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West Australian
a day ago
- Business
- West Australian
ASX Big Hits: Sunshine Metals, Variscan Mines & PVW Resources
Bulls N' Bears Big Hits examines some notable drill intercepts revealed on the ASX this week, including Sunshine Metals' one-ounce-per-tonne gold hit from 41 metres, which included 2m at 3.9 ounces per tonne gold. Other interesting drill hits from last week were reported from Variscan Mines' Udias lead-zinc mine in northern Spain and PVW Resources' Capao Bonito rare earths project in Brazil. Let's dive in. Sunshine Metals (ASX: SHN) Project: Liontown prospect, Ravenswood project, North Queensland. Hit: 10m at 31.91g/t gold from 41m. including 2m at 121.5g/t gold from 46m. Shallow drilling at Sunshine Metals' Liontown prospect, part of its Ravenswood Consolidated project in North Queensland, has delivered a best intercept of 10m at an average gold grade of just over the magic one ounce per tonne. While that primary intercept is impressive enough, the icing on the cake came with an included 2m hit at a heart-warming 121.5 grams per tonne (g/t) gold - or 3.9 ounces per tonne - from 46m. The second-best hole gave up 9m assaying 6.31g/t gold from surface, while the third-best hole delivered 3m running 6.35g/t gold from 79m. The results relate to 16 reverse circulation infill drill holes put into the project out of 29 holes for 1834m, which have just been completed at the Liontown prospect. The company intends that the drilling program will help consolidate its metallurgical testwork before it upgrades the current shallow 21,000-ounce inferred gold resource to an indicated resource. The resource also contains 307,000 ounces of silver. Additional metallurgical samples required for the resource category upgrade will be sent for metallurgical testwork when all assay results are assessed. The company says it has intersected historical mining voids from 1m to 2m-wide true thickness in predicted locations. The company plans to have its Liontown drilling results in hand by the end of June, while its metallurgical results and resource upgrade mining study will kick off in July. It also plans to construct a refined void model to take account of removed tonnes and grades as part of the resource refinement and upgrade. Sunshine's strategy is to identify shallow oxide-hosted gold resources to depths of about 50m and rapidly evaluate their commercial potential while gold prices are still high. It has toll treatment in mind through one of the nearby processing mills. The recent reverse circulation drilling program has closed up the spacing across the oxide and transitional resource to a 25-square-metre grid. Sunshine's managing director Dr Damien Keys said the company's stunning gold intercept in the shallows of the Liontown resource is a 'Back to the Future' moment, given the operation began as a gold mine in 1905 with an estimated 28,000 ounces of gold mined at a 22g/t grade. The company's latest drilling program reinforces the significance of pursuing a shallow oxide gold production strategy, Keys said. Sunshine announced this week it had received the latest and final 13 holes from its 29-hole drilling program. A best intercept from the final 13 holes is 3m assaying 3.05g/t gold from surface, 5m going 4.67g/t gold and 481g/t silver from 6m, 3m at 22.82g/t gold and 351g/t silver from 13m and a further 3m running 10.51g/t gold and 442g/t silver from 38m. Variscan Mines (ASX : VAR) Project: Udias lead-zinc mine, the Novales-Udias project, northern Spain. Hit: 8m at 9.6 per cent zinc and 0.02 per cent lead and 10m at 5.58 per cent zinc and 0.52 per cent lead. Variscan has nailed further encouraging base metal intercepts at its Udias mine in northern Spain, with assays from its underground diamond drilling program confirming significant base metal mineralisation. The headline hit recorded 8m at 9.6 per cent zinc and 0.02 per cent lead, and 10m at 5.58 per cent zinc and 0.52 per cent lead. It was supported by a second-best intercept of 7.1m assaying 3.85 per cent zinc and 0.47 per cent lead and 5m going 5.32 per cent zinc and 0.59 per cent lead. Two other top intercepts gave up 5.4m at 5.06 per cent zinc and 0.2 per cent lead and 4m assaying 4.93 per cent zinc and 0.04 per cent lead. Variscan's inaugural underground drilling program at Udias was designed to test priority targets in previously undrilled areas. It also discovered new mineralised zones outside the company's current mineral resource