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Venus offloads iron ore project stake for $2.5m

Venus Metals has divested its 50% stake in the Yalgoo magnetite project near Geraldton, WA, to Iranian-based EPC contractor FIJV Pty Ltd for $2.5m and will use the funds to evaluate its gold, vanadium and base metal assets elsewhere in the State. The company will retain exposure to FIJV’s plans to develop open cut magnetite mines in the Yalgoo district via a 0.625% royalty on future iron ore concentrate sales.

Strike kicks off Perth Basin oil and gas well

Strike Energy has spudded its highly anticipated West Erregulla-2 well in the Perth Basin, WA, that is targeting up to 1.16 trillion cubic feet of gas in the primary target Kingia High Cliff and 7.2 million barrels of conventional oil in the Jurassic Cattamarra Coal Measures. The well, which is being drilled to a total depth of 5,200m, will also intersect a conventional gas target in the Basal Wagina sandstones.

Great Southern to acquire Laverton gold project

Great Southern Mining has signed an agreement to acquire the historical high-grade Cox’s Find gold mine near Laverton, WA, that produced about 77,000 ounces of gold at an average grade of 21.94g/t gold between 1935 and 1942. The company plans to apply modern exploration techniques to the project with a focus on step-out drilling from the open pit and underground workings.

Potential VMS ore system for Legend in Fraser Range

Legend Mining has recorded encouraging multi-element geochemical assays from its latest infill aircore drilling of an EM anomaly at the Worsley prospect in the Fraser Range, WA. Best results included 28m @ 0.17% zinc and 1.37g/t silver from 40m down-hole, which incorporated a higher-grade section of 4m @ 0.71% zinc and 1.71g/t silver from 52m and may indicate proximity to a volcanogenic massive sulphide ore system.

Hot Chili bulks up Chilean copper project

Drilling has indicated that Hot Chili’s Cortadera copper-gold deposit in Chile may have greater growth potential than anticipated after confirming a large northern extension to the main porphyry centre, Cuerpo 3. The company is completing a second diamond hole to test the extent of a potential higher-grade core at Cuerpo 3 and plans to drill two further holes to determine the potential for an increasing grade profile with depth.

Spectrum hits six ounces to the tonne at Penny North

Spectrum Metals’ Phase II drilling campaign at the Penny West project near Youanmi, WA, has returned top results of 1m @ 180.3 g/t gold from 206m down-hole and 11m @ 11.7g/t gold from 229m from the first holes drilled at the Penny North prospect. The results have already doubled the down-dip extent of the Penny North lode on this section while results are pending for two up-dip holes on the same drill section.

Neometals making strides with battery recycling initiative

Neometals has completed a scoping study for its proposed lithium-ion battery recycling and processing initiative, with results showing encouraging economic outcomes for an initial 10-year plant life. The company will process about 18,000 tonnes of exhausted LIBs per annum and churn out a pre-tax NPV of $308m and IRR of 72%, with a CAPEX cost of $92m and payback in less than two years.

Geophysical surveys check out for St George in WA

St George Mining has delineated five new, high priority exploratory drilling targets for base metal mineralisation along the Cathedrals Belt at its Mt Alexander project located near Leonora in the Goldfields region of WA. The new targets include three virtually unexplored regions at the West End and Bullets prospects and two strong responses located down-dip and along strike of the existing Investigators mineralisation.

High grade gold hits in regional drilling for Calidus

Calidus Resources has generated high-grade gold assays from a regional aircore drilling campaign over conceptual exploratory targets on prospective shear zones at its Warrawoona gold project near Marble Bar, WA. Best results included 12m @ 2.37g/t gold from 52m down-hole and 4m @ 8.87g/t gold from 48m down-hole on the Klondyke-St George shear system, 5km west of the main Klondyke gold deposit.

Testing outlines high quality graphite for BlackEarth

BlackEarth Minerals’ encouraging preliminary test work results have revealed that nearly half of the ore concentrate for its Maniry graphite project reports to the Super Jumbo, Jumbo and Large flake categories at high grades of 96% TGC. The results will now be used in offtake discussions and potential agreements and help broaden funding initiatives and product development for the project.

MGC pockets non-pharmaceutical revenue

MGC Pharmaceuticals has received a purchase order of about $700,000 from the first full bulk order of cannabis-based cosmetic raw materials from private Canadian cannabis investment company CannaGlobal. It has also received a $173,000 payment for the delivery of cannabidiol raw material to lifestyle & medical cannabis product manufacturer Mabsut Life under their multi-year supply agreement.

PharmAust starts tablet production for Phase 2 cancer trials

PharmAust has given US-based manufacturer Catalent the green light to start producing more Good Manufacturing Practice-grade Monepantel tablets for its upcoming Phase 2 anti-cancer clinical trials in dogs. The company plans to start recruiting dogs with B cell lymphoma in August or September this year for the Phase 2 trials, which will initially follow a 28-day treatment regimen.

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