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Mithril Resources Limited (ASX:MTH) Kurnalpi Nickel Project Update

June 13, 2018, 3:44 pm
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Mithril Resources Ltd (the "Company") (ASX:MTH) advises that it has received formal notification from Chesser Resources Ltd ("Chesser") (ASX:CHZ) that it intends to withdraw from an existing Farm-In Agreement (effective date - 11 July 2018) on selected tenements at Mithril's Kurnalpi Nickel Project (located 70 kms north east of Kalgoorlie, WA - see Figures 1 and 2 in link below).

- Mithril to have 100% management of the entire project following notification from Farm-in partner that it intends to withdraw from an existing agreement over selected tenements

- Kurnalpi contains over 7 kilometres of a poorly - explored nickel sulphide - bearing ultramafic with drilling and EM geophysics scheduled to commence late June 2018 / early July 2018

From the effective date, Mithril will have 100% management of the entire project which includes over 7 kilometres of a poorly-explored nickel sulphide-bearing ultramafic unit.

Mithril is planning to recommence nickel exploration over the ultramafic in late June / early July 2018.

A Reverse Circulation drilling program (as an initial test of a newly identified off hole EM conductor lying adjacent to nickel sulphide mineralisation) and EM geophysics (to define further drill targets along strike from the EM conductor) are planned (see Figure 3 and ASX Announcement dated 30 May 2018).

Mithril looks forward to updating the market when this work commences.

To view figures, please visit:
http://abnnewswire.net/lnk/E2R15I6X 

Mithril Resources Ltd
David Hutton
Managing Director
E: admin@mithrilresources.com.au
T: +61-8-8132-8800
F: +61-8-8132-8899
www.mithrilresources.com.au
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MMJ PhytoTech Ltd (ASX:MMJ) Investment in BevCanna, Cannabis Infused Beverage Company

June 13, 2018, 3:49 pm
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MMJ PhytoTech Limited (ASX:MMJ) ("MMJ") has invested CAD$0.5 million for a 3.6% shareholding in privately-held BevCanna Enterprises Inc. ("BevCanna").

Business model

Based in Vancouver, Canada, BevCanna intends to become a fully vertically-integrated premium-based cannabis infused beverage manufacturer.

Specifically, BevCanna aims to operate as a white label, end-to-end producer of CBD and THC beverages(see Note below).

Business plan

BevCanna is in customer contract discussions with Access to Cannabis for Medical Purposes Regulations (ACMPR) Licensed Producers.

BevCanna's current business plan is based solely on being a wholesaler to the Canadian medical cannabis market, however the recreational market represents potential future upside(see Note below).

Manufacturing arrangements

With future funding rounds, BevCanna will build out its manufacturing facility, subject to a licensing arrangement, on the site of a premium alkaline spring water source and bottling facility at Bridesville, BC owned by The Naturo Group Investments ("Naturo Group"). Naturo Group owns Trace (tracebeverages.com) and Naturo Aqua (naturoaqua.com) beverage product lines which are currently sold in over 3,000 retail locations across North America.

CEO comment

MMJ's CEO Jason Conroy commented that "We are excited by the opportunity to invest in BevCanna, founded by influential and experienced cannabis market executives, and see significant potential upside in their business model and manufacturing arrangements."

Note: Health Canada's regulatory approach to cannabis edibles (which includes beverages) is expected to be finalised within 12 months after the Federal Government's Cannabis Act (Bill C-45) becomes law. 

Investor and Media Enquiries:
Jason Conroy
Chief Executive Officer
T: +61-2-8098-0819
E: jconroy@mmjphytotech.com.au
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Emmerson Resources Limited (ASX:ERM) Promising New Porphyry Copper-Gold Discovery in NSW

June 13, 2018, 4:24 pm
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Emmerson Resources Limited (ASX:ERM) (OTCMKTS:EMMRF) is pleased to announce highly encouraging, early-stage results at the Whatling Hill prospect within the 100% owned Fifield project in NSW (see Figure 1 in link below). This area falls within a regionally significant metallogenic province, bounded by the Lachlan Transfer Zone (LTZ) and the Ordovician age, Macquarie Arc. This province also hosts a number of emerging platinum, cobalt, gold and copper projects (see Figure 2 in link below).

Highlights

- First pass fieldwork at Emmerson's 100%-owned Fifield, Sebastopol, Temora, Kiola and Wellington projects in NSW complete

- Whatling Hill copper-gold prospect at Fifield exhibits the hallmarks of an early stage porphyry copper-gold discovery as follows:

o Highly anomalous rock chip samples up to 0.25g/t gold and 2% copper

o Outcrops of intrusive inferred to be of similar age and character to other world-class deposits in the belt (Cadia-Ridgeway and North Parkes)

o Pervasive, widespread alteration of epidote-chlorite and quartz-magnetite veins

o Current auger drilling program returning visible chalcopyrite and extensive alteration

- Rockchip samples up to 27.8g/t gold at Sebastopol

- Rockchip samples up to 19.6% copper and 0.36g/t gold at Kiola

- Auger drilling at Whatling Hill and fieldwork across other NSW projects underway

Emmerson's Managing Director; Mr Rob Bills commented: "The Whatling Hill discovery is further testament to the effectiveness of the science-based, systematic exploration that Emmerson is conducting across its project areas in NSW. A discovery across any of these projects has the potential to be transformational for the Company - particularly given the paucity of new copper-gold projects and the competition for new resources from the other major players in the field such as Newcrest Mining, Fortescue, Evolution Mining, China Molybdenum, Regis Resources, Sandfire and Aurelia Metals.

"Whilst Whatling Hill is still at an early stage, it features all the hallmarks of a promising gold-rich porphyry copper system. The strength of these early results has lead to an accelerated exploration program with the mobilisation of an auger rig to ascertain the extent of copper and gold anomalism ahead of deeper drilling. Local farmer, John Whatling, after who Emmerson have named the project, commented: "This is the first time in my lifetime here that any company has undertaken systematic exploration on my property and sampled any of these outcrops."

"Emmerson's proprietary approach to targeting or predicting where the next big discovery will be in NSW is beginning to pay dividends. The calibre of our projects at Fifield, Kadungle, and Wellington are a testament to this innovative approach which provides a clear focus for ground-based activities."

Fifield Project

Whatling Hill consists of a discrete magnetic anomaly bounded by WNW trending faults with minimal surface expression. The discovery was a result of purposeful exploration driven by a proprietary targeting model developed by Emmerson and its strategic alliance partner Kenex Ltd. The results to date consist of rockchip samples across an area of ~1km2 (which is the extent of outcrop/float and may not reflect the size/extent of the underlying mineralisation).

The rockchip values are elevated in gold (up to 0.25g/t) and copper (up to 2%), mainly from sheeted quartz-magnetite veins locally hosted in monzonite intrusions. There has been no historical drilling or soil sampling in the area. The alteration assemblage of epidote, chlorite with quartz, magnetite, chalcopyrite and malachite veins indicate proximity to a porphyry gold- copper system, but within the outer "green rock" halo. Further field work is currently underway, complimented by the latest scientific analysis as part of the University of Tasmania, ARC Linkage project. This analysis is aimed at identifying metallogenic fertile systems and providing vectors to the central part of the mineralisation (see Figure 3 in link below).

Given the promising results, Emmerson has accelerated exploration at Whatling Hill where an auger rig is currently completing a large geochemical program to acurately define the underlying mineralisation and guide future drilling.

Wellington Project

The Wellington project was targeted utilising similar methodologies as Emmerson's other NSW projects and sits along strike from Newcrest Mining's world-class Cadia-Ridgeway gold-copper deposit.

