Prominent Kalgoorlie-Boulder businessman Ashok Parekh appointed chair of junior explorer OzAurum Resources
Prominent Kalgoorlie-Boulder businessman Ashok Parekh has been appointed non-executive chair of OzAurum Resources, a Goldfields-headquartered junior explorer with projects in the region as well as Brazil.
The moved reunites Mr Parekh, also the non-executive chair of emerging mid-tier gold miner Horizon Minerals, with Andrew Pumphrey, who founded OzAurum in February 2021.
Mr Pumphrey said Mr Parekh's deep industry knowledge, extensive network within the Kalgoorlie-Boulder region and the wider mining and resources sector, and proven commercial acumen made him an exceptional strategic appointment for OzAurum at this pivotal time.
'I have known and worked with Ashok for many years and his experience in gold exploration and mining will be invaluable as we progress our projects,' Mr Pumphrey, who is the managing director and chief executive of OzAurum, said.
Mr Parekh's arrival sees Jeffrey Williams step down as chair, a position he has occupied since the company's inception.
Mr Williams will continue in his role as non-executive director.
OzAurum has two gold projects 130km north-east of Kalgoorlie-Boulder — Mulgabbie North and Patricia.
The company's website said it was exploring 8km of strike at Mulgabbie North, which is next to Northern Star Resources' Carosue Dam operations.
The website said gold mineralisation was open at depth and along strike, and Mulgabbie North had all the hallmarks indicating potential for a significant gold discovery.
It said a Mulgabbie North gold heap leach 50:50 profit share agreement was signed last September with two companies — Line Hydrogen and BIM Metals, together known as LHBM — to complete the Mulgabbie North heap leach feasibility study, which was being fully funded by LHBM.
OzAurum said the study was expected to take up to 12 months and following completion and, if a decision to start production was made, LHBM would operate and be responsible for funding the proposed mining and heap leach operation, with net cash after operating and capital costs to be split 50:50 between OzAurum and LHBM.
OzAurum said Mulgabbie North had a mineral resource estimate of 11.6 million tonnes at 0.70 grams per tonne for 260,000 ounces of gold, with 64 per cent in the measured and indicated categories.
Patricia, 40km north-east of Mulgabbie North, has an open pit where the company is targeting high-grade gold mineralisation at depth.
Historical production at Patricia from 1930-37 generated 5384oz of gold at 41 g/t.
The project includes the Heysen's Find Prospect 7.5km south of the Patricia open pit.
The company also has two niobium-rare earth elements projects in the Brazilian State of Minas Gerais — Catalao and Salitre, which it acquired last year.
Both projects are situated within the Alto Paranaba Magmatic Province that accounts for 97 per cent of worldwide niobium production, all hosted in carbonatite intrusions.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Australian
2 days ago
- The Australian
Artemis on 5000m Pilbara drill drive
Artemis Resources to launch 5000m drill program to expand Carlow gold project Includes 3800m of wide-spaced diamond drilling to enhance 374,000oz gold and 64,000t copper Carlow deposits Application for potential new IOCG prospect at Cassowary near Kalgoorlie Special Report: Artemis Resources is about to embark on a key drilling program seeking to expand one of the most prominent gold and copper resources in WA's legendary Pilbara region. While it doesn't have the scale (yet) of a Hemi or Karlawinda, Artemis (ASX:ARV) has used the gold price boom to refocus its attention on the 374,000oz gold and 64,000t copper Carlow gold project. Its gold bounty is likely to be far more extensive than previously known, essentially proven in early drilling conducted under the watch of new managing director and ASX exploration legend Julian Hanna, which found a headline hit of 7m at 2.9g/t Au (including 1m at 15.3g/t) 600m from the existing resource. A 3800m diamond drill program will chase extensions beyond the limit of current drilling, including to close the knowledge gap across that 600m divide. The wide-spaced drill program will also follow up an historic intersection of 4m at 11.1g/t Au and 2% Cu some 120m below the limits of the Carlow resource shell, with drilling showing the mineralisation there remains open below 380m. On top of that, a dedicated project manager has been appointed to oversee technical studies including metallurgical testwork, conceptual mining studies and a review of processing options. 'The next few months should be an exciting period for Artemis with drill programs aimed at growing the scale of the Carlow project and technical studies required to move Carlow towards possible feasibility and early development stages,' Hanna said. 