Public Company News

A giant Japanese consortium has committed to backing the development of Ardea Resources’ Goongarrie Hub project in Western Australia’s Goldfields region – a major milestone for the nickel-cobalt operation billed by the Federal Government as “globally significant”. Sumitomo Metal Mining and Mitsubishi Corporation have agreed to join Ardea to form an incorporated joint venture to be known as Kalgoorlie Nickel.

Buxton Resources is poised to launch a drilling campaign to pump up the 2014 mineral resource at its Graphite Bull project in Western Australia’s Gascoyne region after securing clearance from a recent Aboriginal heritage survey. The company can now complete infill drilling along a 2.1km potential strike zone where drilling last year confirmed further high-grade graphite mineralisation at the project.

Galan Lithium says it already has a contained inventory of 1000 tonnes of lithium carbonate equivalent at its Hombre Muerto West project in Argentina as the initial evaporation process at the site builds steam. The company says about a third of the overall project has been completed, with total pond construction at 45 per cent and the first two evaporation ponds operating.

Strickland Metals says it has delivered samples from its first three diamond drillholes in Western Australia’s Yandal gold belt to the laboratory for assay, while reverse-circulation and diamond drilling is continuing. The company says it expects assay results to be returned in June. All three holes were drilled at Palomino, with two being put into the existing mineral resource for structural information.

DiscovEx Resources is on the cusp of a major transformation after its bid to snare Finland-based private Australian company Latitude 66 Cobalt was given a unanimous tick of approval from that firm’s board of directors. Latitude owns several projects in Finland, with its most advanced project containing Europe’s second-biggest undeveloped cobalt-gold resource that features 5800 tonnes of cobalt and 650,000 ounces of gold.

This week’s Bulls N’ Bears Runner of the Week is … Osteopore. Its share price hiked up more than 478 per cent to join mining movers and shakers Base Resources, Orion Minerals and Rincon Resources.

Buru Energy’s interpretation of 3D seismic data from its wholly-owned conventional Rafael condensate-rich wet gas discovery has thrown up a new shallow resource in its exploration permit in the Canning Basin. The new target zone, which it has designated Rafael Shallow, consists of two clastic reservoirs sitting at less than 1200m depth, with one stacked about 130m to 170m above the other.

The door has been kicked open for Lycaon Resources to start exploring its Stansmore niobium-rare earths project in Western Australia’s West Arunta region after it secured consent from Mines Minister, David Michael. The company says the approval will allow it to start exploration programs, including heritage and gravity surveys and drilling campaigns, on a site designated for the use and benefit of its Aboriginal inhabitants.

ra Banda Mining has further bolstered its bank balance after pocketing $11.71 million as its lucrative joint venture deal with business goliath Wesfarmers at the Davyhurst project in Western Australia’s Goldfields region nears completion. Ora Banda will now receive a final $4.29 million next week to complete the Davyhurst transaction after all conditions of the deal were satisfied.