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Asia Business News

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    Intermin Resources Limited (ASX:IRC) ("Intermin" or the "Company") is pleased to announce an updated JORC (2012) Mineral Resource for the Richmond Vanadium Project, located in central north Queensland (see Figure 1 in link below). The project lies on the Flinders Highway and Great Northern railway, 500km west of the Townsville port and 250km east of Mt Isa (see Figure 2 in link below). The project comprises four main prospects (see Figure 1 in link below) in the Richmond and Julia Creek districts covering an area of 1,520km2.


    - The Richmond Project covers 1,520km2 in central north Queensland and is close to existing infrastructure including a gas pipeline, major highway and railway linked to Townsville Port

    - Project in Joint Venture with Chinese backed AXF Vanadium Pty Ltd ("AXF") whereby AXF can earn up to 75% interest by spending A$6m by 2021 inclusive of a Feasibility Study (see Note 1 below)

    - Updated Mineral Resource Estimate compiled to account for tenement boundary changes and to ensure compliance with JORC 2012 Reporting

    - The global Inferred Mineral Resource for Richmond totals 2,579Mt grading 0.32% V2O5 at a 0.29% cut-off grade, making it one of the largest Vanadium deposits in the world (see Note 2 below)

    - Richmond also contains valuable molybdenum, nickel and copper mineralisation

    - The resource remains open in all directions and is amenable to low cost, open cut mining with the resource located within 15m of surface and hosted in a soft marine sediment

    - Initial development focus on the shallow higher grade 671Mt Lilyvale Mineral Resource (see Note 2 below)

    - More than 220,000m of drilling has been completed in the project area along with extensive metallurgical testwork on pre-concentration and metal extraction (see Note 3 below)

    - Run of Mine oxidised ore (5-15m depth) upgradable by simple sizing separation with over 90% of contained metal in the -38micronm fraction, yielding a ~1% V2O5 concentrate (see Note 3 below)

    - Additional metallurgical test work underway to confirm historic results with initial results expected in the June Quarter 2018

    - Infill drilling planned to upgrade the resource to the Measured JORC category as part of the concept / scoping study

    Commenting on Richmond project, Intermin Managing Director Mr Jon Price said:

    "The Richmond Project hosts a globally significant Vanadium resource amenable to low cost, shallow open cut mining in close proximity to existing road, rail and ports. With vanadium prices reaching ten year highs on the back of tightening supply and surging demand in the grid-scale battery market, Richmond has the potential to become a major supplier of Vanadium to the energy storage and steel markets.

    "The Company looks forward to supporting AXF as the JV completes infill drilling and metallurgical test work to assess the most economic and efficient pathway to commercial production."


    Intermin owns 100% in five Mineral Exploration Permits (EPM25163, EPM25164, EPM25258, EPM26425 and EPM26426) covering 481 Blocks near Richmond and 100% of the metal rights to Global Oil Shale Plc's Julia Creek (Burwood) MDL 522 (see Figure 1 in link below).

    As announced to the ASX on 19 September 2017, Intermin has completed a formal Joint Venture agreement with AXF over the Richmond project. AXF brings considerable technical expertise to the project and has extensive business relationships throughout Southeast Asia.

    Details of the agreement between the parties include:

    - An earn-in Joint Venture whereby AXF can earn 25% of the project area by spending A$1m within a one year period and maintaining the project in good standing

    - AXF to solely contribute to further expenditure of A$5m on the projects to earn a further 50% over a three year period, inclusive of the completion of a Feasibility Study on part or all of the project area

    - AXF to invest A$430,000 in equity in Intermin at 12c per share with 1:2 option with a strike of 17c and expiry of 31 August 2018 (completed)

    - During the sole funding period, AXF will manage the exploration program and tenure with direction from the JV committee comprising representatives from both parties

    - Upon AXF satisfying the earn-in terms, each party will contribute to ongoing expenditure in accordance with its respective percentages

    - AXF has now notified Intermin of its intent to move to the A$5m second stage commitment

    Richmond Project Mineral Resource

    An updated Mineral Resource has now been compiled to take into account changes to tenement boundaries and to ensure compliance with the JORC Code (2012). Table 1 in link below summarises the updated Mineral Resource and should be read in conjunction with the Competent Persons Statement and the JORC Tables in Appendix 1 on Page 10.

    The Mineral Resource for the Richmond Project area now stands at:

    - 2,579Mt at 0.32% V2O5 at a 0.29% lower cut-off grade

    Richmond project Vs current global resource peers

    The scale of the project places it as one of the largest undeveloped vanadium resources in the world (see Figure 3 in link below), is close to surface and remains open in all directions. Historic metallurgical testwork has demonstrated the ability to preconcentrate and increase the processed grade of the resource to ~1% V2O5 and testwork is ongoing (see Note 3 below). The Richmond Mineral Resource is hosted in soft oxidised marine sediments as opposed to many hard rock resources around the world.

    Lilyvale Prospect

    Lilyvale is located 20km north west of the Richmond Township and in close proximity to the Flinders Highway and Great Northern Railway line. The current resource totals 671Mt grading 0.35% vanadium pentoxide, 274g/t molybdic oxide (see Note 2 below) and commercially significant copper and nickel mineralisation (see Figure 4 in link below). The deposit is 10-12m thick, up to 5km wide and over 6km long and is open in all directions.

    The mineralisation commences 5m from the surface and, as with all the prospects, occurs in two different facies:

    1. Oxidised coarse limestone rich clay unit from surface to 15m depth where the oil has been leached out and enrichment of vanadium and other metals has occurred (see Figure 4 in link below). Previous test work has shown that over 90% of the contained metal lies in the -38micronm size fraction (see Note 4 below)

    2. Fresh fine grained carbonate - clay - oil shale unit containing vanadium, molybdenum, nickel, copper and significant oil content of 65-75 litres of oil per tonne of shale (see Note 4 below)

    Initial development work will focus on the upper mineralised zone at Lilyvale as it:

    - Is the highest grade based on the drilling to date with the mineralisation 4-5m from surface

    - Can be mined simply by free dig open cut mining at very low strip ratios

    - Is amenable to low cost removal of the coarse fraction via scrubbing, trommelling, screening, cycloning and potentially flotation to produce a high grade intermediate feedstock ~1% V2O5. Metallurgical testwork is underway at two research Laboratories in China to further assess the potential upgrade ratios (see Note 5 below)

    - Has been subject to extensive downstream processing testwork for metal extraction. Further metallurgical test work is planned on completion of the pre-treatment work to determine the optimal processing pathway in terms of metal recoveries, capital and operating costs and product specification

    - Is close to road and rail infrastructure

    Project Geology

    The Richmond project is located within marine sediments of the Early Cretaceous Toolebuc Formation which is a stratigraphic unit that occurs throughout the Eromanga Basin central-northern Queensland. The Toolebuc sediments that consist predominantly of black carbonaceous and bituminous shale and minor siltstone, with limestone lenses and coquinites (mixed limestone and clays). It is composed of two distinct units representing two different facies; an upper coarse limestone-rich-clay-oil shale unit (coquina) and a lower fine grained carbonate-clay-oil shale unit.

    The limestone within the Toolebuc Formation has an abundant fossil assemblage which has been extensively studied. Two main faunal assemblages have been recognised, corresponding to the upper coquina facies (shelly limestone and clay) and a lower fine grained carbonate shale facies. The organic matter in the fresh shale is predominantly lamellar and referred to by Hutton et al (1980) as 'lamosite' (lamellar oil shale). The organic compounds are described as Alginite B in order to distinguish them from the more generally recognised Alginite A, in which clear evidence of algal morphology can be observed.

    Alginite B comprises elongate anastomosing films derived from benthonic algae that are referable to the Cyanophyceae genera of blue-green algae (Ozimic, 1986). High magnification scanning electron microscopy reveals the oil shale contains abundant micro fossils, dominated by small planktonic foraminifera and coccoliths (algal plates) believed to be derived from Cyanophta / blue- green algae. Average grain size of the lower oil shale calcareous nanofossils and clays are less than 5 to 7 microns.

    The blue-green algae are interpreted to have formed extensive algal mats on the sea floor. The preservation of dead algal matter can be related to an oxidising-reducing boundary probably situated immediately below the base of the living algal mat layer and keeping pace with its upward growth. The clays and kerogen are derived from planktonic algae and blue-green benthonic algae with the calcite representing the inorganic component of the organisms.

