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Asia Business News

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    Sayona Mining Limited (ASX:SYA) (OTCMKTS:DMNXF) ("Sayona" or the "Company") is pleased to announce the commencement of exploration activities at the Tansim lithium project in Quebec, Canada.


    - Large spodumene crystals identified in initial site visit. Mapping and sampling programs planned to define drill targets

    - Recent 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

    Tansim is situated 82 kilometres south-west of the Authier lithium project in Quebec. The project comprises 65 mineral claims of approximately 12,000 hectares, and is prospective for lithium, tantalum, and beryllium. Historical exploration on the property has included mapping, sampling, and geophysics.

    The Company's geologist has visited the site to undertake an initial reconnaissance to confirm the access arrangements into the main pegmatite zones. Figure 1 (see link below) shows some of the spodumene crystals observed at the Viau Dallaire pegmatite system.

    The priority focus of the exploration program is to define drilling targets at the following priority prospects (see Figure 2 in link below):

    - 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% Li20, 11.15 metres @ 0.84% Li20 & 18.95 metres @ 0.94% Li20 (including 7.3 metres at 1.77% Li20); 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% Li20 and 1.37% Li20 over 3.2 metres, respectively.

    A recent airborne geophysics survey confirmed a strong east-west magnetic anomaly coincident with historical surface mapping of pegmatites over an area 9 kilometres long and up to 700 metres wide - see Figure 2 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. The conjunction of east-west trending pegmatite dykes dipping to the north and hosted by metamorphic ultramafic and schist rocks is a similar geological setting observed at Authier.

    Mapping and sampling programs are planned to define the geometry of the pegmatites for future drilling. Exploration is being closely coordinated with the local First Nations group, Long Point First Nation, who will provide support services for the future work programs.

    Dan O'Neill, Managing Director, commented "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. Tansim demonstrates stand-alone potential but could be developed as a complimentary satellite operation to Authier, where the Company is currently completing a Definitive Feasibility Study".

    To view figures, please visit:

    Dan O Neill
    Managing Director
    Phone: +61-7-3369-7058

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    Carnarvon Petroleum Limited ("Carnarvon") (ASX:CVN) (OTCMKTS:CVONF) is pleased to provide the following update on the drilling of the Dorado-1 well.


    The Dorado-1 well has drilled down from 3,640 metres Measured Depth ("MD") to around 3,990 metres MD in 8-1/2" hole.

    From approximately 3,853 metres MD to 3,947 metres MD, logging while drilling tools indicated a number of sandstone intervals have been encountered as expected within the Caley Member. Elevated gas readings and increased resistivity were observed in interpreted porous and permeable zones, indicating the presence of hydrocarbons. Wireline logging is required to obtain definitive results.

    Current Operations

    The rig is currently drilling ahead in 8-1/2" hole at around 3,990 metres MD.

    Forward Plan

    Continue to drill the 8-1/2" hole from 3,990 metres MD to approximately 4,575 metres MD to evaluate the deeper targets of the Milne and Crespin Members, below the Caley Member. There is an option to run a further casing string if deemed necessary to reach the final depth, however at this point it is not anticipated.

    Results to date are sufficiently encouraging to warrant the running of the wireline logs over the prognosed reservoir section, which will include fluid sampling and pressure testing, at the completion of drilling.

    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 Crespin and Milne Members (see Figure 4) 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:

    Investor inquiries:
    Thomson Naude
    Company Secretary
    Phone: +61-8-9321-2665
    Media inquiries:
    Luke Derbyshire
    Managing Director, Spoke Corporate
    Phone: +61-488-664-246

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    MMJ PhytoTech Limited (ASX:MMJ) ("MMJ") is pleased to note the attached news release (see link below) by Harvest One Cannabis Inc. (CVE:HVT) ("Harvest One") confirming a Memorandum of Understanding ("MOU") between its wholly-owned subsidiary United Greeneries and the British Columbia Liquor Distribution Board for the supply of recreational cannabis.

    To view the news release, please visit:

    Investor and Media Enquiries:
    Jason Conroy
    Chief Executive Officer
    T: +61-2-8098-0819

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    Carnarvon Petroleum Limited ("Carnarvon") (ASX:CVN) (OTCMKTS:CVONF) is pleased to provide the following update on the drilling of the Dorado-1 well.


    The Dorado-1 well has drilled down to around 4,044 metres Measured Depth ("MD") MD in 8-1/2" hole.

    Current Operations

    The rig is currently preparing to run a suite of wireline logging tools.

    The significance of the results from logging while drilling and observations from the drill bit cuttings have warranted that the proposed wireline program is brought forward to immediately quantify the extent of the positive results received so far.

    Forward Plan

    At the completion of the wireline logging program the well will be deepened to assess the Milne and Crespin Members, below the Caley Member. There is an option to run a further casing string if deemed necessary to reach the final depth, however at this point it is not anticipated.

    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 Crespin 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:

    Investor inquiries:
    Thomson Naude
    Company Secretary
    Phone: +61-8-9321-2665
    Media inquiries:
    Luke Derbyshire
    Managing Director, Spoke Corporate
    Phone: +61-488-664-246

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    Since a Q&A on the ASX forum was announced (2 July '18), Queensland Bauxite Limited (ASX:QBL) (or "the Company") has received many questions mainly by shareholders who were daunted by the 131 page announcement and are eager to understand further the Company's current strategy.

    As a result, QBL has decided to work on setting up a forum on its website to answer queries and assist shareholders to understand the Company's business further.

    This announcement will deal directly with those questions to date, that requires new explanatory information not previously announced. We have included information that may be needed by shareholders or others who require the information as may be relevant for investment purposes.


    As the Notice of Meeting for the recompliance transactions is still being drafted and is yet to be reviewed by the ASX, the Company is currently working with its lawyers and corporate advisors to finalise a revised timetable for the recompliance. Shareholders will be informed of the new timetable as soon as practicable. Meanwhile the MCL business is moving full steam ahead.


    MCL is one of the only Cannabis companies with exposure to the ASX, currently generating cashflow. We are confident, with our current wholesale distribution network, and retail revenues being generated from our online store, that our revenues will continue to build this financial year.


    Vitahemp's Peter Edwards reports: "We are very pleased to announce that new production runs are being prepared now, with larger orders currently received for production to Red Tractor and distribution through Coles through to December 2018.

    "As previously announced, we have been providing the Red Tractor brand with our hemp which has been distributed to 580 Coles stores around Australia. The initial trial run was very successful with almost all stores selling out quickly.

    "The Red Tractor products that we supply the hemp ingredients for include Hemp Flax Honey 250ml Oil Bottles, Hemp Protein and Wholemeal Hemp Flour. All of these products are 100% Australian grown and processed. We have not yet supplied Red Tractor with our Hulled Hemp Seeds as Red Tractor have independently imported processed hulled hemp seeds. Due to the recent upgrading of the HHC production facilities and dehuller machines as detailed below, we had run out of stock of hulled hemp seeds, and were unable during the recent period to supply hulled hemp seeds to our customers. In a recent meeting with Red Tractor, they have agreed to look at our Australian grown seed once we have enough local hulled hemp seed stock generated from our recent upgrade of the HHC processing facilities as detailed below.

    "As is the nature and normal process of accepting orders with wholesale customers, revenues to the company are not received immediately by the company. The larger revenues from the ongoing sales are expected to be received by the company later this year as the orders and distribution quantity build up."


    The Company had always forecast that regular material revenues will only start being received by the company in 2H 2018, and the company maintains that forecast and is on track in accordance with its business plan.

    Due to this industry being so new, the Company is not yet legally able to report on expected revenue numbers. We can only give guidance that MCL is expecting the hemp food and nutritional business to begin receiving material revenues later this year. Once we have confirmation of the receipt of the revenue figures, these can then be released to the market.

    MCL has focused strongly on achieving short term revenues and this has been the focus both in MCL's hemp division and the medicinal division, and the Board are very pleased with the progress. All the infrastructure is now in place for MCL to be the leading supplier of Australian hemp food and nutritional products, with a major fully vertically integrated operation, from the leading Australian farmers through to highest quality production, manufacturing and distribution.

    A major infrastructure upgrade has taken place at the production and manufacturing HACCP approved facilities at HHC, with the latest technologies and machinery now in place to produce to the highest quality standard and to a dehuller capacity of 10t per hour, if required! The upgraded facility became operational in June, which enabled VitaHemp to once again begin to restock its much sought after hulled hemp seeds, which has been out of stock for the past few months. We are pleased to inform our shareholders that this delicious and nutritious product is now once again in stock.