Auger soil sampling across the Ponto prospect (the northernmost area) has revealed moderate copper anomalism, corresponding to outcrops/float of copper altered intrusives (see Figure 4 in link below). The most consistent geochemical result came from Ponto East, with a 500m2 area of +200ppm copper and combined gold-copper-molybednum anomalism. A new area was identified in the far north (New Anomaly) that has strong copper-gold anomalism associated with gabbro/diorite intrusive.

Further work is underway both in the field and at the University of Tasmania to better understand the significance of these results.

Other NSW projects

Field-based activities continue across Emmerson's other NSW projects, with some of the more significant results coming from the Sebastopol gold project. These include up to 27.8g/t gold from rock chip samples within the Morning Star project. This cluster of historic workings is associated with a series of sub paralell quartz veins that contain gold, galena, chalcopyrite and pyrite hosted by the Wagga group turbidites.

Other results of significance come from our Kiola project where up to 19.6% copper and 0.36g/t gold has been reported from rock chips. Whilse the elevated copper is associated with surficial malachite veins, the entire 28km2 "Kiola Geochemical Zone" is anomalous in copper and requires further work.

Note: Kenex Ltd can earn up to a 10% interest in these NSW tenements (excluding Kadungle) upon achieving certain predetermined milestones.

About Tennant Creek and Emmerson Resources

Emmerson recently commenced exploration on new gold-copper projects in NSW, identified (with our strategic alliance partner Kenex Limited) from the application of 2D and 3D predictive targeting models - aimed at increasing the probability of discovery. The highly prospective Macquarie Arc in NSW hosts >80Mozs gold and >13Mt copper with these resources heavily weighted to areas of outcrop or limited cover. Emmerson's five exploration projects contain many attributes of the known deposits within the Macquarie Arc but remain under explored due to historical impediments, including an overlying cover (plus farmlands) and a lack of exploration focus. Kadungle is a JV with Aurelia Metals covering 43km2 adjacent to Emmerson's Fifield project.

In addition, Emmerson is exploring the Tennant Creek Mineral Field (TCMF), one of Australia's highest-grade gold and copper fields producing over 5.5 Mozs of gold and 470,000 tonnes of copper from deposits including Warrego, White Devil, Orlando, Gecko, Chariot and Golden Forty. These high-grade deposits are highly valuable exploration targets, and to date discoveries include high-grade gold at Edna Beryl and Mauretania, plus copper-gold at Goanna and Monitor. These are the first discoveries in the TCMF for over a decade.

Emmerson announced the first gold pour from the high-grade Edna Beryl gold mine in December 2017. This mine is being operated under a Tribute Agreement with a specialist small miner, the Edna Beryl Mining Company

Emmerson recently announced a strategic alliance with Territory resources to build a central processing hub in Tennant Creek to support the milling and processing from Emmerson's small gold mines and other third party feed. This alliance will also extend to an earn-in and JV with Territory Resources over Emmerson's southern tenements.

Emmerson is led by a board and management group of experienced Australian mining executives including former MIM and WMC mining executive Andrew McIlwain as non-executive chairman, and former senior BHP Billiton and WMC executive Rob Bills as Managing Director and CEO.

To view tables and figures, please visit:
http://abnnewswire.net/lnk/84OKMR4S 

For further information, please contact: 

Rob Bills
Managing Director and CEO
E: rbills@emmersonresources.com.au
T: +61-8-9381-7838
www.emmersonresources.com.au 

Media enquiries

Michael Vaughan, Fivemark Partners
E: michael.vaughan@fivemark.com.au
T: +61-422-602-720
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Prospect Resources Ltd (ASX:PSC) Arcadia Lithium Mine - Progress Update in Photos

June 13, 2018, 4:25 pm
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Prospect Resources Ltd (ASX:PSC) ("Prospect" or "Company") is pleased to report on the development progress at the Arcadia Lithium Mine.

We look forward to providing additional updates as mine construction ramps up.

To view photos, please visit:
http://abnnewswire.net/lnk/R8L3U45T 

Hugh Warner
Prospect Resources Ltd
Executive Chairman
T: +61-413-621-652

Harry Greaves
Prospect Resources Ltd
Executive Director
T: +263-772-144-669
WWW: www.prospectresources.com.au
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Emmerson Resources Limited (ASX:ERM) NSW Exploration Update Presentation

June 13, 2018, 5:19 pm
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Emmerson Resources Limited (ASX:ERM) (OTCMKTS:EMMRF) (ERM) provides the opportunity to view a video interview by ProactiveInvestors Stocktube with Rob Bills, Managing Director.

To view, please copy the following details into your web browser:
http://www.abnnewswire.net/lnk/5822ZI2M 

For further information, please contact: 

Rob Bills
Managing Director and CEO
E: rbills@emmersonresources.com.au
T: +61-8-9381-7838
www.emmersonresources.com.au 

Media enquiries

Michael Vaughan, Fivemark Partners
E: michael.vaughan@fivemark.com.au
T: +61-422-602-720
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Topbetta Holdings Ltd (ASX:TBH) Expands Wholesale Offering by Acquiring 100% of World-Class Data Feed Company

June 13, 2018, 5:30 pm
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TopBetta Holdings Limited (ASX:TBH) ("TBH" or the "Company") is pleased to announce that it has entered into a binding, conditional heads of agreement ("Heads of Agreement") to acquire 100% of the shares in data and betting tools company, DynamicOdds Pty Ltd ("DynamicOdds"), and its associated licensing brands ("Assets") (www.dynamicodds.com.au) ("Acquisition"). The DynamicOdds brand is a provider of wagering data in Australia and currently supplies data feeds to (and delivers data on behalf of) Australia's Principal Racing Authorities as well as a number of Australia's licensed bookmakers and sophisticated punters. The data feeds provided by DynamicOdds are a key component for bookmakers both online and on-track in their fixed odds pricing models.

Highlights

- TBH enters into a conditional, binding Heads of Agreement to acquire data and betting tools provider, DynamicOdds.com.au

- DynamicOdds provides live data solutions to Australia's Principal Racing Authorities

- DynamicOdds provides the tools for bookmakers to power their fixed odds products

- DynamicOdds acquisition to progress and consolidate TBH's wholesale strategy

- TopBetta and MadBookie sale update

- Red Leaf Securities appointed as Corporate Advisor

TopBetta's CEO, Todd Buckingham commented: "DynamicOdds has developed a reputation as a respected provider of data and betting tools within the Australian racing industry and is a perfect fit for the TBH wholesale business model.

"We're excited about the opportunity to continue to develop and enhance the current technology stack that helps punters make bets, and bookmakers take bets. At the same time, we also see a huge opportunity to expand the business into other verticals via partnerships with sporting and racing bodies globally. This acquisition is the perfect complementary business to continue with our Company's growth."

DynamicOdds CTO Karl Begg and CEO David Begg commented: "DynamicOdds was established in 2006 as a platform for both punters and industry professionals to analyse and monitor the betting markets for the Australian racing codes.

"Since its inception, DynamicOdds has established itself as an integral part of the Australian wagering landscape at both retail and commercial levels.

"In August 2016, Racing Victoria commissioned DynamicOdds to provide an 'official price' for Victorian thoroughbred racing. DynamicOdds not only supplies the systems to produce and manage the official price, but also the infrastructure to display the price via on-course display networks. The official price service was quickly adopted by all other state thoroughbred racing authorities and implemented by second quarter 2017.

"Combining both the experience and expertise of DynamicOdds, TBH and its subsidiaries, will ensure continued growth as we explore all opportunities within racing and sports markets domestically and into the UK and US markets."