estimate. Importantly, the drilling results correlate well with historical underground face sampling results and confirm past mining for zinc exploited zinc oxide and did not completely mine out higher-grade, primary zinc sulphide mineralisation. The Udias–San Jose trend extends for about 4.5 kilometres from Udias in the southwest of the trend, along an arcuate northeasterly mineralised strike towards the San Jose/Novales mine area. The complex features an extensive footprint of underexplored workings lying along strike from and mostly outside the company's current mineral resource estimate. Variscan plans to deliver a resource update later in 2025. Assays from the latest round of diamond drilling show mineralised zones extend well beyond the current geological and mineral resource models and remain open along strike and to greater depths. So far, the Udias drilling has shown strong geological similarities with mineralisation encountered in the San Jose mine, confirming they are part of the same mineral system and Variscan is continuing the program to confirm the upside of the largely underexplored but highly mineralised locality. It plans to progressively move its drilling focus into new target zones along the existing line of mine development to eventually link up existing resources with its estimated resource at the San Jose/Novales mine area further northeast. The Udias mine complex links directly via underground mine workings to the San Jose mine near Novales, with both mines sitting on the greater 12km-long Udias-San Jose-Novales trend. Ready access to the underground mine has permitted mapping, sampling and drilling of short, cost-effective holes to a maximum depth of about 30m. An updated JORC compliant mineral resource estimate for multiple individual mineralised zones along about 4500km of strike - including Udias, the Central San Jose zone and northeast San Jose zone, was released in December 2024 and comprises 3.4 million tonnes at 7.6 per cent zinc and 0.9 per cent lead. The Udias mine complex is several times bigger than the San Jose mine. Variscan has only recently started drilling the complex, while the southern part of the Udias mine, which is more than 1.4km long, has never been drilled. Future work aims to progress the San Jose/Novales-Udias drilling campaign and advance the metallurgical and geotechnical testwork. All these results will then be included in a mine re-start scoping study. The Novales-Udias project is in the Basque-Cantabrian Basin, 30km southwest of the regional capital, Santander. It is centred on the former producing San Jose underground mine, which has extensive surrounding exploration opportunities, including satellite underground and surface workings and zinc anomalies identified by recent and historic geochemical surveys. PVW Resources (ASX: PVW) Project: Capao Bonito rare earths project, Brazil Hit: 14m at 2440ppm TREO from surface, ending with 1m at 1942ppm Assay results from PVW Resources' final 13 drill holes confirm widespread near-surface rare earth element mineralisation, with a peak value of 5662 parts per million (ppm) total rare earths oxides (TREO). The best intercept in the campaign's last stage was 14m at 2440ppm TREO from surface, ending in mineralisation with 1m going 1942ppm TREO. The company's phase one drilling program at its Capao Bonito East Block is now complete. Of 56 holes assayed to date, 89 per cent have intercepted TREO values exceeding 500ppm. The mineralisation ranges in thickness up to about 14m from a minimum 4m depth below surface. Many of the holes terminate in strong grades. The top five intercepts all end in TREO grades ranging from 1022ppm to 1942ppm TREO, which average 1413ppm TREO. The encouraging results lift Capao Bonito's status as a cornerstone asset in PVW's Brazilian rare earths portfolio. The consistently high TREO concentrations and broad mineralised zones support the company's confidence in the project's scale and development potential. With phase one drilling completed at Capao Bonito, the next step is to confirm the mineralisation's ionic adsorption clay (IAC) characteristics. Accordingly, 450 samples have been submitted to SGS Geosol for ammonium sulphate leach testing to verify the IAC rare earths style and assess its recovery potential. This is a critical diagnostic method for confirming IAC rare earth systems. The company is now directing its attention to the nearby Sguario project, about 20km southwest of Capao Bonito, where preliminary work also