News

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.

Galileo Mining Ltd (ASX: GAL) has made an exciting breakthrough in its exploration efforts at the Norseman project in Western Australia. The company recently announced significant exploration results from drilling activities conducted to the north of the Callisto palladium-nickel discovery.

The Managing Director of Galileo Mining, Brad Underwood, expressed his satisfaction with the findings, emphasizing the importance of the anomalous intersection encountered during the exploration drilling. The assays revealed the presence of a new type of rock formation containing palladium and platinum, which is distinct and separate from the rock hosting the Callisto discovery located 600 meters to the south.

This discovery holds tremendous significance as it confirms that the enrichment of platinum group elements (PGE) at Callisto is not limited to one rock formation. It opens up exciting possibilities for further exploration and resource expansion within the Norseman project area. Underwood stated, "Drilling an anomalous intersection over such a wide zone is a significant result from exploration drilling at our Norseman project."

The Norseman project has been a focus for Galileo Mining due to its strategic location and previous successful discoveries. The identification of this new rock formation with PGE mineralization adds to the company's understanding of the geological potential in the area. It also enhances investor confidence and highlights the project's significance as a valuable contributor to Australia's mining industry.

Galileo Mining remains committed to further exploration and resource delineation at the Norseman project. The discovery of the separate rock formation containing palladium and platinum resources underscores the project's potential for long-term success. The company's ongoing efforts to unlock the area's mineral wealth demonstrate its dedication to maximizing the project's value.

Situated in a region renowned for its mineral resources, the Norseman project presents a prime opportunity for Galileo Mining. The company's exploration success positions it well for future advancements and resource expansion in the area. Investors and stakeholders eagerly await updates on the company's progress as it continues to unlock the potential of the Norseman project.

Galileo Mining's breakthrough in discovering the new palladium-platinum rock formation showcases its expertise in exploration and highlights its commitment to sustainable resource development. With a solid presence in the Australian mining sector, the company is poised to make further strides in uncovering valuable resources and contributing to the nation's economic growth.

As Galileo Mining continues its exploration activities, industry experts and investors eagerly anticipate future developments, recognizing the company's potential to uncover additional mineral resources within the Norseman project. The newfound opportunities presented by the palladium-platinum rock discovery solidify Galileo Mining's position as a key player in the Australian mining industry.

Caspin Resources Limited (ASX: CPN) has announced a significant discovery of Rare Earth Element (REE) mineralization at the Mount Squires Project in Western Australia. The discovery marks the first significant REE mineralization in the West Musgrave Province, and the finding was made despite the tiny scale of the assay program.

Caspin’s CEO, Greg Miles, was enthusiastic about the discovery, saying, “This is a sensational discovery given the tiny scale of the assay program.” He added that while the company had long recognized the potential for rare earth mineralization at Mount Squires, the focus had been on nickel, copper, and gold until now.

The recent-assaying of Duchess aircore holes has identified significant shallow REE mineralization. The drill holes include a 46m length with 0.71% total rare earth oxide (TREO) from 32m, a 19m length with 0.41% TREO from the surface, a 7m length with 0.32% TREO from the surface, and a 10m length with 0.14% TREO from 36m.

The assays indicate a significant proportion of high-value light and heavy rare earth elements in TREO. Notably, the NdPr:TREO averages 19%, the HREE:TREO averages 28%, and the Dy2O3:TREO averages 2.9%. There is also the potential for credits from accessory base metals.

The rhyolite volcanic host rock is strongly enriched with REE, and there is likely secondary enrichment through weathering and hydrothermal processes. The discovery highlights the potential to identify significant deposits of REE elsewhere in the project, and a geological review is underway.

Miles also noted that the discovery highlights the potential for REE mineralization throughout the project, with potentially more targets beyond the Duchess Prospect. An upcoming RC drill program will test extensions and obtain samples for metallurgical test work.

Caspin Resources Limited’s discovery of significant REE mineralization at the Mount Squires Project is an exciting development for the company and the industry. As exploration continues, there is the potential for further discoveries and the identification of significant deposits of REE.

Future Battery Minerals Ltd (ASX: FBM) has reported assay results from four high-priority holes at its Kangaroo Hills Lithium Project (KHLP) in Western Australia. The results have extended the lithium discovery, confirming the continuation of mineralisation beyond the previously discovered KHRC011. The drilling programme has so far identified a pegmatite unit of 200m in width, up to 30m in thickness, and at least 300m in length. The mineralisation remains open along the strike at a flat minus (-) 20-degree dip. The results indicate that the project could be highly significant for FBM, with a considerable amount of lithium potentially being present in the identified pegmatite unit.

The four holes that were drilled were immediate step-outs north, south and east from KHRC011, which returned 29m @1.36% Li2O. All four holes identified a thick pegmatite unit that is interpreted to be the same host rock of the high-grade lithium mineralisation. The drill holes were prioritised for assaying in order to better understand the immediate continuation of mineralisation and aid modelling of this important host rock before diamond core drilling (DD).

The assay results received from the four holes returned thick and shallow high-grade Lithium (Li) in spodumene-bearing pegmatite, including 27m @ 1.32% Li2O from 64m (KHRC017), 19m @ 1.03% Li2O from 42m (KHRC015), 16m @ 1.09% Li2O from 11m (KHRC022), and 12m @ 1.02% Li2O from 8m (KHRC021). The assays for 23 more holes drilled during Phase 2 drilling are still pending.