    HHC as the leading hemp processing facility in Australia, will continue to white label and process hemp for third party brands. Now that HHC has become operational on a major scale, this will assist MCL to achieve the intended revenues from the hemp seed food business in this new financial year.


    In April we were able to fast track our Hemp Seed oil capsules through to high-profit, high volume production, due to the strong demand from the initial release. Based on current seed stock inventories, we estimate that we have enough supply in storage, to maintain supply for our existing distribution avenues, whilst we in parallel continue to work for greater seed inventory in the coming months to further expand into the local and international market.


    In 2017/18 hundreds of hectares of seasonal trial crops were grown for MCL in large broad-acre hemp farms in NSW, Victoria and Tasmania. In recent discussions with MCL's farmers and from inspections of these crops, Technical Director of MCL, Andrew Kavasilas, states that he is proud that MCL is amongst the first in the country who are progressing the learning curve in adapting existing infrastructure and growing techniques to cultivate hemp, a brand new broad acre crop, through to harvest.

    In addition, MCL has had successes on a range of milestones, which are being used to take full advantage of, by further building important aspects of Vitahemp's position and role in the emerging Australian hemp seed food industry.


    Chief Technical Officer of MCL, Andrew Kavasilas reports "We were receiving reports about failed plantings and damaged crops from other Hemp Crop farms, and despite this, our farmers remained confident, and through strict harvest management and observation protocols we were able to successfully grow our crops through to full maturity, and harvest top quality hemp seed. We are proud that we are working with farmers whom we believe to be of the most technologically advanced and experienced in Australia, and we believe that they will very quickly learn and adapt to quickly maximising future grows and harvests on a very large scale to be able to supply the local and global markets with top quality wholly Australian natural hemp seed.

    "In spite of some of the difficulties experienced with growing these new crops as detailed below, the Company is pleased that it has still been able to secure around 80 tonnes of hemp seed for immediate production and is expecting to be able to increase that amount of inventory significantly in the coming months as the further harvests progress.

    "The lower than expected yields of the hemp crops means that major expansion will take a little longer to implement than we had initially expected, but we are hopeful that the winter crops will fare better, and we have much greater confidence in the upcoming spring crops to achieve the numbers we have been hoping for to supply the market to meet the huge demand we have been seeing."


    Andrew Kavasilas, explains: "It is important that people put all this into context and understand the significance of these developments. The Australian Industrial Hemp Seed Food Industry, which is still in its infancy, is just over 6 months old. The Hemp Food Seed Industry, in this early stage of its development cycle, cannot be compared to that of century old industries like Cotton, Wheat, Barley, Rye or Flax seed. These crops are grown in the hundreds of thousands of hectares all year round, all over Australia.

    "The Hemp Food Seed industry in Australia is new, and primarily being driven by a handful of companies, with little or no government assistance or regulations in place at this present time. We are working closely with Government both State and Federal to establish regulations and much needed Australian standards in relation to hemp seed food storage, production, processing and product manufacture.

    "The 2017/18 growing season proved challenging for all in the Australian industry. Firstly, the timing of the final approval, in November 2017, didn't provide an adequate or concise regulatory regime and safeguard for full production models to be implemented. Secondly, farming conditions, and the challenges of growing these new crops, which included sowing certain batches of seeds for certain soils, in the different temperate climate zones has provided some unique challenges for Summer and Winter Trial crops, for all Australian farmers. Thirdly, variety choices, and sowing dates, are still being analysed by agronomists to understand why some farmers stated that they had difficulties in successfully harvesting some of the fully-grown crop. Fourthly, weather events, including some severe drought and alternatively strong storms additionally affected the yields.

    "We are presently gathering excess seed stock for sowing further much larger broad-acre crop harvests. There are many variables involved in growing any new crops which include planning, learning, working through and managing and overcoming farming challenges for this new crop. We are proud to be working together with experienced farmers whom we believe to be of the best and advanced in Australia, and we have every confidence in their ability to become the leaders in this industry in Australia. Hemp Food Seed crops have enormous potential to achieve much more in a shorter amount of time. Experts are putting it down to a range of factors: 1) superior nutritional benefits; 2) taste; 3) versatility, and 4) marketability."


    Executive Chairperson of QBL, Pnina Feldman concludes, "To be at the forefront of a burgeoning new industry and to see our Hemp Seed Food ingredients & products on shelves in major Australian retail chains, brings an enormous amount of satisfaction and confidence moving forward. We are confident that as MCL continues to grow and implements its aggressive business plan, that the new financial year will bring with it great success for our company and all our shareholders."

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

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    ASX-listed NOVONIX Limited (ASX:NVX) ("NOVONIX" or the "Company") hereby provides an update relating to the trade sanctions between the USA and China regarding graphite imports to the USA.


    - The USA has announced the imposition of a new 10% tariff on imports of natural and artificial graphite from China.

    - Initial indications are that the new tariff regime is positive for NOVONIX Limited's business activities in graphite-based anode materials which are headquartered Chattanooga, Tennesee, USA, and for its 100%-owned natural graphite deposit located in Queensland, Australia

    - Further investigation of the implications of the tariff changes for its current activities and for new opportunities in underway.

    As foreshadowed by the United States President in the media in recent weeks, on 10 July 2018, the Office of the United States Trade Representative (USTR) released a list of Chinese exports that will now face a new 10% tariff.

    The following excerpt from that list indicates the list of natural and synthetic graphite imports from China that will be subject to the new tariff regime:

    - Natural graphite, crystalline flake (not including flake dust)

    - Natural graphite in powder or flakes (other than crystalline flake)

    - Natural graphite, other than in powder or in flakes

    - Artificial graphite plates, rods, powder and other forms, for manufacture into brushes for electric generators, motors or appliances

    - Artificial graphite, not elsewhere specified or included

    - Colloidal or semi-colloidal graphite

    - Carbonaceous pastes for electrodes and similar pastes for furnace linings

    - Preparations based on graphite or other carbon in the form of pastes, blocks, plates or other semimanufactures, not elsewhere specified or included


    In recent years, the global graphite market has experienced growth at a substantial rate, mainly driven by the increasing demand from expanding downstream sectors including electronic devices, energy storage systems and electric vehicles. China has dominated the global graphite market with the world's highest graphite production and graphite exports during the past decade.

    The changes announced this week to the tariff regime for natural and artificial graphite imports to the USA from China appear to be positive for NOVOINIX Limited's graphite-based anode materials business activities, including its PUREgraphite anode material Joint Venture based in Chattanooga, Tennessee, USA, along with the Company's 100%-owned large-scale 18%- grade natural graphite deposit located in, Queensland, Australia.

    The Company is in undertaking further investigations of the implications of the tariff changes for its current activities, and for new opportunities.

    Greg Baynton 
    Executive Director
    Phone: +61-414-970-566              
    Philip St Baker
    Managing Director
    Phone: +61-438-173-330

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    Environmental Clean Technologies Limited (ASX:ECT) (ECT or Company) is pleased to provide the following information in relation to its recent shareholder question and answer (Q&A) exercise.

    Following on from the recent (30 May 2018) signing of its agreement with two Indian government-owned enterprises, NLC India Limited (NLCIL) and NMDC Limited (NMDC), for the establishment of the largest ever R&D project between the two countries, the Company received requests from shareholders to provide feedback on topical questions raised on the share market internet forum, Hot Copper.

    As a result of feedback, the Company decided to invite participants to send in questions via email, encouraging direct engagement with the Company. For the purpose of this particular exercise, a deadline of 5 pm on Monday 2 July 2018 was set.

    Over 100 questions were received across a range of topics. Many were similar allowing consolidation to 49 questions.

    Whilst the answers to the questions do not contain any new material information, they may be of general interest to all shareholder and as such, the answers will be posted on the Company's website after market close today and can be accessed via the following link

    ECT Chairman Glenn Fozard commented, "The Company encourages all shareholders who wish to provide feedback or seek clarification to contact the Company directly, either via phone on (03) 9849 6203 or email via

    "Only information released by the Company via the ASX announcements platform or via its own website ( may be relied upon."

    The Company looks forward to providing further updates in due course.

    About Coldry

    When applied to lignite and some sub-bituminous coals, the Coldry beneficiation process produces a black coal equivalent (BCE) in the form of pellets. Coldry pellets have equal or superior energy value to many black coals and produce lower CO2 emissions than raw lignite.

