to 60-days held by AngloGold Ashanti Australia Limited (“AngloGold Ashanti”). If AngloGold Ashanti exercises its ROLR, the transaction with Regis will not proceed and IGO will instead dispose of its 30% interest in Tropicana to AngloGold Ashanti at the same price and on the same terms which have been agreed with Regis.

Other than the waiver or non-exercise of the ROLR, all other completion conditions are considered administrative. In the event the ROLR is not exercised and lapses after 60-days, the transaction is expected to close by June 2021.

Proceeds from the sale of Tropicana will be applied to funding IGO’s investment in the Australian lithium assets of Tianqi Lithium Corporation (“Transaction”) as announced on 9 December 2020, enabling IGO to retain a strong balance sheet post the completion of the Transaction. As announced in December, the Transaction was to be partly funded by debt facilities totalling up to A$1,100M to be drawn upon financial close of the Transaction. The timing of the financial close of this Tropicana sale process relative to the Transaction will determine the amount that these debt facilities will need to be drawn down, or repaid. Assuming successful completion of the Tianqi investment and the sale of Tropicana, IGO expects to be proforma net cash of approximately A$200M2.

 

 

Strong Results Continue At Cue

Tue, 01/19/2021 - 08:35 Konrad Forrest
Break of Day

Musgrave Minerals Ltd reported further strong assay results today from regional aircore drilling across numerous targets on its 100% owned ground at its flagship Cue Gold Project in Western Australia’s Murchison district.

4 km to the south of Break of Day has returned strong high-grade, near-surface gold results, including:

  • 6m @ 10.62g/t Au from 30m (20MUAC397)
  • 6m @ 5.23g/t Au from 24m (20MUAC412) within a broader interval of:
    • 18m @ 1.97g/t Au from 24m to EOH
  • 6m @ 4.56g/t Au from 36m to EOH (20MUAC407)
  • 6m @ 3.24g/t Au from 36m to EOH (20MUAC396)
  • 30m @ 1.10g/t Au from 12m to EOH (20MUAC402)
  • 18m @ 1.15g/t Au from surface (20MUAC403)

Further near-surface gold intersections also recorded including:

  • 2m @ 7.30g/t Au from 73m (Target 14, 20MUAC335)
  • 7m @ 1.39g/t Au from 51m (Target 14, 20MUAC336)
  • 12m @ 1.36g/t Au from 18m (Target 20, 20MUAC387)
  • 6m @ 1.02g/t Au from 36m to EOH (Target 20, 20MUAC391)

 

Musgrave Managing Director Rob Waugh said: “This is another excellent set of results from our regional drilling program where we continue to have success with our gold exploration. Further strong, early-stage, near-surface, gold hits were received across a number of targets with Target 5 being the highlight. Target 5 is open along strike, both to the north and south, with significant potential to extend the mineralisation. We are back drilling again at the White Heat Prospect and will have a second drill rig on site in the first week of February.

De Grey Still Crowing

Thu, 08/27/2020 - 09:40 Anonymous (not verified)
DeGrey Jobs

De Grey Mining Limited announced today the following drilling update for the Crow Zone at the Hemi Gold Discovery, located approximately 60km south of Port Hedland in Western Australia
Hemi is surrounded by world-class infrastructure within a Tier 1 mining jurisdiction. The overall scale of Hemi continues to increase with dimensions growing to approximately 2.5km north to south and 2km west to east with three main zones (Aquila, Brolga and Crow) defined within this large gold system. The Crow zone is located immediately adjacent and north of the Aquila zone.
The Company has one aircore rig operating south of Aquila and one operating in the Greater Hemi region looking for mineralised extensions and Hemi look-alikes. Two RC rigs are following up extensions identified in aircore drilling and two diamond rigs are drilling depth extensions. Initial aircore drilling at Crow defined a large system +1km long and +400m wide. A program of RC and diamond drilling has been undertaken to define and extend mineralisation. Results reported in this release provide extensions and infill to the Crow zone and importantly shows an exciting new high-grade gold intercept in HERC238.
Highlights: Thick, high-grade gold intercept with visible gold at Crow:

64m @ 13.4g/t Au from 141m in HERC238 (using a 0.3g/t cutoff), including:
19m @ 42.0g/t Au from 170m (which in turn includes 8m @ 84.7g/t)

Additional significant RC results (>20gm*m) at Crow include:

12m @ 2.4g/t Au from 109m in HERC175
24m @ 1.1g/t Au from 51m in HERC225
31m @ 2.2g/t Au from 69m in HERC227

De Grey Managing Director, Glenn Jardine, commented: “Extensional and definition RC and diamond drilling at Crow on an 80-metre pattern commenced only recently in July. The exceptional result in HERC238 is the best result at the Mallina Project to date and has transformed our perceptions of the large Crow intrusion. It follows recent announcements of the discovery of new sub-vertical lodes in Crow, together with mineralised extensions of Crow to the north-west.
The significance of the new RC results at Crow goes beyond the results in HERC238. They demonstrate the potential for Crow to significantly add to the overall gold endowment at Hemi and to meaningfully contribute to a potential large scale, near-surface open-pit production scenario. The mineralised footprint at Crow is currently approximately 1,000m by 400m and remains open.
The Company’s drilling program is working successfully toward our strategic goal of making Hemi a Tier 1 scale gold deposit and demonstrating the potential for further upside on a tenement wide scale.”

Bonanza gold grades continue at Starlight with 3m @ 884.7g/t

Tue, 07/28/2020 - 08:20 Anonymous (not verified)
Musgrave Minerals

Musgrave Minerals Ltd reported assay results for a further five reverse circulation (“RC”) drill holes and the first five diamond drill holes from the current program at the new Starlight gold discovery at Break of Day. Drilling continues to confirm the high-grade nature of the Starlight and White Light gold discoveries. Starlight remains open down-dip where drilling is continuing. All intercepts reported in the current drilling program are outside the existing Break of Day resource estimate.
The Starlight and White Light gold lodes at Break of Day are located on the Company’s 100% owned ground at its flagship Cue Gold Project in Western Australia’s Murchison district. Drilling at Starlight is continuing, with a focus on infilling and also extending the high-grade gold mineralisation at depth.
Drilling will also continue to test for new lodes within the Break of Day/Lena mineralised corridor with a third drill rig due to commence on the 100% owned Musgrave ground in mid-August. 
Musgrave Managing Director Rob Waugh said:
“Starlight continues to produce stunning gold results in near-surface drilling. Further RC drilling is underway to infill and extend the Starlight mineralisation with the aim of completing a JORC resource update late in Q3 2020. Diamond drilling is also continuing to test for depth extensions of the high-grade Starlight lode below 250 vertical metres and to further define the White Light lode. We anticipate having four drill rigs on site by mid August.”
RC drilling at Starlight continues to deliver strong gold intercepts including:

14m @ 191.1g/t Au from 4m (20MORC068) including;
3m @ 884.7g/t Au from 5m including;
1m @ 2,518.8g/t Au from 6m
22m @ 5.8g/t Au from 15m (20MORC067) including;
3m @ 26.2g/t Au from 31m
5m @ 14.3g/t Au from 90m (20MORC064)
6m @ 5.3g/t Au from 232m (20MORC063)

Diamond drilling at Starlight has returned intercepts including:

16m @ 13.7g/t Au from 18m (20MODD008) including;
4m @ 40.8g/t Au from 18m and
9m @ 6.1 g/t Au from 25m
0.5m @ 25.4g/t Au from 269.5m (20MODD007)

More Success at Panda

Mon, 07/27/2020 - 09:41 Anonymous (not verified)
Pantoro

Pantoro Limited advised today that its follow up RC drilling program at the recently discovered Panda Deposit has successfully extended mineralisation to the North and South, with mineralisation open in both directions along strike.
Results from the latest round of drilling include:

2 m @ 12.70 g/t Au.
2 m @ 9.10 g/t Au.
5 m @ 4.65 g/t Au.
3 m @ 9.41 g/t Au.
3 m @ 3.7 g/t Au.
3 m @ 4.12 g/t Au.
3 m @ 3.11g/t Au.