    Within fresh Toolebuc Formation the oil grade of the coquina based on Modified Fischer Assay varies between 7-45 litres/tonne, averaging approximately 24 litres/tonne. The formation is strongly oxidised down to 15-20m and negligible oil exists in the oxidised portions of the oil shale. In the Richmond project area outcrops of both the upper coquina and lower oil shale are strongly oxidised to approximately 15m deep.

    The lower unit is the main oil shale horizon which, in the fresh rock, contains the majority of the oil. This fine-grained oil shale averages 5-10m thick and is principally composed of calcite, clays and kerogen. Pyritic sediments (1-2cm thick) may comprise approximately 5% of the rock mass. Oil grade within the fresh rock based on Modified Fischer Assay varies from 55-100 litres per tonne and averages between 65-75 litres/tonne. The oil is contained within the kerogen, which comprises approximately 18wt% of the fresh oil shale. The composition of the kerogen is about 75% carbon, 8% hydrogen, 5% sulphur, 2% nitrogen and 10% oxygen (Tolmie, 1987).

    Background on the Richmond - Julia Creek Project (see Note 6 below)

    Exploration in the Richmond - Julia Creek area has been extensive and widespread over the last 40-50 years predominantly looking for oil within the unoxidised kerogen rich oil shale and limestone layers below 15m depth. Companies including CSR, CRA, ESSO and Fimiston Mining also identified significant vanadium and molybdenum mineralisation in the upper oxide zone from surface where the oil shale had been leached of the oil and enriched by vanadium, molybdenum, copper, nickel and other metals.

    Intermin acquired the project areas in 2004 and added to the project area in 2005 and 2006 and owned 100% interest in over 4,100km2 at that time. The Company conducted several RC and diamond drilling programs with over 12,200m of drilling, to prove up the mineralisation and commence extensive metallurgical test work focussed on both ore pre-treatment and metal extraction.

    In total, over 220,000m has been drilled in the Project area and a number of metallurgical testwork programmes completed on both oil and metal extraction.

    Previous metallurgical test work on the coarse upper oxide zone from surface to 15m depth showed that the ore can be beneficiated into a high grade concentrate via wet scrubbing, trommelling and cycloning. Coarse shelly limestone, containing negligible vanadium and comprising up to 85% of the total mass, is removed by this process leaving a fine grained clay and iron oxide product (
    The deeper fresh oil shale from 15m below surface contains significant quantities of oil with previous work estimating between 60-70 litres of oil per ton of ore and significant quantities of vanadium, molybdenum, nickel and copper. Previous work by Intermin on the project has focused on upgrading of the fresh oil shale by mineral dressing procedures that aim to produce a high grade Kerogen concentrate which can be further processed to release its oil content leaving an ash containing high levels of vanadium and molybdenum for metal recovery. Results to date warrant further test work to improve the selectivity of various mineral dressing approaches available.

    Between 2006 and 2014, the tenement area was progressively rationalised with the vanadium prices of the day made further work prohibitive. The historic JORC 2004 Mineral Resource Estimate after this rationalisation was 3.3Bt grading 0.40% V2O5 and 295g/t MoO3 (as announced to the ASX on 12 November and 10, 11 December 2013).

    In 2016, Intermin embarked on a new business model, made changes to the Board and management and focussed on building a gold business in the Western Australian goldfields. The Company entered into a number of gold and multi commodity joint ventures whereby third parties could earn in to certain projects and take management control. In December 2016, Intermin entered into an earn in JV with AXF Vanadium Pty Ltd, a wholly owned subsidiary of the AXF Group, who have a highly credentialed technical team and commercial networks in China.

    Next Steps

    With the release of the global resource, work by the Joint Venture will now focus on the shallow higher grade Lilyvale prospect with work to include:

    - Completion of the initial metallurgical test work on ore pre-treatment (due June Quarter 2018)

    - Infill drilling at Lilyvale to define a JORC 2012 Measured Mineral Resource and to provide additional metallurgical samples for further pre-treatment tests and optimal downstream processing for metal extraction

    - Completion of a concept / scoping study for Lilyvale including flowsheet development, capital and operating cost estimates and options for end product development including bulk concentrate, 98% vanadium pentoxide and vanadium electrolyte for vanadium redox flow batteries

    - Market analysis for vanadium, molybdenum, nickel and copper

    - Preliminary discussions with potential third party off-take partners

    - Statutory approvals and stakeholder engagement

    About Vanadium

    Vanadium is used globally as an industrial element with a variety of common applications and its demand is growing due to the advancement of new technologies such as the energy storage industry whereby vanadium is a key component in the grid scale storage of solar and wind energy.

    Vanadium is ductile with good structural strength, has a natural resistance to corrosion and stability against alkalis, acids and salt water. The most common uses for vanadium today are:

    - Steel Alloys - high strength low alloy steel (HSLA), high carbon steel alloys (HSS), rebar and structured beams and high speed tools and surgical instruments;

    - Chemicals - catalysts for sulphuric acid and synthetic rubber production, catalytic converters to remove sulphur dioxide and NOx catalysts;

    - Titanium Alloys - Ti-6Al-4V in airframes, jet engines, personal transports and dental implants; and

    - Energy Storage - vanadium electrolyte, grid scale vanadium redox flow batteries (VRFB), lithium-vanadium based batteries for electric vehicles.

    Vanadium supply and demand (see Note 7 below)

    Traditionally the main uses for vanadium by volume is the steel industry because when alloyed with other metals it provides unrivalled hardness and strength. In recent decades with the development of VRFB's consumption of vanadium is forecast to increase significantly into the future to meet renewable energy sector demands. Lower vanadium prices in the last decade has contributed to supply falling below demand with the deficit leading to a rise in vanadium prices in recent times.

    Currently, over 80% of the world's vanadium production (~90,000tpa) comes from China (55%), Russia (20%) and South Africa (15%) whether mined or as a by-product of steel making1. Recent changes in Chinese policy include the banning of imported metal slag containing vanadium and stricter environmental regulations on Chinese steel mills has seen a dramatic decline in production. This, together with further industry rationalisation has resulted in a significant tightening of supply.

    Australia has a number of large scale vanadium resources predominantly hosted in titaniferous magnetite deposits in Western Australia and the Northern Territory. Intermin's Richmond project in Queensland differs from these deposits given its hosted in soft marine sediments. Australia has a significant opportunity to become globally relevant in the supply of vanadium and has the geographical advantage given its close proximity to Chinese and other Asian markets.

    Against a backdrop of tightening supply, demand is forecast to grow significantly in the next 10-20 years from steel making and, in particular, renewable energy storage systems. In China alone, multiple 100MW scale VRFB's are being developed as part of the move away from coal fired power stations. Improving technology to deliver large grid scale systems for industrial, commercial and residential use is moving rapidly leading to improved efficiency and lower costs per kilowatt hour. Micro grid applications in the US are also predicted to transform the electricity industry to over 720MW by 2020.

    Energy storage applications have the potential to increase global vanadium demand by more than 30,000t p.a. or more than 30% of the current market by 2020. As lithium has changed the world in terms of powering small devices and electric cars, larger scale vanadium redox flow batteries can revolutionise electricity grids and provide sustainable environmentally friendly power for future generations around the world.

    The key factors for an emerging Australian market are competitors to supply (China, Russia, and South Africa), surety of demand, stability of pricing over the long term and capital and operating costs for developing a profitable vanadium business. A lot more work is required within the domestic vanadium sector, from all levels of government and from our world class research institutions to fully benefit from Australia's vanadium endowment, not only from a production perspective, but to lead the world in renewable energy generation and storage to the benefit of all Australians.

    Vanadium pricing

    Vanadium is sold as vanadium pentoxide (V2O5) and less commonly as vanadium trioxide (V2O3) for non-steel applications and as the alloy ferrovanadium (FeV) for steel making. The most common FeV alloy is FeV80, but FeV40, FeV50 and FeV60 are also sold. In the future, we see vanadium electrolyte as a key commercial commodity in the energy storage market.

    On the back of tightening supply and increased demand, vanadium prices have reached eight year record highs as shown in Figure 5 (see link below) for 98% vanadium pentoxide. The consensus view is a continuing strengthening in price amid short supply and the fact that a majority of available supply is tied up in long term contracts.

    Vanadium Redox Flow Batteries

    A VRFB is a type of rechargeable flow battery where rechargeability is provided by vanadium electrolyte dissolved in solution. Vanadium is both the cathode (-) and anode (+) in VRFB technology (see Figure 6 in link below).

