Perth, Australia (ABN Newswire) – Classic Minerals Limited (ASX:CLZ) has made significant progress at Kat Gap during the quarter as it strives to become a gold producer.
Highlights of the quarter include:
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With the new resource estimate for Bell Creek, the company’s total resource in Queensland is now over 115 million tonnes.
A fresh resource estimate for Australian Mines’ (ASX:AUZ,OTCQB:AMSLF) Bell Creek nickel-cobalt project has boosted the company’s total resource in Queensland to over 115 million tonnes.
On Monday (April 29), the company announced that the numbers for Bell Creek have come back as being 25.8 million tonnes at 0.72 percent nickel and 0.04 percent cobalt.
The asset is situated 115 kilometers north of the company’s flagship Sconi cobalt-nickel-scandium project, which hosts a resource of 75.7 million tonnes at 0.6 percent nickel and 0.08 percent cobalt.
Australian Mines nabbed Bell Creek as part of its Sconi acquisition along with the Minnamoolka project — also located in Queensland — which has a resource estimate of 14.7 million tonnes at 0.66 percent nickel and 0.03 percent cobalt.
“Since taking 100 percent ownership of the Sconi project and completing a bankable feasibility study on Sconi last year, our technical team has been assessing the value of the satellite deposits in the wider tenement package in more detail and in the context of our proposed investment in infrastructure in the region,” Australian Mines Managing Director Benjamin Bell said in a statement.
“We believe satellite deposits, such as Bell Creek and Minnamoolka, potentially offer currently untapped value to Australian Mines’ shareholders as a secondary project, incrementally adding to our future production footprint in North Queensland.”
Previous work done on Bell Creek by former owner Metallica Minerals (ASX:MLM,OTC Pink:MLMZF) shows that the project could potentially support a 1.5 million tonne per year heap leach operation to produce a mixed nickel and cobalt hydroxide precipitate.
As such, the company is currently exploring the economics of turning the project into a standalone operation that would include a beneficiation plant to procure concentrated feed for trucking to Sconi’s processing plant.
“If successful, such a strategy could materially increase Australian Mines’ annual production of battery-grade nickel sulphate and cobalt sulphate precursor chemicals for the electric vehicle sector,” the statement reads.
For the time being, Australian Mines is continuing to progress Sconi to a final investment decision and subsequent construction.
As of April 26, nickel was trading at US$12,265 per tonne on the London Metal Exchange.
Australian Mines’ share price was down 4.17 percent by the end of trading on April 29 (Monday), closing at AU$0.02 on the ASX.
Don’t forget to follow us at @INN_Resource for real-time news updates!
Securities Disclosure: I, Olivia Da Silva, hold no direct investment interest in any company mentioned in this article.
Featured
Perth, Australia – Classic Minerals Limited has made significant progress at Kat Gap during the quarter as it strives to become a gold producer. Highlights of the quarter include: – Assay results returned for infill RC drilling testing the gap between oxide and deeper fresh rock high-grade gold mineralisation at Kat Gap. – Advancing engineering, mining and metallurgical studies at Kat Gap, and – IGO have made …
– Assay results returned for infill RC drilling testing the gap between oxide and deeper fresh rock high-grade gold mineralisation at Kat Gap.
– Advancing engineering, mining and metallurgical studies at Kat Gap, and
– IGO have made further progress at Classic’s Fraser Range Project.
A total of 29 holes for 2,588 metres were drilled during the quarter by the Company.
RC drilling was focused solely on Kat Gap with work concentrating on filling in the gap created artificially between shallow drilling of the oxide profile and deeper drilling for the down dip extensions into fresh rock. If the gap could be filled in by zones of higher-grade gold mineralisation, then the final optimisation work may drive pit designs deeper allowing the Company to access more minable ounces.
IGO have continued working on their recently identified high conductance discrete EM anomaly over the Thylacine and Sabretooth area (now known as the Moa target) within a broader stratigraphic conductor.
The development of the Forrestania Gold Project will continue to advance in Q4 FY2021 concentrating on:
– Targeting the interpreted plunge component of high-grade gold mineralisation with deeper RC drilling;
– Drilling priority targets out in the granite within the large auger soil gold anomaly west of the main granite-greenstone contact at Kat Gap;
– Advancing all aspects of the mining plan at Kat Gap;
– Acquisition of necessary mining equipment for Kat Gap, and
– Continuing to raise capital & pay down debt & liabilities to improve the financial position of the Company.
KAT GAP
During the quarter, Classic completed a program of infill RC drilling which was completed back in April. The drilling program consisted of 28 deep infill holes for 2,548m and a single shallow RC hole for 40m. Results for this program were received in mid-June.
