Base metals: Carawine gets busy in the Paterson on hopes of a big Rio Tinto-like copper, gold find
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Carawine Resources (ASX:CWX) has shifted its focus to its ground in the hot-right-now Paterson Province of WA with the start of a major exploration program.
The Paterson province has been put on the map as an exploration hotspot after Rio Tinto (ASX:RIO) confirmed its huge copper-gold discovery (codename: Winu).
And Carawine has ground about 50km west of Rio Tinto’s Winu discovery.
So today the company told investors it will undertake a major geophysical survey over its Paterson project to pinpoint potential drill targets for testing later this year.
“Our Paterson tenements were pegged prior to the recent increase in activity within the region, so we were able to secure areas with the right host rocks, under shallow cover, and limited historic exploration,” managing director David Boyd said.
“We are using geophysical methods proven to be successful in the region, particularly on ground similar to ours, and which have led to several major discoveries in the region.”
It must be the day for reporting high-grade zinc hits because both Peel Mining (ASX:PEX) and Todd River Resources (ASX:TRT) uncovered some pretty nice grades. Peel intercepted up to 30.34 per cent zinc from its Wagga Tank project in New South Wales, while Todd River intercepted up to 18 per cent zinc at its Mt Hardy project in the Northern Territory. Anything above 12 per cent is considered high-grade.
Myanmar Metals (ASX:MYL) has delivered a pre-feasibility study and maiden reserve for its Bawdwin lead, silver and zinc mine in Myanmar. The project would have an initial 13-year mine life with a net present value (NPV) of US$580m and internal rate of return (IRR) of 30 per cent. NPV and IRR are metrics used to assess the profitability of a project. The higher the NPV and IRR, the more profitable a project will be.
Myanmar said at steady state production, Bawdwin’s starter pit would be the 3rd largest producing lead mine in the world, the 10th largest producing silver mine in the world and a globally significant zinc producer.
Partners Aeris Resources (ASX:AIS) and Argonaut Resources (ASX:ARE) have overcome drilling difficulties at the Torrens copper-gold prospect in South Australia. Aeris said the drill hole is currently at 297m and successfully drilled through the artesian aquifer.
Investors were pleased, moving Aeris’ shares up 4.6 per cent to 11.5c, while Argonaut’s shares climbed nearly 17 per cent to 1.4c.
Galileo Mining (ASX:GAL) has started its first deeper drilling program at the Fraser Range project in WA. The company will test two targets – one that is prospective for the same style of nickel mineralisation found in the big Nova discovery made by Sirius Resources back in 2012.