    About MATMOR

    The MATMOR process has the potential to revolutionise primary iron making.

    MATMOR is a simple, low cost, low emission production technology, utilising the patented MATMOR retort, which enables the use of cheaper feedstocks to produce primary iron.

    About the India R&D Project

    The India project is aimed at advancing the Company's Coldry and Matmor technologies to demonstration and pilot scale, respectively, on the path to commercial deployment.

    ECT has partnered with NLC India Limited and NMDC Limited to jointly fund and execute the project.

    NLC India Limited is India's national lignite authority, largest lignite miner and largest lignite-based electricity generator.

    NMDC Limited is India's national iron ore authority.

    Glenn Fozard
    Environmental Clean Technologies Ltd

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    Fluence Corporation Limited (ASX:FLC) (OTCMKTS:EMFGF) is pleased to announce that it has secured a contract for the deployment of the Company's first seawater desalination plant in the Bahamas - three (3) NIROBOXTM smart-packaged seawater (SW) desalination units - that will be commissioned within six months.

    - Fluence awarded its first Build Own Operate Transfer (BOOT) project for a resort

    - Three Smart Packaged NIROBOX(TM) units to be deployed in North Bimini, Bahamas

    - Short implementation timeline with commissioning expected by year end

    The contract with Rav Bahamas Limited is for the supply and installation of three smart packaged Fluence NIROBOX(TM) SW units at their Resorts World property, located in North Bimini, Bahamas. The NIROBOXTM SW units are already manufactured and will treat three million litres per day (800,000 gallons per day) of seawater from a well intake and provide potable water for drinking, irrigation and operations for the resort, including the newly built Hilton hotel, the local homeowner's association serving over 300 homes and condominiums, and the municipality of North Bimini.

    Strategically, Fluence is seeking to leverage this project into further opportunities in the hotels and resorts industry for its decentralized, smart-packaged water treatment solutions, due to their high reliability, lower energy consumption, low maintenance and small footprint.

    This is Fluence's first Build, Own, Operate & Transfer (BOOT) contract in the Bahamas. The agreement with Rav Bahamas Limited will further increase recurring revenues for Fluence.

    Commenting on the North Bimini project, Fluence Managing Director & CEO Henry Charrabé said: "We are excited to partner with Rav Bahamas and are pleased to see the continued expansion of applications for our NiroboxTM decentralized smart packaged water treatment technology solutions. The first NIROBOX(TM) SW deployment in the Bahamas and our first BOOT project for a resort are both strategically important. Our ability to provide financing made this project even more appealing to the customer and allows us to increase recurring revenues for Fluence. We hope this will be the first of many projects with Rav Bahamas and in the Caribbean generally."

    Gerardo Capo, Chairman of RAV Bahamas Limited, commented: "Following a tender process to replace our old seawater desalination plant, we selected Fluence as the potable water provider for our Bimini resort community. We chose Fluence and its Nirobox system due to their expertise, high reliability, small footprint and fast project execution. We look forward to a long term and close cooperation with Fluence."

    To view figures, please visit:

    Henry Charrabé (USA)
    Managing Director & CEO
    P: +1-212-572-3766 
    Richard Irving (USA)
    Executive Chairman
    P: +1-408-382-9790 
    Ross Kennedy (Australia)
    Company Secretary & Advisor to the Board
    P: +61-409-524-442
    Investors (Australia):
    Ronn Bechler
    Market Eye
    P: +61-400-009-774
    Media (Australia):
    Tristan Everett
    Market Eye
    P: +61-403-789-096 
    Investors & media (USA):
    Gary Dvorchak, CFA
    The Blueshirt Group
    P: +1-323-240-5796 (US) or +86-138-1079-1480 (China)

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    Prospect Resources Ltd (ASX:PSC) (Prospect, the Company) is pleased to announce that further to the announcement on 14 May 2018 Mr Sam Hosack has been appointed to the Board of the Company as Managing Director effective from 14 July 2018.

    Mr Hosack is a third generation Zimbabwean, residing in Western Australia. He holds a Bachelors Engineering Degree (Hons) from Essex University in UK, MBA from Ashcroft Business School (UK) and respective professional registrations. He has hands on experience in the delivery of large scale mining, power and port projects to market, as well as their operations. For the past 12 years he has been employed by First Quantum Minerals Ltd, primarily in their Projects team, where most recently he has project managed the building of a port (coal offloading and copper loading), 120km 230kV transmission line and a 300MW coal fired powerstation for the Minera Panama Project in Panama. His mining and operations experience in North and Southern Africa, Europe, Australia and Central America will be central in delivering the Arcadia Project and in building Prospect into a diversified mining business.

    Hugh Warner, Executive Chairman commented: "Prospect is moving from being an exploration company to a mining company and its leadership team is being expanded to include additional personnel with significant mining operations experience. Sam is one of the leading international mining figures of the next generation. He has built his experience within First Quantum, one of the great international mining companies, whose origins also began in Africa. Sam is a strong leader and team player and he is expected to be pivotal in helping the board take Prospect into the ranks of lithium producer companies."

    The key terms of Mr Hosack's appointment were set out in Attachment 1 of the 14 May 2018 announcement.

    Hugh Warner
    Prospect Resources Ltd
    Executive Chairman
    T: +61-413-621-652
    Harry Greaves
    Prospect Resources Ltd
    Executive Director
    T: +263-772-144-669

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    As reported in the announcement released by Queensland Bauxite Limited (ASX:QBL) (or "the Company") on 13th July 2018, the Notice of Meeting for the recompliance transactions is still being drafted and is yet to be reviewed by the ASX. The following table is the timeline to which the Company is currently working towards for the completion of the transactions and the recompliance requirements.

    Indicative Timetable 
    ACTIVITY                                         DATE 
    Dispatch of notice of meeting seeking QBL 
    shareholder approval                             14 August 2018 
    Lodgment of Prospectus by QBL                    29 August 2018 
    QBL shareholder meeting                          14 September 2018 
    Closing date of Prospectus offer                 21 September 2018 
    Completion of Medcan/MCL acquisitions            3 October 2018
    Expected date for reinstatement to official 
    quotation of QBL on ASX                          10 October 2018 
    The above table is an indication only and is subject to change. Shareholders should also note that the Company's securities will be suspended from the date of the general meeting of shareholders until such time as the Company has satisfied Chapters 1 and 2 of the ASX Listing Rules and is reinstated to official quotation on the ASX. This is usually a process that can take on average approximately 4 weeks to complete.

    The Board looks forward to progressing these significant transactions on behalf of QBL. Meanwhile the MCL business is moving full steam ahead.

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

    0 0

    DroneShield Ltd (ASX:DRO) (OTCMKTS:DRSHF) ("DroneShield" or the "Company") is pleased to confirm it has been granted an additional patent by the United States Patent and Trademark Office.

    - DroneShield has been awarded an additional patents by the United States Patent and Trademark Office.

    - Patent relates to the Company's groundbreaking developments in the acoustic detection of drones.

    The patent (number 10,032,464) relates to acoustic detection of drones, specifically drone detection and classification with compensation in background clutter sources.

    In addition to this patent, the company has a number of other assets in its drone security IP portfolio, including four previously granted US patents. All of the IP assets relate to the counterdrone technologies.

    Peter James, DroneShield's chairman commented: "DroneShield continues to protect our position in the sector by executing on the patent strategy in the critical areas of the business, as we seek to lead the counterdrone space globally, as evidence by the recent record order for $3.2m of our counterdrone equipment for use by a major Middle Eastern Ministry of Defence."

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

    0 0

    Intermin Resources Limited (ASX:IRC) ("Intermin" or the "Company") provides the June 2018 Quarterly Activities Report. Intermin is a gold exploration and development company with a key focus in the Kalgoorlie region of Western Australia (see Figure 1 in link below) and has a number of joint ventures in place with quality partners covering multiple commodities in Western Australia and Queensland.