'The first priority is widely spaced diamond drilling to scope out potential for significant extensions to the high-grade gold and copper lodes along strike and below the mineral resource announced in October 2022, and to provide core samples for metallurgical testwork.' Golden opportunity The Carlow extension drilling in the September quarter will use large diameter drill holes to collect samples for met testwork. Wide-spaced drilling, which follows the March quarter program, detailed surface mapping and a hole by hole review of more than 400 historical holes will test a new interpretation of the geology at the site. It will target two areas: the 600m-long zone along strike from Carlow East, which extends below the Andover Intrusion, and a 1500m-long zone below the Carlow West and East resources. '5-6 diamond holes spaced 200m apart are initially planned to scope out potential for high grade lodes extending into the two target areas,' Artemis says. 'These areas are supported by high-grade gold intersected in two historic and recent holes (20CCDD003 and 25ARDD001) and by the new geological interpretation of low angle thrusting continuing below Carlow.' But there's more on the agenda. A 1200m drill program using low cost reverse circulation techniques will also kick off in the September quarter, zeroing in on the Titan geophysical anomalies, where high grade surface gold has been found just 2km west of Carlow. 'RC drilling at Titan will initially test a near-circular ~400m wide gravity anomaly (G1) with small outcrops of brecciated and sheared chert which returned assays up to 41.4g/t gold (sample ID: 24AR28-048 reported January 28, 2025) from surface samples of ferruginous chert,' Hanna said. 'RC drilling is also planned across the Titan thrust zone to test the wider potential of this unusual feature. A heritage survey to enable wider access for drilling at Titan is scheduled in July.' The first target is G1, an anomaly 700m west of Artemis drilling which peaked at 1m at 16.4g/t in porphyry. Ten shallow RC holes are planned there after a heritage survey scheduled for mid-July. Artemis will launch into a 5000m drill program at Carlow and Titan in the September quarter. Pic: ARV Watch: Artemis joins forces with GreenTech Metals for lithium JV Last but not least Not content just with its Pilbara quarry, Artemis has gazed out further for early stage exploration opportunities, placing its foot on the Cassowary Intrusion. There it hopes to uncover a potential iron oxide copper-gold discovery – the style responsible for the mammoth Aussie copper and gold deposits at Olympic Dam, Oak Dam, Prominent Hill, Carrapateena and Ernest Henry – 450km east of Kalgoorlie. An application has been made for an exploration licence at the project, where the target elucidated from regional magnetic data appears to sit below an estimated 250-300m of Eucla Basin sediments based on diamond drilling of other prospects in the region. An interpretation of the magnetic data shows the Cassowary Intrusion is large, sitting over 5km wide, and occurs in a 'unique geological setting on the margin of the >500km long Madura Crustal Boundary at the intersection with a cross-cutting fault.' The ground around Cassowary is hot property for mining majors. Pic: ARV 'The Company's other outstanding exploration project is the interpreted Cassowary Intrusion which occurs in a unique geological setting on the margin of a >500km long north-east trending crustal boundary, with surrounding geology disrupted over 10s of kms,' Hanna said. 'Cassowary is a rare opportunity to drill for possible IOCG type copper/gold mineralisation. Artemis's 330km2 EL application which covers Cassowary is expected to be granted in September Quarter and planning is underway for a gravity survey to assist drill targeting. 'We look forward to reporting progress on these three gold and copper opportunities as soon as possible.' Nearby tenement applicants in the surrounding region include WA1 Resources (ASX:WA1) and Canadian giant Teck Resources, which has applied for seven ELs, showing the scale of the opportunity. This article was developed in collaboration with Artemis Resources, a Stockhead advertiser at the time of publishing. This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
West Australian
28-05-2025
- West Australian
Uranium company says WA Government policy changes ‘warranted' as it produces ‘more accurate' project study
A company with a long-stalled uranium project in the northern Goldfields says changes to the State Government's policy towards the nuclear fuel are 'warranted' after a 'more accurate' low-level study highlighted the 'robust' economic potential of one of its deposits. West Perth-headquartered Toro Energy's Wiluna uranium-vanadium project has three deposits, including Lake Maitland, which is 105km south-east of the northern Goldfields town. The WA Labor Government has a policy banning new uranium mining projects in the State, and Toro's approvals for Wiluna, which were granted in 2016, lapsed in 2021 because 'substantial commencement' was deemed not to have taken place. The only uranium project in WA with currently valid State approval is Deep Yellow's Mulga Rock proposal 290km east-north-east of Kalgoorlie-Boulder — but this is second in line to the $750 million Tumas project in Namibia, where Deep Yellow recently delayed a financial investment decision as it waits for global prices to improve. However, Toro has kept its investment in Wiluna bubbling away, and on Wednesday released an updated scoping study for Lake Maitland which it said highlighted a 'robust' case for a standalone mining and processing operation. Toro executive chairman Richard Homsany said the new study used the recently completed, more accurate resource estimation and re-engineering of the proposed mining operations. 