Key terms of the Heads of Agreement

TBH has agreed to purchase 100% of the shares in DynamicOdds ("DO Shares"), and the associated licensing brands ("Assets") owned by C.D.K Software Limited (CDK), on the following key terms:

1. on completion of the Acquisition ("Completion"), TBH must issue to Dynamic IT Group Pty Ltd (or its nominee) 10m unquoted options over TBH shares, exercisable at $0.20 per option within 2 years from the date of issue. These Options will be issued under the Company's 15% placement capacity under ASX Listing Rule 7.1;

2. is conditional on the satisfaction or waiver of the following conditions precedent ("CPs"):

a. TBH carrying out and completing due diligence in respect of DynamicOdds and the Assets and being satisfied in its sole discretion as to results of the due diligence;

b. to the extent such approvals are required, TBH shareholders resolving to approve the Acquisition contemplated under this HOA, including any capital raising TBH considers necessary to complete the Acquisition; and

c. negotiation and execution of final documentation required to give effect to the transactions contemplated under the Heads of Agreement, including without limitation, a share and asset sale agreement and a services agreement for the provision of management and related services by the shareholders of DynamicOdds ("DO Shareholders");

3. on Completion, TBH must pay:

a. $1.5m in cash to the DO Shareholders in consideration for the acquisition of the DO Shares; and

b. $1m in cash to CDK in consideration for the acquisition of the Assets;

4. Within 12 months after Completion, TBH must:

a. pay to CDK $7.5m in cash; or

b. issue shares in TBH ("TBH Shares") to the value of $7.5m ("CDK Balance"). If TBH elects to settle the CDK Balance by issuing TBH Shares, CDK may require TBH to pay up to $5.5m of the CDK Balance in cash, with the remainder satisfied by way of issue of TBH Shares. There is currently no agreement to issue TBH Shares to CDK or the DO Shareholders;

5. If TBH fails to discharge the CDK Balance within 12 months of Completion, TBH must transfer the DO Shares and the Assets back to the DO Shareholders and CDK (respectively) and shall not be entitled to any refund of the amounts paid in respect of DO Shares and the Assets to date;

6. If TBH wishes to sell the DO Shares or the Assets before it discharges the CDK Balance, TBH must first offer those assets for sale to the DO Shareholders and CDK (respectively) and, in any event, TBH cannot transfer the DO Shares or the Assets before it discharges the CDK Balance in full; and

7. The Heads of Agreement shall terminate on 31 July 2018 or upon the prior insolvency of either party.

About DynamicOdds

DynamicOdds provide a range of free and premium betting related services for punters, racing authorities and bookmakers. The DynamicOdds odds comparison Premium application is used by punters and bookmakers alike in Australia and consumes a range of data sources that include; fixed odds pricing, tote and exchange prices, race day control information, form, statistics and an extensive runner pricing database.

The application allows punters and bookmakers to place bets with other integrated licensed bookmakers from the one interface. A free version of the site also exists that includes price comparisons for both racing and sports betting.

DynamicOdds also powers and provides the official starting price ("SP") for racing authorities such as Racing Victoria and Racing NSW and Racing Queensland.

Earn-Out payment for Mad Bookie acquisition

Further to the announcement dated 13 April 2017 ("MB Announcement"), the Company and Mad Bookie Pty Ltd ("Mad Bookie") have finalized the Purchase Price (as defined in the MB Announcement) payable by the Company for the acquisition of the assets of Mad Bookie ("MB Assets"). It has been determined that the Purchase Price for the MB Assets is $1,155,700, however, $150,000 in payments have already been made towards the Purchase Price. In accordance with the terms of the agreement to acquire the MB Assets, the Company is required to pay the balance of $1,005,700 in cash, or a combination of cash and scrip, on or before June 29, 2018.

TopBetta Pty Ltd and Mad Bookie sale update

As announced to the market on the 18th April 2018 ("PlayUp Announcement"), TBH intends to the sell the TopBetta and Mad Bookie B2C businesses to blockchain enabled global fantasy sports and online sports betting company, PlayUp Limited ("PlayUp").

Subject to shareholder approval at the Company's General Meeting called for the 18th June 2018 and the satisfaction or waiver of other conditions precedent, TBH will receive $6M (plus GST if applicable) ("Sale") as well as earning a 20% revenue share from both the TopBetta and Mad Bookie brands for a 24 month period under associated software licence and services agreements ("Licensing and Services Agreements").

Further to the announcement released on 4 June 2018, the Company advises that the ASX has not granted the waiver of ASX Listing Rule 11.4 in relation to the Sale and, accordingly, the Company will be seeking shareholder approval of Resolution 1 (amongst others) at the General Meeting to be held on 18 June 2018 ("General Meeting"). Further details are set out in the Notice of General Meeting dated 15 May 2018.

Should shareholders approve Resolution 1 at the General Meeting, PlayUp will be required to pay the $3m deposit to TBH by 25th June 2018. The deposit will be only be refundable if TBH does not satisfy or waive each of the conditions precedent (as detailed in the PlayUp Announcement) on or before 31 July 2018. The Licensing and Services Agreements are in the final stages of negotiation and, accordingly, it is expected that all conditions precedent will be satisfied or waived on or around 18th June 2018 (subject to shareholder approval under ASX Listing Rule 11.4 at the General Meeting) and, accordingly, completion is expected to occur, and the final additional payment of $3m will be due and payable to TBH, on or around 25 June 2018.

Corporate Advisor Appointed

Sydney-based stockbroking firm Red Leaf Securities Pty Ltd ("Red Leaf") has been appointed as Corporate Advisor to assist the Company as it focusses on executing its wholesale business strategy.

Red Leaf is a boutique broker that invests on behalf of high net worth clients and fund managers. The brokerage firm specialises in Australian equities, with a focus on undervalued small cap companies, and corporate transactions.

Red Leaf shall receive a payment of $10,000/month for the duration of the 12-month term of the engagement ("Term"). The Term may be terminated by TBH by giving 2 weeks' notice. Within 15 business days after Red Leaf first provides its services to TBH, TBH must issue to Red Leaf 2.5M unquoted options, expiring on 7 June 2020 ("Options") on the following terms:

1. 500,000 Options will be exercisable at $0.20 without any vesting conditions;

2. 500,000 options will be exercisable at $0.30 and will vest on 7 September 2018 subject to Red Leaf continuing to be engaged by TBH at that date;

3. 500,000 options will be exercisable at $0.40 and will vest on 7 December 2018 subject to Red Leaf continuing to be engaged by TBH at that date;

4. 500,000 options will be exercisable at $0.50 and will vest on 7 March 2019 subject to Red Leaf continuing to be engaged by TBH at that date; and

5. 500,000 options will be exercisable at $0.60 and will vest on 7 June 2019 subject to Red Leaf continuing to be engaged by TBH at that date.

These Options will be issued under the Company's 15% placement capacity under ASX Listing Rule 7.1. 

For further information, please contact: 

Jane Morgan
Investor & Media Relations
E: investors@topbetta.com
M: +61-405-555-618
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Ardea Resources (ASX:ARL) Appoints KPMG to Seek Financing Partner for Goongarrie Nickel-cobalt Project

June 13, 2018, 8:13 pm
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Ardea Resources Ltd (ASX:ARL) (OTCMKTS:ARRRF) (FRA:A91), an emerging Australian cobalt and nickel producer, has appointed KPMG to help seek a strategic financing partner for its Goongarrie nickel-cobalt resource, which is part of the large Kalgoorlie Nickel Project (KNP), newly appointed Managing Director Brett Clark told Mergermarket.

Western Australia-based KNP is "the largest cobalt resource in the developed world", outside of the Democratic Republic of Congo (DRC), and hosts the well-endowed Goongarrie reserve, which is less than 5% of the total KNP resource, confirming the project's potential scalability, a company document noted.

KPMG's global mining M&A leader Greg Evans is leading the process, Clark said.
Based on the pre-feasibility study (PFS), announced in March, capital expenditure for Goongarrie is north of AUD 600m (USD 454m).