Deep Infill RC drilling
The 28-hole deep infill RC drilling program (FKGRC350-377) covered an area approximately 120m along strike to the north of the Proterozoic dyke (See Figure 3.0*). The infill holes were focused on testing a gap that had been artificially created between previous shallow RC holes testing the oxide profile and much deeper previous RC holes testing the down-dip extent of the main granite-greenstone contact lode. If the gap could be filled in by zones of gold mineralisation then final optimisation work may drive pit designs deeper allowing access to more minable gold bearing ore. The holes were drilled to an average depth of 100m below surface and were drilled on 20m x 10m and 10m x 10m grid spacings.
The drilling intersected significant zones of gold mineralisation in the gap between previous shallow RC holes and deeper RC holes testing the down-dip / down plunge extents (See figures 4, 5, 6 and 7*). Further work will now be urgently undertaken to include these new gold intersections into the current resource model. Once this has been completed further optimisation work will be carried out. This work coupled with the outcomes of the bulk sampling program will aid greatly in final pit design work.
Better results from the deep infill holes include:
– 7m @ 2.67g/t Au from 71m in FKGRC350
– 3m @ 6.74g/t Au from 101m including 1m @ 15.00g/t Au from 102m in FKGRC360.
– 4m @ 18.97g/t Au from 76m including 2m @ 33.75g/t Au from 77m in FKGRC362.
– 2m @ 10.73g/t Au from 74m including 1m @ 19.90g/t Au from 74m in FKGRC367.
– 1m @ 14.20g/t Au from 69m in FKGRC368.
– 4m @ 16.93g/t Au from 101m including 1m @ 58.40g/t from 101m in FKGRC372.
– 6m @ 5.30g/t Au from 84m including 1m @ 17.40g/t Au from 88m in FKGRC373.
– 6m @ 7.72g/t Au from 78m including 1m @ 26.20g/t Au from 83m in FKGRC375.
– 5m @ 7.95g/t Au from 103m including 1m @ 24.90g/t from 107m in FKGRC377.
Shallow RC Drill hole
A single shallow RC hole (FKGRC378) was completed to a depth of 40m. The hole was drilled close to existing high-grade holes FKGRC061 which returned 9m grading 15.21 g/t from 22m and FKGRC018 which returned 10m grading 30.78 g/t from 28m (See figures 4 and 5*). The hole was drilled to provide additional material for advanced metallurgical testwork and aid in further Research and Development studies.
The hole returned the highest-grade intersection ever recorded at Kat Gap, 10m grading 40.54 g/t gold from 26.50m including 0.50m grading 592.00 g/t gold from 28.50m.
FRASER RANGE
The Company refers to the ASX announcements of 17 June 2019 and 05 July 2019 wherein Classic entered into the Earn-in and Joint Venture Agreement with Independence Newsearch Pty Ltd, a 100% owned subsidiary of IGO Limited (ASX:IGO) (“IGO”). More details of the transaction can be found in these two announcements.
The following is an update of progress on exploration carried out during the June 2021 quarter by IGO on the Fraser Range tenements.
In June 2021, IGO notified Classic of its election to acquire a 51% interest in the joint venture tenements after spending $1,500,000 on exploration; and its intention, at its option, to spend a further $1,000,000 exploring the Tenements over the next two years to increase its joint venture interest to 70%. Classic has provided signed transfers of 51% of the tenements to IGO and received $550,000 (including GST) on 8 June 2021.
To view the full quarterly report, please visit:
https://abnnewswire.net/lnk/011YN5KA
About Classic Minerals Limited:
Classic Minerals Limited (ASX:CLZ) is an exploration and development company focused on gold deposits in Western Australia’s famous Goldfields region. In March 2017, Classic acquired the Forrestania Gold Project, with seven tenements stretching across 450km2. Strategically located in a very prospective region, the FGP is an underexplored package surrounded by multimillion ounce deposits such as Bounty (2Moz) and Yilgarn Star (1.5Moz).
