Latest news with #WhiteCliffMinerals
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:
News.com.au
21-05-2025
- Business
- News.com.au
Resources Top 5: Buxton plans drilling in quest to conquer Centurion IOCG project
Plans are in hand for Buxton Resources' maiden drilling at the Centurion IOCG project Adriatic Metals is in the sights of TSX-listed precious metals giant Dundee Precious Metals Broad high-grade copper hits continue to roll in for White Cliff Minerals at the Rae project in Canada Your standout resources stocks for Wednesday, May 21, 2025 Buxton Resources (ASX:BUX) Buxton Resources is taking steps to conquer the Centurion iron-oxide copper-gold project in Western Australia with planning in hand for its maiden drilling. Investors have welcomed the initiative with shares 22.9% higher to 4.3c. An important step on the path to drilling has been the awarding of contracts for earthworks and drilling services to JB Contracting and DDH1 Drilling respectively. The program at Centurion in the underexplored West Arunta region will test a large-scale geophysical anomaly defined by coincident magnetic and gravity anomalies – a characteristic often associated with major IOCG systems like Olympic Dam and Carrapateena in South Australia. An initial 1000m hole will test this anomaly with provisions for immediate follow-up 'daughter' holes to assess the gravity and magnetic features from the 'parent' hole. This approach optimises the initial exploration phase and allows for rapid evaluation of the target. Drilling costs will be partially offset by a Western Australia Government EIS co-funding grant of up to $220,000. Earthworks are expected to start in June 2025 with drilling to start shortly after, subject to conducive weather. JB Contracting and DDH1 Drilling have existing operations in the West Arunta region, offering additional cost benefits and operational synergies. "The imminent maiden Centurion drilling program represents a significant step in unlocking the potential of this substantial IOCG target,' chief executive officer Marty Moloney said. 'We are therefore delighted to partner with highly reputable and experienced contractors, JB Contracting and DDH1 Drilling, for this pivotal campaign. 'Their established presence and operational experience in the West Arunta region provide cost efficiencies and the invaluable leverage of their local knowledge." IOCG deposits are large, simple-to-process concentrations of copper, gold and other economic minerals. They have the potential to be company makers thanks to their enormous sizes with Olympic Dam in South Australia being the third largest copper equivalent deposit and third largest gold deposit in the world. Adriatic Metals (ASX:ADT) The ASX's largest pure play silver exposure, Adriatic Metals, was up big in early trade courtesy of news that TSX-listed precious metals giant Dundee Precious Metals wants to swallow up the emerging European miner via a takeover. Banking sources told Sky News over in the UK the deal could clock in at £700 million, around $1.46bn Aussie, with its market cap now in the order of $956m. Adriatic confirmed early stage talks this morning. It owns the Vares mine in Bosnia, expected to produce 12-13Moz of silver equivalent metal this year. It's delivered 2.2Moz AgEq this year, which includes licks of zinc, lead, copper and gold, up from 1.3Moz across full year 2024 when the mine was opened. The deal could take another miner off the unloved London exchange, the focus of scrutiny from large investors who say capital and, by proxy, value is abandoning Paternoster Square. But more broadly the promise of a cash deal from a major player is exciting market watchers. There's the premium implied for Adriatic shareholders themselves, clearly behind today's ~24% rise, which would enable them to realise value for a project that fell prey to the ramp-up curse last year as ADT was forced into an equity raise and saw old boss Paul Cronin step aside for current MD and former BHP CTO Laura Tyler. Then there are the broader implications, Lion Selection Group recently updated its mining clock to 5 O'Clock, a time when cash takeovers become common as cashed up producers feed on unloved juniors to fuel their growth when prices turn. We're not there yet, but 6 O'Clock is when bust starts to give way to boom. It's not the only bottom-of-the-cycle deal we've seen in recent times. Rio Tinto (ASX:RIO) paid $10bn cash for lithium producer Allkem in the summer and just announced a deal with Codelco to study its Maricunga lithium assets in Chile. Xanadu Mines (ASX:XAM) is the subject of an agreed 8c per share cash offer from a consortium of Singapore-based Boroo (owner of the formerly Barrick stewarded Lagunas Norte gold mine in Peru) and