News

Plus, Chalice and Alkane do the business with the drill bit, Bellevue and Red 5 show there is still money for good projects and Tietto hits visible gold

It’s not a great time to be laying out a company’s future in the form of a definitive feasibility study. But at least in the case of nickel stock Mincor (ASX:MCR) it can be said the DFS has confirmed robust economics for its planned restart of its Kambalda operations, with first production pencilled in for the December quarter next year.

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High-quality discovery news, successful capital raisings and confident buy tips have been rare commodities over the past month, but the past few days have seen signs of normality returning to a badly-bruised resources sector.

High-quality discovery news, successful capital raisings and confident buy tips have been rare commodities over the past month, but the past few days have seen signs of normality returning to a badly-bruised resources sector. It wasn’t all good news, it never is, with leading gold producer, Northern Star, suffering a “coronavirus-related” setback which rubbed the gloss off its share price.

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A fresh offtake deal for miner Pilbara Minerals and a project funding agreement for EU-based Infinity could point to a brighter future for the lithium sector

A fresh offtake deal for miner Pilbara Minerals and a project funding agreement for EU-based Infinity could point to a brighter future for the lithium sector (reports Stockhead). Battling falling prices even before the ‘coronacrisis’ hit, lithium stocks had been stuffed in the bottom drawer by many investors. In February, spodumene concentrate prices nudged lower to an average $US463 ($697) per tonne — a 46 per cent drop from the same period last year — due to that ‘overhang’ in Chinese stockpiles.

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Gold miner Red 5 (ASX: RED) is set to test investor appetite for emerging gold projects with what is understood to be a $125 million raising to help fund development of its King of the Hills gold project near Leonora (reports The West Australian).

Gold miner Red 5 (ASX: RED) is set to test investor appetite for emerging gold projects with what is understood to be a $125 million raising to help fund development of its King of the Hills gold project near Leonora (reports The West Australian). WestBusiness understands the raising, in two tranches with the second subject to shareholder approval, will be priced at 18¢, representing a 23.4 per cent discount to its closing price on Wednesday of 23.5¢.

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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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