All drilling was focussed on potential open pit material, and as such the deposit remains open at depth. The deepest hole drilled to date is approximately 150 metres below surface returning 3 m @ 9.41 g/t Au suggesting continued high grades down plunge.
Commenting on the results, Managing Director Paul Cmrlec said: “Ongoing drilling at Panda has highlighted substantial strike and depth extensions beyond the initial discovery. Mineralisation has now been identified by drilling over a distance of approximately 530 metres and down to approximately 150 metres depth in the north. The deposit is shaping up to be another important ore source within the Scotia Mining Centre and further drilling will be undertaken to test the full extent of mineralisation and to define an initial Mineral Resource and Ore Reserve available for mining when operations recommence.
Pantoro has extended its drilling programs across multiple zones at Scotia as the real potential of the area has become clear. To date Pantoro has only completed exploration drilling outside of our resource development and extension activities at Panda and the Sailfish prospect on Lake Cowan. Both areas have produced outstanding results demonstrating the great potential for ongoing discovery at Norseman.”

Alto's Lord Nelson is Thick and Shallow

Mon, 07/27/2020 - 08:45 Anonymous (not verified)
Alto Metals

A 36 METRE THICK ZONE OF SHALLOW GOLD MINERALISATION, INCLUDING 20m @ 2.3g/t gold from 64m.
Four-metre composite samples assay received for the first two RC drill holes targeting shallow gold mineralisation south of the historic Lord Nelson pit have been received, with gold mineralisation intersected in both drill holes.
Assay results include:

36m @ 1.6 g/t gold from 48m (SRC183) incl. 20m @ 2.3 g/t gold from 64m
4m @ 4.1 g/t gold from 112m (SRC182)

Managing Director, Matthew Bowles commented:
“These latest results from RC drilling 200m south of the Lord Nelson pit, confirm a new repeat lode of shallow gold mineralisation, up to 36 metres thick, which remains open along strike and down plunge. The mineralisation style of this new lode is the same as that of the Lord Nelson deposit and highlights the potential for a series of repeat lodes along the structural corridor that have never been systematically tested.
We see so much potential at Lord Nelson with high grade gold intersections in oxide, transitional and primary zones now extending the gold mineralisation footprint to over 870m. These results continue to highlight the presence of a large scale mineralised gold system, within the regional Edale Shear zone.”

52% Increase in gold resource at MDI's Sandstone project

Fri, 07/24/2020 - 08:31 Anonymous (not verified)
Exploration Geologist

Explorer and aspiring gold developer, Middle Island Resources Limited announced today updated resource estimates have been completed for the Shillington (including Shillington North) and Wirraminna gold deposits within the Company’s wholly-owned Sandstone gold project in the central goldfields of WA. The updated estimates follow completion of limited infill and extension drilling undertaken as part of the +30,000m 2020 exploration and resource definition drilling campaign at Sandstone.
The drilling, which is on-going, is exclusively focussed on the definition of additional open pit Mineral Resources prior to their inclusion for assessment as Ore Reserves in the project’s 2020 feasibility study (FS).
Managing Director, Mr Rick Yeates said“An increase of 27,800oz (or 52%) at the Shillington deposit is an extremely pleasing start in the Company’s plan to increase open pit Mineral Resources contributing to the FS.
 “Limited additional RC and diamond drilling is planned at Shillington to address two small areas still classified as Inferred that are anticipated to fall within the optimum FS pit. “The updated Shillington and Wirraminna open pit deposits will now be re-optimised to determine the Mineral Resource likely to contribute to the FS, the outcome of which is looking increasingly positive.
“The Two Mile Hill open pit Mineral Resource is in the process of being updated, and we look forward to providing that information in the very near future. Resource estimates for all remaining deposits (old and new) will be progressively provided as results from the Phase 2 drilling campaign are received and compiled.”

