News

Lefroy has launched a drill program at its Burns copper-gold prospect near Kalgoorlie to evaluate extensions to the Western Basalt zone and the Eastern Porphyry (reports Stockhead).

The 12-hole reverse circulation program totalling 3,000m will evaluate multiple targets generated from modelling the results of earlier drilling and the ongoing diamond drilling at the Eastern Porphyry. Lefroy Exploration (ASX:LEX) says the program will take about two week to complete with results expected in late September.

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OZZ has kicked off its maiden drilling campaign today at the Maguires gold project in WA less than two weeks after listing on the ASX (reports Stockhead).

“Obviously we’re very excited to hit the ground running less than two weeks after listing,” managing director Jon Lea told Stockhead. “We’re hugely active, we’ve got an experienced board, and we’ve got the financial resources to push ahead with a significant exploration push across our key projects because we’ve just completed our IPO.”

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Bellevue Gold says it will draw up a shortlist of preferred lenders to help fund its namesake $255 million gold project near Leinster after being swamped with proposals (reports The West Australian).

The Steve Parsons-led developer said it had received 12 non-binding, indicative debt offerings of between $170m and $289m from leading Australian and overseas institutions. Mr Parsons said the indicative offers were a testament to the project’s technical and financial strengths. “The quality of the institutions which have lodged proposals and the highly attractive terms they contain reflects Bellevue’s outlook as a high-grade, high-margin project in a tier-one location,” he said.

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Gold producer St Barbara has paid A$25.3 million cash for a 19.8% stake in explorer Kin Mining (reports MiningNews).

The acquisition of 158.1 million shares was made yesterday at an average price of 16c per share, a premium to Kin's closing price of 14c yesterday. Kin closed at just 11.5c on Tuesday. St Barbara has been working on a Leonora province plan centred around its 1.4 million tonne per annum Gwalia mill. Kin's Cardinia project has a resource of 30 million tonnes grading 1.28 grams per tonnes for 1.23 million ounces and is about 35km from the Gwalia mill. St Barbara has been relying on about 200,000t per annum of third party ore to fill the mill.

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Kairos Minerals (ASX: KAI) has unearthed “encouraging” drill results from a recent campaign at the Roe Hills project

Kairos Minerals (ASX: KAI) has unearthed “encouraging” drill results from a recent campaign at the Roe Hills project, with the program uncovering shallow gold mineralisation close to Silver Lake Resources’ (ASX: SLR) French Kiss operation (reports Small Caps).

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Two of the biggest names in Australian mining have thrown their weight behind a star-studded special purpose acquisition company (SPAC) in the United States under plans to acquire copper and battery minerals assets (reports The Australian Financial Review

Former Northern Star Resources talisman Bill Beament and former Fortescue Metals chief executive Nev Power have joined Glencore director Patrice Merrin in “Metals Acquisition Corp”; a SPAC that filed its prospectus with the United States Securities Exchange Commission (SEC) this week. SPACs are listed shell companies with no business activity that raise money with the sole purpose of making future acquisitions and Metals Acquisition Corp hopes to raise up to $US287.5 million ($384.3 million) ahead of a likely listing on the New York Stock Exchange.

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IT was never part of Simon Lawson’s plan to run an exploration company (reports MiningNews).

A geologist by training, he describes himself as an "operations guy" who loves to get his hands dirty. After getting his geology degree from the University of Auckland, Lawson started out his career with Jubilee Mines/Xstrata Nickel before working for Silver Lake Resources at Daisy Milano. He then joined Northern Star Resources around the same time it had acquired the Paulsens gold mine, initially being Paulsens' geology manager before working his way up to principal geologist for the company.

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Canaccord Genuity says gold production of 15.2koz from Red 5’s (ASX: RED) Darlot gold mine for the June quarter was above its forecast of 13.3koz, largely driven by higher plant throughput.

Canaccord has a Speculative Buy recommendation on the $434 million gold miner, with a price target of 35c-a-share, well above its current price of 18.5c. “AISC of A$2,461/oz was slightly higher than Canaccord’s estimate of A$2,445/oz with higher volumes mined and milled causing the variance,” said Canaccord analyst Henry Renshaw. “The result takes production for the full FY21 to 76.1koz at an AISC of A$2,273/oz, which is within the recently revised guidance range of 74-78koz at an AISC of A$2,240-2,290/oz.”

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