Xanadu director Ganbayar Lkhagvasuren. XAM owns the Kharmagtai copper project in Mongolia, with the $160m cash offer (at a 57% premium to XAM's pre-bid price) a potential fishhook for long-time admirer Zijin to stump up and make it a competitive process. White Cliff Minerals (ASX:WCN) The broad high-grade copper hits continue to roll in for White Cliff Minerals at the Rae project in Nunavut, Canada, with the Danvers prospect delivering 90m at 4% copper from surface and shares reached 3.4c, a 9.7% increase on the previous close. Within the 90m in Hole DAN25005 was 18m at 6.5% copper and 11.4g/t silver from 26m, a high-grade core zone of 1.52m at 19.45% Cu and 34.1g/t Ag from 30m, and a further 14m at 7.7% Cu and 16.2g/t Ag from 61m. The hole was drilled towards the southeast and perpendicular to the strike of the copper-rich breccias, with the aim of testing the thickness of the mineralisation. White Cliff Minerals (ASX:WCN) notes the latest assays confirm the continuation of high-grade mineralisation observed in hole DAN25003/004 to the southwest and DAN25001/002 to the northeast. 'Danvers continues to just get better and better with each assay we receive,' WCN managing director Troy Whittaker said. 'Not only are these high-grade results, once again, from surface but we have now dialled in on high-grade zones.' Whittaker said the company was confident of a material maiden exploration target being delivered at Danvers following completion of the next round of drilling. 'We now know, as we had hoped, that Danvers has what appears to be an extensive high-grade core which should add tremendously to overall economics,' he explained. 'This hole, like Hole 8, carries huge significance. Hole 8 was designed to test the depth of mineralisation with the last metre ending in 4% copper and Hole 5 designed to test the width. 'These two holes alone confirm significant continuity and grade across a large copper-rich breccia vein that at a 3-4% average starts to put real substance into not just Danvers but all other vein hoisted breccias on our ground.' Peak Minerals (ASX:PUA) A four-year high of 2.1c was reached by Peak Minerals, an increase of 31.3% on the previous close, after heavy minerals (HM) were intersected across a strike length of 28km at the Minta rutile project in Cameroon. The results of up to 3.1m at 8.4% HM, 6.8m at 2.8%, 3.5m at 5.0% and 6.3m at 2.4% from an additional 29 holes of reconnaissance exploration auger drilling confirm the project's significant scale. All holes hit HM mineralisation from surface with an average depth of 3.9m and ending in mineralisation at auger refusal. The initial intercepts are adjacent to the discovery hole of 4m at 1.57% HM which included 4m at 1.05% rutile. 'This second batch of results from the drilling program at the Minta Rutile Project in Cameroon continues to confirm the extensive scale and consistency of heavy mineral mineralisation across the project area,' Peak Minerals CEO Casper Adson said. 'These latest results, covering 29 holes adjacent to the discovery holes, 28km across strike and up to 35km from the first reported drilling result location, indicate significant heavy mineral intersections in every hole. 'With the Minta Project spanning over 7,000km2 and this initial drilling phase covering approximately 50% of the total project area, these findings underscore the substantial potential of this emerging rutile province. 'These results reinforce the scale of the Minta Project, underscoring its potential as a significant new source of rutile and potentially a globally significant rutile province, we look forward to reporting further results as they become available.' Oceana Lithium (ASX:OCN) Firm commitments have been received by Oceana Lithium for a placement to raise $667,000, before costs, with shares hitting a new 12-month high of 5.7c, a lift of 72.8%. Strong bids were received for the placement at $0.023 per share, with support from new and existing institutional and sophisticated shareholders. The price was a ~30% discount to the company's last closing price of $0.033 and a ~21% discount to the 15-day VWAP. OCN has welcomed a number of new Australian high net worth/family office investors to the register. Proceeds will be used to progress the company's projects in Australia and Brazil, for working capital and to identify and assess new complementary project opportunities. Non-executive chairman Martin Helean agreed to participate for $10,800 in the placement on the same terms as other participants but subject to shareholder approval. 'Securing additional funds ensures Oceana is well placed to progress the company's existing assets in Brazil and Australia, as well as continue to assess new project opportunities," Helean said.