KPMG and Ardea are seeking a global competitive process and welcome approaches, both Clark and Evans commented. A wide type of investors, from car/electric vehicle (EV) manufacturers to strategic mining houses, could show interest, Evans said. Ardea has held talks with some potential partners already, Clark said, adding that Ardea is targeting inking an agreement, even non-binding, in 4Q18.
More than one strategic financing partner could be selected as part of the KPMG-lead process, Clark said.

KPMG expects global interest in a project of this scale, with interest particularly from Korea, China, North America and highly industrialised European nations such as Germany, which is home to major car manufacturers including Daimler [ETR:DAI], BMW [ETR:BMW] and Audi [ETR:NSU], Evans continued.

A variety of financing options are possible, anything from equity investment at the asset level to offtake arrangements, he continued.

The Goongarrie resource is defined as 215.6m tonnes at 0.06% cobalt and 0.71% nickel.

The PFS found Goongarrie is capable of generating average annual EBITDA of AUD 210m based on current pricing for sulphates, which generates a forecast project Net Present Value (NPV 8% post tax) of AUD 1.04bn and an IRR of 25%.

Ardea Resources, which listed in February 2017, has a market capitalization of AUD 98m.

Clark was appointed Managing Director of Ardea in April this year, taking over from former MD Matthew Painter.

by Christel Thunell in Sydney and Adam Orlando in Perth

Mr Brett Clark
Managing Director & CEO
Ardea Resources Limited
Tel +61 8 6244 5136
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Carnarvon Petroleum Limited (ASX:CVN) Phoenix South-3 Drilling Update

June 13, 2018, 8:35 pm
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Carnarvon Petroleum Limited ("Carnarvon") (ASX:CVN) (OTCMKTS:CVONF) is pleased to provide the following update on the drilling of the Phoenix South-3 well.

Progress

Since the last update, the 11-3/4" liner has been set down to 4,619 metres Measured Depth ("MD").

Current Operations

Drilling of the 10-5/8" hole has commenced with current drilling operations at 4,634 metres MD.

Forward Plan

Drill the 10-5/8" hole from 4,619 metres MD to approximately 5,160 metres MD. Following this, a 9-5/8" casing will be set before the 8-1/2" hole section is drilled to the top of the primary Caley Member section, which is expected to be intersected at a depth of approximately 5,360 metres MD.

Well Objective

The primary objective for the Phoenix South-3 well is to evaluate the gas and condensate potential of the Caley Member within a large, faulted anti-clinal closure that was partially penetrated with the Phoenix South-2 well.

Phoenix South-2 encountered gas and condensate in the Caley Member but was unable to drill through and evaluate the formation. The Phoenix South-3 well has been optimally designed to penetrate and evaluate the hydrocarbon bearing formations of the Caley Member.

Phoenix South-3 is located around 560 metres North-North East of the Phoenix South-2 well. The well will target a closure that is estimated by Carnarvon to contain a gross mean recoverable prospective resource of 489 Bscf of gas and 57 million barrels of associated condensate (being 143 million barrels of oil equivalent ("boe"), gross, Pmean) - Refer to ASX Announcement on 23 April 2018.

Prospective Resources are the estimated quantities of petroleum that may potentially be recovered by the application of a future development project and may relate to undiscovered accumulations. These prospective resource estimates have an associated risk of discovery and risk of development. Further exploration and appraisal (including this well) is required to determine the existence of a significant quantity of potentially moveable hydrocarbons. 
 
Carnarvon Petroleum               20% 
Quadrant Energy (Operator)        80%

To view figures, please visit:
http://abnnewswire.net/lnk/5532D7M7 

Investor inquiries: 
Thomson Naude
Company Secretary
Phone: +61-8-9321-2665
Email: investor.relations@cvn.com.au

Media inquiries:
Luke Derbyshire
Managing Director
Spoke Corporate
Phone: +61-488-664-246
Email: luke@spokecorporate.com
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Lake Resources NL (ASX:LKE) Short Form Prospectus

June 14, 2018, 3:25 pm
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Lake Resources N.L. (ASX:LKE) ("Lake" or "LKE") has lodged the attached Short Form Prospectus with ASIC today whereby the Company intends to issue 16,666,667 Options to Placement Applicants who participated in the Placement by the Company in March 2018 and 16,650,000 Options to Noteholders who applied for Options under the Note Issue (Offer).

This Offer is conditional upon the Company obtaining Shareholder approval at a shareholder meeting scheduled for Friday 15 June 2018 for which a notice of meeting was dispatched on 14 May 2018. 
 
Offer Statistics 
------------------------------------------------------------------
Issue Price                               Nil 
Exercise Price                            $0.20 
Maximum number of Options to be issued    16,666,667 to Placement 
                                          Applicants 16,650,000 to  
                                          Noteholders 
Expiry Date of the Options                15 December 2018 
------------------------------------------------------------------

Indicative Timetable 
------------------------------------------------------------------
Lodgement of Prospectus with ASIC         14 June 2018
Lodgement of Prospectus and 
Appendix 3B with ASX                      14 June 2018 
Opening Date                              14 June 2018 
EGM                                       15 June 2018 
Closing Date                              18 June 2018 
Issue Date and dispatch of 
holding statements                        18 June 2018 
Expected date of Official Quotation of 
the Options                               19 June 2018
------------------------------------------------------------------
All dates may change without prior notice and accordingly are indicative only. The Company reserves the right to amend this indicative timetable subject to the Corporations Act and the ASX Listing Rules.

To view the Prospectus, please visit:
http://abnnewswire.net/lnk/SC1I909H 

Andrew Bursill
Company Secretary
Lake Resources NL
T: +61-2-9188-7864 
E: lakeresources@lakeresources.com.au
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Ardea Resources Ltd (ASX:ARL) KPMG Appointed as Corporate Advisor for Strategic Partner Process

June 14, 2018, 3:26 pm
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Ardea Resources Limited (ASX:ARL) (OTCMKTS:ARRRF) ("Ardea" or the "Company") is pleased to announce the appointment of leading advisory firm KMPG as a Strategic Corporate Advisor to the Company.

KPMG Australia Corporate Finance's Metals and Mining team ("KPMG") will run a competitive process to identify and attract one or more strategic financing partners ("Strategic Partner") to support the development of the flagship Goongarrie Nickel-Cobalt Project ("Goongarrie", or the "Project")

Ardea has received a number of in-bound approaches from potential Strategic Partners interested in financing the development of Goongarrie following the successful Pre-Feasibility Study ("PFS") released in March 2018.

- PFS highlighted a strong base case for initial mining at Goongarrie. The PFS reviewed a base case of 1.0 Mtpa and a 1.5 Mtpa option. 
 
---------------------------------------------------------------------
Case       Pre-tax NPV8      Post-tax NPV8     IRR     Payback 
1.0 Mtpa   A$1.43 billion    A$1.04 billion    25 %    5.3 years 
1.5 Mtpa   A$1.93 billion    A$1.40 billion    25 %    5.6 years  
---------------------------------------------------------------------
- A 2.25 Mtpa scoping study is underway to expand on the 1.0 and 1.5 Mtpa PFS options with increased scale expected to significantly enhance project economics and shareholder returns.

The key interest from potential Strategic Partners is to secure a long term, reliable and ethical supply of key battery minerals including nickel and cobalt from Goongarrie through offtake and direct investment in the Project, which hosts the largest cobalt resource in the developed world.

KPMG and Ardea will undertake a global competitive process and expects interest from industrial conglomerates, battery manufacturers, automakers, device manufacturers and other parties with requisite balance sheet support. This will allow the Company to fast-track the development of the Project.

KPMG was the leading mid-market M&A advisor in 2017 in Australia and globally. It has a worldwide reach with offices in over 80 countries and extensive cross-border abilities.

Managing Director Brett Clark said:

"We are delighted to have a firm of the calibre of KMPG to assist Ardea. They have a dedicated professional team with a global reach and will be focussed on the best outcome for Ardea as it continues its transition towards becoming a developer of its substantial Goongarrie Nickel-Cobalt Project". 