    Two tanks of vanadium electrolyte, one side containing V2+ and V3+ ions, the other side containing V4+ and V5+ ions, are separated by a thin proton exchange membrane. Pumps on both sides circulate the electrolyte.

    The electron differential between the two cells generates electric power.

    There is no cross contamination in VRFB's like most batteries as electrolyte in the catholyte and the anolyte consists of 100% vanadium ions. The ion sensitive membrane separating both sides of the electrolyte tank allows only protons to pass.

    The advantages of the VRFB for these applications include:

    - High energy efficiency, short response time and independently tune-able power rating and energy capacity

    - Scalable due to the modular design of the tank based battery system for grid scale applications

    - Completely non-flammable with no danger of thermal reactions

    - Environmentally friendly, easy to manufacture and recyclable

    - VRFB's can operate for decades and do not lose efficiency over time

    - Improved costs with expected costs per kilowatt hour to reduce to US$150

    While the focus is on vanadium as the primary product, the Richmond project also contains significant quantities of molybdenum, nickel and copper. Prices for all these commodities have risen in the last 12 months and projected to remain strong into the future. These by-product metals have the potential to generate significant revenue in their own right to add value to the project. Metallurgical testing to extract and recover all metal types and produce saleable products will form part of the next phase of work on completion of the ore pre-treatment assessment.

    In addition, the deeper fresh zone from 15-40m depth contained significant oil resources together with the above metals. Further test work on this zone will be completed in 2019 to assess optimal processing pathways and commercial viability.


    1 As announced to the ASX on 9 September 2016

    2 See Table 1 and 2, Competent Persons statement and JORC tables on Page 3, 14, 15 and 16

    3 As announced to the ASX on 30 July 2007 and 20 September 2017

    4 As announced to the ASX on 30 July 2007

    5 As announced to the ASX on 20 September 2017

    6 Sourced from previous ASX releases by Intermin and publicly available information

    7 Source - Australian Geoscience, Australian vanadium, renewable energy world, Value and vanadium company websites

    To view the release with tables and figures, please visit:

    Jon Price 
    Managing Director
    Tel: +61-8-9386-9534
    Michael Vaughan
    Media Relations - Fivemark Partners
    Tel: +61-422-602-720

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    Eon NRG Limited (ASX:E2E) (OTCMKTS:ICRMF) ("Eon" or the "Company") advises that the mineral claims acquired in Nevada's Basin and Range Province were staked (pegged) by the Company. The Claims were staked by the company's geologist after several months of research, site visits and analysis.

    A Location map and map of the mineral claims (in blue and red outline) are shown in link below.

    The cost of acquiring (staking claims) to date has been regulatory costs and travel costs of the company's Geologist (estimated at less than US$15,000). The Mineral Claims are "Lode Claims" as defined by the US Department of the Interior Bureau of Land Management.

    The Board's initial budget for exploration is US$50,000, which includes mapping, sampling, and assaying. Results from the assaying carried out in the initial phase of work are in progress and will be announced when they are available. The company's geologist is currently in the field, and results from this field work will be reported in due course.

    To view figures, please visit:

    Simon Adams
    CFO / Company Secretary
    Phone: +61-8-6144-0590
    Web site:
    John Whisler
    Managing Director
    Denver Head Office: +1-720-763-3183
    Twitter: @EonNRG

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    DroneShield Ltd (ASX:DRO) (OTCMKTS:DRSHF) provides the Company's latest Investor Presentation - March 2018.


    - Based in Sydney (Australia) and Warrenton (Virginia, USA), DroneShield (ASX:DRO) is a worldwide leader in drone detection and countermeasure solutions

    o Current market capitalization of approximately A$40m

    - An established player in the market

    o Has made early international sales

    o Limited number of readily-available competing products

    o Land grab is on, significant first mover advantage

    o Global network of 60 distributors in 50 countries

    - Complete drone defense solution - products are available today

    o DroneGun - portable rifle style drone jammer

    o DroneSentinel - the most extensive drone detection product in the marketplace with radar, RF, thermal, optical and acoustic sensors working together

    o DroneSentry - DroneSentinel with a built-in drone jammer

    - Proprietary, patented technology

    - Multiple end-user trials have been and are being undertaken by governmental organizations globally ?

    o Products have been modified in response to end-user requirements

    - Substantial sales pipeline - approximately 90 contracts pursued globally, ranging up to US$45,000,000 each

    o Including the U.S., the UK, Australia, France, South Korea and Spain

    o Well positioned in competitive tenders, and direct non-competitive sales processes with military, law enforcement, civil infrastructure and head of state/presidential customers

    - Order rate accelerated this quarter

    o Sales processes of the recent year started producing results

    - Attracted interest of large defence companies and security integrators

    o Mesirow Financial is running a strategic option process


    - A brand new, cutting-edge industry at the forefront of the robotics revolution

    - A leader in that industry

    - Unique proprietary products

    - A huge and untapped market

    - A skilled and motivated team

    - Ability to sell has been validated by early prior sales

    - An extensive sales pipeline expected to produce short-term results

    - Potential for substantial partnerships and other corporate developments given the interest in the industry on the part of larger players

    To view the full presentation, please visit:

    Oleg Vornik
    CEO and Managing Director
    Tel: +61-2-9995-7280

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    The Board of Queensland Bauxite (ASX:QBL) (or "the Company") is pleased to advise that it has cleared the company's outstanding debt by way of share issue.

    The liability of the Company which has been settled with this share issue, was pursuant to a financing agreement entered into by the Company over a year ago with New York based investment and finance company MEF I L.P. which was entered into at the time in order to enable the Company to take up the opportunity to invest in MCL.

    This funding agreement of $2.2M at the time before financing and interest costs, enabled the Company to keep sufficient funds in reserves to develop its bauxite projects, and have the ability to also invest in other opportunities, including giving the Company the freedom under the ASX guidelines to make the initial investment into MCL, and subsequently develop MCL, which has added a significant amount of shareholder wealth to the company.

    The Company's shareprice at the time of the financing prior to making the MCL investment was less than 1c a share, and a similar placement of that amount of money at the time would have seen well over 250M shares issued for that quantum of financing.

    The company is pleased to have been able to now settle the outstanding liability by way of this share issue.

    The shares were issued pursuant to Listing Rule 7.1 and were issued for cash consideration in lieu of the cash that was now owed by the Company pursuant to the facility agreement.

    The directors are pleased that the Company now has the ability to move forward debt free, and to preserve the company's cash reserves, to enable the company to develop its assets and to continue to have the ability to take advantage of further investment opportunities in QBL to increase shareholder value.

    The Company thanks MEF I L.P. for its support at the time which has seen the Company develop significantly as a result, and wishes all its shareholders much success as the Company moves forward in this exciting phase for the Company.

    Queensland Bauxite Ltd
    Tel: +61-2-9291-9000
    For further information or any queries please email the Company at:

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    Cervantes Corporation Limited (ASX:CVS) (Cervantes) is pleased to inform the market it has undertaken a comprehensive review of the gold exploration potential of the Primrose Shear. This shear is related to high grade gold mineralisation that was mined historically (see Figure 1 in link below). The review took in work done by previous explorers as well as records from historic gold producers in the Paynes Find Gold Field. In recognition of the significance of this mineralising shear, the area is referred to as the Primrose Project.

    - Focus has swung to potentially large tonnage shear-related gold targets

    - Untested gold geochemistry anomalism recognised

    - Four untested shear-related gold targets to be confirmed with aircore drilling along the Primrose Shear

    - Historically defined gold mineralisation at Pansy Prospect to be drilled for confirmation and expansion

    - Tenders for the drilling have been invited

    - Programmes of Work submitted to the DMIRS

    - Regulatory approvals awaited

    Cervantes controls in excess of 8km strike length of the Primrose Shear. The package of tenements includes mining leases which are the subject of an ongoing acquisition from European Lithium Ltd (CVS' ASX release on 15 Nov., 2017) and a number of Cervantes owned tenements (see Table 1, Figure 2 in link below).

    The aim of the review was to identify opportunities not pursued by previous workers and, where appropriate, materially increase and validate the mineralisation previously defined.

    A large body of drilling at the Carnation Prospect has been ear-marked for a detailed analysis.

    Regional opportunities

    The historic workings in the project area were based on at surface, late stage, quartz-vein related gold mineralisation. This style of gold, while generally of a high grade, is discontinuous and size limited. Past explorers were distracted from pursuing the greater prize of a potentially much larger tonnage target by these historic occurrences.