Herald Sun
12-05-2025
- Business
- Herald Sun
Guy on Rocks: Field season fires for Canadian copper
Don't miss out on the headlines from Stockhead. Followed categories will be added to My News. Guy on Rocks' is a Stockhead series looking at the significant happenings of the resources market each week. Former geologist and experienced stockbroker Guy Le Page, director, and responsible executive at Perth-based financial services provider RM Corporate Finance, shares his high conviction views on the market and his 'hot stocks to watch'. This week, Guy looks at a couple of Canadian copper players in White Cliff Minerals (ASX:WCN) and Somerset Minerals (ASX:SMM) and their high-grade prospects as an exciting field season begins in earnest. While White Cliff Minerals did not collaborate on this video, they are a Stockhead advertiser at the time of publishing. The views, information, or opinions expressed in this video are solely those of the author and do not represent the views of Stockhead. Stockhead has not provided, endorsed or otherwise assumed responsibility for any financial product advice contained in this article. Viewers should obtain independent advice based on their own circumstances before making any financial decisions. Originally published as Guy on Rocks: Field season fires for Canadian copper
News.com.au
12-05-2025
- Business
- News.com.au
Guy on Rocks: Field season fires for Canadian copper
Guy Le Page looks at a couple of Canadian copper players in White Cliff Minerals and Somerset Minerals ahead of an exciting field season. Guy on Rocks' is a Stockhead series looking at the significant happenings of the resources market each week. Former geologist and experienced stockbroker Guy Le Page, director, and responsible executive at Perth-based financial services provider RM Corporate Finance, shares his high conviction views on the market and his 'hot stocks to watch'. This week, Guy looks at a couple of Canadian copper players in White Cliff Minerals (ASX:WCN) and Somerset Minerals (ASX:SMM) and their high-grade prospects as an exciting field season begins in earnest. While White Cliff Minerals did not collaborate on this video, they are a Stockhead advertiser at the time of publishing. The views, information, or opinions expressed in this video are solely those of the author and do not represent the views of Stockhead. Stockhead has not provided, endorsed or otherwise assumed responsibility for any financial product advice contained in this article. Viewers should obtain independent advice based on their own circumstances before making any financial decisions.