Source:
Classic Minerals Limited
Contact:
Classic Minerals Ltd
T: +61-8-6305-0221
E: contact@classicminerals.com.au
WWW: www.classicminerals.com.au
News Provided by ABN Newswire via QuoteMedia
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Perth, Australia – Classic Minerals Limited is pleased to announce that, in accordance with the terms of its Earn In and Joint Venture Agreement with IGO Newsearch Pty Ltd, a wholly-owned subsidiary of IGO Limited IGO has notified Classic of: its election to acquire a 51% interest in the Company’s Fraser Range tenements having earnt that interest by spending $1,500,000 on exploration of the Tenements; and its …
Perth, Australia (ABN Newswire) – Classic Minerals Limited (ASX:CLZ) (the Company or Classic) is pleased to announce that, in accordance with the terms of its Earn In and Joint Venture Agreement (Agreement) with IGO Newsearch Pty Ltd, a wholly-owned subsidiary of IGO Limited (ASX:IGO) (together, IGO) (CLZ announcement to ASX dated 17 June 2019 refers), IGO has notified Classic of:
(a) its election to acquire a 51% interest in the Company’s Fraser Range tenements (Tenements), having earnt that interest by spending $1,500,000 on exploration of the Tenements; and
(b) its intention to spend a further $1,000,000 exploring the Tenements over the next 2 years to take its joint venture interest to 70%.
Under the terms of the Agreement, upon the transfer of the 51% interest, IGO will pay Classic $500,000.
About Classic Minerals Ltd:
Classic Minerals Ltd (ASX:CLZ) is an exploration and development company focused on gold deposits in Western Australia’s famous Goldfields region. In March 2017, Classic acquired the Forrestania Gold Project, with seven tenements stretching across 450km2. Strategically located in a very prospective region, the FGP is an underexplored package surrounded by multimillion ounce deposits such as Bounty (2Moz) and Yilgarn Star (1.5Moz).
Source:
Classic Minerals Ltd
Contact:
Classic Minerals Ltd
T: +61-8-6305-0221
E: contact@classicminerals.com.au
WWW: www.classicminerals.com.au
News Provided by ABN Newswire via QuoteMedia
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The mining and resources sector now sets its sights on Australia’s largest mining investment forum, Mines and Money @ IMARC, co-located with IMARC from January 31, 2022, to February 2, 2022, at the Melbourne Showgrounds.
It was gold price, lithium demand and China’s appetite for copper that dominated much of the discussion at Mines and Money Online Connect @ IMARC this week at the virtual event running from the 19th to the 21st October.
Mines and Money Online Connect saw 90 mining companies, 600+ investors and more than 2,000 participants log-on to hear mining executives and analysts discuss the next big thing for savvy investors in 2022.
Time to Strike Gold?
‘Frustrating’ sums up the 2021 gold price according to Commodity Discovery Fund Founder and Chief Investment Officer, Willem Middelkoop. Middelkoop spruiked gold’s glittering upside during the Mines and Money Gold Outlook Panel Discussion.
The panellists suggested that with the gold price soaring to record highs, a gold correction was inevitable. Historically, gold price is linked to market volatility and the much of new money printed in the United States.
In 2022, panellists expect plenty of market volatility and money printing, with an overinflated US dollar set to weaken in value, and subsequently drive up the price of gold. Through the Commodity Discovery Find, Middelkoop has studied the gold price in relation to increased money supply over the past decade.
“If you look at the current graph, the gold price needs to move back toward over US$2,000, and it should move toward US$8,000-$10,000 dollars to be in line with money growth. If you look at that statistic, there is so much upside,” said Middelkoop.
“A doubling of the gold price within 12 months is easily possible,” said Middelkoop.
The Need for Speed
The US has the need for speed with car manufacturing adopting electric vehicles (EVs) at an accelerating rate. The rising demand for EVs, which is expected to surge to 10% in global sales by 2025 according to Bloomberg New Energy Finance, will require startling quantities of lithium.
The price of lithium hydroxide continued to soar in 2021 and shows no sign of slowing down in 2022. Prices topped US$23,375 per tonne at the time of writing, which is up from a US$6,300 average per tonne in the September quarter 2020.
During the Mines and Money Battery Metals Session, Piedmont Lithium President and Chief Executive Officer, Keith Phillips, said the EVs market is fuelling the demand for lithium hydroxide. “I’ve always had the view that the market would speak, and the time would come, and it will,” said Phillips.
Phillips said Ford’s Blue Oval City required 125,000 tonnes per year of lithium hydroxide to service its three battery plants, which surpasses the production capacities of all lithium projects currently planned in the United States.
“Tesla has been a leader here, but LG and General Motors are making big commitments. “Everyone is talking about bringing more capacity to the US, which we desperately need, and even if we all succeed, we are still going to be short, and require lots of material from outside the US,” said Philips.
China’s Quiet Copper Rush
Copper was the metal of the hour during the China Commodities Supply and Demand Outlook 2022 Panel at Mines and Money. Companies from Australia’s biggest trading partner are digging for strategic commodities to enhance diversification and survival in an uncertain marketplace.