    - Mining, ore haulage, toll treatment and final gold sales at the Teal gold mine completed

    - Final milling campaign completed successfully with 47,140 dry tonnes of transitional ore treated at 2.59g/t Au feed grade and 87.1% recovery for 3,431 fine ounces produced

    - Final gold sales of 2,036 fine ounces with A$3.5m received at an average price of A$1,734 per ounce

    - In total, Teal Stages 1 and 2 produced 21,836 fine ounces from the processing of 228,850 dry tonnes grading 3.2g/t and 93.6% recovery

    - Gold production from Teal exceeded Feasibility Study estimates and was in the upper range of the upgraded market guidance (see Note 1 below)

    - Cash and tradeable securities of A$9.52 million (see Note 2 below)

    - Fully funded 55,000m Resource extension and new discovery drilling program continues with 19,073m drilled at the Teal, Binduli and Anthill projects during the Quarter

    - Excellent resource extension drilling results received from Jacques Find, Peyes Farm, Teal Stage 3 and Yolande (see Note 3 below)

    - New discovery made in RC drilling east of Peyes Farm named Will's Find demonstrating multiple parallel lodes within a 4km mineralised corridor open along strike and at depth (see Note 4 below)

    - Excellent initial drilling results announced from the Lehmans Joint Venture (see Note 5 below)

    - Positive first pass metallurgical testwork received from the Lilyvale vanadium project with optimisation and downstream processing testwork ongoing at two Chinese Research Institutes (see Note 6 below)

    - Drilling commenced at the Anthill gold project on the Zuleika Shear with results expected in the current September Quarter

    - Goongarrie Lady Feasibility completed with positive economic results (see Note 7 below)

    - Janet Ivy Mining Royalty payments of A$0.50/t continue with A$212,500 received for the March Quarter and regular quarterly payments expected through CY2018 (see Note 8 below)


    - Final cost reconciliation for Teal including resolution of purported variation claims received from mining contractor Resource Mining Pty Ltd (see Note 9 below)

    - Ongoing resource expansion and new discovery drilling at Binduli, Anthill and Blister Dam

    - Further drilling results from the Teal, Binduli and Anthill gold projects

    - Richmond Vanadium metallurgical test work results on ore pre-concentration optimisation

    - Resource update for the Teal project area

    - Stakeholder engagement and drill program planning for the Lilyvale vanadium prospect



    Open cut mining from both Teal Stages 1 and 2 was completed on 10 March 2018 (see Figures 2-4 in link below). During the Quarter, all remaining ore was hauled to the Lakewood toll milling facility and successfully processed in June. Mine closure activities and site rehabilitation were completed and the mine site closed.

    The final ore processing campaign at the 1Mtpa Lakewood toll milling facility was completed successfully and ran for 26 days up until 28 March 2018. Delays in carbon stripping and subsequent bullion production occurred during the Quarter with final gold poured (see Figure 3 in link below), shipped and refined in May and clean up completed in June. A total of 47,140 dry tonnes of transitional ore was milled at a final calculated head grade of 2.59g/t Au. Plant metallurgical recovery exceeded expectations from transitional ore at 87.1% producing 3,431 fine ounces of gold.

    A full reconciliation of the mine physicals has now been completed and a summary of project performance shown in Table 1 below (see Note 10 below).

    Gold production from Teal of 21,836 fine ounces exceeded Feasibility Study estimates and was in the upper range of the upgraded production guidance. Importantly, the mine performed well against the Reserve model with the grade in line, 13% more tonnes mined at the modelled grade and metallurgical recoveries 6% above Feasibility Study estimates (see Note 10 below).

    Final royalty and statutory payments and cost reconciliations are currently being compiled and are expected to be completed in the September Quarter 2018 subject to resolution of purported cost variation claims received in the March and June Quarters from Resource Mining Pty Ltd ("Resource Mining") (see Note 9 below).

    The Teal Gold Mine was mined under a risk share - profit share structure with mining contractor Resource Mining (see Note 11 below).

    Intermin and Resource Mining co-funded development on a 50:50 cost and risk share basis to first gold production with the net operating cash flow as determined under the agreement between the parties to be shared 75% to Intermin and 25% to Resource Mining.

    The Company announced to the ASX on 30 April 2018, that it had received a purported cost variation claim from Resource Mining relating to the Teal Stage 1 project up until September 2017 and that it was working to resolve this and any additional claims that may be forthcoming from Resource Mining.

    The Company has subsequently received a further purported cost variation claim from Resource Mining for Teal Stages 1 and 2 through to project completion. This further purported cost variation claim adopts a different methodology to the previous claim and, as with the previous claim, the Company disputes both the form and substance of the claim.

    Intermin is working to resolve this matter and will provide further updates to the market in due course.


    1 As announced to the ASX on 6 July 2016 and 6 September 2017,

    2 Includes 75% profit share component from Teal gold mine as per Intermin's position, see Page 5 for details,

    3 as announced to the ASX on 18 April and 12 June 2018,

    4 As announced to the ASX on 24 April 2018,

    5 as announced by Saracen on 1 May 2018,

    6 as announced to the ASX on 8 May 2018,

    7 As announced to the ASX on 28 June 2018,

    8 See Forward Looking and Cautionary Statement on Pages 21 and 22,

    9 As announced to the ASX on 27 June 2018.

    10 As announced to the ASX on 19 July 2016, 6 September 2017 and 27 June 2018

    11 As announced to the ASX on 19 July 2016

    To view the full report 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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    White Rock Minerals Ltd (ASX:WRM) ("White Rock" or the "Company") is pleased to provide a link to an interview with Mr Matt Gill, MD & CEO of White Rock Minerals, to discuss the Company's progress at its globally significant high-grade zinc and precious metals VMS project in Alaska.

    This podcast can be found via the following link:

    Matthew Gill (Managing Director & CEO)
    Phone: +61-3-5331-4644

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    MMJ PhytoTech Limited (ASX:MMJ) (OTCMKTS:MMJJF) ("MMJ") has invested CAD$0.15m for a 2.5% shareholding in privately-held Embark Health Inc ("Embark Health") as part of their CAD$1m seed funding round.

    Based in Delta BC, Canada, Embark Health is:

    - aiming to build a state-of-the-art THC, CBD, and CBG extraction facility to service Canada's medical and recreational cannabis markets, subject to further funding rounds;

    - applying to Health Canada to become a Licensed Dealer;

    - focused on producing and selling high margin products including cannabis edibles, vapes, creams, and pills;

    - aiming to partner with Access to Cannabis for Medical Purposes Regulations (ACMPR) Licensed Producers to create initial supply to build out its own brands; and

    - managed by an experienced leadership team, including Dosecann Inc's ex-CFO.

    MMJ's CEO Jason Conroy commented that "Embark Health is aiming to capitalise on the legalisation of Canada's recreational cannabis market with a focused product development strategy and experienced leadership team. The investment in Embark Health fills the space in our portfolio left from the recent divestment of our interest in Dosecann to Cannabis Wheaton."

    Investor and Media Enquiries:
    Jason Conroy
    Chief Executive Officer
    T: +61-2-8098-0819

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    Cardinal Resources Limited (ASX:CDV) (TSE:CDV) (OTCMKTS:CRDNF) ("Cardinal" or "the Company") is pleased to announce that it has intersected further gold at a new discovery named Ndongo East on its 100% owned Ndongo License, located approximately 15 km north of the Company's flagship Namdini Gold Project which has a 6.5 Moz Indicated Mineral Resource (see Figure 1 in link below).


    - RC drilling has returned significant gold intercepts from the Ndongo East target:

    o NDRC248: 9m @ 23.3 g/t Au (including 3m @ 59.2 g/t Au) from 60m

    o NDRC237: 9m @ 2.4 g/t Au from 43m

    o NDRC216: 7m @ 4.4 g/t Au from 14m

    o NDRC241: 6m @ 2.0 g/t Au from 11m

    - Rock chip samples returned significant gold grades within two Ndongo prospects including:

    o 13.7 g/t Au from Ndongo East

    o 3.5 g/t Au from Ndongo East

    o 1.6 g/t Au from Dusi

    - These results further highlight the potential for discovery of economic gold mineralisation within the Ndongo License which straddles the prolific Ndongo Shear Zone located approximately 15 km north of Cardinal's Namdini Gold deposit (6.5 Moz Indicated Resource)

    - Field crews are continuing with geological mapping, surface rock sampling, trenching and geophysical surveys to help identify new targets and refine existing targets

    - Drilling is continuing and further assay results are pending from Ndongo East

    Cardinal's Chief Executive Officer / Managing Director, Archie Koimtsidis stated:

    "We are very encouraged with the first pass shallow RC drilling results from Ndongo East which tested approximately 400 m strike length of coincident gold-in-soil anomalies and geophysical targets. This discovery lies within a much larger target area which has an overall strike length of approximately 9 km (see Figure 2 in link below).

    "Ndongo East is now the second target within the Ndongo license to return significant gold mineralisation. The first was the recent discovery made by Cardinal at the Zupeliga South target located approximately 10 km to the southwest of this new discovery at Ndongo East (see Press Release dated 28 May 2018).

