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14 March Feeds :
Mindax (ASX:MDX) has completed the initial drilling program at its Mt Forrest iron ore project in Western Australia, where it is progressing feasibility with a view to mining at the end of 2014.
The initial drilling program puts it squarely on track to develop a low phosphorous direct shipping ore (DSO) operation which could generate early cashflow to enhance the economics of a subsequent magnetite operation.
Gunson Resources (ASX: GUN) has closed its Share Purchase Plan with applications totalling $859,500.
Gunson has placed 3,000,000 shares to a substantial shareholder at $0.065 each, for a total fund raising of $195,000 from the shortfall.
Elk Petroleum’s (ASX: ELK) largest shareholder Robert Healy has increased his stake in the company to 25.23% from 23.37%.
In a bullish sign, Healy had spent $1.25 million on both on market purchases and a recent company funding to acquire 8.25 million additional shares, bringing his total shareholding up to 42.36 million shares.
Austin Exploration (ASX:AKK) is building on its Niobrara project drilling success with continued flow of oil and gas from its Pathfinder C 11-12 No.1 HZ well, which could pave the way for next phase of production testing.
The well flowed a total of 403 barrels of oil equivalent per day over a 24-hour test period comprising 211 barrels of oil and 1.1 million cubic feet of gas.
Taruga Gold (ASX: TAR) has completed a aeromagnetic survey over its Kossa Project in Niger that has defined a major gold mineralised structure at the Kossa-Borobon trend.
Initial interpretation of the data indicates the structure is analogous to IAMGold’s Essakane gold mine located just 20 kilometres away that produces about 350,000 ounces of gold per annum.
Silver Mines (ASX:SVL) is on track for diamond drilling at its Webbs project, which is slated to start next week.
The diamond drilling follows completion of 7 reverse circulation holes completed to date for 1,269 metres. RC drilling is still underway.
Five holes will be cased and tailed with diamond core as planned, while two other holes will be site tested with a new hole.
Investigator Resources’ (ASX: IVR) infill drilling at its Paris Silver Project in South Australia has returned an encouraging initial assay of 4.6 metres at 1,557 grams per tonne silver from 45 metres.
Mineralisation of the hole in the North Eastern Zone began from a depth of 45 metres.
Discovery Metals (ASX:DML) is continuing the ramp up of production at its Boseto copper mine in Botswana with the highest monthly copper rate recorded last month.
It produced copper concentrate of 3,834 tonnes containing 1,529 tonnes of copper and 63,024 ounce of silver.
The concentrator throughput was about 91% of design rate for the 23 days operated last month.
Tissue Therapies (ASX: TIS) will soon update the market on regulatory approvals for its wound treatment products and has placed its shares into an ASX trading halt.
The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Monday 18th March 2013.
Tissue had recently noted that it was proceeding with gaining the U.S. Food and Drug Administration approval for the human trials of its VitroGro® ECM treatment for diabetic and venous ulcers.
Sino Gas and Energy (ASX: SEH) is progressing well with its fully funded 2013 coal seam gas drilling program in the onshore Ordos Basin, China, with two wells spud and preparations starting on another eight.
The company is sourcing an additional six drill rigs to complement the four rigs already in the field as it moves to complete up to 25 wells by the end of the third quarter of this year.
Drilling at both the Sanjiaobei and Linxing West production sharing contracts had started earlier than expected and Sino has also extended the 2D seismic survey at Sanjiaobei by 75 kilometres to 585 kilometres
LNG (ASX:LNG) has submitted project information to US regulators to build, own and operate a 8 million tonnes per annum Magnolia liquefied natural gas project in Louisiana.
The submissions are part of the prefiling requirements from the US Federal Energy Regulatory Commission.
Image Resources (ASX: IMA) is poised further expand its Resources after securing a Mining Lease over the major northern extension of its Boonanarring project in the North Perth Basin, Western Australia.
“This has been a good news week for Image,” managing director Peter Davies said.
“Grant of the Mining Lease on schedule, coupled with the outstanding new resource figures for Block B released on 8 March, continue to demonstrate that our confidence in Boonanarring as Image’s first minerals sands producing operation is well founded.”
