Northern Territory’s Tennant Creek hosts billions in resources – Minister

Analysis of new geological data and mineral potential assessment has found that an area east of Tennant Creek, in the Northern Territory, could hold mineral deposits worth some A$12.4-billion, federal Resources Minister Keith Pitt said on Wednesday. The data and assessments were collected as part of the government’s A$225-million Exploring for the Future programme. Detailed data collected in the East Tennant area suggests it could host a new mineral deposit with characteristics similar to those of Ernest Henry near Mount Isa, one of the largest copper-gold mines in Australia.

Castillo lists on the LSE

Perth-based Castillo Copper is expected to start share trading on the London Stock Exchange on August 4. As part of its dual listing process, the ASX-listed base metals explorer is placing more than 79.11-million ordinary shares, along with unlisted attached options on a one-for-one basis to raise A$2.4-million before coasts, at a price of 3.2c each with UK investors.

WA invests in exploration

The Western Australian state government on Wednesday announced A$8.2-million in funding for resource exploration in the state, to help drive economic recovery post Covid-19. An additional A$5-million will be made available to the Exploration and Incentive Scheme (EIS) and A$3.2-million for a new ion microprobe for Curtin University.

Cracow fitting right in – Aeris

The Cracow gold mine, in Queensland, has beaten production expectations in its first month of operation under the ownership of ASX-listed Aeris Resources. Aeris on Tuesday announced that the mine had produced 8 138 oz of gold during the month of July, as the operation transitioned into the Aeris portfolio.

Neometals signs up for European JV

ASX-listed Neometals has struck a joint venture (JV) deal with mechanical engineering firm SMS group GmbH to commercialise the company’s lithium battery recycling process. The JV, dubbed Primobius GmbH, will use the Noemetals recycling technology to recover lithium, nickel, cobalt and other materials from spent and scrap electric vehicle and consumer electronics.

Gold miner Saracen’s growth plans unveiled

Gold miner Saracen Mineral Holdings has reported a 12% increase in its gold reserves, which now stand at a record 3.7-million ounces. The reserve estimate at the end of June compared with the 3.3-million-ounce estimate at the end of June last year, and showed a 400 000 oz increase, despite a 396 999 oz depletion. Saracen told shareholders on Tuesday that the company was rapidly approaching its four-million-ounce reserve target well ahead of its five-year schedule.

Saracen’s growth plans unveiled

Gold miner Saracen Mineral Holdings has reported a 12% increase in its gold reserves, which now stand at a record 3.7-million ounces. The reserve estimate at the end of June compared with the 3.3-million-ounce estimate at the end of June last year, and showed a 400 000 oz increase, despite a 396 999 oz depletion.

Resources backbone of Covid economy – ABS

Final trade data for the 2019-20 financial year from the Australian Bureau of Statistics (ABS) has confirmed the strength of Australia’s resources sector in underpinning the economy during the Covid-19 pandemic, federal Resources Minister Keith Pitt said on Tuesday. Australia’s commodity exports reached a record A$287-billion in 2019-20, and resource and energy commodity exports grew 3.5% since 2018-19, despite the global economic impact of the Covid-19 pandemic.

Carnaby sells Tick Hill stockpile

ASX-listed Carnaby Resources has sold the historic Tick Hill tailings stockpile, in Queensland, for A$6-million, retaining full ownership of the Tick Hill project. The consideration from private mining and processing group BIM Metals will consists of A$4-million in cash and a 5% net smelter royalty on all gold sales from the stockpile, valued at around A$2-million at the current gold price.

Venture raises cash for Riley start

Junior Venture Minerals will raise A$4-million through a share placement to fund the start of mining activities at its Riley iron-ore project, in Tasmania. Venture on Monday said it had received firm commitments from sophisticated, professional and institutional investors for the placement of more than 129-million shares, at a price of 3.1c each.