    "The objective of this first pass programme covering the Ndongo licence is to discover shallow higher-grade gold mineralisation that could be mined in satellite pits and hauled to Namdini for processing."

    Ndongo Prospecting License

    The Ndongo Prospecting License covers an area of 295 km2, having been recently expanded by the purchase of two exploration licence areas from Kinross Gold in August 2017 (see Figure 1 in link below).

    The license area is considered highly prospective for the discovery of economic gold mineralisation associated with the prolific Nangodi Shear Zone, a splay fault off the main regional-scale Bole-Bolgatanga Shear. Elsewhere, the Nangodi Shear Zone is spatially related to no fewer than four gold discoveries, including the Company's flagship Namdini Gold Project with a 6.5 Moz Indicated Resource, the Shaanxi Mine, the historic Nangodi Gold Mine and the Youga Gold Mine in Burkina Faso, adjacent to the Ghana border. In addition, there are numerous historic shallow artisanal workings along many parts of this shear zone approximately 15 km north of the Namdini Gold Project (see Figure 2 in link below).

    Ndongo East Prospect

    The Ndongo East Prospect is located within North East - South West trending Birimian metavolcanics and metasediments.

    Rock chip samples collected during geological mapping at this prospect were observed to be variably altered with chlorite-silica-carbonate alterations and containing pyrite sulphides.

    Several RC drill fences have been drilled across the strike of the coincident gold-in-soil anomalies and geophysical targets with encouraging results. The mineralised intercepts show that gold mineralisation currently occurs over a strike length of approximately 400 m (see Figures 3, 4 and 5 in link below) and importantly, remains open in all directions.

    Further RC drilling is planned to commence immediately along strike and at depth to further delineate this gold mineralised zone and to determine whether additional sub-parallel mineralised horizons can be located.

    Rock Chip Samples and Results

    Seven exploration target areas approximately 15 km north of the Namdini Gold Project have been initially identified for more detailed investigation through assessing geophysical, geochemical and geological data (see Figure 2 in link below). Rock chip samples from two target areas, Ndongo East and Dusi (see Table 1 and Figure 6 in link below) have returned favourable results. Further sampling has been conducted across the license and assay results are awaited.

    To view tables and figures, please visit:

    Archie Koimtsidis
    CEO / MD
    Cardinal Resources Limited
    P: +61-8-6558-0573
    Alec Rowlands
    IR / Corp Dev
    Cardinal Resources Limited
    P: +1-647-256-1922
    Bettina Filippone
    Renmark Financial Communications Inc
    P: +1-416-644-2020 or +1-514-939-3989

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    Investigator Resources Limited (ASX:IVR) is pleased to announce that first-pass soil sampling has produced encouraging results at the 1864-72 Cartarpo copper-cobalt mine within the Company's tenement EL 5999 northwest of the historic Burra copper field of South Australia (see Figure 1 in link below).

    - Soil survey extends strike potential to 800m and open in both directions;

    - Centred on small historic workings with prior IVR grab samples assaying up to 1.78% Co, 1.1% REE (rare earth elements), 0.52% Cu, 0.42% Ni, 0.31% Li in remnant gossan;

    - Separate copper-nickel-lithium and cobalt-nickel-lithium-REE soil targets;

    - Potential for large deposits enhanced by Cartarpo's position on Burra copper trend overlying breakthrough Magneto-Telluric "hotspot".

    - Further target extensions to be immediately pursued with expanded mapping and soil geochemistry.

    Prior Investigator ASX release (22 January 2018) described: 1) the Cartarpo workings as a shaft, two short adits and shallow pits along 400m strike; and 2) the Company's first program of grab sampling that supported the mining records of ore grades up to 5% cobalt and 6% copper and also revealed strong REE, nickel and lithium values in manganiferous gossan remnants at the workings. Sampling was restricted by the infilled pits and in-accessibility of the adits.

    Investigator Resources Managing Director John Anderson commented on the soil survey results: "The extension of these target zones to over 800m in length is an exciting development for Investigator. The coincidence with the Burra copper trend and a new geophysical hotspot is strong encouragement for large deposits, so we feel there is real potential here at Cartarpo as we continue to investigate the targets identified to date."

    With a thin veneer of soil covering the extensions, trial soil geochemical sampling was undertaken on four 250m spaced traverses (see Figure 2 in link below). Table A (see link below) lists the assay results by metal type for each sample point. These established coherent zones variously containing elevated copper, cobalt, lithium, REE and nickel extending away from and parallel to the workings. The anomalous geochemical zones are interpreted to extend 400m north of the workings and are open to further extension. The mineralisation also remains open to the south of the workings.

    A fifth soil traverse was conducted across the prospective strike 4km north of Cartarpo. This established a different anomalous signature in gold, silver, copper and zinc (Samples CART182-194 in Table A) (see link below) and will be subject to investigation for separate target potential.

    Recent government Magneto-Telluric ("MT") surveying has further enhanced the prospectivity of the Cartarpo region (see Figure 3 in link below).

    Investigator proposes to undertake additional mapping and soil sampling immediately to refine the geometries, orientations and extents of the targets.

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

    Mr John Anderson
    Managing Director
    Investigator Resources Limited
    T: +61-8-7325-2222
    Mr Peter Taylor
    Investor Relations
    NWR Communications
    T: +61-41-203-6231

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    Mustang Resources Ltd (ASX:MUS) (OTCMKTS:MTTGF) is pleased to announce that it has entered into a merger agreement for its Montepuez ruby assets with TSXV-listed Fura Gems Inc. (CVE:FURA) for A$10 million in shares.

    Key Points

    - Mustang agrees to merge all its ruby interests with Fura Gems Inc. (TSXV.FURA) ("Fura") for $10 million in Fura shares

    - Fura is listed on TSXV and led by former Gemfields COO Dev Shetty with interests in the Montepuez gem-field and the legendary Conscuez emerald mine in Colombia

    - The A$10 million in Fura shares to be paid to Mustang in three tranches over 20 months

    - Fura shares intended for distribution to Mustang shareholders via an inspecie distribution following escrow period

    - Fura committed to invest A$25 million in further exploration and resource definition, subject to exploration success, of its expanded Montepuez Project over 3 years

    - Fura investigating its dual listing in London with significant existing shareholder and new institutional investor interest expected

    - The transaction will deliver Mustang shareholders exposure to a leading gemstone specialist with significant experience and critical mass

    - Closing of transaction is subject to satisfaction of customary conditions precedent on or before 30 November 2018, including Mozambican Government approval

    - Mustang will be able to focus solely on its world-class Caula Graphite-Vanadium project where Phase 1 production is targeted for H1-2019

    Under the agreement, the shares will be issued to Mustang in three tranches over 20 months to give Mustang around an 8% stake in Fura, excluding percentage equity dilution from capital raised from today.

    Mustang intends to conduct an in-specie distribution of the Fura shares to Mustang shareholders when they emerge from escrow.

    Fura will give Mustang shareholders a significant exposure to the rapidly growing ruby market via a specialist gem company with extensive experience and a diversified asset base in the coloured gemstone industry.

    The merger will also enable Mustang to focus solely on its Caula Graphite-Vanadium Project, where it has recently generated a host of high-grade drilling results and exceptional graphite metallurgical results. The transaction does not trigger any Board or senior management changes.

    Mustang continues to aim to start production from its pilot plant at Caula in the June quarter of 2019. Mustang will continue to ensure that it has it has the skills, abilities and knowledge required to progress the highly prospective Caula Graphite-Vanadium project.

    Mustang Managing Director Dr. Bernard Olivier, said the transaction was aimed at unlocking the value of the Company's ruby assets while enabling the development of the graphite-vanadium project.

    "Both Montepuez and Caula are outstanding assets in their own rights with substantial growth prospects," Dr Olivier said. "But the reality is that they don't sit together comfortably in a publicly-listed company, where investors tend to have an interest in one or the other of these very different businesses.

    "In simple terms, this merger will benefit Mustang shareholders by giving them ongoing exposure to the ruby assets and Fura's other ruby and gemstone assets via the shares in Fura.

    "At the same time, the ruby assets will be managed by some of the world's leading gem mining and marketing specialists, whose company has committed to spending A$25 million on their exploration and resource definition workprogramme.

    "Fura will also bring the critical mass required to compete with established players in the ruby market. All up, this will maximise the potential to create value for Mustang shareholders.