Mr. Brett Clark
Managing Director
Ardea Resources Limited
Tel: +61-8-6244-5136

KPMG Corporate FInance
Mr Greg Evans
Partner - KPMG
Tel: +61-8-9263-7129

Media or Investor Inquiries: 
Michael Weir, Citadel Magnus
Tel: +61-8-6160-4900
↧

Fluence Corporation Ltd (ASX:FLC) Wins Major Contract with World Leading Steel Producer

June 14, 2018, 3:30 pm
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Fluence Corporation Limited (ASX:FLC) (OTCMKTS:EMFGF) announced today that it has received a EUR3.9M contract for a wastewater treatment and waste-to-energy system for its customer ArcelorMittal. Fluence will design and build these systems for ArcelorMittal's steel mill in Ghent, Belgium, using innovative anaerobic digestion technology to produce biogas from off-gas fermentation byproducts. The Fluence system is expected to be delivered, installed and operational onsite within 18 months. ArcelorMittal is the world's largest crude steel producer, accounting for 90 million tons of steel per year.

- System to be designed and built for ArcelorMittal, the world's leader in steel production

- Advanced system will produce biogas from steel mill byproducts

- First wastewater-to-energy project in steel industry for Fluence

This will be Fluence's first wastewater and waste-to-energy system designed specifically for use in the steel industry. Steel mill byproducts are notoriously difficult to treat to a grade that meets government effluent requirements. Fluence's team was able to achieve the client's desired effluent using advanced anaerobic digestion technology. By adding waste-to-energy treatment to the system, the biogas produced will be used to power the steel mill's operations, which will in turn lower the overall operating costs.

Fluence's Managing Director and CEO, Henry Charrabé said: "Our highly experienced team has adapted our advanced anaerobic digestion technology for this new application, bringing even more value to our customers. We hope this milestone project will be the beginning of introducing Fluence's capabilities for similar steel mill applications around the world. As part of our global product strategy, we have already sold a number of anaerobic systems developed by Fluence Italy in Europe and South America, including applications in the poultry and fish processing industries."

Carl De Maré, Vice President of Technology Strategy at ArcelorMittal, said: "We are excited that after several years of research and engineering, we are now progressing with the largest project of its kind within the ArcelorMittal group. This is the first application of a viable new business case where re-use of carbon is possible at large scale. We will achieve significant carbon reduction and we hope that this will lead us to a lower carbon economy. This new Carbon Smart technology illustrates ArcelorMittal's commitment to transforming steel production and it will also further strengthen steel's standing in the circular economy, particularly compared to other higher carbon metals like aluminum."

About ArcelorMittal (NYSE:MT)

ArcelorMittal is the world's leading steel and mining company, with a presence in 60 countries and an industrial footprint in 18 countries. Guided by a philosophy to produce safe, sustainable steel, they are the leading supplier of quality steel in the major global steel markets including automotive, construction, household appliances and packaging, with world-class research and development and outstanding distribution networks.

In 2017, ArcelorMittal had revenues of $68.7 billion and crude steel production of 93.1 million metric tons, while iron ore production reached 57.4 million metric tons.

ArcelorMittal is listed on the stock exchanges of New York (MT), Amsterdam (MT), Paris (MT), Luxembourg (MT) and on the Spanish stock exchanges of Barcelona, Bilbao, Madrid and Valencia (MTS).

See their press release for this project here: http://www.abnnewswire.net/lnk/96B8WD58

To view figures, please visit:
http://abnnewswire.net/lnk/F578MK27 

Corporate: 
Henry Charrabé (USA)
Managing Director & CEO
E: hcharrabe@fluencecorp.com
P: +1-212-572-3766 

Richard Irving (USA)
Executive Chairman
E: rirving@fluencecorp.com
P: +1-408-382-9790 

Ross Kennedy (Australia)
Company Secretary & Advisor to the Board
E: rkennedy@fluencecorp.com
P: +61-409-524-442

Investors (Australia):
Ronn Bechler
Market Eye
E: ronn.bechler@marketeye.com.au
P: +61-400-009-774

Media (Australia):
Tristan Everett
Market Eye
E: tristan.everett@marketeye.com.au
P: +61-403-789-096 

Investors & media (USA):
Gary Dvorchak, CFA
The Blueshirt Group
E: gary@blueshirtgroup.com
P: +1-323-240-5796 (US) or +86-138-1079-1480 (China)
↧

Mustang Resources Ltd (ASX:MUS) Ore Sorting Tests Highlight Scope to Increase Production and Cut Costs at Caula Graphite-Vanadium Project - Amendment

June 14, 2018, 4:42 pm
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Mustang Resources (ASX:MUS) (OTCMKTS:MTTGF) is pleased to announce that it has received strong results from preliminary ore sorting testwork conducted on drill core from its Caula Graphite-Vanadium project in Mozambique.

This testwork demonstrated that the Caula ore is highly amenable to sensor-based ore sorting. Results showed that an ore sample with no visible waste could be split into high-grade and low-grade streams.

Key Points

- Preliminary ore sorting testwork was conducted by specialists TOMRA Sorting at its Test and Demonstration Centre at Castle Hill, NSW Australia

- X-Ray Transmission and Conductivity (EM) sorting were both evaluated

- The tests found:

o in a full-scale mining operation, EM sorting would efficiently reject barren waste with minimal loss of graphite or vanadium values

o a moderate-grade ore sample with no visible waste was successfully split into high-grade and low-grade fractions

o potential to use ore sorting to upgrade graphite and vanadium grades

- TOMRA recommends a larger-scale formal testwork program based on these strong results

- The results demonstrate the potential to increase production rates without increasing the plant size and to reduce operating costs

Both X-Ray Transmission and Conductivity-based (EM) sorting were evaluated with the EM sorting generating the best result. The EM sensors evaluate the proportion of electrically-conductive mineral (in this case graphite) in each rock particle. Vanadium values are closely associated with graphite and show a similar response to sorting.

Ore sorting enables waste rock and low-grade ore to be separated from run-of-mine ore. Sorting saves costs by rejecting waste rock and low-grade ore ahead of expensive processing steps such as milling and froth flotation. In many cases, sorting delivers additional environmental benefits to projects due to reduced tailings volumes, enhanced tailings storage stability and other factors.

High capacity, sensor-based ore sorting is an emerging technology which can deliver enormous value, particularly when considered for a new mining project. TOMRA has a successful track record in the mining industry with sensor-based sorting installations operating at feed rates ranging up to several hundred tonnes per hour. These systems are fully automated and have very low costs per tonne processed.

The Caula Project is located along strike from Syrah Resources' (ASX:SYR) world-class Balama graphite project in Mozambique.

Sample Tested

The sample selected was a continuous portion of quartered NQ diamond drill core from 58m to 88m downhole in borehole MODD015. The sample was chosen to represent fresh ore with moderate grades of graphite and vanadium and no visible barren rock intersections.

Additional details of the drilling results from borehole MODD015 were given in the ASX announcement of 1 May 2018. The analysis results shown below in Tables 1,2 and 3 (see link below) are in line with the analyses given in the 1 May announcement.

Test Procedure

The selected quarter core sample with a total weight of 66kg was first broken into approximately 50mm lengths. It was then split into two portions using a rotary riffle and one of these portions, with a weight of about 30kg, was sent to the TOMRA Test and Demonstration Centre at Castle Hill, NSW Australia.

At TOMRA, the sample was screened at 16 mm to remove fines ahead of sorting tests. About 30% of the sample reported to fines. The screen oversize was then subject to sorting tests on both XRT and EM based machines. After discussion of preliminary results with Mustang, the sorting parameters of each machines were adjusted to give an approximate 50% mass split between concentrate and reject.

