|
|
Global View
Caledonia Mining has signed a cobalt off-take agreement with a large Chinese refiner. Under the terms of the agreement, Caledonia will supply a minimum of 21 000t of cobalt metal equivalent in the form of cobalt hydroxide from its Nama cobalt project over the next six years. The company's 100%-owned Nama Project is located in Northern Zambia. Caledonia plans to commence mining anomalies "A" and "C" using open-pit mining methods, pre-concentration and conventional cobalt extractive technology. It is proceeding with detailed mine planning and is targeting commencement of production by early 2009, at an expected annual production level of 10 000t of cobalt metal. An internal feasibility study has estimated capital expenditure at $125m.
Castle Minerals has identified a 3km-long gold target at Akoko North, with samples reporting consistent trends >200ppb gold. A 25-hole RC drilling programme has been completed at Akoko South, which is awaiting results. The Sapelliga project's drilling reports 22m @ 2.04 g/t from 25m and extensive new soil anomalies have been defined. Castle is one of the largest landholders in Ghana, with over 10 000km2 under licence and concurrent exploration programmes.
Birim Goldfields and Goldcrest Resources entered into an agreement on January 30 to merge the two companies. The board of directors of Birim and the board of directors of Goldcrest believe that the merger will have the following benefits for their respective shareholders:
- An extensive property portfolio covering 25 properties in Ghana and Burkina Faso. All of these properties are located on highly prospective Birimian gold belts, similar to those that have delivered several world-class gold mines in West Africa over the last 15 years.
- Multiple first-class exploration targets, including a project where a recently defined NI43-101 compliant resource is being extended, six advanced drill prospects, nine drill-ready targets and over 40 first class anomalies that can be advanced to the drill-ready stage.
- The combined company will be well positioned for growth and have the financial strength and flexibility, with over $16.5m in cash and over $10.5m in marketable securities, to take advantage of consolidation and acquisition opportunities in Africa.
Canadian Arrow Mines' resource estimate for its Kenbridge Nickel mine property has increased by 75% within the contained nickel for the proposed open pit portion of the deposit. The estimate includes:
- 3.4mt of indicated resource grading an average of 0.60% nickel and 0.33% copper, and 0.1mt of inferred resource grading an average of 0.74% nickel and 0.53% copper, contained within the upper 150m of the deposit at a cut-off of 0.3% nickel.
- 0.3mt of indicated resource grading an average of 1.09% nickel and 0.47% copper, and 0.7mt of inferred resource grading an average of 0.89% nickel and 0.44% copper contained below the 150m level of the deposit at a cut-off of 0.7% nickel.
Australian-based gold company Azumah Resources has elevated the exploration potential of its 100%-owned Wa-Lawra Gold project in north-west Ghana after reporting outstanding drilling results in several areas, including confirmation of extensions of the 516 000oz Kunche gold deposit and an exciting potential gold discovery at Bepkong, 2km to the north of Kunche.
The West Africa-focused explorer is implementing an accelerated, multi-phase exploration programme during the March quarter at several new prospect areas and the existing Kunche deposit as part of its strategy of developing a 1-2moz resource base at Wa-Lawra. Highlights of the 6.636m combined diamond and RC drilling programme completed during the March quarter included an outstanding intersection of 20m @ 4.1g/t Au from 52m within an overall intersection of 36m @ 2.54g/t Au from 36m at the newly identified Bepkong prospect, 2km north of the Kunche deposit.
Another key development was the delineation of high-grade mineralisation at the 1.5km-long Kunche East prospect, where wide-spaced reconnaissance drilling in the September quarter returned a number of near-surface intersections including 3m @ 10.9g/t Au from 22m. New intersections achieved during the December quarter included 8m @ 9.35g/t from surface, including 2m @ 34g/t Au from 6m and 1m @ 15.3g/t Au from 29m, 6.0m @ 7.33g/t Au from 5m and 7.0m @ 3.95g/t from 10m.
Another important recent development has been confirmation at Bepkong of the reliability of anomalies generated from back-to-back truck-mounted power auger soil sampling campaigns. Of particular note is Basibli, 40km north of Kunche, where a 4km-long anomaly has been outlined with spot values of up to 1.68g/t gold. Other prospects include Butele - where previous rock chip sampling of quartz veins hosted in granites returned values including 7.8g/t, 8.2g/t and 11.5g/t gold - Duri, Doggo, Yagha and Kuo. Auger drilling will continue during the March quarter with a further 3000 samples to be collected.
Calibre Mining has announced that its 100%-owned subsidiary, Calibre Mining (Australia), has executed a definitive option agreement with Western Plains Resources to earn up to a 70% interest in the Trundle Property (Trundle), located in New South Wales, by completing AUS$3m in exploration expenditures over a three-year period, including a minimum expenditure of AUS$600 000 in the first year. Calibre will have the option to acquire an additional 20% interest (for a total interest of 90%) by funding and completing a feasibility study, and will be the operator of the property. Trundle is a copper-gold exploration property located 355km west of Sydney and 300km north-west of Canberra. The 78kmē tenement covers a window of largely overburden-covered volcanics that are considered to be a portion of a rifted volcanic complex or caldera-like feature that hosts the Northparkes copper-gold district some 25km to the east. To date, the Northparkes district has produced 864 500oz gold and 616 400t copper. Current reserves and resources in the district total 78mt tons at average grades of 0.94% Cu and 0.42g/t Au. Calibre Mining Corp is focused on the acquisition, exploration and development of gold and copper deposits from around the Pacific Rim.
True North Gems has announced the expansion of its Beluga sapphire property by staking six additional claims comprising 18.95kmē contiguous to True North's existing claims. The Beluga sapphire property, now covering 38kmē, is located near the hamlet of Kimmirut, along the south coast of Baffin Island, Nunavut, Canada. The new claims were staked to cover additional occurrences of sapphire and scapolite, a diagnostic indicator mineral, extending to the south-west and south-east from the known sapphire mineralisation, and highly prospective geology continuing to the north and north-east. The original property, staked in 2002, consisted of two claims with an approximate area of 11.5kmē, and, in 2005, two additional claims, comprising approximately 6.95kmē, were staked contiguous to the west of the initial claims. True North Gems completed its earn-in obligations on the original claims in 2006, and now owns 100% interest in all ten claims, subject to a production royalty payable to the vendor.
|
|
 |
 |
 |
| All material copyright SA Mining |
| © Avusa Media Limited. All Rights Reserved |
|
|
Rate Card