    "The transaction will allow Mustang to focus solely on exploring and developing its Caula graphite-vanadium project, which continues to go from strength to strength on the back of strong drilling and metallurgical results. We are anticipating being able to announce our maiden Vanadium JORC Resource and significantly improved Grapite JORC Resource within the coming days."

    Background on Fura Gems Inc.

    Fura Gems Inc. is a gemstone mining and marketing company which is engaged in the mining, exploration and acquisition of gemstone licences. Fura's headquarters are located in Toronto, Canada and its administrative headquarters are located in the Almas Tower, Dubai. Fura is listed on the TSXV under the ticker symbol "FURA.V". Fura is engaged in the exploration of resource properties in Colombia and owns a 76% interest the Coscuez emerald mine in Boyacá, Colombia. Fura is involved in the exploration and mining of rubies in Mozambique through its 80% effective interest in four ruby licences (4392L, 3868L, 3869L and 6811L).

    The Conscuez Emerald Mine, Colombia Colombia is the source of the world's finest emeralds and accounts for 50% of the value supplied in the market. The Colombian emerald deposits are located in Boyacá Department and are found in the Eastern Ranges of the Colombian Andes within two narrow bands on the west side (western zone: Muzo, Cunas, and Coscuez deposits) and on the east side (eastern zone: Chivor and Gachalá deposits).

    The Coscuez Mine is historically one of the world's most significant emerald mines, having been in operation for over 400 years, and has produced some of Colombia's finest emeralds. Its world-wide recognition stems from the production of renowned pieces like 1,759 carats Guinness Emeralds, believed the one of the largest gem-quality crystal or the pieces found in the Spanish crown, as well as collections from India and the Ottoman Empire, and which continue to be discovered in diverse archaeological findings such as the San Jose galleon.

    In Colombia, most of the emeralds mined come from the Muzo formation and the Coscuez Mine in the San Pablo de Borbur Municipality, is sitting right over Muzo formation and has grown to become one of the top three producers of emeralds in Colombia.

    On 30 October 2017, Fura agreed to purchase 76% of the issued and outstanding shares of Esmeracol S.A. which owns 100% interest in the 122-95M (The Coscuez Emerald Mine).The 122-95M covers an area of 46 hectares and includes exclusive rights for the exploration, construction and mining of emerald deposits granted by the Government of the Republic of Colombia.

    The current operation at 122-95M, has reached the orebody through a significant number of horizontal accesses of different dimensions, which total more than 40km of measured tunnels. Within the orebody, vertical shafts have been developed to delineate the extraction blocks for the operation, complemented by established and controlled watering and ventilation system.

    Fura, as a short-term plan, will immediately focus on improving the mine's infrastructure, developing safe and effective operations, including the construction of a 1/7 gradient, positive and negative ramp system, complemented by horizontal tunnel construction to optimise access to the orebody, which will allow modernising the extractive process and converting the mine into a safer operation. This ramp will optimize the transport of product through LHD trucks, as well as the flow of clean air for ventilation. Fura will set-up a communication platform to engage directly with the local community.

    Contemporaneously with the short-term plan, Fura will also work with the respective government authorities for the necessary approvals for the technical plans such as design of the new decline, entrance of the tunnel, washing plant, waste dump design and other necessary areas.

    Fura Senior Management

    Dev Shetty, President and CEO

    Mr. Shetty joined Fura in January 2017 as President and Chief Executive Officer. Prior to joining Fura, Mr. Shetty was the group chief operating officer and board member of Gemfields Plc. He was instrumental in leading Gemfields to become the world's largest colour gemstone company from 2009 to 2016. Mr Shetty played a vital role in developing the world's largest producing emerald mine in Zambia and the greenfield ruby project in Mozambique, which is believed to be the largest ruby deposit in the world. Previously, Mr. Shetty gained valuable experience in the fields of start-ups, mergers and acquisitions, business turnaround, project management, strategy and finance during his tenure with a private equity firm and a manufacturing company. Mr. Shetty graduated from Mumbai University and is a qualified chartered accountant.

    Ashim Roy, Vice-President Operations

    Mr. Roy joined Fura in November 2017 as vice president of operations and will be responsible for the company's global mining and exploration operations. Prior to joining Fura, Mr. Roy served as general manager for Gemfields Plc, overseeing the Montepuez ruby mine (Mozambique), and as head of geology and exploration at the Kagem emerald mine (Zambia). He also developed Gemfields' greenfield ruby project in Mozambique, which is believed to be one of the world's largest ruby deposits. Over the last two decades, Mr. Roy has worked as a senior scientist in the Department of Atomic Energy for the Government of India where he specialised in atomic minerals and rare earth-related minerals. Mr. Roy is a professional geoscientist and holds a Master's in Applied Geology and Master's in Business Administration from India.

    Rupak Sen, Vice-President Marketing and Sales

    Mr. Sen joined Fura in November 2017 as Vice President - Marketing and Sales. Mr. Sen's responsibilities include global marketing, communications and sales of rough gemstones. Prior to joining ura, Mr. Sen was acting global Director of marketing and polished sales and marketing and sales director for Asia for Gemfields plc. During his 9-years with Gemfields, Mr. Sen was instrumental in implementing the 'mines and market' strategy in Asia. Mr. Sen was responsible for overall advertising, public relations, sponsorships, research, co-branding, comarketing, education and training in his territory. Prior to working with Gemfields, Mr Sen has worked has worked for companies such as De Beers (Diamond Promotion Service) and Swatch Group. Mr. Sen has a Bachelor's in Business Administration and Economics from India.

    For more information on Fura and the transaction please visit

    Details of the Transaction

    Fura and its wholly owned subsidiary entered into a merger of ruby assets agreement (the "Agreement") dated 14 July 2018 with Mustang Resources Ltd. ("Mustang"). Pursuant to the Agreement, Fura will acquire controlling ownership in various entities owned by Mustang that hold rights to earn majority interests in 3 mineral concessions (being exploration licence 5030L and mining concessions 8955C and 8921C) in Mozambique as well as ownership of all existing site and ruby processing plant infrastructure (the "Assets").

    The consideration payable to Mustang pursuant to the Agreement is A$10,000,000 and shall be payable as outlined below:

    - Common shares in the capital of Fura (the "Consideration Shares") with a value equal to A$3,333,333 with such Consideration Shares to be issued at CAD$0.50, to be issued on or before 30 November 2018.

    - Consideration Shares with a value equal to A$3,333,333 with such Fura Shares to be issued at CAD$1.40 to be issued on or before 30 November 2019.

    - Consideration Shares with a value equal to A$3,333,333, with such Fura Shares to be issued at CAD$1.80 to be issued on or before 30 July 2020.

    All of the Consideration Shares issued pursuant to the Agreement will be subject to lock-up agreements pursuant to which Mustang shall be restricted from selling or transferring such securities during the twelve months following the issuing of each tranche and a further 12 month period wherein the securities have to be provided to Fura preferentially for orderly placement.

    Please see Table 1 in link below for a summary of the transaction timeline.

    Under the terms of the Agreement Fura has committed to investing $25,000,000 over the next 36 months in its Montepuez ruby licences' further development, subject to continued exploration success.

    Upon closing of the transaction, Fura will acquire Mustang's ruby assets, including its rights to earn interests between 52.5% and 65% in its 3 concessions (2 mining concessions and 1 exploration licence) covering approximately 192 km2 (19,223 ha). Fura has also entered into a concurrent transaction with Regius Resources Group Ltd ("Regius") regarding an asset merger for all its ruby interests and associated assets. Regius holds rights to earn interests between 70% and 80% in 6 licences in the Montepuez region covering a total area of 518km2 (51,800ha). Fura is also acquiring Regius's 20% share in Montepuez Minerals Pty Ltd which holds rights to earn majority interests in 2 of the 3 Mustang ruby concessions (5030L and 8921C). On closing Fura will hold rights over a total area of 1,111km2.

    The transaction will be completed once the customary conditions precedent have been satisfied, The conditions precedent include the provision of legal opinions concerning the title to the assets being in good standing, as well as approvals from the ASX, Mustang shareholders (if required) and the Mozambican Minister of Mineral Resources and Energy. There are no technical due diligence conditions imposed by Fura.

    Fura will have access on signing the agreement to the Mustang licence areas to conduct exploration, including exploration drilling, with the view to the commencement of bulk sampling before the end of calendar year 2018. In return, Fura will be entitled to all rubies extracted and ruby sales from signing until closing. Mustang will be responsible only for bare care and maintenance costs until closing but Fura will be liable for security costs.