The screen oversize material was then recombined before being split into two portions. One of these portions as sorted by XRT, the other by EM. With the screen undersize, this gave 5 product samples which were returned to Nagrom Laboratories in Perth for analysis.

The samples were individually crushed and blended. Analysis samples were then split out and sent for graphite analysis, multi element XRF analysis and semi-quantitative XRD mineral analysis.

Results

The graphite and vanadium analyses of the five products from testwork are shown below in Table 1 (see link below). The final row in this table shows the feed grade calculated from the weighted average of the individual sample data.

The mass split and the distribution of contained graphite and vanadium between the five samples was calculated from the data shown in Table 1 (see link below). Results of this calculation are shown graphically in Figure 1 (see link below).

It can be seen that the unsorted fine material was significantly enriched in both graphite and vanadium. This is not surprising as the graphite-rich zones of ore tend to be quite friable compared with lower grade zones. It is also immediately apparent that the EM sorting achieved greater levels of separation of graphite and vanadium values than the XRT sorting.

Sorting performance results were calculated by apportioning the screen undersize between the EM and XRT tests based on the weight of screen oversize used in each test. Screen undersize and the high-grade material from the sorting were then combined to give an overall high-grade stream. The low-value material from the sorting was then classified as the low-grade stream. This gives the results shown in Tables 2 and 3 (see link below) for the EM and XRT Sort runs respectively.

To view tables and figures, please visit:
http://abnnewswire.net/lnk/G0PM60N0 

Managing Director: 
Bernard Olivier 
E: bernard@mustangresources.com.au
M: +61-4-08948-182
T: +27-66-4702-979

Media & Investor Relations: 
Paul Armstrong
E: paul@readcorporate.com.au
T: +61-8-9388-1474
↧

Altech Chemicals Ltd (ASX:ATC) US$60 Million Stream Finance Term Sheet Signed

June 14, 2018, 4:53 pm
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Altech Chemicals Limited (Altech/the Company) (ASX:ATC) (FRA:A3Y) is pleased to announce that it has signed an indicative non-binding term sheet for a US$ 60 million stream finance facility for its proposed high purity alumina (HPA) project (the Project), from a US based global alternative investment group.

Highlights

- US$60 million stream finance term sheet executed

- Structured alternate financing option

- Works in conjunction with off-take sales arrangement

- Global investment firm with US$ 4.5b under management

A stream finance facility is a structured alternative financing product whereby the facility provider agrees to advance a facility amount in exchange for a percentage of future gross sales. The facility term sheet that Altech has received contemplates a US$ 60 million advance, with funds able to be applied to the development, construction and working capital requirements of the Project. The facility will be structured to operate in conjunction with Altech's 10-year off-take sales arrangement with Mitsubishi Australia and for repayment over the life of the Project. The term sheet remains subject to additional due diligence, the agreement of binding terms and to various bank, regulatory and board approvals. The facility will also need to be acceptable to the senior debt provider (KfW IPEX-Bank) and any mezzanine debt provider. As is customary with these types of transactions, the terms remain confidential at this point in time.

Project Finance Status

On 2 February 2018 the Company announced that it had executed commitment and final terms for a US$ 190 million senior debt package with German government-owned KfW IPEX-Bank (see Note below). On 11 May 2018, the Company received an indicative non-binding mezzanine debt term sheet from a global investment bank equal to US$ 90 million. Combining the streaming facility with senior debt and mezzanine debt would provide total project finance of US $340 million, which the Company is considering, as summarised in Table 1 (see link below).

Altech managing director Iggy Tan said, "The Company is extremely pleased with the interest that is being shown from a variety of financiers in our HPA project, as is demonstrated by the term sheets received to date. We remain committed to pursuing an optimal financing structure for the Project, and will continue to keep shareholders informed of developments".

Note: Draw-down on the senior KfW IPEX-Bank debt is subject to the satisfaction of various conditions precedent, principal of which is securing a balance of funds - refer ASX announcement of 2 February 2018.

To view tables, please visit:
http://abnnewswire.net/lnk/4M05WB0Q 

Iggy Tan
Managing Director
Altech Chemicals Limited
Tel: +61-8-6168-1555
Email: info@altechchemicals.com 

Shane Volk
Company Secretary
Altech Chemicals Limited
Tel: +61-8-6168-1555
Email: info@altechchemicals.com

Investor Relations (Europe)
Kai Hoffmann
Soar Financial Partners
Tel: +49-69-175-548320
Email: hoffmann@soarfinancial.com
↧
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Prospect Resources Ltd (ASX:PSC) Arcadia Mine Flyover

June 14, 2018, 4:54 pm
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Prospect Resources Limited (ASX:PSC) ("Prospect" or "Company") is pleased to release to investors a link to the recently prepared flyover video on the proposed Arcadia Lithium Mine.

http://www.abnnewswire.net/lnk/N8U2E132 

Hugh Warner
Prospect Resources Ltd
Executive Chairman
T: +61-413-621-652

Harry Greaves
Prospect Resources Ltd
Executive Director
T: +263-772-144-669
WWW: www.prospectresources.com.au
↧

Carnarvon Petroleum Limited (ASX:CVN) Dorado-1 Drilling Update

June 14, 2018, 5:52 pm
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Carnarvon Petroleum Limited ("Carnarvon") (ASX:CVN) (OTCMKTS:CVONF) is pleased to provide the following update on the commencement of drilling at the Dorado-1 well.

Progress

The well has been drilled in a 17-1/2" hole to 1,162 metres Measured Depth ("MD") and the 13-3/8" casing has been set.

Current Operations

Drilling of the 12-1/4" hole has commenced with current drilling operations at approximately 1,250 metres MD.

Forward Plan

Drill the 12-1/4" hole section to planned depth of approximately 3,600 metres MD. Following this, a 9-5/8" casing will be set before the 8-1/2" hole section is drilled to the top of the primary Caley Member section, which is expected to be intersected at a depth of approximately 3,800 metres MD.

Well Objective

The primary objective for the Dorado-1 well is to assess the gas and liquids potential in the Caley Member with the well being less than 20km from and updip of the successful Roc-1 and Roc-2 wells.

The Dorado structure at the Caley interval is estimated to contain a gross mean recoverable prospective resource of 545 Bscf of gas and 30 million barrels of associated condensate (being 125 million barrels of oil equivalent ("boe"), gross, Pmean). Multiple secondary targets have been identified by Carnarvon in the Crispin and Milne Members (see Figure 4 in link below) and these will also be assessed by the Dorado-1 exploration well. See the recently released volumetric strategy update (ASX 23 April 2018) for details on these targets.

Prospective Resources are the estimated quantities of petroleum that may potentially be recovered by the application of a future development project and may relate to undiscovered accumulations. These prospective resource estimates have an associated risk of discovery and risk of development. Further exploration and appraisal is required to determine the existence of a significant quantity of potentially moveable hydrocarbons. 
 
Carnarvon Petroleum            20% 
Quadrant Energy (Operator)     80%

To view figures, please visit:
http://abnnewswire.net/lnk/ON4B431Q 

Investor inquiries: 
Thomson Naude
Company Secretary
Phone: +61-8-9321-2665
Email: investor.relations@cvn.com.au

Media inquiries:
Luke Derbyshire
Managing Director
Spoke Corporate
Phone: +61-488-664-246
Email: luke@spokecorporate.com
↧
Search

White Cliff Minerals Ltd (ASX:WCN) Options Exercised

June 14, 2018, 6:39 pm
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White Cliff Minerals Limited (ASX:WCN) ("White Cliff" or the "Company") is pleased to report that it has today issued 1,666,667 ordinary shares following the exercise of 1,666,667 June 2019 Options at an exercise price of $0.01 each.

The Company now has 3,849,586,836 ordinary shares on issue. As a result of the options being exercised the Company now has 513,536,916 listed June 2019 Options on issue.