News.com.au
09-05-2025
- Business
- News.com.au
Resources Top 5: Forrestania a star performer with up to 25.6g/t gold
New results include the highest gold intercept seen at Ada Ann from Forrestania drilling White Cliff Minerals continues to ride high after a 175m intersection at 2.5% Cu from 7.6m Jameson has updated economic outcomes of a BFS for the Crown Mountain coal project in Canada Your standout resources stocks for Friday, May 9, 2025 Forrestania Resources (ASX:FRS) Golden drilling results from Ada Ann prospect at the Bonnie Vale Project near Coolgardie in WA's prolific Eastern Goldfields have made Forrestania Resources a star performer. Shares were as much as 54% above the previous close at a daily high of 6c and it has been a steady move northward for FRS from 0.9c on February 5, 2025. 1m drilling results from the second phase of drilling at Ada Ann have returned more encouragement after the first stage defined strong, consistent, high-grade gold with grades up to 21g/t. They have confirmed consistent mineralised structures at Ada Ann and include the highest gold intercept seen at Ada Ann from FRS drilling – 25.6g/t gold - and the second highest ever intercepted at the prospect confirming the high-grade potential. The second phase of 14 RC holes for 1017m returned best results of: 7m at 4.3g/t gold from 72m, including 1m at 25.6g/t; 3m at 7.8g/t from 74m, including 1m at 22.2g/t; and 3m at 5.9g/t from 82m, including 1m at 16g/t and 2m at 3.6g/t from 70m. The Ada Ann footprint has been extended ~60m south and ~30m north of historical mineralisation and it remains open at depth and along strike in both directions. The strike of gold mineralisation has increased to ~310m. 'These 1m results from Ada Ann are highly significant, with grades up to 26g/t Au, underlining the high-grade potential of the system. Pleasingly, we are seeing some thickening of the mineralised zones at depth,' Forrestania Resources' chairman John Hannaford said. 'The drill program extended the known mineralised zones to the north and south and the prospect continues to remain open in all directions. 'We look forward to coming back to drilling at the Bonnie Vale project later in the year.' With the Au mineralisation continuing to extend north and south, the company is hopeful of extending the mineralisation in both directions and increasing the strike extent with further drilling. The company will now focus its attention on drilling at the Lady Lila prospect, whilst continuing analysis and planning for further drilling at Ada Ann and the Bonnie Vale project. White Cliff Minerals (ASX:WCN) A string of positive news from its projects in Canada's remote northwest, and particularly in relation to copper, has driven White Cliff Minerals to a new high of more than eight years. The company has reached 37c, an increase of 23.34% on the previous close on volume exceeding 158m. WCN has surged 185% from 1.3c on April 9. Most of the good news has come from the Rae copper project with the latest being a 175m intersection at 2.5% Cu from 7.6m while the nearby Great Bear project has also delivered encouraging survey results pointing to IOCG and epithermal potential. Results from Rae on Tuesday increased the spotlight on WCN and have seen it as one of the week's best performers. The 175m hit in hole DAN25008 also included 8.66g/t silver with a sub-section of 14m at 7.55% copper and 25.8g/t silver from 138m. This hole averaged 3.9% copper and 14.96g/t silver in the last 60m to the final depth of 182.88m and it ended in mineralisation with the last 1.5m sample returning 4.46% copper and 11.58g/t silver. 'We believe this drill hole ranks among the most significant copper intersections globally within the last 50 years and comfortably sits within the top 10 globally reported 'grade-metre' copper results,' WCN managing director Troy Whittaker said. Another hole, DAN25001, returned 52m at 1.16% copper and 3.43g/t silver from surface, including 7.6m at 3% copper and 9.5g/t silver from 18.28m. The Rae project is home to a number of historical non-JORC and 'blue sky' resource estimates, as well as up to 64.02% copper from rock chip assays indicating widespread outcropping copper throughout the 805km2 licensed area. It represents a district-scale opportunity at the pre-discovery stage, underpinned by the presence of high-grade volcanic-hosted copper-silver lodes and the prospect of a large tonnage sedimentary hosted copper deposit. Follow up diamond drilling is being planned to drill out the mineralisation boundaries at Danvers, while the next five assays along strike from DAN25008 are due in the coming weeks. Jameson Resources (ASX:JAL) Revised capital and operating costs and coal price assumptions have enabled Jameson Resources to update the economic outcomes of a bankable feasibility study (BFS) for the Crown Mountain hard coking coal project in the Elk Valley of British Columbia, Canada. Results confirm that increased coal price forecasts arising from concern about reduced supply of premium steelmaking coal significantly outweigh any capital and operating cost increases that have occurred since the BFS was completed in July 2020. Using the updated economic inputs, the review resulted in an estimated increase to pre-production capital (without contingency) of 28% to US$394m and a 15% increase in cash operating costs (FOB Vancouver) from US$89.41/t in the Yield Optimisation Study to US$102.79/t. The outcome of the increases to capital and operating costs and coal price forecasts resulted in an overall 200% increase in pre-tax NPV10 from US$469m in the Yield Optimisation Study to US$942m. 