    Rationale for the Transaction & Mustang Future Strategy

    The Mustang Board of Directors considers that the transaction with Fura has the potential to provide substantial value to Mustang shareholders over the coming years as Fura invests substantial additional capital as well as brings its team's expertise to bear on these and on its other licences considered by Fura to be highly prospective. It is anticipated that significant further investment will be required to progress the project from exploration into full scale production. The ~$25million investment is a key value-add to Mustang and its shareholders as it reduces the strain on its own resources and allows management to focus capital and development efforts on the Caula Graphite-Vanadium project located adjacent to the Montepuez Ruby Project.

    The transaction will also see Mustang's shareholders gain exposure to a world-class emerald producing mine in Colombia which is already delivering high quality emeralds and has a resource definition work program underway.

    Fura is investigating a dual listing in London. Mustang shareholders have the opportunity to benefit from exposure to a company that could eventually rival Gemfields as one of the largest integrated coloured gemstone mining and marketing companies in the world.

    Following the conclusion of the Fura transaction Mustang will be focusing all its efforts in extracting maximum value for shareholders from the Company's exciting Caula Graphite and Vanadium Project.

    Recent results at Caula 1 have confirmed that the project has the potential to supply two fast- growing industrial mineral sectors in flake-graphite and vanadium.

    - Diamond drilling assays include intersections of up to 1.9% vanadium (V2O5) and 28.9% Total Graphitic Carbon (TGC)

    - Multiple high-grade intersections over extensive widths, including 215m at 14.72% TGC average and 0.51% V2O5 average (MODD018)

    - Cumulative proportion of large to super jumbo flakes (>180Micro-m) increased from 44% to 60% for the combined Oxide zone while the Fresh zone increased from 55% to 68%

    - High concentrate grades of more than 97% Total Graphitic Carbon have been maintained in a modified flowsheet with further optimisation work to still be done

    To view tables and figures, please visit:

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

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    McEwen Mining Inc. (NYSE:MUX) (TSE:MUX) reports consolidated production for Q2 2018 of 36,959 gold ounces and 772,432 silver ounces, or 47,258 gold equivalent ounces(see Footnote 1 below)("GEOs"), using a 75:1 gold to silver ratio.

    Consolidated Production Summary 
                   Q2 '18     Q1 '18     Q4 '17     Q3 '17     Q2 '17 
    Gold ounces    36,959     35,069     48,609     19,051     22,191 
    Silver ounces  772,432    695,651    926,739    749,749    779,487  
    GEOs           47,258     44,344     60,965     29,047     32,584  
    Highlights of the second quarter from our four mines including our newest mine in Nevada, which is under construction, are as follows:

    Gold Bar Mine, USA (100%)

    Construction activities at Gold Bar focused on the heap leach pad, and installation of the crushing and process facility. All major equipment and bulk materials are either on site or purchased. Engineering for the project is complete and approximately 90% of contracts are awarded. Construction is advancing on schedule for completion by the end of 2018, targeting production in Q1 2019. During the first three years of operation beginning with 2019, Gold Bar is projected to produce 55,000, 74,000 and 68,000 ounces of gold respectively.

    Black Fox Mine, Canada (100%)

    Black Fox produced 14,055 GEOs, in line with our full year production guidance for 2018 of 48,000 GEOs. A $15 million exploration program is ongoing across the Black Fox Complex, drilling results and other developments will be released quarterly, with the next update planned in the coming weeks.

    El Gallo Mine, Mexico (100%)

    El Gallo produced 10,808 GEOs, in line with our budget and full year production guidance for 2018 of 32,000 GEOs. By the end of Q2, mining and crushing activities ceased and contractor equipment has been demobilized from the mine site. Closure, reclamation and residual heap leach activities are ongoing and will continue for several years.

    A new Preliminary Economic Assessment (PEA) study on the potential restart of production from the El Gallo Complex at some point in the future was published on July 9, 2018. The proposed development plan evaluated in the PEA is called Project Fenix. The key outcomes of Project Fenix include an average annual production rate of 47,000 ounces gold equivalent (AuEq), a 12-year mine life, low initial capital cost of $41 million for Phase 1 and $30 million for Phase 2, and pay-back period of 4.1 years. At current gold and silver prices the after-tax internal rate of return (IRR) is 28%, and the net present value (NPV) at a 5% discount rate is $60 million.

    Capital cost estimates for Project Fenix are to a level of accuracy that is consistent with a PEA technical report. During the next 14 months we will continue to review mineral processing, mine sequencing, material transportation and tailings storage options; and the flow sheet will be optimized by undertaking trade-off studies, updating cost models and additional metallurgical testwork.

    The PEA is available for review on our website and SEDAR (

    San José Mine, Argentina (49%(see Footnote 2 below))

    Our attributable production from San José was 12,139 gold ounces and 769,197 silver ounces, for a total of 22,395 GEOs. Production is on-track to achieve our full year guidance for 2018 of 91,000 GEOs. We received approximately $2.4 million in dividends from our interest in San José during Q2.

    First Quarter Financial Results

    Operating costs for the quarter ended June 30, 2018 will be released with our 10-Q Quarterly Financial Statements in early August. As of July 9, 2018 we are debt-free with liquid assets of approximately $30 million.


    (1) 'Gold Equivalent Ounces' are calculated based on a 75:1 gold to silver ratio.

    (2) The San José Mine is 49% owned by McEwen Mining Inc. and 51% owned and operated by Hochschild Mining plc.

    All dollar amounts are US Dollars

    The NYSE and TSX have not reviewed and do not accept responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by management of McEwen Mining Inc.

    Mihaela Iancu
    Investor Relations
    T: +1-647-258-0395 ext 320

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    Cervantes Corporation Limited (ASX:CVS) confirms more high grade gold at Albury Heath.

    - Significant gold intersections from the RC drilling at Albury Heath include (down hole length, true width not known):

    17m @ 18.8 g/t from 77m in AHP139, incl 4m @ 52.3 g/t from 86m,

    1m @ 14.1 g/t from 58m in AHP120

    2m @ 7.0 g/t from 9m in AHP134, incl 1m @ 13.3 g/t from 10m

    2m @ 3.2 g/t from 29m in AHP136

    1m @ 15.2g/t from 46m in hole 135

    8m @ 15.3 g/t from 87m in AHP135, incl 4m @ 30.1 g/t from 87m,

    - Previously announced results from this round of drilling include:

    2m @ 67.2 g/t from 27m in AHP116, incl 1m @ 129.3 g/t from 27m

    4m @ 9.1 g/t from 19m in AHP119, incl 2m @ 16.5 g/t from 19m

    2m @ 18.2 g/t from 4m in AHP127, incl 1m @ 31.4 g/t from 4m

    1m @ 31.4 g/t from 36m in AHP128

    4m @ 5.8 g/t from 45m in AHP129, incl 1m @ 19 g/t from 45m

    3m @ 9.0 g/t from 81m in AHP130, incl 1m @ 21.3 g/t from 82m

    5m @ 63.1 g/t from 32m in AHP134, incl 1m @ 202.8 g/t from 33m

    8m @ 23.1 g/t from 87m in AHP135, incl 2m @ 49.0 g/t from 87m

    - Drilling intersected quartz lode mineralisation with higher grades than that seen in historic drilling

    All assays of samples collected during the recent RC drilling campaign at Albury Heath (see Figure 1 in link below) have now been received. Twenty nine RC holes for 1,866m were completed (see announcement on 14 May, 2018). Preliminary results were announced on 28 June, 2018.

    The drilling was successful in:

    - testing the down dip extension of the main known lode. Minor (subparallel) lodes have been shown to be less continuous than predicted, though these do not hold the bulk of the resource as announced on 7 February 2017,

    - defining near surface mineralisation. Through this programme it has been recognised that additional shallow mineralisation may exist that could require further drilling. This may represent cheap ounces, and

    - sampling zones around the existing open stopes. These areas were poorly sampled by the historic drilling.

    All drilling was by Reverse Circulation (RC) with every metre sampled for assaying. Bulk samples were collected for future metallurgical testing purposes. Table 1 (see link below) summarises all significant intersections from this drilling campaign based on criteria noted in the table. Table 2 (see link below) lists the hole collar locations.

    Hole AHP139 was drilled as a "scissor" hole to test the main quartz lode from the opposite direction to that drilled by holes AHP128 (maximum assay of 31.41g/t, or about 1oz/t), AHP129 (18.96g/t) and AHP130 (21.27g/t). AHP139 is interpreted to have intersected the main lode at 43 to 54m (max of 1m @ 15.17g/t) and again at 77 to 94m (max of 1m @ 69.19g/t, or about 2.2oz/t). It is likely AHP139 intersects the lode at an oblique angle and the intercepts do not represent true widths.