An Appendix 3B in relation to the above is attached (see link below).

To view the release, please visit:
http://abnnewswire.net/lnk/0WV92O12 

Todd Hibberd
Managing Director
T: +61-8-9321-2233
E: info@wcminerals.com.au
W: www.wcminerals.com.au
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Lake Resources NL (ASX:LKE) EGM Presentation

June 14, 2018, 6:40 pm
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Lake Resources NL (ASX:LKE) provides the Company's EGM Presentation.

Investment Highlights

Lake Resources (ASX:LKE)

- Lithium exploration/development company - listed in Australia

- Focus on developing 3 lithium brine & 1 hard rock lithium project in Argentina

Large Lease Holding in Lithium Triangle

- One of Largest Lease Holdings of Lithium ~ 170,000 Ha

- Provides Scale & Security of Supply Wanted by Battery Makers & Electric Vehicle makers

Prime Location Alongside Lithium Majors

- Olaroz, Cauchari & Paso Projects, Jujuy Province, adjoin Orocobre, SQM and Lithium Americas

- Jujuy Projects pegged 2.5 years ago following political regime change in Argentina

- Approvals to commence exploration and development at Jujuy Projects recently granted

- Kachi Project in Catamarca Province located 80km south of FMC

Developing Projects - Large Discovery

- Kachi - Large Discovery - 3 rigs drilling - initial resource Sept/Oct - PFS to follow

- Cauchari - plan to drill in coming months - process of approvals underway

- Olaroz - initiate drill program with approvals and community support

- Local Companies - Morena del Valle Minerals SA (Catamarca); Minerales Australes SA (Jujuy)

To view the full presentation, please visit:
http://abnnewswire.net/lnk/C50IA27I 

Steve Promnitz
Managing Director
Lake Resources N.L.
T: +61-2-9188-7864
E: steve@lakeresources.com.au
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Liquefied Natural Gas Ltd (ASX:LNG) Magnolia LNG EPC Contract Extended

June 17, 2018, 3:19 pm
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Liquefied Natural Gas Limited (ASX:LNG) (OTCMKTS:LNGLY) (LNGL or the Company) has extended the validity period of its current binding engineering, procurement, and construction (EPC) contract with KSJV (a KBR - SKE&C joint venture led by KBR) for its 100% owned subsidiary, Magnolia LNG, LLC (Magnolia LNG). The binding lump sum turnkey (LSTK) EPC US$4.354 billion contract is now valid through December 31, 2018.

The initial agreement with KSJV was signed on 16 November 2015 with an installed capacity EPC cost/tonne range of US$495 to US$544 based on final design at final investment decision (FID).

Magnolia LNG is well positioned to lead the next generation of U.S. LNG export reflecting its fully de-risked status. Magnolia is the lone U.S. greenfield LNG export development project that is construction-ready, having secured equity financing, FERC Notice to Proceed, U.S. Department of Energy non-FTA and FTA export approval, and a LSTK EPC contract.

ABOUT MAGNOLIA LNG PROJECT

Magnolia LNG proposes to construct and operate up to four liquefaction production trains, each with a capacity of 2 mtpa or greater using the Company's patented OSMR(R) LNG process technology. Construction and operation includes two 160,000 m3 full containment storage tanks, ship, barge, and truck loading facilities, and supporting infrastructure. The LSTK EPC contract includes all elements of the project necessary to bring the facility into full guaranteed production operations. Magnolia LNG is fully permitted, having received its FERC Order and both FTA and non-FTA approval from the DOE. Final investment decision and initiation of construction is expected upon execution of sufficient offtake agreements to support financing. 

Mr. Micah Hirschfield
Sr. Manager, Communications and Investor Relations
Liquefied Natural Gas Limited
T: +1-713-815-6920
E: mhirschfield@lnglimited.com
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White Cliff Minerals Ltd (ASX:WCN) Drilling Intersects More Cobalt Mineralisation at Coglia Well

June 17, 2018, 3:24 pm
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White Cliff Minerals Limited (ASX:WCN) ("White Cliff" or the "Company") is pleased to provide an update on exploration drilling conducted at its 100%-owned Coglia Well cobalt-nickel project near Laverton in the Western Australian goldfields.

Highlights:

- Drilling identifies further wide intervals of cobalt and nickel mineralisation including:

o 17 metres at 0.11% cobalt and 1.01% nickel from 78 metres including;

-- 6 metres at 0.22% cobalt 1.6% nickel

-- Single metre cobalt grades of 0.49% and 0.29%

-- Hole ended in mineralisation

o Adjacent to drill hole MERC004 containing 20 metres at 0.05% cobalt and 1.3% nickel

o Anomalous copper values in several holes

- Multiple holes end in mineralisation

- Mineralised zone is 1,000 metres wide and 10-20 metres thick

- Further assays due shortly

The Company has received further assay results. However, significant cobalt-nickel mineralisation has been identified in several consecutive holes extending across a width of 800 metres (section line 6,790,800 North), with assay results including:

CGAC0026: 17 metres at 0.11% cobalt and 1.01% nickel from 78 metres depth including;

6 metres at 0.22% cobalt and 1.6% nickel (hole ended in mineralisation)

CGAC0025: 10 metres at 0.04% cobalt and 0.3% nickel from 43 metres (hole ended at silica layer above ore zone)

CGAC0027: 16 metres at 0.04% cobalt and 0.3% nickel from 45 metres (hole ended at silica layer above ore zone)

CGAC0028: 10 metres at 0.04% cobalt and 0.5% nickel from 48 metres (hole ended at silica layer above ore zone)

Several holes ended in cobalt-nickel mineralisation but drilling did not consistently penetrate the silica layer immediately above the main cobalt-nickel mineralised zone. The silica layer was too hard for air core drilling equipment to penetrate so some holes did not penetrate to the deeper parts of the mineralised zone that occurs from 75-100 metres deep. Future drilling programs will require a reverse circulation drill rig.

Further assay results are due shortly for the southern two lines that if mineralised will confirm the grade and scale of the cobalt and nickel mineralisation identified in previous drilling. The Company will then commence metallurgical test work to evaluate processing methods and economics.

White Cliff Managing Director Todd Hibberd said: "The second batch of assay results from the Coglia cobalt project has identified more cobalt and nickel mineralisation that is 10-20 metre thick and up to 1000 metres wide. The width and thickness of the mineralised layer is very encouraging considering these results are 3 kilometres north of the previously released results suggesting that the deposit has good length continuity. Interestingly, the results are associated with copper anomalies suggesting that there may be a sulphide component to the mineralisation."

Cobalt and Nickel Mineralisation

Laboratory assay results for sections 6790800N and 67900160N identified cobalt and nickel mineralisation over widths up to 20 metres. Mineralised intervals include:

CGAC0026: 17 metres at 0.11% cobalt and 1.01% nickel from 78 metres depth including;

6 metres at 0.22% cobalt and 1.6% nickel (hole ended in mineralisation)

CGAC0025: 10 metres at 0.04% cobalt and 0.3% nickel, from 43 metre (hole ended at silica layer above ore zone)

CGAC0027: 16 metres at 0.04% cobalt and 0.3% nickel from 45 metres (hole ended at silica layer above ore zone)

CGAC0028: 10 metres at 0.04% cobalt and 0.5% nickel from 48 metres (hole ended at silica layer above ore zone)

CGAC0024: Abandoned before reaching target depths

Other holes completed on this line include:

MERC004: 20 metres at 0.05% cobalt and 1.3% nickel from 77 metres

MPRC020: 30 metres at 0.022% cobalt and 0.53% nickel from 46 metres

MPRC002: 21 metres at 0.4% nickel (no cobalt assays) from 49 metres (ended in mineralisation)

MPRC003: 10 metres at 0.74% nickel (no cobalt assays) from 62 metres (ended in mineralisation)

MPRC004: 6 metres at 0.5% nickel (no cobalt assays) from 67 metres (ended in mineralisation)

Cobalt mineralisation occurs as a flat sub-horizontal layer in the regolith profile slightly above and overlapping with nickel mineralisation approximately 16-20 metres thick and 40-100 metres below the surface. Higher grade cobalt mineralisation identified in previous drilling also occurs on the same northing further east in MERC004 which intersected 20 metres at 0.05% cobalt and 1.3% nickel from 77 metres.