Genesis starts major drilling program

Thu, 07/23/2020 - 08:57 Anonymous (not verified)
Genesis Exploration

Genesis Minerals Limited announced today that a major new drilling program has commenced at its 100%-owned Ulysses Gold Project in Western Australia, focusing on the recently acquired Kookynie tenement package. The drilling program, which will continue over the remainder of CY2020, will comprise a combination of Resource definition and expansion drilling along the Ulysses to Orient Well corridor.
Results from this program will feed into a Feasibility Study on the development of a significant standalone gold operation at Ulysses, with ore to be sourced from a combination of known underground and open pit Resources. Genesis is targeting completion of this Feasibility Study in the first quarter of CY2021.
Initial drilling will focus on approximately 1.8km of strike containing the Admiral, Clark and Butterfly Resources (Figures 1 and 2), which are estimated to total 4.6Mt @ 1.7g/t gold for 246,000 ounces. Drilling will include Resource confirmation and strike and dip extensional drilling in both structural orientations. Exploration drilling targeting repeat structures will also be completed following pit mapping, further structural interpretation and 3D modelling.
Genesis Managing Director, Michael Fowler, said: “This is a hugely exciting program for Genesis, providing our first opportunity to test the highly prospective mineralised corridor that lies between our flagship Ulysses deposit and the Orient Well deposit, which lies roughly 15km to the south-east.
This corridor has been shown to be highly mineralised, with current Resources of 1.28 million ounces over five deposits and some exceptional targets for growth. We believe there is very strong opportunity to significantly expand our current Resource base to underpin a long-life, standalone mining operation at Ulysses.
Drilling is currently underway with one RC rig already up on site, and a diamond rig and second RC rig expected to arrive in the next month.
We will also be undertaking air-core drilling on a campaign basis over the rest of the year. This should deliver a steady stream of news-flow for Genesis over the coming months, ahead of the planned delivery of an updated Mineral Resource and Feasibility Study for the standalone Ulysses Project in the first quarter of CY2021."

Very High Grades at Pantoro's Lake Cowan

Tue, 07/21/2020 - 09:51 Anonymous (not verified)
Pantoro Exploration

Pantoro Limited advised today an intersection of very high-grade gold mineralisation from the Sailfish Prospect at Norseman.
Key Highlights

Drilling returned 8.1 m@ 67.29 g/t Au from 78.6 m downhole.
The intersection included 0.7 m@ 521 g/t and 0.25 m@ 252g/t Au.
3.9 m of core loss within the intersection is assumed to be O g/t in calculation of the weighted average ore interval. In general the core loss was adjacent to the very high grade core intervals within the broader intersection.
Other significant intercepts include 1.8 m @ 4.25 g/t Au, and 3.5 m @ 2.56g/t Au.
Confirms historical intersection of 1.5 m @461.47 gt/Au, drilled by Western Mining in 1992.

Commenting on the results, Managing Director Paul Cmrlec said: "These results from our initial eight diamond drill hole program at the Sailfish prospect on Lake Cowan highlights the immense exploration potential of the project, and in particular the likely presence of further very high-grade mineralisation that Norseman has been known for over many decades. Our exploration programs in these areas are in their very early stages and it is too early to speculate what the results may mean in the context of the broader project. Our geology team at Norseman continues to work with our key consultants to better understand the geometry and geological setting within the immediate area ahead of additional drilling. We are also working with our drilling contractors to increase the drill hole diameter in order to maximise core recovery in our future programs:'

Calidus to accelerate exploration and construction

Fri, 07/17/2020 - 12:28 Anonymous (not verified)
Caidus Resources

Calidus Resources Limited announced today that it had received firm commitments to raise $25 million via a share placement. The bids received under the Placement exceeded the Placement Shares to be issued, and accordingly, some bids will be scaled to accommodate the strong demand. Proceeds of the Placement will be used to fund a dual strategy of commencement of works at the Warrawoona Gold Project in the Pilbara and enlarging the Company’s exploration programmes.
Calidus Managing Director Dave Reeves said: “This raising ensures Calidus can move quickly to maximise the full value of Warrawoona for shareholders. By pushing ahead with early construction works, we can maximise our ability to capitalise on the strong gold price and begin to generate cash flow. At the same time, we can ramp up our exploration program, which has significant potential to create further value.