    The previously reported intercept of 5m @ 63.1g/t (about 2oz/t) from 32m in hole AHP134, including 1m @ 202.8g/t (about 6.5oz/t) from 33m represents the north-east extension of this main lode.

    The assays for the lode position in hole AHP135 have been updated to reflect assaying on the high grade zone between 87m and 95m.


    The high grade gold intervals are hosted in steeply dipping (70o to 80o to the southeast) quartz-pyrite veins, stockworks, and stringers that vary in width from less than one metre to over four metres. These quartz systems are hosted by vesicular and altered (+/-carbonate, silica, fuchsite and pyrite) basalts of the Polelle Group. The first basalt encountered tends to be vesicular, giving way to altered basalts at depth. Felsic volcanics, volcanoclastics, and banded iron formation are seen locally, but not recognised in drilling.

    The Albury Heath resource is typical of Murchison Domain gold mineralisation: related to major faults and shear zones within greenstone belts and preferentially associated with banded iron formations, and ultramafic and mafic lithologies. Most of the gold deposits are considered to be "lode-gold style" and many shears and mineralised vein systems are associated with metasomatism with the mineralising fluids possibly being derived by progressive metamorphic dewatering of mafic and ultramafic sequences (Browning et al, 1987).

    Gold mineralisation at Albury Heath is closely associated with the Meekatharra Structural zone, a major regional northeast trending shear dominated zone approximately 50km wide. Specifically, the local northeast trending structure is related to an extension of the regional scale Mt Magnet Fault, host to the Burnukara gold camp, about 25 kilometres to the south-south-east.


    Up to seven lodes are recognised locally. The Main Lode was mined by underground selective mining methods. It represents the most consistently auriferous lode. While grades are best developed in the vicinity of the Albury Heath shaft, drilling has shown high gold grades extend along strike. For example, the 202.79g/t intercept in AHP134 occurs 80m NE from the old workings and a 129.32g/t intercept in AHP116 is located 40m to the SW of those workings; both in areas not exploited by historic mining.

    The lodes transgress from oxidized into fresh rock. Oxidation level appears to have no discernable impact on gold grade although there may be some evidence of supergene enrichment in the overlying lateritic clays. Minor sulphides are recorded in the lode, but it is not ubiquitous, nor is it wholly pathetic with the gold mineralisation. There is no discernable trend between the mineralisation seen in the two basalt types, though most occurs in vesicular basalt, possibly a function of this unit being the most sampled by drilling.

    Gold grades in both the saprolite zone and in overlaying ferricretes and lateritic clays is sporadic and in places apparently unrelated to the lode positions.

    With all data now in hand, a re-interpretation of the geology has been possible. A typical cross section is shown as Figure 2 (see link below), with the location of the section indicated on Figure 3 (see link below).

    Next Steps

    The results of this drilling campaign will be used to determine if the resource at Albury Heath is sufficiently defined to pursue early opportunities for toll treatment. Initial indications are that there remains room for expansion of the resource, particularly at shallow depths where the impact of defining additional resources on the economics of an open cut pit may be greatest.

    Bulk samples collected during drilling will now be considered for metallurgical test work to gain an understanding of the size distribution of the gold and its recovery.

    The insight gained from drilling Albury Heath will now be fed directly into regional assessment of Cervantes tenement holdings. An evaluation of all historic work done over the areas controlled by Cervantes has begun. This consists mainly of RAB drilling. However, the recognition of a particular "fingerprint" in aeromagnetic data associated with the Albury Heath gold occurrence will form a supporting overlay to that evaluation.

    About the Albury Heath Project

    The Albury Heath Project is centred on the historic Albury Heath gold mine. Gold production from underground workings during the period 1948 to 1957 totaled 2,204 oz at an average head grade of 47.8g/t or 1.54oz/t.

    Gold mineralisation is associated with quartz veining, quartz stringers, quartz stockworks, and wall rock alteration located in a major regional fault zone that trends north-northeasterly across the eastern side of the Meekatharra Greenstone Belt. The mineralisation occurs primarily in quartz-sulphide veins that are up to 4m in width. The main vein strikes north-northeasterly and dips steeply at 75o - 80o to the east-southeast.

    Cervantes wholly owns six Prospecting Licences covering the Albury Heath mine and its surrounds (P51/2937 and P51/2997 to 3001). These comprise an area totaling 10.8km2 that cover the northerly and southerly extent of the main controlling structure.

    To view tables and figures, please visit:

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

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    WA-focused gold exploration and development company Classic Minerals Limited (ASX:CLZ) ("Classic", or "the Company") is pleased to announce that it has entered into an innovative agreement with Australia's national science agency CSIRO to investigate the relationship between tree size and gold mineralisation at its Forrestania Gold Project (FGP) in Western Australia.


    - Classic and CSIRO enter into agreement to undertake study of tree size in Forrestania and the subsequent relationship to gold mineralisation

    - CSIRO and Innovation Connections to fund majority of research project

    - Potential to rapidly generate new targets without ground-disturbing exploration


    In 2017, Classic noticed that there appeared to be a correlation between tree size and gold mineralisation at the FGP - the major deposits and prospects (Lady Magdalene, Lady Ada, Stormbreaker and Lady Lila) are (or, in the case of Lady Ada, were) all covered by large gum trees. Whereas the barren areas are covered by typical Yilgarn shrubs/bush. Classic has devoted much research and effort into proving this theory and has built up a considerable amount of data/knowledge underpinning the hypothesis that gold mineralisation is linked to tree size at Forrestania.

    The aims of the project are to determine the relationship between the distribution of tree size in Forrestania, the landscape, the geology and the mineralisation at depth. This will greatly assist Classic in more rapid, non-ground disturbing exploration and target generation.

    The 6-month project involves such activities as:

    - Production of a distribution map in tree sizes by image analysis

    - Hylogging and additional sampling of selected holes

    - Extensive rockchip, regolith sampling throughout the project

    - Generation of high-quality mineralogical and geochemical dataset including integration of geology database

    - Determination of the spatial relationships between the tree sizes, the landscape and the mineralised areas through statistical data analysis

    The deliverables and knowledge generated by the project will help guide Classic with geochemical sampling and geochemical data interpretation of the surface as well as a knowledge and statistics driven assessment of the mineralisation at depth and the relationship to landscape and tree size.

    Classic CEO Dean Goodwin said:

    We are extremely pleased to have entered into this Research Agreement with CSIRO, who are recognised as the preeminent scientific/innovation leaders in Australia. It quickly became apparent from field work that there appears to be a relationship between tree-size and mineralisation at FGP - we are glad to follow up this theory with CSIRO because it will help us better understand the geology and controls on mineralisation in FGP.

    As an exploration geologist, it is always exciting to be adding to the datasets available to us for target generation and geological theories.

    Having CSIRO undertaking this research project alongside Classic will allow us to share and validate our own hypothesis and research efforts/data that we have been working on for the past 12+ months. In addition, in a climate where "typical" exploration techniques are no longer uncovering major deposits, we are proud to be employing out-of-box thinking to better understand the local geology and continue to deliver fantastic results to our shareholders.


    The FGP Tenements (excluding Kat Gap and Lady Lila) are registered in the name of Reed Exploration Pty Ltd, a wholly owned subsidiary of ASX listed Hannans Ltd (ASX:HNR). Classic has acquired 80% of the gold rights on the FGP Tenements from a third party, whilst Hannans has maintained its 20% interest in the gold rights. For the avoidance of doubt Hannans Ltd owns a 100% interest in non-gold rights on the FGP Tenements including but not limited to nickel, lithium and other metals.

    The FGP contains an existing Mineral Resource of 5.3 Mt at 1.39 g/t for 240,000 ounces of gold, classified and reported in accordance with the JORC Code (2012), with a recent Scoping Study (see ASX Announcement released 2nd May 2017) suggesting both the technical and financial viability of the project. The current post-mining Mineral Resource for Lady Ada, Lady Magdalene and Lady Lila is tabulated below. Additional technical detail on the Mineral Resource estimation is provided, further in the text below and in the JORC Table 1 as attached to ASX announcements dated 14th March 2017 and 21st March 2017.

    To view tables and figures, please visit:

    Classic Minerals Ltd
    T: +61-8-6305-0221

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