'The result is a more accurate study that clearly demonstrates just how robust the potential economics of the proposed project are, with an uplift of $75m or 9 per cent to a base case of $908m in pre-tax net present value, and a significant reduction in the payback period to a very swift 18 months from the commencement of mining and processing,' he said. 'As we have stated previously, the Lake Maitland deposit comprises a significant proportion of the Wiluna uranium project's resources, so we cannot understate just how transformational the standalone Lake Maitland operation is on the potential economics of the entire Wiluna uranium project. 'These latest estimates at Lake Maitland outline its potential to be brought into production and capacity to generate significant returns when regulatory settings align. 'Importantly, Lake Maitland's upside and quality continue to improve with each evaluation Toro undertakes, further strengthening the case that Wiluna is an asset of global significance. 'Policy changes at the WA State Government level to facilitate Toro's project development and unlock the considerable value in WA's uranium industry are warranted and, in the context of assisting many countries with nuclear power in their energy mix to achieve decarbonisation, are more than well overdue.' Toro on Wednesday said it believed its State approval remained valid despite not achieving substantial commencement, and it still had the option of applying under the Environmental Protection Act for an extension of time at a later time during the life of the approval. 'It is also envisaged that favourable results from the studies detailed in this announcement may also necessitate an amendment to the proposal the subject of each environmental approval received,' the company said. The company updated the resource at Lake Maitland last September by 12 per cent to 29.6 million pounds of contained triuranium octoxide — otherwise known as yellowcake — with a reduction in average grade to 403 parts per million triuranium octoxide at a 100ppm cut-off grade. The study released on Wednesday said Lake Maitland could produce 1.3 million pounds annually of yellowcake across a 16.3-year mine life — which amounted to a total of 22Mlb. It said the total cost of the project was $298.4m. The returns were based on a uranium price of US$85/lb — rival Canadian company Cameco estimates the spot price in April was US$67.73/lb. The study also included the stripping of vanadium from the uranium processing flow stream — Toro said it was liberated from the uranium ore mineral as a potassium uranium vanadate, along with the uranium, during leaching, to produce a low-value sodium hexavanadate as a by-product. Last September's mineral resource estimate said Lake Maitland had a vanadium resource of 50Mt at 285ppm vanadium oxide for 31.4Mlb at a 100ppm cut-off.
ABC News
28-05-2025
- ABC News
Shire of Coolgardie angers mining industry with 97 per cent rates hike
A cash-strapped regional shire in Western Australia's Goldfields is pushing on with plans to hike mining rates despite significant public backlash. The move has drawn the ire of industry titans in Perth and local prospectors. The Shire of Coolgardie, which was founded on the discovery of gold in 1892, has taken drastic steps since March when it revealed it was facing a $6.5 million budget deficit. The local government, colloquially known as "the mother of the Goldfields", was already dealing with an ongoing investigation into former CEO James Trail when it this month proposed raising mining rates by 119 per cent. The plan to increase the rate in the dollar for mining rates from 0.23667 to 0.52030 would result in increases for all operating mining companies and tenements within the shire. The proposal attracted 21 submissions during public consultation, with a further 179 submissions lodged in a petition. Objections flowed from major employers in the Goldfields, including companies controlled by mining magnates Andrew Forrest and Chris Ellison, and powerful lobby groups such as the Association of Mining and Exploration Companies (AMEC). At Tuesday's ordinary council meeting in Coolgardie, councillors voted in favour of a slightly reduced increase in the rate in the dollar of 0.46827. It equated to a 97 per cent increase in mining rates. Councillors also agreed to provide a 30 per cent concession for prospectors and a 25 per cent concession for exploration companies, reducing forecast rates revenue by $481,478. The shire has forecast rates revenue of $20.57 million in 2025-26, up $7.86 million from the $12.71 million forecast in 2024-25. Shire of Coolgardie president Mal Cullen had