Gold Mountains General Manager, Maggie Huang said sourcing and developing copper mines was critical to not only Gold Mountains, but to the Chinese economy. “We see copper as a highly strategic metal for China, we are the largest consumer in the world. We consume half of all output of copper but produce only 20 to 25% of what we actually use,” said Huang.
Huang pointed out that whilst Australia and Canada represented stable and mature investment destinations in the past, “an investment is an investment,” and Chinese companies are now seeking new opportunities in other mining destinations.
As Africa and South America mature as mining destinations, Huang said emerging opportunities in Africa and South America could be more profitable and signify a more attractive investment than Australia or Canada.
As Mines and Money Online Connect @ IMARC concludes with positive outlooks on gold, lithium and copper, the mining and resources sector now sets its sights on Australia’s largest mining investment forum Mines and Money @ IMARC co-located with the International Mining and Resources Conference (IMARC) from the 31st January to 2nd February 2022 at the Melbourne Showgrounds.
-ENDS-
About
The International Mining and Resources Conference (IMARC) is where global mining leaders connect with technology, finance, and the future. Now in its 8th year, it is Australia’s largest mining event, bringing together over 8,000 decision makers, mining leaders, policy makers, investors, commodity buyers, technical experts, innovators, and educators from over 130 countries for three days of learning, deal-making and unparalleled networking. IMARC is developed in collaboration with its founding partners the Victorian State Government of Australia, Austmine, the Australasian Institute of Mining and Metallurgy (AusIMM) and Mines and Money.
For more information, please visit https://imarcglobal.com/
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There are many big Australian gold stocks, but these are the five top companies in the sector by market cap.
Australia is the fourth largest producer of gold worldwide, and this past year has brought ups and downs for the commodity. The precious metal hit its 2021 high point early on and fell soon after.
Lately, gold has been resting at a strong price of around US$1,800 per ounce, and it seems like it will exit the year that way. It may even be in for a serious price hike if inflationary pressures continue on their current trajectory.
Read on to learn more about Australia’s five top gold companies by market cap. All market cap and share price information was obtained on November 25, 2021, using TradingView's stock screener.
1. Newcrest Mining
Market cap: AU$19.54 billion; current share price: AU$24.14
Newcrest Mining (ASX:NCM) operates a portfolio of gold mines across Australia, Canada and Papua New Guinea. These include its New South Wales-based Cadia mine and its Western Australia-based Telfer and Havieron mines.
In November 2021, Newcrest agreed to purchase British Columbia-based Pretium Resources (TSX:PVG,NYSE:PVG) for C$3.5 billion, marking the company’s expansion into Western Canada.
2. Kirkland Lake Gold
Market cap: AU$14.57 billion; current share price: AU$54.99
Kirkland Lake Gold (ASX:KLA) has mining operations in Australia and Canada, both of which are low-risk, gold-rich countries. The company’s Fosterville mine is based in Victoria, Australia, and as of December 31, 2018, its mineral reserves stood at 2.7 million ounces. It produced 640,467 ounces in 2020.
In September 2021, Kirkland Lake Gold and Agnico Eagle Mines (TSX:AEM,NYSE:AEM), a Canadian gold miner, announced a “merger of equals." The new company will go by the name Agnico Eagle Mines, and the companies expect the transaction to close in late 2021 or early 2022.
3. AngloGold Ashanti
Market cap: AU$12.43 billion; current share price: AU$5.83
AngloGold Ashanti (ASX:AGG) is a global gold miner formed in 2004. It has two Australia-based operations, both of which are based in Western Australia’s northeastern goldfields: Sunrise Dam and Tropicana. Sunrise Dam is 100 percent owned, while Tropicana is 70 percent owned, with the remaining 30 percent owned by Regis Resources (ASX:RRL,OTC Pink:RGRNF). In 2020, these operations produced 554,000 ounces of gold.
In Q3 2021, AngloGold Ashanti reported total gold production of 613,000 ounces at a total cash cost of US$927 per ounce. This represents a 5 percent quarter-over-quarter increase in production, though a year-to-date decrease.
4. Northern Star Resources
Market cap: AU$11.39 billion; current share price: AU$9.66
Northern Star Resources (ASX:NST) is an Australian gold-mining company with projects throughout Western Australia and North America at its Kalgoorlie, Yandal and Pogo production centres. In the 2021 fiscal year, Northern Star experienced a 40 percent revenue increase and a 10 percent cash earnings hike.
In late November 2021, Northern Star announced an agreement to buy Newmont Australia’s power business for US$95 million. The company paid US$25 million for the option to purchase this business, an opportunity it was given through its recent 50 percent acquisition of Kalgoorlie Consolidated Gold Mines.