yielded highly encouraging results. These include early assays pointing to near-surface mineralisation and favourable metallurgical characteristics similar to those at Capao Bonito. Initial intercepts at Sguario from late last year include 6.5m at 1515 ppm TREO, including 464ppm neodymium+praseodymium (NdPr) oxides from surface, and 1.5m at 2796 ppm TREO, including 902ppm NdPr oxides within a broader 5m mineralised interval. Sguario rare earths mineralisation remains open at depth. The company is planning follow-up exploration to define the scale and continuity of the rare earth-enriched zones. PVW Resources is an emerging exploration company focussed on Brazilian rare earth elements and gold in a country with favourable geology, excellent infrastructure and reliable state regulations. The company is developing high-potential projects for IAC rare earths, which are essential, valuable and critical elements required for the global clean energy transition. PVW's latest drilling program confirms extensive near-surface mineralisation up to 17m deep, with more than 70 per cent of the intercepts kicking off from shallow depths of 5m or less, including the final headline hole. The dominant shallow, high-grade mineralisation enhances the project's economic potential and supports the possibility of a project featuring low-cost, low-risk extraction. Is your ASX-listed company doing something interesting? Contact:
West Australian
28-05-2025
- Business
- West Australian
Big Hits: White Cliff, Benz Mining and Koonenberry Gold
Bulls N' Bears Big Hits examines notable drill intercepts recently revealed on the ASX, including White Cliff Minerals' 58-metre hit at 3.08 per cent copper and 13.3 grams per tonne (g/t) silver at its Rae project in Canada. Other interesting drill hits were reported from Benz Mining Corporation's Glenburgh project in Western Australia's northwest and Koonenberry Gold's Enmore gold project in New South Wales. Let's dive in. White Cliff Minerals (ASX: WCN) Rae copper project, Nunavut, Canada. Hit: 58 m assaying 3.08 per cent copper and 13.3g/t silver White Cliff Minerals recently reported a reverse circulation drill intercept of 58m assaying 3.08 per cent copper and 13.3g/t silver from 52m, including a high-grade 18m run assaying 5.21 per cent copper and 22.33g/t silver from 69m. The drill hole was the first in White Cliff's exploration drilling of its Danvers district, which forms part of the company's 1228-square-kilometre Rae copper project in Nunavut, Canada. Over the subsequent two weeks, the company followed up the impressive results with two further outstanding runs in its second and third holes. White Cliff's maiden drilling program was intended to be about orientation and scout exploration to identify mineralisation at Danvers, so having its first assay results returned with a nearly 60m intercept of more than 3 per cent copper was an outstanding beginning. Six days later, White Cliff reported another outstanding drill run of 175m assaying 2.5 per cent copper and 8.66g/t silver from 7.6m depth, including 14m going 7.55 per cent copper and 25.8g/t silver from 138m. The last 60m of the second hole averaged a stunning 3.9 per cent copper and 14.96g/t silver to its final depth of 182.88m, where it ended in mineralisation. The hole's bottom 1.5m drilled so far, graded 4.46 per cent copper and 11.58g/t silver and remains open at depth. Samples from that hole were assigned assay priority due to the abundance of visible sulphides in the drill chips. Management says the hole's outstanding results justify the company's confidence in its initial visual evidence. White Cliff believes the drill hole ranks among the most significant copper intersections globally within the past 50 years and comfortably sits within the top 10 reported 'grade-metre' copper results. It said the company's improving geological understanding of the Danvers exploration area points to a mineralised system extending from surface to more than 175m vertical depth and potentially for up to 7km of strike to the northeast and southwest. Based on the early results, White Cliffs has high hopes it will be the vanguard of more big hits. As if on cue, White Cliff then unveiled an intercept in a third hole of 90m at 4 per cent copper and 7.5g/t silver from surface, including a high-grade intercept of 18m assaying 6.5 per cent copper and 11.4g/t silver from 26m. That primary intercept also included a 1.52m run averaging a remarkable 19.45 per cent copper and 34.1g/t silver