Mount Magnet South (ASX:MUM) has extended the life of mine and the project economics of the Kirkalocka gold project in Western Australia following an optimised feasibility study.
The average annual metal production has increased significantly in the first three years of the project ranging from 62,000 to 75,000 ounce gold per annum with first year metal production targeting 68,000 ounce gold.
MacPhersons Resources (ASX: MRP) now has the operations team in place for its Nimbus Silver-Zinc-Gold Project in Western Australia with the addition of an operations manager and senior mining engineer.
The company is preparing Nimbus for production in 2014.
“The addition of experienced, high calibre operational and planning engineers with a proven track record delivers a solid team as we move forward to production,” managing director Morrie Goodz said.
Drake Resources (ASX: DRK) is preparing to release details of a capital raising, with the ASX granting the company a trading halt this morning - while placing its shares in pre-open.
Earlier in the month Drake announced that a ground and downhole EM survey confirmed multiple conductors supporting recent drill hole success intersecting massive and semi-massive sulphide mineralisation at its Granmuren copper-nickel discovery in central Sweden.
The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Monday 18th March 2013.
Bass Strait Oil (ASX: BAS) has renewed permit PEP 167 in the Otway Basin for another five years, with the company holding a 100% interest in the permit.
The outcome is that Bass now has a large acreage holding over the central Victorian sector of the onshore Otway Basin, and the company considers PEP 167 to be a prospective Waare conventional gas play and the Casterton oil shale play.
Kupang Resources (ASX:KPR) is set for producing manganese lump at its Kupang processing facility in Indonesia after the joint venture obtained final government approval to allow crushing, screening, blending and stockpiling of raw manganese.
The Kupang JV has received final approval from the Governor of Kupang to clear and prepare its processing area for site set up and the commissioning of recently acquired processing equipment.
Stratum Metals' (ASX: SXT) substantial shareholder John Maitland has increased his stake in the company, and now holds a 8.69% stake - up from 5.15%.
The increase was part of a recent placement by the company, with Maitland buying another 2 million ordinary shares at $0.25 for a cost of $500,000.
Excalibur Mining (ASX: EXM) is preparing to announce an acquisition and also details on a capital structure, with the ASX granting the company a trading halt - with its shares placed in pre-open.
Excalibur has not yet released any further details, but the company did outline in the December 2012 quarterly the potential acquisition of mineral and prospecting licenses in Zambia.
Magnetic Resources (ASX: MAU) has appointed ex-Fortescue Metals Group executive Gavin Fletcher as an executive director and Ben Donovan as its company secretary.
It has also received the first placement tranche of $400,000 under the Share Subscription Agreement from the group of experienced iron ore industry executives led by Fletcher and John Blanning, former vice president mining for African Minerals.
Besides offering to work on the Ragged Rock Project, the group also committed to a A$1 million investment.
Emergent Resources (ASX:EMG) has responded to a query from the ASX regarding a share price rise from $0.021 on 12 March 2013 to a high of $0.025.
While it was not aware of any information that had not been announced Emergent did say that major shareholder International Natural Resources Limited had acquired 15,000,000 shares on market, increasing that company’s interest in EMG to 17.03%.
Kairiki Energy Limited (ASX:KIK) The securities of Kairiki Energy Limited (the “Company”) will be placed in Trading Halt
Session State at the request of the Company, pending the release of an announcement
by the Company. Unless ASX decides otherwise, the securities will remain in Trading
Halt Session State until the earlier of the commencement of normal trading on Tuesday,
19 March 2013 or when the announcement is released to the market.
-----------------------------------------------------------------------------GOLD
Spot gold in recent days has been pushing towards the US$1600 an ounce price technical barrier, and overnight managed to push through to a high of US$1600.90 - the first time it had breached this level in around a fortnight.
Sellers did however look to capitalise on the strength and sold into the rally, which ended up pushing spot of the yellow metal down to US$1588 an ounce.
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Source: Proactive Investors Australia
