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Strike lines up gas offtake option for WA well

Strike Energy has signed a gas offtake option agreement with major chemical manufacturer CSBP for the supply of up to 100 petajoules of gas from the upcoming West Erregulla-2 well in the Perth Basin, WA. CSBP will pay a $5 million option fee to help fund the cost of drilling the well, which targets up to 1.16 trillion cubic feet of gas in the Kingia High Cliff sands and 7.2 million barrels of oil in the Jurassic Cattamarra Coal Measures.

MGC lands key Australian cannabis cultivation licence

MGC Pharmaceuticals and its research partner RMIT have been awarded a cannabis cultivation research licence from the Australian Office of Drug Control. This allows the partners to advance research on the optimisation of breeding and cultivating processes and the extraction of material to conduct pre-clinical research assessing the efficacy of medical cannabis on prostate, melanoma and other cancer cells.

Tyranna management see off boardroom coup

Tyranna Resources has secured a mandate to progress with its plan to unlock early cash flow from its Eureka gold project near Kalgoorlie after defeating an attempt by major shareholder Central Iron Ore to replace the current management. The early mining opportunity is expected to generate a positive cash flow of about $2.6 million that the company will use to accelerate exploration at the project.

Venus/Rox on gold hunt near Youanmi

Venus Metals and Rox Resources have kicked off a 1200 metre RC drilling program targeting shallow high-grade gold mineralisation at the Currans North and Red White and Blue Middle Workings prospects of their Currans Find JV mining lease south of Youanmi, WA. The partners are also planning to carry out shallow RC drilling at the Taylor’s Reef discovery where recent work uncovered strongly gold-mineralised vein quartz.

Calidus maps out new Pilbara gold target

Calidus Resources’ recent IP survey has identified a strong chargeability anomaly similar to and located immediately to the south of the 1.15 million ounce Klondyke deposit at its Warrawoona gold project in the eastern Pilbara, WA. The company said the new parallel shear highlights the potential for further growth at the project and will be drill tested in the second half of this year.

Mongolia green lights Aspire’s coal reserve estimates

Aspire Mining’s DFS for its high-quality coking coal project has moved forward, with the Mongolian Government endorsing the company’s ore reserves for the Ovoot Early Stage Development project and approval of the Feasibility Study results expected shortly. These milestones enable Aspire to commence the relevant environmental studies, social impact studies and project management plans for the project.

Image signs heavy mineral sales agreements

Image Resources has signed sales agreements for 70,000 tonnes of zircon-rich HMC from its Boonanarring project north of Perth for three bulk shipments with Chinese offtake partner Shantou Natfort Zirconium and Titanium. The company has also received significant interest from other potential buyers for its HMC, which could indicate rising demand for the product in China.

Tyranna eyes early cash flow from Eureka gold project

Tyranna Resources has completed a review of a restart study that confirms the potential to generate $2.6m in positive cash flow through an early mining opportunity at its Eureka gold project near Kalgoorlie. The project is expected to have capital costs of between $600,000 and $700,000 and will mine 60,500 tonnes of ore to produce 4057 ounces of gold at a diluted grade of 2.1g/t over two months.

Coziron in box seat as Palmer/CITIC brawl heats up

Coziron Resources is looking to breathe life back into its unique, high-quality, Ashburton magnetite project, with drilling planned to deliver a maiden JORC compliant resource, just 40km from CITIC’s massive Sino project. The company has identified extensive magnetite deposits at least 6km long and 1km wide at Ashburton, with encouraging analytical work that showed mass yields of magnetic iron content up to 42% and concentrate grades exceeding 67% iron.

High grade lithium hits roll on for Hawkstone in US

Hawkstone Mining has outlined more high-grade lithium assays from the Big Sandy clay project in the US, including 39m @ 2,015 ppm lithium from 23m down-hole. The company is poised to accelerate its exploration and development activities at the project, following a recent oversubscribed placement for $2.4m, which will facilitate the estimation of a mineral resource and the completion of definitive metallurgical test work programs.

88 Energy to farm out Alaskan oil project

88 Energy Alaska-focused 88 Energy is closing in on a potential farm-out of the conventional rights at its Project Icewine in Alaska’s North Slope, with its preferred bidder scheduled to make a final decision in June. Final analysis of the HRZ shale at the same project has indicated that more than half of its large lease holding of about 528,000 acres remains prospective for unconventional oil.

Analyst bullish on Geopacific

Petra Capital has produced a research report comparing the value of recent M&A transactions in the junior gold sector with Perth based, ASX-listed PNG gold explorer and developer, Geopacific Resources. Geopacific is sitting on nearly 1.6 million gold ounces in PNG and has access to a wider goldfield on the Pacific island that looks to be highly prospective for the elusive yellow metal.

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