    Consultants CSA Global undertook a field-wide study for the purpose of improving understanding of the structural and lithostratigraphic controls on mineralisation with implications for exploration targeting. The following critical conclusions were drawn:

    - Two major gold mineralising episodes are recognised:

    o Shear related quartz veining with high-grade gold in boudinaged quartz veins hosted by gneiss. This was the main target for historic mining activities (Type 1 mineralisation)

    o Lower grade, but consistent gold mineralisation along the sheared contact between mafic amphibolite and gneiss (Type 2)

    o Extensive quartz veining containing gold mineralisation in the western mafic / ultramafic sequence (Type 3 mineralisation). This is an under explored gold target

    - The gneissic terrain that hosts the historic workings are a lower priority target because of the inconsistent gold mineralisation

    - The sheared and intensely altered contact between the mafic unit and the gneiss should be the prime focus. This target is likely to exhibit consistent and significant thicknesses and may be open to depth and along strike.

    The two styles of gold mineralisation are shown schematically in Figure 3 (see link below). Type 1 gold mineralisation was extensively pursued in the past. Intercepts such 3m at 92.1g/t gold (Au) in drill hole PFRC120 represent this type, while intercepts such as 12m at 6.61g/t Au in hole PFRC116 (PNE announcement 21 Nov., 2012) are interpreted to represent Type 2 gold mineralisation. While lower grade, this type has the ability to be present in much higher tonnages and total contained gold.

    The Primrose Shear related gold target has not been fully pursued by previous explorers, yet presents as the greatest opportunity in this historic gold field. Of the approximately 8km of strike Cervantes controls on this shear and its offshoots, only 0.55m has been drill tested.

    An initial three pronged exploration programme has been designed to begin the process of systematic, target focused, model driven testing of this highly auriferous area.

    Regional sampling programme

    The regional review has identified seven prospects for follow-up with four being chosen for testing with aircore (AC) drilling during the current phase of exploration, namely Blue Bell, Princess Mary, Goodingnow, and Pansy. (see Figure 4 in link below). All lie on flexures in the Primrose Shear and have associated with them elevated surface geochemistry gold signatures. The aim of this work is to identify parts of the Primrose Shear that are auriferous as a pathfinder for deeper RC drill testing. Seventy holes are planned.

    Pansy Pit

    The Pansy Pit (see Figure 4 and 5 in link below) was mined in 1912-13 and produced at an average grade of 17.4g/t Au. It represents the southernmost extension of known gold mineralisation associated with the Primrose Shear.

    In 1987 Falcon Australia Limited assessed the existing 22 percussion holes, and estimated a target mineralisation of 17,500t to 18,500t, grading from 4.0g/t Au to 4.5g/t Au. This estimate is not JORC compliant nor does it constitute a resource at this time.

    Work recommended from the review, including following up intercepts of 10m @ 5.67g/t Au in hole P15, 22m @ 2.3g/t Au in P18, 8m @ 2.64g/t Au in P20, and 3m at 18.3g/t Au in a costean, was never done.

    Sixteen RC holes for 550m to test down-dip, up-dip and along strike of the historic holes are planned. These will be used to confirm and extend the known mineralisation as a prelude to possible resource definition drilling.

    Programmes of Work have been submitted for this work and drilling tenders called for.

    Carnation Prospect

    The previous explorer, Paynes Find Gold (PNE), focused its extensive drilling campaigns on the footwall side of the Primrose Shear within the Paynes Find Gneiss. This gneiss, bounded by the Primrose Shear to the west and the Daffodil Shear to the east, forms a rigid brittle body that hosts the vein swarms that host the historically mined high grade, low tonnage, late stage veined gold. Insufficient continuous mineralisation was defined by PNE to estimate an economic resource.

    Drill holes that were collared in the hanging wall amphibolites to the west tended to indicate the potential for thicker intersections of more continuous gold mineralisation.

    A more in-depth review of this particular prospect is planned. This will include assaying of drill hole sections not yet sampled, mapping of alteration to determine if there exists an alteration signature to the gold, and a synthesis of litho-structural controls on gold mineralisation.

    About the Primrose Project

    The Primrose Project covers in excess of 8km of the highly gold mineralised Primrose Shear in the Murchison District of the Eastern Goldfields, Western Australia. Over 37 gold mines, of various sizes, operated in this field from 1911 till 1982. Some 63,000 ounces of gold was mined at an average grade of 25g/t during this period. It is generally accepted that significantly more gold than this was won from alluvial and unreported production.

    Cervantes now controls 20 mining leases, prospecting licences, and an exploration licence that cover the majority of this historic gold field. A large database of drilling, surface geochemistry, geological, and geophysical data has been assembled to allow the field to be better understood than at any time in its history.

    To view tables and figures, please visit:

    Collin Vost
    Executive Chairman
    T: +61-8-6436-2300

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    Central Petroleum Limited (ASX:CTP) (OTCMKTS:CPTLF) ("Company" or "Central") advises that it has awarded contracts for two critical components of the Mereenie Plant Upgrade.

    The first contract for the new field compressor provides for it to be delivered to site by early October in sufficient time to be installed and commissioned by 1 December 2018, the anticipated date on which the Northern Gas Pipeline should be operational.

    A second contract is for the restaging of two existing compressors presently at site. The first of the two compressors is due to be re-staged and commissioned by mid-November, with the second by late November.

    All-in-all the critical long lead items of the separators and these two contracts have now been let to enable the joint venture to achieve its 1 December 2018 target date.

    Central Petroleum Limited
    T: +61-7-3181-3800
    F: +61-7-3181-3855
    Media Enquiries
    Martin Debelle at Citadel-MAGNUS
    T: +61-2-8234-0100
    M: +61-409-911-189

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    Central Petroleum Limited (ASX:CTP) (OTCMKTS:CPTLF) provides the Company's latest Presentation at 2018 ROCK ME AMADEUS Roadshow.



    o Drilling West Mereenie-26

    o $12M plant upgrade


    o Drilling Palm Valley-13

    o 5 TJ/d existing plant capacity


    o Drilling Ooraminna-3 to determine deliverability


    o Remote operation

    o Plant upgrade to 5.5 TJ/d

    o 4.4 TJ/d existing sales


    o Aim to triple reserves over time by accessing Stairway Formation at Mereenie and natural fractures at Palm Valley



    - 77 km2 coal seam gas acreage awarded on 1 March 2018 by the Queensland Government for Australian domestic gas supply

    - ATPA 2031 is located midway between Miles and Wandoan in the eastern Surat Basin

    - The permit lies within the north-eastern Walloon Fairway, surrounded by acreage held by QGC, Arrow and APLNG and comprises one (1) graticular block

    - Estimate of 377 PJ of Original Gas In Place* of which 150- 180 PJ potentially recoverable

    - CTP's four year programme comprises 9 wells and at least one (1) production test pilot totalling ~$20 million

    * Estimate by Queensland Government as part of the tender process

    To view the full presentation, please visit:

    Central Petroleum Limited
    T: +61-7-3181-3800
    F: +61-7-3181-3855
    Media Enquiries
    Martin Debelle at Citadel-MAGNUS
    T: +61-2-8234-0100
    M: +61-409-911-189

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    Mustang Resources (ASX:MUS) (OTCMKTS:GGPLF) is pleased to announce that a strategic review led by new Managing Director Dr Bernard Olivier concludes the Company's Caula Graphite Project in Mozambique could achieve first production by the middle of next year. Dr Evan Kirby, who recently joined the Mustang Board of Directors as a Non-Executive Director and consultant with significant graphite and vanadium experience, assisted Dr Olivier in the review.

    The strategic review does not form part of the formal Scoping Study, which is set for completion in the June 2018 quarter. The Scoping Study will consider the merits of a full commercial-scale Graphite and Vanadium Project with production levels appropriate to an updated Mineral Resource Estimate, and full consideration of the modifying factors covered in the JORC Code, 2012 Edition.

    The key outcome of the review was the recommendation to the Board of Directors of the Company to establish trial mining and processing operations for completion during Q2 2019. The Board of Directors has accepted the recommendation. This recommendation is based on the following considerations:

    - Exploration activities have encountered wide intersections of mineralisation with potentially economic graphite and vanadium values.

    - Furthermore, the scale and configuration (general topography, width, dip, strike length, and surface outcrop) of the deposit are favourable to trial mining activities ahead of full economic scale exploitation.