from 30m and another high-grade run of 14m going 7.7 per cent copper and 16.2g/t silver from 61m. The third hole was designed to test the thickness of the mineralisation and was drilled towards the southeast, perpendicular to the strike of the copper-rich breccias. Results confirm continuity of high-grade mineralisation reported in the headline hole. White Cliff says the drilling program to date has enabled it to dial in on the high-grade copper zones. It will return to site shortly to drill out the new mineralisation as it steps out along a 9.5-kilometre faulted structure. Even without other supporting intercepts, the second and third holes at Danvers confirm significant continuity and grade across a large copper-rich breccia vein that averages about 3-4 per cent copper, imparting real significance to the potential of all the vein-hoisted breccias in the company's tenure. Management says it is confident it will deliver a material maiden exploration target at Danvers after completing the next round of drilling, and it expects the high-grade core at Danvers will significantly add to the target's overall economics. Last week, White Cliff announced it has received firm commitments to raise $14.4 million to drill its Rae copper project through the year. The capital raise was significantly oversubscribed, with White Cliff receiving investments from several new Australian, United Kingdom, Hong Kong and Singaporean financial institutions, along with its existing institutional and sophisticated shareholders. The company says the funds will be used to expand and accelerate its drilling and exploration activities at Rae, with drilling set to recommence from mid-July. Benz Mining Corporation (ASX: BNZ) Zone 126 Glenburgh project 270km southeast of Carnarvon, WA Hit: 2m at 6.8g/t gold from 295m Benz Mining's recent reverse circulation drilling of its Zone 126 target at the company's Glenburgh project intersected 2m of high-grade gold mineralisation averaging 6.8g/t gold from 295m downhole depth. The intercept forms part of a tantalising 102m run between 294 and 396m deep, averaging 0.32g/t gold, including 33m assaying 0.67g/t gold from 295m. The headline hole is one of three additional holes put into the company's Zone 126 area as part of Benz' maiden drilling at the project. The program targeted depth repeats or extensions of Zone 126, an area of high-grade gold mineralisation discovered by previous owners Gascoyne Resources and Helix Resources. Drilling results from Zone 126 when Benz bought the project late last year included 10m at 11.6g/t gold, 8m at 11.6g/t, 24m at 9.1 g/t, 14m at 8.9 g/t,12m at 8.1g/t and 28m at 5g/t gold from near-surface to about 290m vertical depth. Benz' review of historical data and its reconnaissance mapping led it to propose a new model of a shallow plunging fold control on mineralisation within the gneissic rocks at Glenburgh. The concept was successfully tested when the company drilled the northeast-plunging continuity of the historic Zone 126 over the following five months. Significant intercepts from that work include 11m at 19.9g/t gold, 4m at 12.2g/t, 5m at 10.2g/t, 8m at 5.6g/t and 12m at 2.6g/t gold. The results support Benz' new model and define a second high-grade en echelon gold lens about 25m to 50m northeast of and 80m down-plunge from Zone 126. At this stage, the new zone is interpreted to extend a vertical distance about 170m to 420m below surface. Based on these results and the position of the second lens, the company's latest modelling now points to a possible third lens that might exist further to the northeast and down-plunge from the second lens. The tentatively interpreted third lens is currently modelled to sit about 220m to 520m below surface and between about 25m to 50m down-dip from the second lens. The ongoing modelling appears to have been validated, with Benz saying the position of its most recent headline hit is consistent with its interpretation of a likely third high-grade gold lens. These multiple gold zones would never have been explored without the benefit of a new structural model, with Benz saying this is the first time drilling in the area has stepped away and down-plunge from the near-surface gold anomalism. Benz figures the headline 2m at 6.8g/t gold hit lies on the upper and outer margin of the third lens, which could thicken towards its core, as observed at Zone 126 and in the second lens. The company sees the headline result as further validating its exploration model and adding