The company is extremely pleased with the results, which confirm the significance of the initial KHLP discovery. Diamond drilling (DD) has now commenced, with the first hole (KHDD001) infilling between KHRC011 and KHRC015. The aim of the DD programme is to confirm the orientation of the pegmatite and provide an important bulk sample for early stage mineralogical and metallurgical analysis. FBM Technical Director Robin Cox commented on the assay results, stating that the company is keen to better understand the mineralogy and metallurgy of this important discovery through the DD programme.

IGO announced today that it has secured land in Kwinana from the Western Australian Government for its proposed Integrated Battery Material Facility. This marks an important milestone in delivering IGO’s strategy to be vertically integrated into the battery supply chain. In conjunction with Wyloo Metals (Wyloo), IGO is working towards making a financial investment decision on the development of the Project, which involves integrating a downstream nickel refinery with a plant producing high-value nickel dominant precursor cathode active material (PCAM) for the battery supply chain. The proposed Project would combine IGO’s disruptive nickel refining technology with PCAM production expertise via a low-cost and low-carbon process. The Project would represent the first commercial production of PCAM in Australia and align with the State Government’s drive to grow Western Australia’s future battery industry.  

The proposed IBM Facility would be constructed in the Kwinana-Rockingham Strategic Industrial Area on approximately 30 hectares of vacant industrial land leased from the State Government. The land secured for the proposed IBM Facility is adjacent to the Kwinana Lithium Hydroxide Refinery, owned by Tianqi Lithium Energy Australia (TLEA), a joint venture between IGO and Tianqi Lithium Corporation.   Key workstreams required before a Final Investment Decision can be made include engaging a partner with experience in PCAM production, delivery of a Feasibility Study in mid-2024, environmental permitting and approvals, broad stakeholder engagement and the achievement of key commercial outcomes. IGO and Wyloo are currently advancing discussions with a global battery chemical manufacturer, which has indicated strong interest in partnering in the Project. This is essential in integrating the parties’ technologies with IGO’s critical minerals to capture value across the supply chain. 

IGO’s Acting CEO, Matt Dusci said; “Australia is already playing an important role in the global supply of critical minerals required as the world transitions to clean energy. We need to continue to expand our participation throughout the battery supply chain, beyond just the mining of key raw minerals, in order to capture a greater share of the value. We believe the area where Australia can be most competitive is in midstream battery chemical processing."

“We are excited about securing this site at Kwinana – a pivotal step in our ambitions to be better integrated into the battery supply chain.  We strongly believe that by bringing the right partners together, we will deliver a  fully optimised nickel supply chain delivering low-cost, low-carbon, responsibly produced battery chemicals for the global battery and electric vehicle industry, to be delivered through an integrated battery material facility here in Western Australia.” 

“The Kwinana-Rockingham Strategic Industrial Area is rapidly emerging as a globally significant battery material hub with existing lithium hydroxide production, established infrastructure and a skilled residential workforce. I would like to acknowledge the support of the Western Australian State Government as we work together with a combined ambition of continued growth of the local battery chemical industry.”   

Caravel Minerals reported the outcomes of an independent metallurgical process review and update completed recently for its 100%-owned Caravel Copper Project, located 150km northeast of Perth in Western Australia. The results identified substantial opportunities to enhance Project value and confirmed the process flowsheet's suitability before the start of engineering for the Definitive Feasibility Study (DFS). The three-month review was undertaken by industry specialist engineering and project delivery firms Lycopodium Minerals (Lycopodium) and Orway Mineral Consultants (OMC). The key outcomes of the review support an incremental increase in process plant capacity of ~10% to 30Mtpa undertaken by Lycopodium and OMC, including a Molybdenum Recovery Circuit (MRC) undertaken by Caravel Minerals and the deferral of the previously considered Coarse Particle Flotation (CPF) circuit. Based on these changes, forecast annual copper production increases from 60ktpa to ~65tpa at steady state, supplemented by ~0.9ktpa of molybdenum production as a saleable by-product.

The combined financial benefits of these changes are significant, with Project NPV increasing by ~A$0.6B to ~A$2.0B and Project payback reduced to less than five years. All-in Sustaining Costs decrease by ~14% to ~US$2.07/lb of copper produced, and IRR increases to 21%. Following the completion of the review, the base case process flowsheet for the DFS has now been established. The DFS is scheduled for delivery in the first half of 2024.

Caravel Managing Director and CEO, Don Hyma, said: “Our decision to commission a wide-ranging independent metallurgical review of the Caravel Project flowsheet by leading engineering group Lycopodium, supported by a group of consulting technical experts, reflects our commitment to exhaustively analyse all aspects of the Project and to strive to ‘build it right’ from the beginning. “The results of this review and update have exceeded our expectations. The increase in copper production stems from relatively minor changes and enhancements to the project flowsheet, in combination with the inclusion of the previously flagged Molybdenum Recovery Circuit. Collectively, these changes result in a significant increase in Project cash-flow, NPV and financial returns for a modest increase in capital expenditure. Importantly, we have also used a modest assumed price of US$4/lb for copper and US$20/lb for molybdenum – with significant scope for upside on these prices. “The outcomes of this review will now be ‘frozen’ into the detailed engineering phase, and we are delighted to announce the appointment of Lycopodium as the Lead Engineer for the Definitive Feasibility Study, which will get underway in earnest in the second half of this year.”