    - Trial mining and processing will generate detailed technical information for use in formal feasibility studies of full-scale project development. It will also provide product samples for the evaluation by offtake partners, the evaluation of marketing arrangements and the generation of revenue from the sale of the graphite and vanadium products.

    - Cost considerations indicate that the Company could finance the establishment of trial mining and processing from its currently available finance facility and planned funding through the current rights issue.

    - Work completed to date has shown that Caula could deliver an exceptional combination of both high-grade (13% TGC) mineralisation and graphite products large flakes sizes (~55% large, jumbo and super jumbo) and acceptable purity levels (>95% TGC average in all graphite product flake sizes).

    - The vanadium content of the ore could contribute very significant additional value, especially given the structural shift in the vanadium market. First assay results from the recent drilling campaign on Caula returned an average vanadium grade of 0.42% V2O5 over 125m (from 17m to 143m) of the graphitic mineralised zone.

    - At the adjacent Montepuez Ruby Project, Mustang has an experienced team with proven capability to obtain exploration and mining permits and the ability to develop trial mining and processing operations. The team will be able to utilise the existing infrastructure and operations camp of the ruby project to assist with graphite project development.

    - The recent conversion of exploration licences to mining concessions on the Montepuez Ruby Project that borders the Caula Graphite Project (see Figure 2 in link below) is testimony to these abilities.

    - Furthermore, the 200 tph capacity of the processing plant for the Montepuez Ruby Project is ten times larger than contemplated for the trial mining phase of the graphite and vanadium project.

    - Completing all permitting, obtaining a mining licence and commencing trial mining operations will strongly differentiate the Caula Project from peer group members who have not progressed so far.

    Mustang considers that trial mining and processing operations at Caula could produce both graphite and vanadium concentrates. The vanadium concentrate would either be sold or stockpiled for further processing to high purity vanadium products as part of full-scale development. This expectation is based on reference to the 2014 Vanadium Feasibility Study of Syrah Resources' Balama Graphite Project.

    The trial mining development strategy is based on a robust, low-cost mining operation and construction of a processing plant capable of handling approximately 100,000tpa of ore. This scale of operations was decided after discussions with an equipment supplier, followed by preliminary considerations of costs and potential revenues.

    The plant will be designed to produce high-grade graphite concentrates as well as vanadium concentrate. In practice, concentrate production rates and qualities will depend on the ore grades fed to the plant, the processing characteristics of the ore, and on plant performance levels achieved. It is anticipated that sales of graphite and vanadium products produced from trial mining will help to secure binding off-take agreements and associated finance required for full-scale project development.

    The complex nature of graphite and vanadium extraction means that it is likely that virtually all of the equipment purchased for trial mining will be incorporated into full-scale operations.

    Full Scale Graphite and Vanadium Project Development Strategy

    Development of a full-scale mining and processing operation will be considered by the Scoping Study. Conditional on a positive outcome of the Scoping Study, a Definitive Feasibility Study (DFS) will be undertaken to serve as a basis for project development and financing. Wherever possible, operational experience from trial mining and processing operations will be incorporated into the DFS.

    The throughput and production levels of the full-scale project will be defined by the DFS. In practice, the scale of operations decision will consider factors such as the availability of project finance, and the state of the product markets as well as project specific issues such as the ore reserve and projected operational costs and performance levels.


    The Caula Graphite Project represents a unique combination of both high grade and large flake size that distinguishes the project from its peers (see Figure 1 in link below). The Caula project has delivered a maiden JORC Inferred Resource of 5.4Mt at an average grade of 13% TGC (6% cut-off) for more than 700,000 tonnes of contained graphite. The exploration results included exceptionally high-grade intercepts of up to 26% TGC.

    The current Caula Mineral Resource estimate is based on five diamond drillholes totalling 484.72 metres and one reverse circulation (RC) drillhole totalling 99 metres. Drillholes were spaced approximately 130 metres apart along a 540 metre strike length. Mustang considers there is strong potential for additional graphite discoveries within the 18km long TEM anomaly.

    In addition, initial metallurgical test work has confirmed Caula could yield high percentages of Super Jumbo, Jumbo and Large flakes (~55% from the fresh ore) with carbon content up to 98% through simple flotation (average of 97% C across all size fractions).(see Note 1 below) Oxidised ore has also demonstrated excellent treatment characteristics.(see Note 2 below)

    On 16 March 2018 the Company announced the first assay results from its recently completed diamond drilling campaign(see Note 3 below). The assay results returned grades of up to 24.2% Total Graphitic Carbon (TGC) and 1.02% Vanadium (V2O5). Drillhole MODD014 on licence 6678L has an average of 14% TGC within a 125m (from 17m to 143m) mineralised graphitic zone (downhole width). Furthermore, the drill hole has an average vanadium pentoxide (V2O5) grade of 0.42% within a 125m (downhole width from 17m to 143m) mineralised zone (downhole width).

    Scoping Study Update

    As announced on 5 February 2018(see Note 4 below), the Company has completed the 1,400m diamond drilling campaign on the Caula Graphite Project. The Scoping Study remains on track for completion in Q2 this year. Approximately 1.2 tonnes of diamond drill core, comprising 51 samples from the current drilling program, have been delivered to Nagrom Laboratories in Perth for graphite and vanadium recovery test work. The samples, representing oxide and fresh ore, will be tested both as composites and as individual samples to investigate orebody variability. Multielement analysis of the samples is being performed by SGS South Africa and full results are expected shortly.

    Vanadium Economical Potential

    The Caula ores are considered to be broadly similar to ore at the nearby Balama Project of Syrah Resources (ASX:SYR). In July 2014, Syrah published the results of its vanadium scoping study.(see Note 5 below) The outcome of the study was very positive and most of the conclusions drawn have relevance to the Caula Graphite Project. The following points were noted:

    - The vanadium in the ore did not report to the graphite concentrate and graphite concentrate samples were below the detection limit for vanadium analysis.

    - There was strong correlation between graphite and vanadium grades in the ore.

    - Vanadium could be recovered to a concentrate by a combination of froth flotation and wet high intensity magnetic separation (WHIMS). These are well established processing methods commonly applied in the mining and minerals industry.

    - A vanadium chemicals plant could be sourced from China where there is extensive experience with vanadium extraction from graphitic and carbonaceous ores. Furthermore, as noted by Syrah, it is likely that the plant would be able to produce high-purity vanadium products that will sell at a significant premium to the industry standard 98% vanadium pentoxide flake.

    Worldwide, the major use of vanadium is as an alloying agent in full alloy and high strength low alloy steels. China has recently increased the minimum specification for reinforcing steel used in buildings and as a result, domestic vanadium consumption is expected to increase by 10,000 tonnes per year (Metal Bulletin, August 2017). The vanadium market has already experienced a structural shift, changing China from being a net exporter of vanadium to becoming a net importer of vanadium. The use of vanadium in vanadium redox flow batteries (VRFB batteries), used for large scale energy storage is set to drive a further increase in demand. Consequently, vanadium supplies have tightened, and the price of vanadium has increased sharply over the last two years to current levels of ~US$30,500/tonne, making it the best performing battery metal of 2017(see Note 6 below).


    1 Refer to ASX Announcement dated 13 Dec 2017 "Caula Graphite Project Metallurgical Results Improved"

    2 Refer to ASX Announcement dated 01 December 2017 "Amendment Caula Graphite Project ASX Release of 6 Nov 2017

    3 Refer to ASX Announcement dated 16 March 2018 "High Grade Drilling Intersects at Caula Project"

    4 Refer to ASX Announcement dated 5 February 2018 "Concept study drilling completed, intersects additional wide shallow zones of graphite at Caula" inclusive of all the JORC Tables listed in the Appendix.

    5 Refer to Syrah Resources' ASX Announcement dated 30 July 2014 "Vanadium Scoping Study Finalised".

    6 "Best performing battery metal of the year isn't cobalt", Mark Burton. Bloomberg. January 26, 2018.

    To view figures, please visit:

    Managing Director:
    Bernard Olivier 
    M: +61-4-08948-182
    T: +27-66-4702-979
    Media & Investor Relations:
    Paul Armstrong
    T: +61-8-9388-1474

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    Core Exploration Ltd (ASX:CXO) provides the Company's latest presentation at INFORMA Lithium and Battery Conference.


