News

Recent drilling has significantly expanded 29Metals' Golden Grove copper-gold project in Western Australia, uncovering high-grade copper mineralization at the Europa prospect. The resource extension drilling intersected mineralization approximately 100 meters below current resource estimates, signaling substantial growth potential.

Key intercepts included:

• 43.9m at 3% copper, 0.4g/t gold, and 18g/t silver from 955.1m, and
• 16.6m at 4.9% copper, 0.5g/t gold, and 30g/t silver from 937.5m.

Resource conversion drilling at Europa also delivered exceptional results, such as 25.8m at 6.9% copper, 0.6g/t gold, and 42g/t silver from 864.5m.

Europa is one of 29Metals' key in-mine growth focus areas, located in the lower Golden Grove formation near the Xantho Extended deposit. Positioned within 155 meters of the existing Xantho Extended decline, Europa is a future planned ore source offering potential cost synergies with Xantho, which is already producing increased volumes of high-grade ore.

Europa's mineralized zone remains open along strike and down dip, suggesting further resource growth opportunities.

“As a high-grade, copper-dominant zone, today’s results emphasize Europa’s potential to strengthen Golden Grove’s production mix with even greater copper weighting,” said 29Metals CEO James Palmer.

“These findings build on decades of successful resource extension drilling at Golden Grove, which has extended the lives of the Gossan Hill and Scuddles mines since production began over 30 years ago. With today’s results and the potential for new mining fronts like Gossan Valley, we are optimistic about continuing this legacy of mine life extensions.”

Golden Grove remains a cornerstone of 29Metals’ strategy, with ongoing exploration and development bolstering its long-term production outlook.

Spartan Resources has obtained all required regulatory approvals to begin underground mining and processing operations at its Dalgaranga gold project in Western Australia.

Approvals from the Department of Energy, Mines, Industry Regulation and Safety (DEMIRS) and the Department of Water and Environment Regulation (DWER) mark a pivotal milestone in redeveloping the high-grade gold operation.

These clearances allow Spartan to transition from the development phase to full-scale mining and production of underground ores, following the completion of the Juniper exploration drill drive decline.

The green light has also been given for upgrades to the process plant, including the installation of a ball mill, pre-leach thickener, and a paste plant. The paste plant will utilize recovered tailings as backfill to support underground mining, improving ore recovery at each level.

Further approvals cover the re-mining of tailings from the Gilbey’s tailings storage facility (TSF) and the dewatering of the disused Gilbey’s open pit. Additionally, the Golden Wings in-pit TSF, with approximately 23 million cubic metres of remaining capacity, remains operational under existing permits.

Spartan’s interim executive chair, Simon Lawson, expressed gratitude for the streamlined regulatory process. “We thank the regulatory agencies for their efficient and pragmatic oversight during the pre-submission consultation, enabling a smooth and timely approval process,” Lawson said.

He praised the efforts of Spartan’s in-house approvals and development team, alongside technical consultants, for demonstrating the project’s low environmental risk.

“The key parameters of the Dalgaranga project are well understood and managed, enabling us to confidently restart operations based on the high-grade Never Never and Pepper underground gold deposits,” Lawson added.

With the final approvals in place, Spartan is poised to advance the Dalgaranga project toward production, creating jobs and boosting local communities in the Murchison region of Western Australia.

Genesis Minerals chair Tony Kiernan has highlighted the company’s impressive progress in gold production and strategic growth during its 2024 Annual General Meeting. Reflecting on the past three years, Kiernan praised Genesis’ transformation into a significant gold producer in Western Australia's Leonora district.

“What began as a concept three years ago, built on an ‘open for business’ strategy in the Leonora region, has evolved into a gold producer of growing importance,” Kiernan said, crediting managing director Raleigh Finlayson and his team for their successful execution of acquisitions and asset development.

Genesis delivered 134,451 ounces (oz) of gold in the 2023–24 financial year (FY24), meeting the mid-point of its production guidance. This included strong contributions from the Gwalia underground mine, supported by improvement projects, and the Admiral open pit, which achieved commercial production in May.

Development at the Ulysses underground mine also advanced significantly, with production set to commence soon following the cutting of the portal. Additionally, the Laverton mill was restarted six months ahead of schedule, positioning Genesis to meet its FY25 production guidance of 190,000–210,000oz.

“The early restart of Laverton has positive implications for our five-year plan, potentially enabling us to reach our 2029 production target of 325,000 ounces per annum ahead of schedule,” Kiernan said.

Genesis has also bolstered its growth strategy with key acquisitions, including full ownership of Dacian Gold and Kin Mining’s Bruno-Lewis and Raeside deposits. These additions have strengthened the company’s ability to scale production and secure ore supply for its operations in the Leonora region.