impetus to its plan for a new round of drilling to confirm and flesh out the third lens. While at this stage the headline hole only hints at the existence of a third lens, the model suggests that mineralisation potential remains open down-plunge and that the proposed drilling stands a good chance of defining it more broadly. Two other step-back holes have also targeted the mineralised 'gap zone' between the company's nearby Icon and Apollo deposits. Both holes hit broad zones of low-grade mineralisation, with a notable 220m intercept averaging 0.37g/t gold from 181m depth and ending in mineralisation. This represents one of the thickest intervals recorded on the project to date. The broad mineralised intercepts between Icon and Apollo highlight the potential scale of the gold system at the Glenburgh project. While high-grade discoveries remain a priority for Benz, the big low-grade gold envelope along the 4km northeast-trending Icon-Apollo structural corridor and enclosing the high-grade lenses, highlights a possible bulk mining opportunity with two clear paths to resource expansion. The company's Glenburgh gold project has a mineral resource estimate of 16.3 million tonnes at a grade of 1g/t gold for 510,100 ounces of contained gold, based on shallow drilling. With the drill rig slated to soon begin a second assault on the project, Benz believes it is sitting on a district-scale gold system at Glenburgh with multi-million-ounce potential. Benz has kicked off an ambitious 30,000m reverse circulation drilling campaign at Glenburgh, with diamond drilling set to follow in the third quarter of the year. The program comes on the back of the company's recent $13.5M capital raise, which will position it to aggressively advance the drilling program. Koonenberry Gold (ASX: KNB) Sunnyside prospect Enmore gold project, NSW. Hit: 102m assaying 1.10g/t gold including 9.7m at 3.57g/t gold Koonenberry Gold has landed an emphatic 102m run assaying 1.10g/t gold from 184m, including 44m going 1.77g/t gold from 235m, which includes 9.7m at 3.57g/t gold from 252.3m. The remarkable run was logged for the company's third diamond drill hole at its Sunnyside prospect, which is part of its Enmore gold project in northeastern NSW. The intercept represents a hefty 112.20 gram-metre interval with an equivalent horizontal width of 80m, measured perpendicular to the strike of a first-order 140m-wide northeast-striking host shear corridor. The Sunnyside prospect occurs along the Sunnyside fault at the contact between 302-million-year-old Permo-Carboniferous porphyritic Enmore Monzogranite to the northwest and older sedimentary Girrakool Bed rocks to the southeast. The shear corridor arcs gently around the near-vertical, sheared fault contact between the granite and the sediments. The company's previous two diamond holes were both drilled at a 55-degree dip and intercepted spectacular runs. Visible gold was reported in seven of the nine holes drilled. The first hole, bored in granite to follow the steep granite-sediment contact, returned 170m assaying 1.75g/t gold from 77m, including 18.3m running 9.95g/t gold from 172.9m, with 0.3m going 144.5g/t gold from 173.8m. A second similar hole returned 172.9m assaying 2.07g/t gold from 171m, including 25m going 5.23g/t gold from 194m, which included 5m running 11.09g/t gold from 213m. The fourth and fifth holes both reported visible gold. More recent results from the fourth hole came home with a strong run of 149.5m at 0.94g/t gold from 184.5m, including 91.5m assaying 1.15g/t gold from 184.5m that also included 2m at 13.52g/t gold from 200m. Results are expected for the fifth hole in mid-June. The company interprets a true width of mineralisation across the primary shear zone of about 75m. Koonenberry hails its inaugural drilling program at Enmore as a great success, having identified a gold system extending across an area of about 260m x 300m, which remains open along strike to the southwest and northeast and at depth in the shear body. The results provide good evidence for the system's potential to host broad intervals of shallow gold mineralisation and high-grade gold zones at depth. Ten holes have been put into the Sunnyside target at Enmore, with three showing visible gold. Results are pending for the remaining holes. The company held $5.35M in cash as of the end of March and remains well funded to continue its exploration at Enmore and across its other projects. Is your ASX-listed company doing something interesting? Contact:
