News

Bellevue Gold (ASX: BGL) has brought exciting news to investors, announcing the commencement of early cash flow generation at its flagship Western Australian (WA) gold project. The company is firmly on track to achieve its much-anticipated first production milestone, set for the December quarter of this year.

The successful transportation of the initial ore from the Vanguard open pit to Genesis Minerals' Gwalia plant for processing marks a significant step forward for Bellevue Gold. The company had previously established a toll treating agreement with Genesis, enabling ore processing at the Gwalia facility to generate early cash flow.

Progress on the ground has been remarkable, with the completion of the mill and gravity circuit's structural steel, along with the conveyor structure, paving the way for belt installation next week. Painting of the fine ore bin has also commenced, alongside other crucial activities such as mill shell section positioning, bolting, and mill bearing lube system fit-out initiation.

Bellevue Gold's gold project holds enormous potential, forecasting an annual production rate of 200,000 ounces of gold, with an estimated all-in sustaining cost of $1000 to $1100 per ounce. The mine's life of over 10 years and a resource estimate of 1.8 million ounces of gold add to the project's allure.

The company's successful progress towards production underscores Bellevue Gold's commitment to delivering value for its stakeholders while adhering to the highest industry standards in safety and environmental responsibility. As the project advances towards first production, Bellevue Gold's future looks increasingly promising in the competitive gold mining landscape.

St Barbara Provides Production Update for FY23 and Q4 FY23

Following the recent completion of the sale of its Leonora assets to Genesis Minerals, St Barbara has released a production update for the June 2023 quarter (Q4 FY23) and the entire 2023 financial year (FY23).

St Barbara has reported a total group gold production of 260,368 ounces for FY23, achieving the upper end of its production guidance for the year.

During Q4 FY23, the company recorded a total group gold production of 77,125 ounces, showing a significant increase compared to the 58,567 ounces produced in the previous quarter (March 2023).

St Barbara also reported a substantial increase in cash balance during Q4 FY23, with $294 million on hand, representing a $234 million increase from the March quarter.

At the Atlantic operations, St Barbara achieved a gold production of 11,081 ounces in Q4 FY23 and 43,998 ounces for FY23, falling within the production guidance range of 40,000–50,000 ounces.

The Simberi operations contributed 25,189 ounces to the Q4 FY23 production and 78,320 ounces to the overall FY23 production, meeting the production guidance of 70,000–80,000 ounces.

Regarding the Leonora assets, St Barbara reported a gold production of 138,050 ounces for FY23, within the production guidance range of 130,000–135,000 ounces. In Q4 FY23, 40,855 ounces were produced from the Leonora assets.

St Barbara highlighted the successful production from higher-grade stopes at the Gwalia underground mine, which had been delayed from the previous quarter. The improved grades from these stopes, along with better grade material from development drives, resulted in a quarterly mill throughput of 243 kilotons at an average grade of 5.45 grams per tonne.

Genesis Minerals' Managing Director, Raleigh Finlayson, expressed satisfaction with the transaction, stating that it has created a leading Australian gold house focused entirely on the Leonora assets. He emphasized that the next six months will involve a strategic review of the Gwalia mine to ensure its continued success as a prolific gold asset.

St Barbara is scheduled to release its June quarter report for FY23 on July 27, providing further insights into its performance during the period.

Calidus Resources has received promising drill results from its Felix prospect, revealing a potential to supply ore to the company’s flagship Warrawoona gold project. The Warrawoona project is located 25km southeast of the town of Marble Bar in the Pilbara.

Drilling was carried out over a small portion of the strike length at close distance. The drilling program tested the potential for Felix to host a shallow mineral resource which would be amenable to open pit mining, with results highly favourable.

An infill and extensional soil sampling program is now underway to determine the extent of mineralisation at the prospect.

The results support Calidus’ strategy to grow the inventory, production and mine life at its Warrawoona Gold Project by defining and developing deposits within trucking distance of Warrawoona.

Warrawoona has a current mineral resource of 43 million tonnes at 1.2 grams per tonne of gold, or 1.66 million ounces. The probable ore reserve is estimated at 600,000 ounces of gold.

The project sold 16,000 ounces of gold in the last quarter, a quarter-on-quarter increase of 35 per cent.

