News - Market Insights

Explorer Chalice Gold Mines provided a rare bright spot in an otherwise dour market today after announcing a nickel-copper discovery at its Julimar project 70km north-east of Perth (reports The West Australian).

Explorer Chalice Gold Mines provided a rare bright spot in an otherwise dour market today after announcing a nickel-copper discovery at its Julimar project 70km north-east of Perth (reports The West Australian).

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Earlier this week, explorer Chalice Gold Mines (ASX:CHN) unveiled a spectacular high-grade nickel-copper-palladium intercept at the greenfields Julimar project near Perth in WA (reports Stockhead). Initial comparisons are being made to Sirius Resources’ legendary Nova nickel discovery.

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The definitive feasibility study for Mincor Resources’ Kambalda restart has confirmed the economic viability of the proposed operation (reports MiningNews). Capital costs are estimated to be A$68 million for a five-year operation to produce about 14,000 tonnes of nickel per annum at unit costs of $3.36 per pound (US$2.35/lb) and all-in sustaining costs of $4.47/lb (US$3.13/lb). Nickel production is expected to peak at over 16,000tpa in FY23 and FY24.

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Bellevue Gold managing director Steve Parsons has exercised 20 million options in the company for A$775,000 just before the company called a halt over a capital raising (reports MiningNews). Parsons exercised 15 million options at 4c and 5 million at 3.5c. He now holds 30 million Bellevue shares and is a top five shareholder. Parsons said he was growing his stake to ensure his participation in the company's growth.

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Bellevue Gold has raised $26.5 million in a share placement at 30¢-a-share, a 7.7 per cent discount to its last price (reports The West Australian). The Steve Parsons-led company said the proceeds would be used to fund ongoing infill and resource extension drilling at its Bellevue gold project in WA, where it has inferred resources of 2.2 million ounces at 11.3 grams per tonne, and economic studies. Bellevue is scheduled to release its maiden indicated resource next quarter.

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Gold exploration success De Grey Mining has confirmed its expectation of becoming a producer by appointing mining engineer Glenn Jardine as its managing director (reports MiningNews). Jardine's fixed remuneration will total A$362,500 per annum, with both Simon Lill and Andy Beckwith continuing in their roles as chairman and technical director respectively.

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Efforts to alleviate the impact of the COVID-19 pandemic such as travel bans and other restrictions have led some resource companies, particularly those with operations overseas, to defer or suspend work. However, there are some companies that are going ahead with work to advance their projects.

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Perth broker Hartleys has adjusted its valuation of base metal developer Venturex Resources (ASX: VXR) following the COVID-19-induced share market collapse, but believes the likelihood of imminent Government approvals justifies a Speculative Buy recommendation for the stock once the market recovers. Hartleys resource analyst Paul Howard says the WA Environmental Protection Authority (EPA) has concluded its assessment of Venturex’s Sulphur Springs copper-zinc project and proceeded to consultation with the company on the implementation conditions.

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