West Australian
05-05-2025
- Business
- West Australian
Big Hits: Riversgold, Resouro, Indian Resources and Chilwa
Bulls N' Bears Big Hits examines some recent notable drill intercepts revealed on the ASX, including Riversgold Limited's 10-metre intercept grading 8.89 grams per tonne (g/t) gold from 46m, including a 1m hit at 77.96g/t gold, in Western Australia's Eastern Goldfields. Resouro Strategic Metals, Indiana Resources and Chilwa Minerals also reported interesting drill results that are worth considering. Let's dive in. Riversgold (ASX: RGL) Project: Kalgoorlie East gold project Hit: 10m at 8.89g/t gold from 46m, including 1m at 77.96g/t gold from 54m Riversgold Limited has scored a decent run of gold hits among 32 recently drilled vertical air core holes for 1805 metres put into the company's Northern zone. The target zone is an extensive 600m-wide porphyry intrusive-hosted gold system, 25 kilometres east of Kalgoorlie. The company's available results include a best intercept from the Eastern extension of the project running 10m at 8.89g/t gold from 46m, including 1m at 77.96g/t gold from 54m. Its second-best hit was 7m at 3.14g/t gold from 47m, including 1m going 18.35g/t gold from 50m. A third hole, 50m southeast of the previous hole, probed 5m running 1.26g/t gold from 46m, including 2m at 2.74g/t gold from 49m. Two other shorter intercepts include 2m at 11.97g/t gold from 34m from the Northwest extension and 1m at 6.98g/t gold in the Eastern extension from 50m depth, respectively. The Northeast extension is about 250m northeast of the main part of the deposit and extends from below surface cover to about 100m depth. All the air core holes on the Eastern extension picked up good grades, including the highest gold grades drilled at the project to date. The company expects to soon receive the results of analyses for a further 414 samples from 11 air core holes. The high-density air core drilling program intersects the upper parts of the project's porphyry host, where grades better than 1g/t dominate to at least 100m depth below surface. One deeper mineralised lobe extends to just beyond 200m vertical depth. Air core drilling at the Northern zone complements previous deeper drilling campaigns, including an inclined 11-hole 1289m reverse circulation program by Riversgold, in which every hole intersected the host porphyry over an increasing footprint within the tenement. The company's best reverse circulation hole nailed 11m at 1.38g/t gold from 80m in the Eastern extension. A second reverse circulation hole scored 18m at 1.94g/t gold from 49m, including 3m running 8.2g/t gold from 60m in the Northeast extension. The third-best hole, also in the Northeast extension, intercepted 14m at 0.72g/t gold from 41m, including 3m at 2.6g/t gold from 52m. The previous duo of reverse circulation holes drew initial attention to the Northeast extension, about 250m northeast of the main part of the deposit, which extends from below surface cover to about 100m depth. Riversgold's air core drill holes have intercepted higher-grade zones in the shallow, near-surface zones of an extensive gold mineralised porphyry across a growing footprint. Higher grade zones – based on an above 1g/t gold cutoff grade - extend from near surface to about 200m depth and occur as multiple zones or extensions. If the cutoff grade was reduced to 0.5g/t gold, the gold envelope within the 600m long trend tested to date would expand massively to embrace continuous mineralisation extending along the entire trend. At this stage, the entire porphyry envelope below 300m vertical depth remains open. The project looks like it could reward some peripheral mapping, low-cost geophysics and a handful of deeper holes to determine the full outline of the porphyry. It would also help to get a handle on the nature of the vertical grade distribution and various influences on near-surface enrichment. That work could reveal that the extensions might be the shallow apophyses of a single large porphyry, which could change the game completely. The company plans to continue evaluating the Northern zone and move towards an initial mineral resource estimate as soon as possible. Resouro Strategic Metals (ASX: RAU) Project: Tiros North Block titanium and rare earth elements project, Brazil. Hit: 1m at 22% titanium dioxide and 18,827ppm (1.88%) TREO from 8m Resouro Strategic Metals reported encouraging titanium and rare earths results from its recent 21-hole auger drilling program for 206m in the