Sydney-based institutional broker Blue Ocean Equities has maintained its 70c price target and “Top Pick” Buy rating on copper developer Venturex Resources (ASX: VXR) after the company reported “exceptional” assay results from the first of two in-fill drilling holes into the shallow portion of its Sulphur Springs deposit.
The drilling is designed to upgrade a portion of the Inferred Resource into Measured and Indicated and the first hole returned spectacular assay results of 29m @ 1.47% Cu from 45m, 9m @ 0.86% Cu from 82m and 31m @ 3.24% Cu from 94m (incl 11m @ 4.15% Cu from 99m).
Yet another report has raised concerns about the lack of gold discoveries in Australia (reports MiningNews).
Australian research firm IBISWorld has flagged the lack of new discoveries over the past decade as a rising challenge.
Known gold reserves have consistently declined amid high production and low replacement rates, with IBISWorld forecasting that Australia will produce 324 tonnes of gold in 2018-19, equivalent to 9.7% of global output.
After shocking the market earlier this month with major production revisions at Mount Morgans, Dacian Gold has now unveiled a “new high grade gold discovery”
After shocking the market earlier this month with major production revisions at Mount Morgans, Dacian Gold has now unveiled a “new high grade gold discovery” featuring “outstanding” intercepts that include some of the “thickest and highest grade” mineralisation hit in the Westralia part of the Western Australian operation (reports MiningNews).
Emerging gold miner Gold Road Resources has been forced to delay by a month first production from its $621 million Gruyere joint venture gold project
Emerging gold miner Gold Road Resources has been forced to delay by a month first production from its $621 million Gruyere joint venture gold project east of Laverton (reports The West Australian).
Delays to the commissioning of the ball mill, part of the 8.2 million tonne-a-year processing plant, has prompted the Duncan Gibbs-led company to lower its 2019 calendar year production guidance from 100,000-120,000 ounces to 75,000-100,000oz.
Gold Road said all-in sustaining costs were likely to be higher than the previously cited $1050-$1150/oz.
Nedbank has signed on to underwrite the US$26 million debt funding requirement for Strandline Resources’ Fungoni mineral sands project
Nedbank has signed on to underwrite the US$26 million debt funding requirement for Strandline Resources’ Fungoni mineral sands project in Tanzania following an extensive six-month due diligence process (reports MiningNews).
The terms sheet for the five-year credit facility will meet a considerable amount of the project's capital requirements now estimated at $35 million, with Strandline describing the terms as "favourable".
The pair is now working to finalise all conditions precedent, which will allow for the first draw-down.
Perth broker Euroz has re-iterated its strong belief in Lucapa Diamond Company
Perth broker Euroz has re-iterated its strong belief in Lucapa Diamond Company (LOM), saying the stock is set to rise sharply on the back of expanding production.
Euroz has set a buy recommendation on Lucapa with a price target of 61c, well ahead of its current price of 17c.
London broker Panmure Gordon already has a 45c price target on Lucapa.
Euroz says the recent US$10m sale of gems from the company’s Lulo project in Angola provides further evidence of the joint venture’s ability to self-fund a 50 per cent expansion of alluvial diamond mining operations.
Pure Alumina (ASX: PUA) is on track to acquire one of the world’s most efficient and effective processes for making high purity alumina (HPA), according to the man who is poised to become the company’s new managing director, Scott Nichol (reports Stockhead).
Nichol is the founder and chief executive of Polar Sapphire, the Canada-based company which owns this world-leading HPA technology. Pure Alumina is now in the process of acquiring Polar Sapphire and, as part of the deal, Nichol will become Pure Alumina’s managing director.
Venturex Resources has intersected high-grade copper within the first hole of a reverse circulation drilling program at its wholly-owned Sulphur Springs copper-zinc project near Port Hedland in Western Australia (reports Small Caps).
Drill hole SSR007 hit several thick mineralised intervals such as 29m at 1.47% copper from 45m; 9m at 0.86% copper from 82m; and 31m at 3.24% copper from 94m, including 11m at 4.15% copper from 99m.