With a growing market capitalisation and its ambitious “ASPIRE 400” vision targeting 400,000oz of annual production, Genesis is positioned to solidify its reputation as a leading ASX-listed gold producer.

Liontown Resources has updated its production strategy for the Kathleen Valley lithium project, located approximately 60 kilometers north of Leinster, Western Australia. This adjustment comes as the company seeks to navigate softened lithium prices for the second half of the 2024-25 financial year (H2 FY25).

Following the first shipment of spodumene concentrate in late September, Liontown is now aiming to reset its production baseline and revise its mine plans. These changes could yield up to $100 million in cost reductions, while also preserving options for future expansion when market conditions improve.

The company has set new operating cost expectations at $775–855 per dry metric tonne of spodumene concentrate for H2 FY25. Under the revised plan, Liontown targets an annual production rate of 2.8 million tonnes by the end of FY27, emphasizing high-margin output and reducing both development and fixed costs.

“When market conditions change, companies need to quickly adapt to meet the market,” said Liontown’s managing director and CEO, Tony Ottaviano. “The business optimization work done by our team shows our responsiveness to the current low-price environment."

Ottaviano also highlighted the advantages of their underground mining approach, allowing Liontown to focus on high-margin areas and scale operations flexibly. “Our goal is to ensure long-term value for our shareholders by leveraging the quality of our assets to meet strong long-term demand for lithium,” he added.

This strategic shift underscores Liontown's commitment to aligning production with market demands while positioning itself for long-term growth and value creation.

Pantoro has agreed to sell its Halls Creek gold mine in Western Australia to Kimberley Minerals for $8 million, allowing the company to focus on expanding its Norseman gold mine operations.

Under the terms of the binding agreement, the sale payment will be made in tranches over two years. Pantoro will receive $3 million upon finalization, followed by $2 million one year later and another $2 million two years after completion. The company will also retain a one percent royalty capped at $1 million, starting 24 months after the sale is finalized.

Additionally, Pantoro will maintain a 15 percent free carried interest in the nickel and platinum group element tenements at Halls Creek, which will remain in place until the start of production.

The sale follows Pantoro's decision to place Halls Creek, located in the Kimberley region, on care and maintenance in June 2023. Pantoro had operated the mine since 2015.

Pantoro Managing Director Paul Cmrlec said that divesting Halls Creek would enable the company to concentrate on advancing Norseman, which saw a three percent increase in gold production in the September 2024 quarter.

“The Halls Creek project was Pantoro’s first full mine development in 2015 and played a crucial role in the company’s growth,” said Cmrlec. “We believe that now is the right time to focus our efforts and resources on the expansion of Norseman, where we see the most potential for investor returns.”

Cmrlec also expressed well wishes to Kimberley Minerals in furthering the development of Halls Creek and said Pantoro would maintain an interest in its progress through the retained free carry.

Westgold Resources has reported a standout drilling result at the Polar Star lode within its Bluebird–South Junction mining complex in Meekatharra, Western Australia. Positioned at the southern end of a 6.5-kilometer stretch of lodes with a history of open-pit mining, the Bluebird–South Junction complex is set to become the primary ore source for Westgold’s nearby Bluebird processing plant.

In August, Westgold commenced sub-level open stoping on the South Junction lode, aiming to ramp up production to 100,000 tonnes per month by mid-2025. As part of this initiative, the focus has now shifted to the Polar Star lode, where Westgold has achieved its best drilling intercept yet: 13.71 meters at 18.02 grams per tonne (g/t) of gold from 563 meters, including a high-grade section of 5.85 meters at 36.37 g/t gold from 567 meters.

This drilling program, which began in January, has covered approximately 34,525 meters to date. Other significant recent intercepts from the Polar Star and South Junction lodes include:

• 18m at 3.61 g/t gold from 737m
• 13m at 3.65 g/t gold from 385m
• 10.80m at 3.06 g/t gold from 835.30m
• 14.58m at 2.54 g/t gold from 531m
• 5.80m at 4.06 g/t gold from 666m

Wayne Bramwell, Westgold’s managing director and CEO, commented on the progress: “The Bluebird–South Junction mine is rapidly becoming the key growth driver of Westgold’s Murchison portfolio. With intercepts like 13.71 meters at 18.02 g/t gold from the Polar Star lode, we’re seeing a third mining opportunity emerging. The system remains open, and with further drilling, Polar Star has the potential to expand outputs toward 1.5 million tonnes per annum.

Ramelius Resources has made key advancements at its Mt Magnet project in WA, especially at the Eridanus site. Drilling highlights included 18m at 9.53g/t from 42m and 4.6m at 48.3g/t from 67.5m, reinforcing the exploration pipeline alongside high-grade results from Lena at Cue and Crescent-Kopai.