North block of its Tiros titanium and rare earth elements project in Minas Gerais state in Brazil. Its highlight intercept of 1m at 22 per cent titanium dioxide and 18,827 parts per million (ppm) total rare earth oxides (TREO) from 8m in one hole is supported by a second 1m run grading 25.6 per cent titanium dioxide and 12,138ppm (1.21 per cent) TREO from 19m. Three other better holes also produced significant results, including 7m at 23.4 per cent titanium dioxide and 0.81 per cent from 5m, 4m at 20.8 per cent titanium dioxide and 1.42 per cent TREO from 6m and 4m at 18.9 per cent titanium dioxide and 1.1 per cent TREO from 5m. All the results relate to the current auger drilling campaign, which was designed to evaluate the areas outside the company's main Tiros Central block. Resouro focussed on the North block in this program because previous auger drilling results pointed to a near-surface high-grade zone. The company is awaiting on results for an additional 18 auger holes for 180m of drilling at the same North block. The company's Tiros North Block is a plateau, where the prospective Capacete Formation is preserved. Auger holes were positioned along the plateau rim in prospective zones with little or no overburden to enable better access to the drill positions. Resouro has recently updated its combined measured and indicated resource estimate for its Central Block mineral resource to 1.4 million tonnes containing 165Mt of titanium dioxide and 5.5Mt of TREO, with an impressive 27 per cent magnet rare earths oxide (MREO) content . The company says it is among one of the largest mineral deposits of this type globally, particularly in light of its additional 500Mt inferred resource containing 60Mt titanium dioxide and 1.85Mt TREO. In upcoming work, Resouro intends to deliver a resource statement and a mine plan ahead of a scoping study for a trial mining licence application and has also begun an environmental impact study as part of the licensing process. The scoping study will generate bulk samples of raw, unprocessed material from the North Block, focused on very high-grade, near-surface, friable material for distribution to potential offtake partners. This will allow the company to evaluate market interest in direct shipping and to guide future development decisions. Resouro will also continue to test other targets outside its Central Block, where it has concentrated its recent drilling. This work will follow up exploratory drilling that confirmed mineralisation in both its São Gotardo and North blocks. The company will also use an auger rig to map the Campos Altos block to assess its exploration potential. The Tiros project has 28 mineral concessions totalling 497 square kilometres in Minas Gerais, which has some of Brazil's best infrastructure development. Indiana Resources Project: Minos project, Gawler Craton, South Australia Hit: 23.05m at 2.62g/t gold from 151.95m. A seven-hole December to February diamond drilling program at Indiana Resources' Minos area, in the company's 5713 square kilometre Gawler Craton project, intercepted an emphatic run of 23.05m at 2.62g/t gold from 151.95m. A second hole gave up a convincing higher-grade result of 2m at 25.85g/t gold from 351m, while a third hole nailed 16.1m at 1.67g/t gold from 137.9m. Another long run was obtained in a fourth hole, which cored out 19m at 0.99g/t gold from 167m. The holes were all step-back diamond tails to reverse circulation pre-collars drilled behind fences of previous southwest-inclined reverse circulation drilling. The program was designed to explore further down-dip extensions of the steeply northeast-dipping multiple mineralised zone. The diamond drilling campaign followed up reverse circulation drilling at Minos, which yielded encouraging high-grade gold intercepts. Indiana's results from the combined drilling confirm that Minos extends further down-dip, which increases the potential for a commercial mining operation at the deposit. The company has already committed to further drilling at Minos based on the recent results and will mobilise a high-capacity reverse circulation drill rig to later this month to extend the next round of holes. The company will follow up this work with a diamond drill rig to extend several holes down to about 500m depth. The diamond rig is expected to be on site in June to run a 27-hole program for about 7000m to test the northwest and southeast strike extensions and down-dip extensions of an infill drilling program in the Main zone