    - CXO on a pathway to lithium production - targeting late 2019

    - Preliminary Feasibility Study (PFS) nearing completion

    o Considering low-capex production of spodumene concentrate, for export from Darwin port

    o Development of the high grade (1.5%) Grants Deposit initially

    - Mining Lease Application and Approvals processes commenced

    - Binding offtake agreement with Yahua (one of China's largest lithium producers)

    - US$20 million prepayment facility also secured with Yahua

    - Resource upgrade at Grants and maiden resource BP33 both imminent

    - Significant potential to grow Resource base in 2018 across a number of high grade prospects

    - Arguably the best logistics chain to Asia and supporting infrastructure of any Australian lithium project, providing significant strategic advantages

    - Enterprise Value of less than $30 million offers significant leverage to the development the Finniss Lithium Project and ongoing exploration programs

    To view the full presentation, please visit:

    Core Exploration Ltd
    Stephen Biggins, Managing Director
    T: +61-8-7324-2987

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    Sayona Mining Limited (ASX:SYA) (OTCMKTS:DMNXF) ("Sayona" or the "Company") is pleased to announce the completion of an airborne geophysics survey at the Tansim lithium project in Quebec, Canada.


    - Airborne geophysics confirms large east-west structural corridor extending over 9 kilometres where pegmatite dykes have been mapped and sampled on surface

    - Pegmatites within the magnetic corridor include channel sampling intersections up to 18.95 metres @ 0.94% Li2O, and selective rock chips of between 2.04% and 2.87% Li2O

    - Mapping and sampling to confirm drill targets to commence in April

    The survey has confirmed a strong east-west magnetic anomaly coincident with surface mapping of pegmatites over an area 9 kilometres long and up to 700 metres wide - see Figure 1 in link below. The host intermediate/mafic magnetic rocks confirmed through the survey have been intruded by discrete outcrops of sub-parallel lithium, beryllium, and tantalum-bearing, granitic pegmatite dykes. Mapping, sampling and drilling will be required to define the geometry of the pegmatites.

    The priority focus of the next exploration program planned in April to define drilling targets at the following prospects:

    - Viau Dallaire - a 300 metre long dyke, dipping 40 degrees north, and 12-20 metres in thickness. Three channel samples include 10.3 metres @ 1.40% Li2O, 11.15 metres @ 0.84% Li2O & 18.95 metres @ 0.94% Li2O (including 7.3 metres at 1.77% Li2O); and

    - Viau - pegmatites have been mapped up to 200 metres long and 30 metres wide. Two separate channel samples returned grades of up to 2.77% Li2O and 1.37% Li2O over 3.2 metres, respectively.

    The helicopter airborne survey totalled 553 line kilometres and each of the lines was spaced 75 metres apart in a north-south direction.

    Corey Nolan, Chief Executive Officer, commented "The Company is planning to commence exploration as soon as the winter snow has melted and its can get clear access to the property. The Company will draw on its significant experience and expertise in lithium geology in the region, developed through more than 20,000 metres of drilling and exploration at Authier."

    To view figures, please visit:

    Corey Nolan
    Chief Executive Officer
    Phone: +61-7-3369-7058

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    SEEK Limited (ASX:SEK) (OTCMKTS:SKLTY) ("SEEK") announces that Colin Carter has retired from the Board with effect from today.

    Neil Chatfield, Chairman of SEEK, thanked Mr Carter for his service to the Board.

    "The Board thanks Colin Carter for his outstanding contribution to the evolution of SEEK over the past 13 years. Colin has brought valuable skills and experience to the Board, including in his role as Chairman of the Remuneration Committee. We wish him all the best for his future endeavours."

    Andrew Bassat, SEEK CEO and Co-Founder commented,

    "I would like to thank Colin for his tremendous contribution to SEEK. Colin joined the Board just before SEEK listed on the ASX and it has been a genuine pleasure to work with Colin over the past 13 years. His very rational and considered thinking and challenge have been very valuable to me and to the organisation. He will be missed and we all wish him the best for his next steps."

    Mr Carter's retirement was foreshadowed to shareholders at the 2017 Annual General Meeting and forms part of the Board's succession and renewal plan. Neil Chatfield will succeed Mr Carter as the Chairman of the Remuneration Committee for a transitional period while the Board completes its succession and renewal planning. As communicated to shareholders at the 2017 Annual General Meeting, the Board is well advanced in its Non-Executive Director recruitment process.

    Investors & Analysts
    Geoff Roberts / Jeff Tang
    SEEK Limited
    T: +61-3-8517-4484 
    Sarah Macartney
    SEEK Limited
    T: +61-3-8306-0850
    M: +61-433-949-639

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    Lithium exploration company Lake Resources N.L. (ASX:LKE) ("Lake" or "LKE") announces that it has secured commitments to raise $4.5 million (before costs) in an oversubscribed private placement by way of the issue of 33,333,335 new ordinary LKE shares (Offer Shares) at $0.135 per share (Placement) with an attached 1-for-2 option exercisable at $0.20 on or before 15 December 2018 (Attaching Option), to sophisticated and professional investors. The Placement is expected to complete on Monday 26 March 2018.

    - Lake completed oversubscribed private placement of $4.5 million

    - Offer was upscaled from $4 million due to significant demand from current shareholders

    - Patersons Securities Limited and Hunter Capital Advisors Pty Ltd were joint lead managers

    The intention was to raise $4 million but due to significant demand from current shareholders, the offer was upsized. The Company has agreed to seek quotation of the Attaching Options subject to meeting the listing requirements under the ASX Listing Rules.

    The funds raised through the Placement will be used by Lake for further exploration at its Olaroz, Cauchari and Paso Lithium Brine Projects, and for ongoing drilling and initial scoping studies at the Kachi Lithium Brine Project. In addition, a portion of the funds will repay the outstanding notes and for working capital.

    Lake Resources' Managing Director Steve Promnitz, said: "Lake is grateful for the overwhelming interest to support exploration over the Olaroz and Cauchari areas as they are immediately adjacent to high grade lithium production or drill holes with high grades and flow rates."

    Lake's 100% owned flagship brine projects (covering over 170,000ha), Olaroz/Cauchari/Paso and Kachi, have similar settings to major world-class brine projects being developed in the highly prospective Lithium Triangle in Argentina. The Company's Olaroz/Cauchari Projects are located next to Orocobre's Olaroz lithium production project and SQM/Lithium Americas Cauchari development project. Lake recently signed a landmark agreement with the Jujuy Provincial Government, confirming tenure of its Olaroz/Cauchari/Paso Projects and allowing Lake to advance exploration efforts for the first time since their acquisition 2 years ago.

    The Company is currently drilling at its Kachi Lithium Brine Project (100% ownership - mining lease). The Kachi project covers 50,000 Ha over a salt lake south of FMC's lithium operation and near Albemarle's Antofalla Project. Results are expected from April/May onwards.

    To view figures, please visit:

    Steve Promnitz
    Managing Director
    Lake Resources N.L.
    T: +61-2-9188-7864

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    Mustang Resources Ltd (ASX:MUS) (OTCMKTS:GGPLF) is pleased to provide an update on the recently completed diamond drilling program at the Company's graphite Licence 5873L, to the south of the main part of the high-grade Caula Graphite & Vanadium Project in the world-class mineral province in Northern Mozambique.

    Key Points

    - Further high-grade results over extensive widths from diamond drilling on Licence 5873L, 7.5km south of previous drilling on Mustang's Caula Graphite & Vanadium Project in Mozambique

    - Southern extension drillhole shows further size potential of Caula Project

    - Assays show grades of up to 23.7% Total Graphitic Carbon (TGC) and 0.68% Vanadium (V2O5)

    - Results from 1m composite samples include:

    o 99m (from 16m downhole) at 12.56% TGC average including 53m at 15.06% TGC from 16m to 69m; and

    -- 62m downhole at 23.7% TGC

    -- 106m downhole at 23.4% TGC

    o 99m at (from 16m downhole) at 0.34% V2O5 average including 15m at 0.46% V2O5 from 16m to 31m; and

    -- 96m and 108m downhole at 0.68% V2O5

    -- 58m downhole at 0.64% V2O5

    - Southern extension clearly supports Caula being established as a world-class graphite and vanadium project

    - New strategy focused on fast-tracking a dual graphite and vanadium development to deliver first cashflow in H1 2019

    Using diamond core drilling, Mustang drilled MODD010 and extended the mineralisation of the Caula Graphite Project (see Figure 1 in link below). MODD010 is located approximately 7.5km south of the recently announced MODD014 which returned 125m at 14.1% TGC & 0.42% V2O5 average grades. Assay results from MODD010 include outstanding intersections up to 23.70% TGC and 0.68% V2O5 with an average grade of 12.56% TGC and 0.34% V2O5 over 99m from 16m downhole including:

    - 62m downhole at 23.7% TGC

    - 106m downhole at 23.4% TGC

    - 96m and 108m downhole at 0.68% V2O5

    - 58m downhole at 0.64% V2O5

    Mustang Resources Managing Director Dr Bernard Olivier said "The impressive results from diamond drillhole MODD010 located approximately 7.5km south of the "Caula-Hinge" and the recently announced MODD014 is further testimony to the overall potential of the Caula project. Although we are focusing our efforts on the main section of the Caula graphite and vanadium deposit, this southern extension clearly supports the potential for increasing the size of the deposit many times its current size. We expect to receive the assay results from the remaining drillholes shortly and will combine the results into a comprehensive market update once received."

