Pic: MamiGibbs / Moment via Getty Images.
News
Its quarterlies season again as the ASX market announcements page becomes increasingly flooded with earnings lodgements.
To save you the trouble of trudging through it all, we’ve wrapped up the highlights from some of the reports that caught our eye.
In the September quarter, Reward developed a brand new potash brine processing technology for recovery of Potassium Sulfate (SOP) directly from brines of wide ranging chemical compositions.
Apparently, it doesn’t require mechanical harvesting of mixed potash salts or the conventional Schoenite or Kainite flotation steps – which may significantly reduce capital and operating costs per unit of SOP.
The company also commenced an updated Engineering Scoping Study for the Kumpupintil Lake Potash Project and kicked off RC drilling at the McKay Range JV.
Drilling is expected to be finalised in late October and the return of assay results are anticipated in the March quarter.
Reward’s available cash at the end of the period was approximately $1.9 million.
Ramelius reported quarterly group gold production of 61,244 ounces at an AISC of A$1,930/oz – which it says was in line with internal expectations
Cash and gold increased A$4.3M over the quarter to A$177.2M (compared to A$172.9M in the June 2022 Quarter) after an investment of A$26.5M in underground development at Penny.
The company also updated the Mineral Resource at Bartus Group (Mt Magnet) to 4.2Mt at 1.7 g/t for 230koz (that’s up a whopping 858% from 24koz previously) including 2.3Mt at 2.1 g/t for 150koz at Bartus East.
Group gold production Guidance for FY23 remains on track for 240,000 – 280,000 ounces at an AISC of A$1,750 – 1,950/oz, with H2 forecasted to be lower AISC due to increasing quantities of high-grade Penny ore being fed into the Mt Magnet mill.
Horizon has been busy this quarter, with its exploration program continueing at the Greater Boorara – Cannon, Yarmany and Lakewood project areas testing high priority gold and nickel sulphide targets.
It also updated mineral resource estimates released for Penny’s Find, Coote, Baden Powell and Windanya totalling an additional 91,000 ounces, with the company’s total mineral resource estimate now standing at 22.6Mt grading 1.71g/t Au for 1.24 million ounces at various cut-off grades.
Acquisition of the remaining 50% of the high-grade Penny’s Find underground gold project was completed and divestment of the non-core Kangaroo Hill and Phoenix projects announced for $150,000 in cash and $150,000 in shares in Greenstone Resources (ASX:GSR) was initiated, with completion expected in the December Quarter.
The company also completed the demerger and restructure the Richmond Vanadium Project and is now progressing a dedicated ASX listing of RVT and IPO in 2022 providing Horizon shareholders with a free allocation of new shares in the IPO and a priority offering.
Cash at bank at 30 September was A$2.88 million.
In the September quarter, the company wrapped up its phase 1 drilling program at the Belara project in NSW which intersected massive sulphide mineralisation – many of higher grade for zinc, copper, and lead than the historic model.
Plus, metallurgical testwork bolstered BRX’s confidence that the metals can be recovered using standard floatation techniques.
The company also picked up some DHEM and FLEM survey data at the Belara and Native Bee resource area which it plans to use to determine potential extensions to mineralisation areas.
At the Bullabulling gold project in WA, 3D prospectivity modelling using machine learning techniques mapped seven high priority targets for exploration drilling.
The company had $1.09m cash at bank as at 30 September.
Creasy-backed CZR is gearing up for a resource update following strong results at its Robe Mesa iron ore project in the Pilbara during the quarter, which confirm extensive Direct Shipping Ore (DSO) mineralisation below PFS pit designs.
The results support the company’s plans to increase production and mine life at the project, and the reserve and new plan will pave the way for completion of the DFS on a 3Mtpa operation.
CZR also signed a cooperation agreement during the quarter with Red Hill Iron to jointly assess the feasibility of shared export routes from the respective iron ore developments.
The company’s Mt York gold project in WA is shaping up nicely, with the mineral resource estimate growing by 26% to 1,104,000 oz Au (0.7 g/t Au cutoff) and the resource increasing to 1,329,000 oz Au at a 0.5 g/t Au lower cut-off.
But that might not be the end of the resource, with step-out drilling underway to explore further resource growth.
As an added bonus, spodumene-bearing pegmatite samples grading up to 1.91% Li2O were discovered at the Lucky Sump Prospect – and the company flagged major lithium and gold anomalies at its Croyden project too.
The company wrapped up the quarter with a strong cash position of $5.8m.
During the quarter, the WA Department of Mines granted MinRex the Sisters and North Moolyella lithium projects and rock chip sampling from Sisters confirmed high-grade lithium-tin-tantalium mineralisation of 3.41% lithium oxide, 1.59% lithium, 105 ppm caesium, 80 ppm tantalum, 120 ppm niobium, 130 ppm tin, and 1,980 ppm rubidium.
The company even managed to wrap up its first pass drilling program at Sisters in late September, and says new rock chip sampling over the Sisters Central and Southern Zone has identified more extensive pegmatites hosting visible lithium mineralisation within the Tambourah North project area.
MinRex remains well funded with $13.83m in cash at the end of the quarter.
High-grade (65% Fe) iron ore mining at the company’s Koolan Island continues to increase, rising 38% over the previous quarter to 0.9 million wet metric tonnes (Mwmt) with significant stockpiles (approximately 0.5 Mwmt) being established for future processing.
Iron ore sales in the September quarter totalled 0.45 Mwmt for revenue of $62 million Free on Board (FOB).
Shipment numbers were increasing as planned prior to the processing plant fire incident in mid-August which temporarily interrupted the shipping schedule while repairs are undertaken.
Interim processing is being undertaken through the undamaged primary plant and mobile crushing units enabling 2-3 shipments per month to be targeted for the December quarter.
FY23 sales guidance remains at 3.2-3.7 Mwmt, weighted to the second half.
News
News
News
Mining
Mining
Mining
Get the latest Stockhead news delivered free to your inbox.
