News

Larvotto Resources, a mining company based in northwest Queensland, has exciting news for investors and stakeholders as it begins the reverse circulation drilling at its Mt Isa project. Situated within the Mt Isa Inlier, a region known for its abundance of valuable minerals, the project holds immense potential for copper, gold, and cobalt.

The initial focus will be on two highly promising areas, Yamamilla and Whitehorse prospects, both displaying significant mineralization potential. To overcome past drilling challenges, Larvotto Resources is employing a specialized track-mounted, high-capacity air reverse circulation drill rig.

Yamamilla, a lead area, boasts over ten kilometers of mineralized strike and presents a well-defined geochemical and geophysical anomaly. Previous drilling in 2012 showed signs of mineralization, but failed to hit the target zones due to air supply issues.

On the other hand, Whitehorse has recently yielded high-grade rock chips over a 2300-meter strike, increasing optimism for successful drilling results.

Investors eagerly await updates on this exploration phase as Larvotto Resources endeavors to unlock the untapped potential of the Mt Isa project and contribute to the rich metallogenic legacy of the region.

Widgie Nickel has achieved a remarkable high-grade nickel discovery at its Widgie Townsite resource, a key element of the Mt Edwards project pipeline and central to the Widgie South project. The successful drilling campaign revealed significant nickel mineralization on the eastern limb of the Widgie Townsite syncline, marking a major breakthrough for the company.

Located in Western Australia, the Widgie Townsite resource forms an essential part of Widgie Nickel's broader mining ambitions. Impressive nickel intercepts from the drilling include Eastern Limb MEDD069 and Widgie Townsite MEDD061, validating the immense growth potential of the Widgie South project.

Steve Norregaard, Managing Director of Widgie Nickel, expressed excitement over the results, stating that the findings would support the development of Widgie South and the company's larger-scale production aspirations at Mt Edwards. The discovery strengthens Widgie Nickel's position in the nickel industry, setting the stage for further exploration and growth in the region.

St Barbara's June 2023 quarter report unveiled a remarkable performance, bolstering its standing in the gold mining sector. The company achieved a significant increase in gold production, yielding 77,125 ounces at an AISC of $2145 per ounce, surpassing the March 2023 quarter results. Overall, FY23 production totaled 260,368 ounces, meeting upper-end guidance, with an AISC of $2443 per ounce. A sale of 68,854 ounces of gold in the June quarter, at an average realized price of $2921 per ounce, further contributed to the company's success.

The Leonora gold operations delivered their best FY23 performance, shining in their final quarter under St Barbara's ownership before being acquired by Genesis Minerals. Cash contributions amounted to $51 million, with Leonora, Atlantic, and Simberi operations contributing $32 million, $16 million, and $3 million, respectively. With a cash balance of $294 million, St Barbara is now well-positioned to pursue development opportunities at Simberi and Atlantic, fostering anticipation for the company's promising future.

Red 5's King of the Hills gold mine achieved exceptional results in the June 2023 quarter, recording four months of record gold production. With 61,705 ounces produced, a significant increase from the previous quarter, the company's sales reached 58,960 ounces, generating operating cash flows of $50.6 million. Demonstrating strong operational efficiency, Red 5 met its production and cost guidance for the second half of the fiscal year, producing 102,574 ounces at an AISC of $1837/oz. Equally noteworthy was the company's commitment to safety, achieving a remarkable improvement with no recordable injuries during the quarter. In addition to successful operations, Red 5 made strategic board appointments and improved its financial position by reducing net debt to $81.9 million. The positive outcomes pave the way for Red 5's promising future, with a focus on continued safe and profitable growth at the KOTH processing hub.

Antipa Minerals, the Australian exploration company, has unveiled its 2024 exploration plans for the Paterson and Wilki farm-in projects, fully funded by strategic partners. The Paterson program will kick off in August 2023, consisting of a comprehensive 9000m drill program to test multiple high-priority gold-copper targets, utilizing diamond core drilling, reverse circulation (RC) drilling, and air core drilling. Concurrently, Antipa will conduct ongoing exploration activities to identify new targets, enhancing the potential for significant discoveries.

