News

In September 2023, Capricorn Metals provided a promising exploration update. Their focus was primarily on the Mount Gibson gold project in Western Australia's Murchison region. They completed 12,386 meters of resource definition and extensional drilling via reverse circulation (RC). Notably, this continued the work initiated in January 2022.

The results for this quarter were exceptional, with 107 drillholes (18,242 meters) assayed since the last update. A significant discovery was the Comanche prospect east of the main Mount Gibson trend, featuring encouraging results such as 12 meters at 3.73 grams per tonne (g/t) from 94 meters and 2 meters at 5.00 g/t from 136 meters. The Lexington, Saratoga, and Orion North areas also saw drilling, revealing zones of high-grade mineralization both within and outside the resource shell.

Capricorn Metals is gearing up to announce updated mineral resource and ore reserve estimates for Mount Gibson in December 2023.

Over at the Karlawinda gold project in the Pilbara region, they conducted drilling at the Vedas and Belhaven prospects. These programs targeted gold and geophysical trends in the eastern part of the Berwick and Muirfield deposits within the Karlawinda east project area, and results are currently pending.

However, results were received from a 25-hole (5,454 meters) infill and extensional RC drilling program conducted in the June 2023 quarter over the Berwick and Vedas prospects. One noteworthy result was 7 meters at 1.89 g/t from 130 meters.

Capricorn Metals sees potential in the Karlawinda east project area due to recent exploration success and its proximity to existing operations. They believe this area holds promise for near-surface satellite resources and significant gold discoveries.

September 2023, Red 5 celebrated a significant milestone, producing 55,009 ounces of gold from the King of the Hills (KOTH) project. This achievement positions them well to reach the upper end of their 2023–24 FY production target of 195,000–215,000 ounces, with all-in sustaining costs (AISC) ranging from $1850 to $2100 per ounce and growth capital between $40 million and $46 million.

During the same period, they achieved an AISC of $1696/oz, slightly lower than the previous quarter's 61,705 ounces. Gold sales totaled 54,383 ounces, generating $43.8 million in operating cash flows. This allowed Red 5 to make significant debt repayments, reducing their net debt to $68.2 million as of September 30.

Additionally, the company updated its mineral resource and ore reserve statement, revealing a group mineral resource estimate of 6.2 million ounces (Moz) and an ore reserve estimate of 2.6Moz of contained gold. The confidence in the KOTH project's resources is growing, evidenced by a substantial increase in measured and indicated resources.

Operational success continued, with the KOTH mill exceeding its nameplate capacity, processing up to 5.5Mtpa during extended periods in the quarter. Safety remained a priority, with a low recordable injury rate.

Furthermore, Red 5 underwent a board renewal process, making strategic appointments to enhance their executive team, preparing the company for continued growth and success.

Glencore has revealed its intention to shut down its copper operations at Mount Isa in Queensland by the conclusion of 2025. However, the company emphasized its commitment to keeping its various other metal assets operational.

Having operated for over six decades, the company managed to extend the life of its copper mine by an additional six years beyond its initial projected lifespan.

The closure will encompass all three copper mines within the Mount Isa facility – Enterprise, X41, and Black Rock – in addition to the copper concentrator.

On the contrary, other mining activities and operations at Mount Isa will continue, such as the copper smelter, the George Fisher mine, the zinc-lead concentrator, the lead smelter in Mount Isa, as well as the copper refinery in Townsville.

Glencore clarified that despite conducting multiple studies and reviews to potentially extend the underground copper mines' life, the confirmation of the end of their operational lifespan has been affirmed.

Furthermore, Glencore's Lady Loretta zinc mine, located approximately 140 kilometers northwest of Mount Isa, initially projected with a seven-year mine life for its finite orebody, will also halt operations in 2025.

Glencore Australia's zinc asset chief operating officer, Sam Strohmayr, acknowledged that this decision would be disheartening for their workforce, suppliers, and the Mount Isa community. Strohmayr emphasized the inevitability in the mining industry that mines have a definite lifecycle and that, regrettably, after 60 years of operation, Mount Isa's underground copper operations have reached that point.

To provide ample time for employees to plan their future, Glencore is notifying its workers and the community almost two years in advance of the closure of these mining assets. The company is dedicated to working closely with its employees, contractors, suppliers, and the Mount Isa community in the upcoming months to extend support during the transition towards the closure of these facilities.

Currently, Glencore's Mount Isa underground copper mines, copper concentrator, and supporting services employ approximately 1200 individuals.

Canadian mining company First Quantum Minerals has initiated a diamond drilling program at Boss Energy's Honeymoon uranium project in South Australia. The collaboration stems from an exploration earn-in agreement between Boss Energy and First Quantum Minerals in February 2022, covering base metals rights for five tenements at the Honeymoon project, which recently commenced mining operations. Boss Energy values First Quantum Minerals for their proven track record in discovering and developing deposits, deeming them an ideal partner for exploring and potentially developing base or precious metal findings at Honeymoon.

The drilling program will focus on basement-hosted base metal mineralization beneath the Yarramba Palaeovalley, targeting three high-priority locations identified through extensive data analysis. It involves a minimum of five diamond core holes totaling at least 1800 meters of drilling, executed by global drilling company DDH1. Geochemical assay results are expected within 1 to 2 months after program completion.

Boss Energy's Managing Director, Duncan Craib, sees this agreement as a prime opportunity for the company and its stakeholders. First Quantum Minerals has the option to earn a 51% interest in their collaboration by investing $6 million in exploration over five years and maintaining a minimum annual project expenditure of $500,000, potentially leading to a joint venture agreement between the two entities.