An open-pit target at Eridanus is set between 12–16 million tonnes at 1.2–1.6g/t, projected to yield 575,000–775,000 ounces of gold. Ramelius is also assessing a Mt Magnet mill expansion to three million tonnes per year to boost capacity and cut costs.

Quarterly gold production reached 62,444 ounces at an AISC of $1,965 per ounce, dropping to $1,589 per ounce when excluding a non-cash component. Early mining at Cue stockpiled 35,359 tonnes of high-grade ore, with haulage to Mt Magnet starting in early November, anticipating a production boost in Q4.

Vault Minerals reported a strong September quarter, its first since merging Red 5 and Silver Lake Resources, producing 97,493 ounces of gold and marking the sixth consecutive quarter with over 50,000 ounces from Red 5’s former operations.

The company sold 102,529 ounces of gold at an all-in sustaining cost (AISC) of $2,231 per ounce and an average sale price of $3,162 per ounce.

Vault invested around $30 million in exploration, discovering high-grade Deflector-style mineralization southwest of the Deflector South-West lode, supporting further potential in the area. Deflector operations set a record quarterly mill throughput with 30,591 ounces of gold and 188 tonnes of copper.

The King of the Hills (KOTH) open pit increased material movement by 10 percent, with stage two stripping accounting for 58 percent of the total. This keeps Vault on track to access primary ore zones by the second half of FY25.

Vault is advancing plans to expand the Leonora plant to six million tonnes annually, with investment approval expected by early FY25. The company ended the quarter with $523.4 million in cash and no debt.

IGO's Greenbushes lithium operation in Western Australia demonstrated strong results in the first quarter of the 2024–25 financial year (FY25), achieving solid production levels and stable cash flow.

Despite softened commodity prices and decreased nickel revenues, Greenbushes surpassed expectations, showing a quarter-on-quarter increase in spodumene production.

"Operational performance at Greenbushes has been robust, with quarter-on-quarter production growth," said Ivan Vella, IGO's managing director and CEO.

"Greenbushes’ productivity has not only reinforced IGO’s position but also laid a strong foundation for long-term growth, in line with our strategic goals through to 2035."

While fluctuations in lithium and nickel prices impacted financial outcomes, IGO's focus on operational efficiency maintained resilience.

"Safety performance is a priority across our operations," Vella added. "The team is implementing targeted improvements and enhancing safety engagement to achieve sustained safety progress throughout this financial year."

With a cash balance of $259 million and $720 million in undrawn debt, IGO’s balance sheet remains strong, supporting continued investment in its core assets.

Looking ahead, IGO is also preparing for a planned shutdown at the Kwinana refinery, aimed at further boosting performance in the second quarter of FY25.

"Despite challenging market conditions, IGO remains in a solid position with a refreshed strategy and a restructured corporate and exploration team aligned with our purpose," Vella said.

"Following the end of mining activities in September, we have transitioned Forrestania to care and maintenance as planned, marking the end of over 20 years of successful operations. We are proud of its legacy and grateful to everyone who contributed to this mine over the years."

Forrestania Resources has secured a ‘drill for equity’ agreement, preparing for its inaugural drilling campaign at the Bonnie Vale Gold Project in Western Australia. The company will kick off a 21-hole, 1,600-meter reverse circulation drilling program at the Ada Ann Prospect this week.

Topdrill, the drilling contractor, will receive part of its payment in shares from Forrestania, reflecting a growing trend where junior explorers offer equity in exchange for drilling services to maximize their exploration budgets. Topdrill has entered into similar arrangements with other explorers this year.

John Hannaford, Forrestania’s Chairman, announced that this is the first of several planned drill programs at Bonnie Vale, with Ada Ann, a high-grade target, being the primary focus. “We are excited to have secured a rig from Topdrill, who has consistently supported our efforts. Their willingness to accept shares as part payment underscores their belief in our project,” Hannaford said.

The drilling, set to begin on October 23, will explore extensions of known mineralization both to the north and south, as well as test deeper zones. Additionally, the program will assess a potential new mineralized zone near historic drill spoils, where previous assays returned grades as high as 49 grams per tonne of gold.

Forrestania is exploring for gold, lithium, and copper across the Eastern Goldfields, Forrestania, and Southern Cross regions. The Bonnie Vale Project, located in the Norseman-Wiluna Greenstone Belt within the Yilgarn Craton, is part of Forrestania's broader portfolio, which spans 11 exploration licenses and four applications covering a total of 1,000 km². These tenements are largely non-contiguous, scattered over a 300 km stretch along or adjacent to key greenstone belts.