At the Wilki project, Antipa plans 2300m of RC drilling to assess prospects like Havieron, Winu, and Telfer, located near Newcrest's Telfer gold-copper-silver mine. These activities are part of an existing $60 million farm-in agreement, fully funded by Newcrest.

Antipa's management expressed excitement about systematically testing high-potential targets, fueling growth and pursuing multiple major gold-copper discoveries. These ambitious exploration programs position Antipa Minerals as a key player in Australia's mining landscape.

Evolution Mining's June quarterly report has unveiled promising results for the company's Ernest Henry copper-gold project in Queensland. The drilling activities conducted at the mine have significantly enhanced the extension project, providing a positive outlook for Evolution Mining's future.

Lawrie Conway, the CEO and Managing Director, expressed confidence in the company's prospects for the financial year 2024, citing a strong pipeline of quality projects to drive increased margins and extend asset life. The drilling results at Ernest Henry are expected to contribute to the growth of the mineral resource, with encouraging extensions to mineralization identified.

Glen Masterman, Vice President Discovery, emphasized the continued success of drilling efforts at Ernest Henry, projecting a continuous rate of growth with increased underground and surface drilling activities.

Moreover, Evolution Mining reported successful results from their exploration campaign in Western Australia. The declaration of the Cue joint venture West Island mineral resource indicates value along a multi-kilometer mineralized trend connecting with Musgrave Minerals' Cue gold project.

The report also showcased other achievements, including a commendable 19% reduction in total recordable injury frequency, FY23 gold production reaching 651,155 ounces, and an operating mine cash flow of $944 million.

With these positive outcomes and a robust project portfolio, Evolution Mining is poised for further growth and success in the mining industry, ensuring sustainable prosperity for the company.

Australian exploration company, Widgie Nickel (ASX: WID), has achieved significant progress in its Widgie South project, a crucial component of the broader Mt Edwards project, following successful drilling at its Gillett resource.

Located 75km south of Kalgoorlie and 40km southwest of Kambalda in Western Australia, the Widgie South project has emerged as a central focus for Widgie Nickel's strategic endeavors.

The recent drilling campaign has yielded noteworthy results, with substantial nickel mineralization identified outside the current Gillett resource. Key findings from the drilling program include:

• 23MERCD057, extending Gillett mineralization by an impressive 270 meters (m) south of the current resource.
• 23MEDD007, extending Gillett mineralization by 120m north of the current resource.
• 23MERCD027, confirming a high-grade core within the Gillett North target.

Widgie South remains open to further expansion to the north and south, presenting compelling opportunities for continued resource growth.

Among the significant nickel intercepts reported at Gillett are:

• Infill 23MERCD004, showcasing 12.0m at 1.97 per cent nickel (Ni) from 192m, including an impressive 7.90m at 2.55 per cent Ni from 194.1m.
• Exploration 23MERCD057, revealing 7.00m at 1.14 per cent Ni from 295m.
• Exploration 23MEDD007, reporting 2.12m at 1.33 per cent Ni from 218m.

Additionally, a notable nickel intercept at Gillett North was reported, with exploration 23MERCD027 unveiling 13.2m at 1.68 per cent Ni from 278.88m, including a noteworthy 2.51m at 4.36 per cent Ni from 289.57m.

Steve Norregaard, the Managing Director of Widgie Nickel, expressed his satisfaction with the drilling results, highlighting the exceptional potential of the Widgie South trend and the Gillett resource. As the company wraps up its infill and extensional drilling programs ahead of resource re-estimation, the continuity of mineralization within the current resource has been confirmed, boding well for the project's future prospects.

Norregaard further emphasized his unwavering confidence in the substantial value potential of the company's nickel resource. With the Widgie South scoping study progressing favorably, the recent drilling success has solidified the foundation for Widgie Nickel's optimism and future growth plans.

As Widgie Nickel continues its exploration efforts and project development, investors and stakeholders eagerly await further updates on the company's advancements in the burgeoning nickel mining sector.

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.