Widgie Nickel has issued an update regarding the ongoing infill drilling program for the 132N deposit resource. Assays from hole 23MERCD112 have described the findings as containing "remarkably high-grade nickel mineralization."

The 132N deposit is situated within mining lease M15/101, approximately six kilometers northwest of the Widgiemooltha township. This deposit is a vital component of the broader Mt Edwards project, which is positioned 75 kilometers south of Kalgoorlie and 40 kilometers southwest of Kambalda in Western Australia.

Previously, Widgie Nickel had revealed results from portable x-ray fluorescence (pXRF) readings conducted at the deposit.

Specifically, hole 23MERCD112 has yielded impressive results, with a notable intersection of 9.14 meters at 10.44 percent nickel (Ni), 0.75 percent copper (Cu), 0.13 percent cobalt (Co), and 1.93 grams per tonne (g/t) of platinum group elements (PGE) encountered from a depth of 330 meters. This intersection includes a subinterval of 2.61 meters at 18.88 percent Ni, 0.48 percent Cu, 0.23 percent Co, and 0.65g/t of PGE from a depth of 335.44 meters.

The company stated, "23MERCD112 was expedited for assay, while the rest of the 132N resource definition drilling program is presently undergoing processing, with assay results anticipated in October 2023."

Steve Norregaard, the Managing Director of Widgie Nickel, expressed his reaction to the findings, saying, "Widgie attracted significant attention this year with the core sample showcased at our Diggers (and Dealers) booth, and now we have compelling reasons for it. We are thrilled to present the assay results for 23MERCD112, which validate the portable XRF readings announced on August 11. This borehole, penetrating the lower zone of the existing 132N resource shape, unequivocally affirms the existence of exceptionally high-grade mineralization."

Earlier in the same week, Widgie Nickel had disclosed assay results from its recent diamond drilling infill program, which was specifically aimed at the Widgie 3 nickel mineralization system.

Lithium producer Allkem's annual report reveals a 62% rise in revenue, hitting a record US$1.2 billion (AUD$1.8 billion), driven by strong operations and favorable market conditions.

At the Mt Cattlin lithium site in Western Australia, revenue surged by 36% to US$615.6 million (AUD$956.2 million).

Allkem's Olaroz lithium facility in Argentina achieved a record annual production of 16,703 tonnes, 30% higher than its previous best. Revenue at Olaroz soared by 102% to US$592.2 million (AUD$920.1 million), based on 13,186 tonnes of lithium carbonate sales.

With a solid cash balance of US$648.4 million (AUD$1 billion), Allkem's committed projects are well-funded. The company's accomplishments include inaugurating the Naraha lithium hydroxide plant and advancing construction on the Sal de Vida and James Bay projects.

Evolution Mining has revealed an enhanced mineral resource estimate for the Ernest Henry project, situated 38km north-east of Cloncurry, Queensland. This large-scale copper-gold operation gained an extended mine life earlier this year, bolstering its prospects. As of June 30, the updated mineral resource stands at 101.5 million tonnes, boasting 1.25% copper and 0.73 grams per tonne (g/t) gold. This translates to 1.3 million tonnes of copper and 2.4 million ounces of gold. Notably, this marks a substantial increase of 6.7 million tonnes, 76,000 ounces of gold, and 63,000 tonnes of copper compared to the December 31, 2022 estimate. The new data will guide the Ernest Henry extension feasibility study engineering, aligning with the successful pre-feasibility results projecting an extended mine life until 2040. Evolution Mining's CEO, Lawrie Conway, highlighted the project's consistent growth and remarkable potential for further expansion beyond the footprint of the feasibility study. This milestone underscores the project's capacity for sustained success until 2040.

Westgold Resources has taken a major step towards sustainability by launching four new hybrid power facilities to power its Western Australian operations. The move marks a shift from diesel-fired power to renewable energy, resulting in a reduction of 15,000 tons of CO2 emissions and a saving of 10 million liters of diesel annually. Managing Director Wayne Bramwell emphasized the company's dedication to lowering greenhouse gas emissions and operational costs. The first 17.9-megawatt facility, located at Tuckabianna, near Cue, WA, was successfully commissioned, with three more facilities planned at Bluebird, Fortnum, and Big Bell sites, aiming for a combined capacity of 82 megawatts by Q3 2024. This transition aligns with Westgold's 2024 goals of increased gold production and cost reduction

Western Australian gold explorer De Grey has announced substantial advancements at the Hemi project in the Pilbara region. Exploratory efforts have led to major strike extensions at the Eagle and Diucon deposits, with potential for increased scale of the Diucon-Eagle open pits and enhanced underground mining opportunities. De Grey's general manager of exploration, Phil Tornatora, highlighted the extension of mineralisation at depth at Eagle and along Diucon's strike. The high-grade mineralisation zones are associated with significant shear zone inflections and visible gold-bearing quartz veins. De Grey has been actively developing the Hemi project since 2019 when a valuable gold discovery was made in the Mallina Basin. The company's focus on exploration drilling is yielding promising results, with the potential for resource expansion and future underground mining.

Sulphate of potash miner Kalium Lakes has taken a significant hit, entering administration and appointing Rob Brauer, Jason Preston, and Rob Kirman as receivers and managers. These three receivers have now assumed control of the company's operations, which will continue as they evaluate potential sale or recapitalization options. In response to the announcement, five key figures, including the chairperson and non-executive directors, have resigned. However, Kalium Lakes remains optimistic about the future, stating that the strategic process initiated in June 2023 has garnered considerable interest and will continue under the receivers' guidance. The company made headlines in 2021 when it delivered the first batch of sulphate of potash in Australia. As the administrators reach out to creditors, the first meeting is scheduled for 15 August 2023, setting the stage for crucial decisions that will determine the miner's fate.