    Diamond Hole MODD014 Assay Results

    Based on the assays completed on the DD samples in 2017, drillhole MODD010 on licence 5873L has an average grade of 12.56% TGC within a 99m (from 16m to 115m) mineralised graphitic zone (downhole width). Samples returned results including high grade zones of 53m at 15.06% TGC from 16m to 69m (downhole depths) and 11m at 14.67% TGC from 102m to 113m (downhole depths; see Appendix 1). These results confirm the continuation of a high-grade deposit similar in nature to that of the main Caula deposit. Importantly, the graphite mineralisation is shallow with high grades close to the surface, including 17.2% TGC at 26m. The highest TGC value recorded for this hole is 23.7% TGC at 62m below surface.

    Based on the sampling completed on the DD samples in December 2017, drillhole MODD010 on licence 5873L, has an average vanadium pentoxide (V2O5) grade of 0.34% within a 99m (downhole width from 16m to 115m) mineralised zone (downhole width). Samples returned outstanding results including high grade zones of 15m at 0.46% V2O5 from 16m to 31m (downhole depths) and 24m at 0.41% V2O5 from 45m to 69m (downhole depths; see Appendix 1 in link below). The highest vanadium value recorded for this hole is 0.68% V2O5 at 96m below surface.

    To view tables and figures, please visit:

    Managing Director:
    Bernard Olivier 
    M: +61-4-08948-182
    T: +27-66-4702-979
    Media & Investor Relations:
    Paul Armstrong
    T: +61-8-9388-1474

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    Central Petroleum Limited (ASX:CTP) (OTCMKTS:CPTLF) ("Company" or "Central") advises that the Ensign Rig, Rig 932, is making its way to the Mereenie field in preparation for the start of the three-well drilling programme aimed at tripling Central's gas reserves.

    The first loads of equipment have arrived at the Mereenie Field with the drilling of West Mereenie 26, the first well in the three-well program, anticipated to commence in April 2018.

    To view figures, please visit:

    Central Petroleum Limited
    T: +61-7-3181-3800
    F: +61-7-3181-3855
    Media Enquiries
    Martin Debelle at Citadel-MAGNUS
    T: +61-2-8234-0100
    M: +61-409-911-189

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    Sayona Mining Limited (ASX:SYA) (OTCMKTS:DMNXF) ("Sayona" or the "Company") is pleased to announce the strengthening of the Authier technical team with the appointment of Jarrett Quinn and Jean-Pierre Landry as Authier Process Engineer and Project Director, respectively.

    The appointments compliment the Authier development team at a time when the Company is rapidly progressing the Authier Definitive Feasibility Study ("DFS") and engineering design activities for the project development. The Company anticipates completing the DFS in the second quarter of 2018, and progressing to the detailed engineering and procurement phase, targeting the commencement of production in early 2020.

    Jarrett Quinn, Process Engineer

    Jarrett is a mineral processing engineer and hydro-metallurgist with extensive experience and expertise in the minerals industry, including spodumene processing in Canada. Jarrett has worked on flowsheet development for several hard-rock lithium projects in Quebec. Jarrett's qualifications include Bachelor, Master and Ph.D. degrees from McGill University, and he is a professional engineer in the province of Quebec. Jarrett's experience includes, pilot plant operations, process design, feasibility assessment, start-up and operations.

    Jarrett will manage the pilot plant testing program at SGS Lakefield, the process plant design for the definitive feasibility study, and detailed engineering of the Authier lithium process plant.

    Jean-Pierre Landry, Authier Project Director

    Jean-Pierre Landry is a qualified civil engineer who has been involved in the construction industry for more than thirty years, seventeen of which have been in project management with mining companies. Jean-Pierre has been exposed to numerous aspects of project management including cost estimation, scheduling, value engineering, first nations relationship and construction management. His experience stems from a multitude of industrial projects, commercial, institutional and mining.

    Jean-Pierre will be deeply involved in the on-going definitive feasibility study and will manage the project delivery schedule. Based in the Abitibi region, Jean-Pierre will be the local contact person for the Project and his knowledge of the area will be a major asset, especially during the construction phase.

    Corey Nolan
    Chief Executive Officer
    Phone: +61-7-3369-7058

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    Cryptocurrency Exchange (CRYPTO:BNB) advise that XEM/BNB (CRYPTO:XEM), XEM/BTC and XEM/ETH trading pairs are now available on Binance for trading. You can start depositing and trading XEM now.

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    To view the Whitepaper, please visit:


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    Big Un Limited (ASX:BIG) (or 'the Company') is pleased to announce the appointment of Mr Nicholas Jordan as non-executive Chairman, effective immediately.

    Mr Nicholas Jordan

    Mr Jordan is a US investment banker with an extensive global financial background. He has held numerous senior management positions at a number of leading US and European Investment Banks and has been based in the US, UK and Russia. He began his career at the Bank of New York Management Training program, worked at the predecessor banks that ended up forming JP Morgan and finished as co CEO of Goldman Sachs, Russia and Confederation of Independent States (CIS). In between, Mr Jordan was Vice Chairman and member of the Global Advisory Committee at Deutsche Bank Global Banking Division and member of UBS European Management Committee.

    Nicholas Jordan has served on several Boards including the American Chamber of Commerce in Moscow, Russia and as Chairman of the Board of 4finance, a leading European on line fintech lending company.

    'I am extremely pleased to be joining Big Un Limited. This is a company with tremendous future prospects. Big Un Limited is a leader in a very exciting digital market segment with both the potential and capability to scale. The Company is well suited for global expansion. As we expand in the USA and the U.K. we are also ready to bolster our corporate governance structure in order to meet the governance and financial reporting requirements for a rapidly growing and maturing company. We will re- engage with the ASX and will look to build on our recent experiences and emerge as one of the exchange's best managed companies."

    Corporate Governance and Compliance

    The board welcomes the appointment of Nicholas Jordan along with the recent appointment of William Knowles as an independent, non-executive director of Big Un Limited and Mr Francis Farmakidis as Company Secretary. The Company is committed to building a best practice corporate governance framework and compliance with new ASX guidelines. BIG Un Limited has also engaged new, top tier, external accountants to advise on its December 2017 Half-Year Financial Reports and an international law firm to head and build a corporate governance committee for the company. Big Un Limited is also currently considering candidates for an additional Australian based board position.

    ASX Guidelines

    Nicholas Jordan said "With considerable debate in the Australian market about technology companies' transparency and reporting, we are taking a diligent approach to finalising our Half Yearly results FY18, having engaged new accountants to advise on this. The results will respond to the recent ASX guidelines on reporting as well as comply with a new accounting standard, AASB 15, which is aimed at clarifying revenue recognition for fast-growing companies".

    Big Un Ltd
    T: +1300-910-329

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    Brand Protection and Consumer Connection solutions company YPB Group Ltd (ASX:YPB) has signed a contract appointing it as an Independent Software Vendor (ISV) of the AliHealth supply chain traceability platform for the China market, with Alibaba Health (Hong Kong) Technology Company Limited (AliHealth), a subsidiary of Alibaba Group (NYSE:BABA).

    - YPB appointed Independent Software Vendor (ISV) in China for AliHealth's supply chain traceability software platform

    - AliHealth intends to appoint YPB as an overseas ISV partner when AliHealth launches internationally

    - Enhances prospect of moving YPB China to solid profitability

    - YPB sees this as first step in a deep strategic relationship

    AliHealth also intends to appoint YPB as an overseas ISV partner when it launches internationally. The commercial and contractual terms for this appointment are agreed in principle but AliHealth's international launch date is presently unknown. Full details of this contract will be provided upon confirmation of YPB's appointment.