Red 5, the owner of the King of the Hills (KOTH) gold mine, has announced another remarkable achievement with a fourth consecutive month of record-breaking gold production. The company's June 2023 operations update revealed that the mine produced an impressive 61,705 ounces of gold.

This strong quarterly production puts Red 5 comfortably within the upper range of their guidance for the second half of the 2023 financial year, which projected a production of 90,000 to 105,000 ounces. Furthermore, the company expects their all-in sustaining costs to fall within the estimated range of $1,750 to $1,950 per ounce.

Located in the eastern Goldfields region of Western Australia, the KOTH gold mine has proven to be a significant asset for Red 5. In June, the mine yielded 24,033 ounces of gold, a notable increase from the 19,039 ounces recorded in May. The results continue the positive trend of monthly production performances for Red 5.

The June production figures were achieved by processing 0.45 megatonnes of ore, with an average head grade of 1.79 grams per tonne and a remarkable gold recovery rate of 93.4 percent. Red 5 stated that this throughput rate, exceeding the mine's original capacity of 4.0 megatonnes per annum, is expected to be sustained in the upcoming 2024 financial year.

In addition to their outstanding production results, Red 5 recently welcomed Russell Clark as the new independent non-executive chair of the board. With the KOTH gold mine's progress and solid outcomes, the company is optimistic about the future and looks forward to the next phase of growth under Clark's guidance.

Krakatoa Resources Limited (ASX: KTA) has made a noteworthy lithium discovery at the King Tamba project in Western Australia. Assay results from a recent geochemical sampling program revealed multiple rock-chip samples with lithium values exceeding 2% Li2O, including a peak assay of 4.3% Li2O. The project also displayed a highly enriched mineralized zone over 800m, containing lithium, cesium, rubidium, tantalum, and niobium.

The newly identified Wilsons Prospect, located in close proximity to the historical mining zone, outcrops over 250m and has shown significant lithium potential. Krakatoa Resources plans to expand its soil sampling coverage across the larger King Tamba tenement package to uncover additional lithium-rich areas. The company is conducting mineralogy and lithium deportment studies to determine the minerals hosting the high lithium content.

With preparations underway for an upcoming drilling program, Krakatoa Resources is poised to further explore the lithium potential beneath the surface. The positive assay results and the strategic positioning of the King Tamba project highlight its importance as a promising area for future lithium mining and development.

Westgold Resources, a prominent gold mining company based in Western Australia, achieved a record gold yield in May, showing an impressive eight percent increase compared to the previous month. The exceptional performance was driven by the Bluebird mine, which serves as one of the primary ore sources for Westgold's Meekatharra processing plant.

During May, the Bluebird mine produced 49 thousand tonnes (kt) of ore with an average gold grade of 4.0 grams per tonne (g/t), resulting in a yield of 6.3 thousand ounces (koz) of gold. This surpassed the production figures of 48kt at 3.7g/t and 5.8koz in April.

The consecutive record-breaking production month at Bluebird underscores the growing momentum and success of the operation, as acknowledged by Westgold Resources. Wayne Bramwell, the Managing Director, expressed enthusiasm for the Bluebird underground operation, attributing the increased output to improved operational execution and a deeper understanding of geological controls.

Westgold's accelerated surface drilling activities and completion of infill drilling from underground platforms indicate the potential for further expansion. Data from the drilling program suggests that the mine could achieve a monthly production capacity of over 50,000 tonnes once fully operational.

These accomplishments at the Bluebird mine contribute to Westgold Resources' ongoing success, as the company continues to focus on safe and responsible mining practices while striving for operational excellence and sustainable growth.

Mining company Mineral Resources has reported promising early results from its exploration program at the Mt Marion lithium mine. The drilling confirmed the presence of lithium-bearing pegmatites at significant depths, highlighting the site's exploration potential. Mineral Resources conducted approximately 34 kilometers of drilling in 2023 and plans to double its capacity by the year-end. Additionally, the company terminated an agreement with Ganfeng Lithium for converting spodumene concentrate into lithium battery chemicals. Mineral Resources remains optimistic about the future of Mt Marion and its strong position in the lithium market.

Regis Resources, a leading mid-tier Australian gold producer, has unveiled its annual mineral resource and ore reserve update for the 2022 calendar year. The report showcases significant progress aligned with the company's long-term strategy and provides a strong foundation for future growth initiatives.