and for extensions of its Southwest zone. Chilwa Minerals Project: Mposa heavy mineral sands project, Southern Malawi Hit: 6.6m at 12.1% total heavy minerals (THM) from surface, including 1.15m at 31.4% THM from 0.65m. Chilwa Minerals has received results from a further 194 sonic holes for 1711m of drilling within the northeasterly extension area of its Mposa project in southern Malawi, which the company says exhibit some of the best grades and thicknesses to date. The second and third-best holes delivered runs of 6.6m at 12.1 per cent total heavy minerals (THM) from surface, including 1.15m at 31.4 per cent THM from 0.65m and 6m at 15.2 per cent THM from surface, including 2m at 33.6 per cent THM from surface. Mposa has an impressive existing inferred mineral resource estimate of 19.4Mt at 4.3 per cent THM, based on historical air core drilling. An additional 1Mt at 1.9 per cent THM resides at Mposa North. The results from the latest drill samples are from the northern extents of the Mposa deposit and overlap with the Mposa North mineral resource. With the existing Mposa mineral resource grading 4.3 per cent THM, Mposa North averaging 1.9 per cent THM and these latest results returning welcome multiples of that grade, the company is optimistic for a possible increase in overall average grade when the resource numbers are updated and expected to be delivered in June. The company has completed sonic drilling at Mposa over 8km of strike, amounting to 821 holes for 7073m. The results relate to about 7.7km of strike. The final seven-batch samples from Mposa have been sent to the company's new preferred laboratory in Pretoria. Chilwa expects to soon receive the results, allowing the company to complete its resource update. The two sonic rigs also drilled 134 holes for 927m at the company's nearby Bimbi prospect, as part of a 377-hole program. Mpyupyu also features a 2022 inferred heavy minerals resource estimate of 19.9Mt at 4.2 per cent THM, based on air core drilling. Chilwa expects its current drilling pace and the switch to a new laboratory will enable it to complete its drilling program, receive assays and finalise an updated mineral resource estimate for each of Mpyupyu, Bimbi Main, and Bimbi Northeast before the end of June. Is your ASX-listed company doing something interesting? Contact:
Sydney Morning Herald
05-05-2025
- Business
- Sydney Morning Herald
Big Hits: Riversgold, Resouro, Indian Resources and Chilwa
Bulls N' Bears Big Hits examines some recent notable drill intercepts revealed on the ASX, including Riversgold Limited's 10-metre intercept grading 8.89 grams per tonne (g/t) gold from 46m, including a 1m hit at 77.96g/t gold, in Western Australia's Eastern Goldfields. Resouro Strategic Metals, Indiana Resources and Chilwa Minerals also reported interesting drill results that are worth considering. Let's dive in. Project: Kalgoorlie East gold project Hit: 10m at 8.89g/t gold from 46m, including 1m at 77.96g/t gold from 54m Riversgold Limited has scored a decent run of gold hits among 32 recently drilled vertical air core holes for 1805 metres put into the company's Northern zone. The target zone is an extensive 600m-wide porphyry intrusive-hosted gold system, 25 kilometres east of Kalgoorlie. The company's available results include a best intercept from the Eastern extension of the project running 10m at 8.89g/t gold from 46m, including 1m at 77.96g/t gold from 54m.
The Age
05-05-2025
- Business
- The Age
Big Hits: Riversgold, Resouro, Indian Resources and Chilwa
Bulls N' Bears Big Hits examines some recent notable drill intercepts revealed on the ASX, including Riversgold Limited's 10-metre intercept grading 8.89 grams per tonne (g/t) gold from 46m, including a 1m hit at 77.96g/t gold, in Western Australia's Eastern Goldfields. Resouro Strategic Metals, Indiana Resources and Chilwa Minerals also reported interesting drill results that are worth considering. Let's dive in. Project: Kalgoorlie East gold project Hit: 10m at 8.89g/t gold from 46m, including 1m at 77.96g/t gold from 54m Riversgold Limited has scored a decent run of gold hits among 32 recently drilled vertical air core holes for 1805 metres put into the company's Northern zone. The target zone is an extensive 600m-wide porphyry intrusive-hosted gold system, 25 kilometres east of Kalgoorlie. The company's available results include a best intercept from the Eastern extension of the project running 10m at 8.89g/t gold from 46m, including 1m at 77.96g/t gold from 54m.