    The appointment in China charts a clear path to profitability for YPB China by expanding the Chinaspecific product suite and broadening the potential client pool due to the prominence and reputation of AliHealth's parent company. YPB expects the 2018 revenue impact of this contract to be Major (see Note below), defined as greater than $ lm per annum, and a valuable contributor to our expectation of a $5m pre-tax profit for 2018.

    The contract is effective immediately, contains no trial period, no minimum performance conditions and no penalties for non-performance. It is annually renewing subject to the mutual consent of both parties.

    The AliHealth platform began as serialisation software for the pharmaceutical industry following Government requirement for item-level serial numbers for all pharmaceuticals in China. Serialisation in the pharmaceutical industry is occurring worldwide and is aimed at ensuring supply chain traceability, counterfeit protection (over 30% of pharmaceuticals sold in Asia are estimated to be fake) and facilitating product recall. AliHealth in China is now extending beyond pharma via a small number of commercial partners.

    The revenues to YPB from selling the AliHealth platform will be two-fold:

    1. An annual fee for the platform, shared equally with AliHealth. This gives a brand virtually unlimited serialised QR codes to assign to individual products, allowing excellent visibility through the supply chain from the Brand right to the consumer.

    2. The provision of proprietary YPB technologies supporting the implementation and protection of QR codes by brands. This revenue accrues 100% to YPB and will be charged on a per unit volume of production basis.

    This new relationship with AliHealth is the most important strategic partnership for YPB Group since the Company's inception given:

    - The quality of the partner and the magnitude of the opportunity. The number of brands in China selling consumer goods is obviously magnitudes greater than those selling in Australia.

    - It creates the best prospect of YPB China moving into profit since the company's inception. As a small company with a limited network, YPB China has struggled to build its sales base but the kudos of this partnership with AliHealth is expected to open previously closed doors.

    - The sales cycle is likely to be shortened, with a simplified product offer and a prospect of early payback for the client. The AliHealth platform offers a rich array of consumer data, improving clients' prospects of effective direct marketing campaigns.

    - YPB China will leverage the sales of the AliHealth platform to generate revenues from YPB's proprietary technologies, particularly PROTECTcode, YPB's counterfeit protected QR code which will be released during 2018. QR codes dominate e-commerce in China but are highly vulnerable to counterfeit. PROTECTCode offers a simple preventative solution.

    - The opportunity to represent AliHealth offshore will also enhance YPB's market access when AliHealth eventually launches internationally, particularly access to exporters into the China market. In the meantime, as a result of the work done to date with AliHealth, YPB has refined its product offer and sales strategies and expects to speed market penetration in its core markets prior to confirmation of AliHealth's international launch.

    YPB Executive Chairman John Houston said: "The partnership with AliHealth fits perfectly into our existing PROTECT DETECT CONNECT positioning. I believe that AliHealth's parent company Alibaba Group has done more to fight counterfeit than any other global company and working with AliHealth to grow its user base in China will build our expertise to successfully work together in international markets. Although an international launch remains subject to AliHealth's final determination and is not guaranteed, I'm confident that it will ultimately occur. But importantly, success in our core markets is independent of that event as preparation for the AliHealth relationship has so honed our offer and strategies that we are positioned to become an integral partner protecting and connecting exporting brands and their Asian customers. Immediately, moving YPB China to profitability is a key plank in achieving our profit goal and this opportunity with AliHealth is a significant advance in that direction."

    Please note:

    - Modest revenue contribution:
    - Moderate revenue contribution: > AUD100K
    - Major revenue contribution: > AUD1m per annum

    Mr. John Houston 
    Executive Chairman
    YPB Group Limited
    T: +61-458-701-088 
    Mr. Gerard Eakin
    YPB Group Limited
    T: +61-427-011-596

    0 0

    YPB Group Ltd (ASX:YPB) today announced its appointment as an Independent Software Vendor (ISV) of the AliHealth supply chain traceability platform. At the same time the Company is undertaking a capital raising which will close at 5.00pm today, 22 March 2018.

    The Company advises of the continuation of the Company's voluntary trading suspension until market pre-open Friday 23 March 2018.

    Mr. John Houston 
    Executive Chairman
    YPB Group Limited
    T: +61-458-701-088 
    Mr. Gerard Eakin
    YPB Group Limited
    T: +61-427-011-596

    0 0

    Broken Hill Prospecting Ltd (ASX:BPL) and Cobalt Blue Holdings Ltd (ASX:COB) today announced a major strategic partnership with LG International (LGI) involving their Thackaringa Cobalt Project Joint Venture (TJV) near Broken Hill, NSW.


    - LGI is the resources investment arm of LG Corporation, and is acting in cooperation with LG Chem.

    - LG Chem Ltd has strong technical leadership in the development of next generation batteries in particular for fixed storage and electric vehicles (EVs). LG Chem is the fourth largest EV battery maker globally.

    - Under our partnership, LGI will provide capital and technical assistance for the TJV to make a high purity battery grade cobalt sulphate.

    - COB has executed a binding term sheet with LGI to raise US$6.0m (at A$1.10 per COB share) by Monday 16 April 2018.

    BPL's Managing Director, Trangie Johnston commented:

    "The strategic alliance with LGI is a major win for the Thackaringa Cobalt Project and our Board welcomes LGI's partnership. The LG Group brings valuable expertise in product development and other disciplines to the joint venture and is a significant milestone along the road to developing this world class cobalt resource.

    BPL's commercial interest in the Thackaringa Cobalt Project is significantly advanced by the involvement of LGI and we look forward to working with both of our partners to deliver the project as expeditiously as possible."


    BPL completed a successful spin-off of COB in February 2017, with investors seeking shares and options exceeding the $10 million maximum being offered. The IPO was an important initiative for BPL to realise significant value from its then wholly-owned Thackaringa Cobalt Project.

    BPL's shareholders received 35 million COB shares as part of the capital restructuring and distribution, which was equivalent to 37 per cent of the shares issued in COB's IPO. In addition, BPL shareholders received an entitlement to a 1:4 issue of COB bonus options totalling 8.75 million options.

    Thanks to the subsequent upgrade of BPL's cobalt interests, the current value of this distribution is approximately $50M based on COB's current share price for those shareholders who retain their COB equity.


    BPL holds legal title to the Thackaringa tenement leases under the TJV, and COB can earn an interest up to 100% of the Thackaringa Cobalt Project if it completes a four-stage farm-in. It must commit $10.9 million in project expenditure before 30 June 2020, and pay BPL $7.5 million in cash. BPL will be entitled to receive a 2% net smelter royalty on all cobalt produced from the Thackaringa tenements for the life of mine.

    Subject to COB completing its TJV Stage 1 milestones, COB has a 51% beneficial interest in the Thackaringa Cobalt Project with BPL retaining a 49% beneficial interest. For COB to retain its 51% beneficial interest, key deliverables by 1 April 2018 are a 40Mt Indicated Resource sufficient to support a Pre-feasibility Study to JORC 2012 standard and certain expenditure obligations. A Pre-feasibility Study to JORC 2012 standard is due by 30 June 2018, which forms part of TJV Stage 2 milestones for COB to earn up to a 70% beneficial interest.


    LG International executes resources investment strategy for the LG Group. Historically, LG International has specialised in global mining investment and operations.

    LG International has now extended its focus to include 'Green Minerals', the raw materials of lithium-ion battery construction such as cobalt, nickel and lithium. LG International operates in close cooperation with LG Chem to secure Green Minerals for the LG Group.

    ABOUT LG CHEM (KRX:051910)

    LG Chem Ltd is Korea's largest diversified chemical company. It operates three main business units: Petrochemicals, IT & Electronic Materials and Energy Solutions. The company was founded in 1947 and now employs over 29,000 staff globally. The chemical business manufactures a wide range of products, from petrochemical goods to high-value added plastics. It also extends its chemical expertise into high-tech areas such as electronic materials and lithium ion batteries. With over 20 years' experience of development and production of these batteries LG Chem is established as one of the world's leading Lithium-ion manufacturers. The company is a primary supplier of lithium batteries throughout the world, for the mobile phone and hybrid/electric vehicle industries and Energy Storage System (ESS).

    Broken Hill Prospecting Ltd
    Trangie Johnston, CEO
    T: +61-2-9238-1170

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