A notable highlight from the update is the commendable performance of underground reserves, which have exceeded depletion for the second consecutive year. This achievement can be attributed to new findings at the Duketon gold project and the Tropicana joint venture. Jim Beyer, CEO of Regis Resources, expressed satisfaction with the results, emphasizing the company's investment in these mines and the gratifying reserve growth realized within a short time frame. Beyer further highlighted the potential for continued growth as the mines continue to explore deeper underground. With a robust reserve life of eight years and operations exclusively located in Australia, Regis Resources is well-positioned to achieve long-term growth objectives and deliver superior returns to shareholders.

The report also reveals that as of December 31, 2022, the group's ore reserves amounted to 3.6 million ounces (Moz), with mineral resources totaling 7.0 Moz. The year witnessed an increase of 210,000 ounces (koz) in new ore reserves and an additional 400 koz in new mineral resources, effectively offsetting the depletion incurred during the calendar year.

Regis Resources maintained moderate long-term gold price assumptions for reserves and resources calculations, with a weighted average of $1800 per ounce and $2430 per ounce, respectively. This prudent approach ensures realistic projections for the company's gold assets.

In addition to the positive reserve and resource updates, encouraging early results were obtained from the Garden Well exploration decline at the Duketon project. These findings highlight the potential for new production areas and increased ounces per vertical meter. As a result, an exploration target has been established, signaling further growth opportunities and expansion potential.

Regis Resources' annual mineral resource and ore reserve update demonstrate their positive trajectory and commitment to sustainable growth in the gold mining sector. With consecutive years of underground reserves outpacing depletion and promising exploration outcomes, the company is well-poised to capitalize on growth opportunities and generate favorable outcomes for its shareholders.

Lynas Rare Earths, a leading mining company, has secured a $20 million grant from the Federal Government's Modern Manufacturing Initiative. The grant will support the development of a new processing capability for apatite-rich ores at the Mt Weld ore body. The project, in collaboration with ANSTO and Mt Weld Mining, aims to create a two-circuit process to remove apatite and increase recoveries. The Apatite Leach Circuit will be established at the Mt Weld site, creating 90 jobs and contributing to the Mt Weld expansion project. Lynas will also partner with universities to optimize the circuit and up-skill students. The new circuits will unlock additional value from the ore body and extend the mine's operating life.

In a significant development for the mining industry, the board of Northern Star Resources has given the green light for the expansion of the Fimiston Mill, a key component of the Kalgoorlie Consolidated Gold Mines' (KCGM) Super Pit. The expansion, which will increase the mill's capacity from 13 million tonnes per annum (Mtpa) to 37Mtpa, comes with a price tag of $1.5 billion and is scheduled for completion in 2026.

Situated in the heart of the Kalgoorlie goldfields, the Super Pit stands as one of Australia's largest open-pit gold mines, encompassing the Mt Charlotte underground mine, as well as the Fimiston and Gidji processing plants.

Northern Star's Managing Director, Stuart Tonkin, expressed his enthusiasm, stating, "Today marks an exciting day for Northern Star and a momentous new chapter for this world-class asset. The board's decision to approve the KCGM mill expansion and optimization signifies the next stage in revitalizing our largest asset, as well as the surrounding district, for decades to come."

Tonkin further emphasized the financial advantages of the project, asserting its contribution toward realizing the company's strategy of generating superior returns for shareholders. With a productive start to the year at the Super Pit, Northern Star has seen an increase in gold resources to 57.4 million ounces (Moz), while maintaining steady ore reserves of 20.2Moz.

The Managing Director expressed confidence in the site's ability to continue delivering substantial value, stating, "Our confidence in the economics of KCGM, as a long-life, low-cost gold mine, has been further reinforced throughout the feasibility study phase."

Expanding the processing capacity of KCGM will not only strengthen Northern Star's portfolio but also significantly enhance free cash flow generation, moving the company towards its long-term objective of positioning within the second quartile of the global cost curve.

Tonkin also highlighted the project's significance in terms of sustainability, job creation, and local investment. He stated, "The project is important in our sustainability journey and will also sustain hundreds of local jobs, economic and social investment, and local procurement opportunities in the Goldfields region."

The expansion of the Fimiston Mill marks a major milestone for Northern Star Resources, propelling them towards a future of increased gold production, enhanced financial performance, and a continued commitment to sustainable mining practices.