In general, several holes ended in cobalt-nickel mineralisation but drilling did not consistently penetrate the silica layer immediately above the main cobalt-nickel mineralised zone. The air core drilling equipment was unable to penetrate the silica layer and did not penetrate to the deeper parts of the mineralised zone that occurs from 75-95 metres deep. Due to hard ground conditions further drilling programs will be conducted with a larger drill rig.

Copper Anomalism

Several holes contain copper anomalies greater than 200 ppm in the regolith layer immediately above and overlapping with the cobalt and nickel mineralisation. Because copper is a mobile ion it tends to migrate to the reduction-oxidation boundary at the top of the water table. This concentration can indicate the presence of sulphide mineralisation. The Company will reassess the potential for copper sulphide mineralisation once all results have been received.

About the Coglia Well Nickel-Cobalt Deposit

The Coglia ultramafic complex covers an 11.5 kilometre by 1.5 kilometre area and is part of a 100 kilometre-long trend of ultramafic rock running from Diorite Hill in the north to Mulga Tank in the south. At Coglia Well, approximately 2.5 kilometres of the 11.5 kilometres of strike have been partially drill tested, resulting in the identification of extensive cobalt and nickel mineralisation.

Drilling has been undertaken on wide spaced lines generally 650 metres apart with holes spaced at 320-metre intervals. The 2018 drilling program has infilled this to 160 metre hole spacing. Cobalt and nickel mineralisation occurs on all lines between 40 and 100 metres depth. Mineralisation has developed in the regolith profile above a weathered ultramafic unit which was originally a dunite (an olivine rich ultramafic rock). A series of existing drill programs (2001-2003) outlined cobalt and nickel mineralisation over a zone approximately 2.5km long by 500 metres wide and 10-15 metres thick. Mineralisation is open along strike in both directions. Drilling in 2018 has extended the mineralisation to approximately 4 kilometres long.

The cobalt grade appears to increase substantially to the south of the main mineralisation, which is consistent with the grade of Glencore PLC's adjacent Irwin Hills cobalt and nickel deposits which contain 29Mt at 0.11% cobalt and 1% nickel. A single RC hole, MERC005, drilled 2.5 kilometres south of the main mineralisation, encountered 28 metres at 0.12% cobalt and 0.55% nickel. There is a further 7 kilometres of untested prospective ultramafic rock to the tenement boundary adjacent to Glencore's deposit.

Cobalt mineralisation occurs as a shallow layer of manganiferous oxides that form between the smectite clays and the overlying ferruginous clays. High grade cobalt mineralisation typically occurs between 30-50 metres depth and is associated with nickel mineralisation. The cobalt mineralisation generally occurs slightly higher than nickel mineralisation in the regolith profile.

At Coglia Well there is substantial nickel mineralisation and the cobalt mineralisation discussed above has formed from the same processes. The Company believes that the cobalt mineralisation has the potential to economically extractable in its own right. The proximity of the project to Glencore's Murrin-Murrin nickel-cobalt processing plant is likely to strongly impact the possibility of economic development of both the cobalt and nickel mineralisation.

While White Cliff has not yet calculated any mineral resources it is clear that potential exists for a substantial resource. Historic drilling has only tested a small fraction of the mapped ultramafic unit indicating there is potential to locate significant additional mineralisation.

Regional Infrastructure

The Coglia Well nickel and cobalt deposit occurs in a region hosting multiple mining operations that have substantial existing infrastructure such as roads, telecommunications, power and gas and with access to a skilled mining workforce. The project is located 130km via road from Glencore's Murrin Murrin nickel-cobalt processing plant and is adjacent to their Irwin Hills nickel-cobalt deposit. The region is well serviced by transport services and airports.

To view tables and figures, please visit:
http://abnnewswire.net/lnk/CSF8O298 

Todd Hibberd
Managing Director
T: +61-8-9321-2233
E: info@wcminerals.com.au
W: www.wcminerals.com.au
↧

Topbetta Holdings Ltd (ASX:TBH) Waiver of ASX Listing Rule 14.7

June 17, 2018, 3:56 pm
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At the General Meeting of shareholders of TopBetta Holdings Limited (ASX:TBH) (TBH or the Company) to be held today, Monday, 18 November 2018, TBH is asking shareholders to pass a resolution for the purposes of ASX Listing Rule 7.4 (Resolution 3), to ratify the issue of 3,508,771 shares that were issued pursuant to a placement announced on 26 February 2018 (Placement).

TBH has included a voting exclusion statement in relation to Resolution 3 in its Notice of Extraordinary General Meeting, which was sent to its shareholders on 15 May 2018. The voting exclusion statement states that TBH will disregard votes cast on Resolution 3 by a person (or their associates) who participated in the Placement.

TBH advises that the ASX has granted a waiver from ASX Listing Rule 14.7 so that TBH need not disregard votes cast on Resolution 3 by shareholders who participated in the Placement, to the extent only that those holders are acting solely in a fiduciary, nominee or custodial capacity (Nominee Holders) on behalf of beneficiaries who did not participate in the Placement on the following conditions:

1. The beneficiaries provide written confirmation to the Nominee Holders that they did not participate in the Placement, nor are they an associate of a person who participated in the Placement.

2. The beneficiaries direct the Nominee Holders how to vote on Resolution 3.

3. The Nominee Holders do not exercise discretion in casting a vote on behalf of the beneficiaries.

4. The terms of the waiver are immediately released to the market. 

Jane Morgan
Investor & Media Relations
E: investors@topbetta.com
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‘Pay day every day’ may become Shangri-La Group, BPOs’ secret to happy employees

‘Pay day every day’ may become Shangri-La Group, BPOs’ secret to happy employees

April 25, 2024, 5:51 am
Nonprofit donates custom home in this East Bay city for Marine injured in...

Nonprofit donates custom home in this East Bay city for Marine injured in...

April 23, 2024, 7:00 am
New private rooms on Tokaido Shinkansen change the way we travel from Tokyo...

New private rooms on Tokaido Shinkansen change the way we travel from Tokyo...

April 22, 2024, 6:00 am
Ukraine bans military from online gambling amid addiction concerns

Ukraine bans military from online gambling amid addiction concerns

April 22, 2024, 5:17 am
ಮಂಡ್ಯದಿಂದ ಸುಮಲತಾ ದೂರ; ಹೆಚ್‌ಡಿಕೆ ಪರ ಪ್ರಚಾರಕ್ಕಿಳಿಯದ ಸಂಸದೆ –ಬರ್ತಾರೆ ನೋಡೋಣ ಎಂದ...

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OCBC Bank Singapore Offers Up to 2.8% p.a. Fixed Deposit Promotion from 21...

OCBC Bank Singapore Offers Up to 2.8% p.a. Fixed Deposit Promotion from 21...

April 20, 2024, 12:38 pm
National Poetry Month 2024: Maxine Starr

National Poetry Month 2024: Maxine Starr

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Vegan Chicken Pot Pie

Vegan Chicken Pot Pie

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Firefox UX: On Purpose: Collectively Defining Our Team’s Mission Statement

Firefox UX: On Purpose: Collectively Defining Our Team’s Mission Statement

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New $4.5 million East Bay trail path will connect bicyclists, pedestrians to...

New $4.5 million East Bay trail path will connect bicyclists, pedestrians to...

April 18, 2024, 11:05 am