defended the proposed increase, telling the ABC the additional income would help cover the cost of a $10.4 million capital works program to repair roads damaged by increased heavy vehicle movements and mining activity in the past three years. "The reasoning behind the proposed increase is to maintain infrastructure in the shire, such as the road network," he said. "The cost of operation of local government these days is significant." Deputy shire president Tracey Rathbone said the shire had done its best under the circumstances, telling the packed public gallery at Tuesday's meeting that "voices have been heard". "It has not been an easy budget to work through," she said. The angry response to the proposed hike was reflected by the Eastern Goldfields Prospectors Association, which took out a full-page newspaper advertisement in Tuesday's edition of the Kalgoorlie Miner. The advertisement depicted the shire as the grim reaper and urged ratepayers to "stand with us", calling for the appointment of administrators and for Local Government Minister Hannah Beazley to intervene "before mining is destroyed". "We're upset, our members are ropeable they've been targeted to get the shire out of trouble," president Cranston Edwards said. "They just go to the mining industry for a quick fix, it's a like a drug addict … we've been attacked." Prospector Ferdinand Gere said the proposed rates hike was unrealistic and scandalous. Privately-owned gold miner, Corinthian Mining, said if approved, the rates bill on its tenements would jump nearly $300,000 a year to $511,534. The shire disputed that figure. Corinthian Mining managing director Noel Wemyss said it risked Coolgardie's reputation as a stable place to invest. Ms Beazley has been contacted for comment. Mr Ellison's Mineral Resources, which placed its Bald Hill mine near Kambalda into care and maintenance last year, has been working closely with the Shire of Coolgardie on plans to upgrade the Kambalda Airport. It said the proposed increases differed markedly from neighbouring local governments with no evidence-based rationale to justify the hike. In response to a similar comment during the council meeting's public question time, shire president Mal Cullen said each shire had different budget considerations to work through when drafting rate increases. Mineral Resources manager of land access and tenure, Michael Bycroft, said it would result in a $400,000 increase in rates, describing the proposed hike as "unfair and inequitable". Mr Forrest's Wyloo Metals, which closed its Kambalda nickel mines last year, wrote in its public submission to the shire that its rates bill would increase from $725,471 to $1.74 million as a result of the proposed hike. Wyloo's Kambalda asset president, Zoran Seat, noted the financial impact of the shire's decision to build a 328-bed workers camp in Kambalda, known as Bluebush Village. He said multi-million dollar losses from the effectively failed investment by the shire had directly contributed to its deficit. "We have serious concerns that the proposed rate hike is being implemented to raise funds to address the shortfall in finances the shire is facing, rather than as part of a fair or sustainable fiscal strategy," Mr Seat wrote. ASX-listed exploration company WIN Metals said its rates bill would jump from $299,000 a year to $511,000, which it described as "simply ridiculous". "The shire and its financial issues are entirely of its own creation," WIN Metals managing director Steve Norregaard said. A submission from AMEC chief executive Warren Pearce called it an "extraordinary leap", saying he was not unsympathetic to the shire's financial woes but "exorbitant rates" were not the solution. Mining giant Rio Tinto, via its general manager of technical services for lithium, Leigh Slomp, said mining growth was fragile. He pointed to a recent downturn in nickel and lithium as examples. "It threatens to severely undermine confidence in Coolgardie as a mining-friendly shire and ultimately reduce long-term revenue as companies reassess the attractiveness of operating in Coolgardie and its reputation as a stable place to invest," he said. Gold miner Evolution Mining, which this year completed a $228 million expansion of its Mungari operations, estimated the rates on its mining tenements would increase by $1.6 million to $2.8 million. Evolution Mining also owns the 100-bed Kurrajong Village in Coolgardie, with the company calculating the rates for the workforce accommodation would increase by $784,237 to $1.43 million. Mungari general manager Scott Barber said the increases would have lasting and long-term repercussions, adding the company would be asking the local government minister to intervene. ASX-listed Minerals 260 in January paid $166.5 million to acquire the Bullabulling gold project near Coolgardie. It plans to enter production in 2028 with a mine employing about 350 workers. Minerals 260 managing director Luke McFadyen said the proposed rates hike would deter investment in the region, reduce exploration activity and discourage the key industry which underpinned the local economy.