'The feasibility update has indicated significant increases to the project's high-level economics,' Jameson's chair Nicole Hollows said. "With the continued progress of the Environmental Assessment process, this update highlights the advanced position of the project compared with greenfield projects in Canada, Australia or other key producer locations. "There has been more than US$20 billion in steelmaking coal M&A in the last year highlighting that existing producers have limited options for organic growth. 'Crown Mountain's position as the most advanced steelmaking coal project in Canada and its substantial underlying value is further enhanced by the feasibility update which demonstrates the project's cost competitiveness compared to current and planned production. 'Continued progress of the regulatory process will enable the project to be developed to meet the identified shortfall in premium steelmaking coal supply in the medium and long term.' As a result of the positive review, Jameson's shares were one-third higher to 4c. Aureka (ASX:AKA) The appointment of a world-class exploration manager by Aureka (ASX:AKA) is expected to provide new impetus as it advances a suite of advanced stage high-grade gold projects across Victoria. As well as significant experience gained during more than 25 years in the field and the last four years as Barrick Gold's exploration manager, Jozef Story brings to Aureka the benefit of more than 12 years focused on numerous Victorian gold projects including early-stage Fosterville exploration. The appointment adds increased experience to Aureka's existing technical team with project assessment, exploration, planning and execution skills. While at Barrick, Story was responsible for managing, developing and exploring that company's entire +5000km2 exploration portfolio throughout Tanzania. 'We are delighted to have secured and to welcome a senior exploration manager with such credentials, to our already talented team at Aureka, which recognises the significance of our portfolio of existing and future discoveries,' AKA managing director James Gurry said. 'Jozef's time with Barrick and other projects globally, along with his experience with successful Victorian projects, ensures we have the very best opportunity for Aureka's success and growth.' Aureka's current contract exploration manager Peter de Vries will continue to consult to the company through his firm Geological, Educational & Mining Services (G.E.M.S) P/L. While Story takes responsibility for exploration strategy, de Vries will continue to oversee the practical elements of the Irvine and St Arnaud drilling programs. "I'd also like to thank Peter de Vries for his efforts in getting Aureka back drilling after its 2-year hiatus,' Gurry said. The company's shares reached 14,5c, a 31.82% increase on the previous close. Augustus Minerals (ASX:AUG) Augustus Minerals has been as much as 40.7% higher to 4.5c after executing a binding share purchase agreement to acquire ACM International's ACM Contract Mining PNG Ltd, a PNG company with a valid third in line licence application for the Mt Kare gold project. Two earlier applications for the advanced PNG project made by unrelated third parties for the same project area will be considered prior to ACMPNG's application. Mt Kare, which is about 600km northwest of Port Morseby and 145km west of Mt Hagen, is prospective for gold and silver, hosting a historical JORC 2004 mineral resource of 43Mt at 1.5 g/t Au for 2.1 Moz Au and 18 Moz Ag. Nearly 75% of this is in the higher confidence measured and indicated category, based on 454 diamond drill holes for 73,639m as at July 2013. This historical estimate has not been reported in accordance with the JORC Code 2012. The total consideration payable by Augustus under the acquisition is $250,000 in cash, excluding GST. As the application has not yet been granted and is contested ACMPNG does not have an actual or contingent right to undertake exploration and development activities, or to exploit the historical resource estimate and there is no guarantee that the application will lead to a licence being granted over the project. Based on ongoing due diligence investigations, the company understands that in excess of $2 million has been spent by ACM to date in relation to the application process. The company also understands that ACMPNG has approximately $80,000 (in PNG Kina) in funds available, resulting in the effective purchase price being approximately $170,000. The board of the company considers that the quality of the Mt Kare project places it as one of the premier gold development opportunities in the Australasia-Pacific Region. Following completion of the acquisition, Augustus intends to actively pursue the application and grant of an exploration licence.