5. Evolution Mining
Market cap: AU$7.53 billion; current share price: AU$4.12
Australian gold miner Evolution Mining (ASX:EVN) has projects throughout New South Wales, Queensland and Western Australia, as well as in Ontario, Canada. Evolution Mining produced 680,788 ounces of gold in the 2021 fiscal year at an all-in sustaining cost of AU$1,215 per ounce.
In 2019, Evolution Mining became one of only two Australian gold companies to be included in the Dow Jones Sustainability Index (INDEXDJX:W1SGI). In 2020 and 2021, the company made several strategic acquisitions and divestments, including its high-value purchases of the Red Lake and the Kundana operations.
This is an updated version of an article originally published by the Investing News Network in 2018.
Don’t forget to follow us @INN_Australia for real-time updates!
Securities Disclosure: I, Isabel Armiento, hold no direct investment interest in any company mentioned in this article.
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What are the largest Australian copper companies? These five ASX copper stocks are the biggest on the exchange by market cap.
Last year, pandemic restrictions forced copper mines to shut down across the world, driving down global production and causing the 10 largest copper-mining companies to suffer dramatic losses.
But in 2021, copper hit an all-time high of US$10,700 per tonne, and stayed over US$9,000 for much of the year.
The three top copper-producing countries globally are Chile, Peru and China, with Australia coming in at number six. Still, there are plenty of untapped resources in the land down under, and Australia is making a name for itself as an up-and-coming producer of this important base metal.
Read on to learn more about the top five Australian copper companies on the ASX, ranked by market cap. All market cap and share price information was obtained on November 26, 2021, from TradingView.
1. BHP
Market cap: AU$192.56 billion; current share price: AU$38.03
BHP (ASX:BHP) is a top global producer of copper, nickel, potash, iron ore and metallurgical coal, with copper production centralised at its South Australia-based Olympic Dam mine.
The company, whose headquarters are in Melbourne, Australia, emphasises copper’s function in renewable energy systems and the metal’s critical role in reducing carbon dioxide emissions.
Recently, BHP has focused its attention on its energy assets. In late November, the company merged its oil and gas portfolio with Woodside Petroleum, a deal that was originally struck in August of the same year. On the mineral side of its operations, BHP was looking to acquire Noront Resources (TSXV:NOT,OTC Pink:NOSOF), a Canada-based nickel, copper, chrome and platinum company, but decided not to match a superior offer.
2. OZ Minerals
Market cap: AU$8.77 billion; current share price: AU$25.70
OZ Minerals (ASX:OZL) is a South Australia-based copper-mining company founded in 2008. Its operations include the Carrapateena project, where construction was completed in 2019, and the upcoming Malu underground mine, which was commissioned in 2015.
In a November press release, OZ Minerals reported a year-to-date 5 percent increase in group ore reserve copper metal tonnes. In its third quarter results, the company reported guidance of between 120,000 and 145,000 tonnes of copper for the year.
3. Sandfire Resources
Market cap: AU$2.59 billion; current share price: AU$6.11
Sandfire Resources (ASX:SFR) owns 7,189 square kilometres in the Bryah Basin region of Western Australia, including its DeGrussa and Monty operations. Both of these are 100 percent owned and produce copper and gold.
The company released its third quarter results in October, reporting total copper production of 15,946 tonnes. Sandfire expects output of between 64,000 and 68,000 tonnes of copper in 2022.
4. 29Metals
Market cap: AU$1.29 billion; current share price: AU$2.63
Australia-based mining company 29Metals (ASX:29M) has the Golden Grove mine in Western Australia and the Capricorn copper mine in Queensland, along with several promising new growth opportunities lined up. 29Metals focuses on copper production, though it also mines for zinc, gold and silver.
According to an October release from the company, production was weaker than expected at Golden Grove during the September quarter. However, the asset's quarter-on-quarter decline of about 10 percent was largely offset by a strong performance at Capricorn.
5. Copper Mountain Mining
Market cap: AU$804.96 million; current share price: AU$3.81
Copper Mountain Mining (ASX:C6C) is a Canadian and Australian copper miner, with its flagship Copper Mountain operation in British Columbia, Canada, and its Eva and Cameron copper projects in Queensland, Australia.
In the third quarter, Copper Mountain Mining reported total output of 22.4 million pounds of copper at its Copper Mountain mine, representing a 12.1 percent quarter-over-quarter decline in production. The company still reported positive cash flow, with strong construction and exploration gains made at its Eva and Cameron projects.
This is an updated version of an article first published by the Investing News Network in 2018.
Don’t forget to follow us @INN_Australia for real-time updates!
Securities Disclosure: I, Isabel Armiento, hold no direct investment interest in any company mentioned in this article.
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