Main market-listed Kavango Resources (LSE:KAV) has a secret hiding under trillions of tons of rock in Botswana.

And something rather interesting cropped up in its full year results to 31 December 2019, published on 26 May 2020.

The company has a huge license area totalling 5,573km2 across the Kalahari Suture Zone (KSZ) in the south west of the African nation.

CEO Michael Foster noted how the region continues to show considerable potential for the discovery of world-class base metals deposits.

“Kavango has gathered more exploration data on the KSZ than any other company. Over the coming months we expect to make significant progress in validating our view that the underexplored KSZ is host to world-class copper-nickel-PCM deposits.”

“In addition, we are nearing completion of our first farm-out by selling a 51% interest in the Ditau project,” he said.

Power up

Ditau covers 1,386km2. At its centre are ten vast geological formations known as ring structures, many kilometres across. Ring structures are widely associated with the presence of volcanic carbonatites, the primary source of rare earth elements (REE).

On 15 April 2020 shares in partner firm Power Metals (LSE:POW) rocketed when it announced it had agreed to buy the stake in Ditau to target “highly prospective” REE deposits. Rare earth elements are critical for manufacturing numerous high-tech applications, including electric vehicle motors and batteries.

Kavango has also added to its portfolio in the Kalahari Copper Belt, where two new mines are being developed.

But excitement is growing here for another reason.

Kavango Chairman Douglas Wright writes: “Our primary goal in the coming months is to deepen our understanding of the KSZ project and identify future drill targets.”

This deeper understanding is what I want to focus on today. 

Underground: watch this space

50 years ago, an important Canadian nickel-copper producer called Falconbridge was working in the Kalahari Suture Zone. Its scientists were convinced that south west Botswana held the key to vast deposits of undiscovered diamonds that could make fortunes and transform world markets.

Excitedly drilling target holes, the scientists were disappointed to find absolutely barren rock. It didn’t seem to make sense. Running out of money, the Canadian company was forced to abandon the site and leave perplexed.

Using much more precise instruments, a new hypothesis has been formed. And it’s good news for Kavango’s shareholders.

Advances in geological mapping since the 1970s, including 3D computer modelling, have revealed that, far from being barren, in fact, the opposite is true.

Wright notes: “There is now a large body of evidence suggesting that the accumulation of nickel and copper-bearing metal sulphides occurred within the high level gabbroic intrusions of the KSZ.”

What really happened

Kavango began drilling at the KSZ in October 2019, beginning with three target holes across 1,000m.

The point of the campaign was to identify high-potential targets in what are known as underground traps. It is these traps that so confused the Canadian scientists back in the 1970s.

Drilling confirmed the presence of an extensive magma plumbing system. This is a feature of established nickel-copper-PGM deposits in some of the largest and most profitable mines in the world, including Norilsk in Siberia, Canada’s Raglan and Voisey’s Bay, and Jinchuan in China.

This magma plumbing system had filtered molten magma, carrying dense metal sulphide liquid through a series of vertical and horizontal fissures. Because metallic elements are heavier than the surrounding rock, they accumulated and solidified in underground traps further below the surface.

Kavango believes — backed by the latest science — that these underground traps contain intensely concentrated metal deposits just waiting to be exploited.

In the next stage of its exploration Kavango will drill and test trap zones in the plumbing systems that lie within 300m of the surface. And initial drill samples are being sent to the University of Leicester for mineralogical and petrographic testing.

Then the main task is to combine Kavango’s data from extensive analysis, which includes airborne electromagnetic surveys and soil geochemistry, together with gravitational surveys in the public domain.

And 3D computer modelled reports to confirm their theory will be prepared across Q2 and Q3 2020. No wonder that chief executive Michael Foster says Kavango are looking forward to an “exciting programme” of exploration in 2020.

Author: Mark Sheridan

The Author does not hold any position in the stock(s) and/or financial instrument(s) mentioned in the piece.

MiningMaven Ltd, the owner of MiningMaven.com, does not own a position in the stock(s) and/or financial instrument(s) mentioned in the piece.

MiningMaven Ltd, the owner of MiningMaven.com, has not been paid for the production of this piece by the company or companies mentioned above.

MiningMaven.com and MiningMaven Ltd are not responsible for the article's content or accuracy and do not share the views of the author. News and research are not recommendations to deal, and investments may fall in value so that you could lose some or all of your investment. Past performance is not an indicator of future performance

 

 

With gold prices soaring, junior miners with strong projects are in ultra-high demand.

The yellow metal pushed past eight-year highs against the US dollar on Monday 18 May to reach $1,762 per ounce (“/oz”). The same trading session saw the precious commodity smash all-time records against most of the world’s other major currencies. Strength has continued throughout the week.

In a market like this, one company, in particular, has a prime opportunity to make its investors a lot of money. 

We sat down with Louis Coetzee, chief executive of Katoro Gold (LSE:KAT), to get the inside track on what’s next for Blyvoor – the firm’s exciting precious metals project in South Africa.

Aerial view of the Blyvoor project (Source: Katoro Gold)

Carltonville is a busy mining town west of South Africa’s capital Johannesburg. When gold was first discovered there in 1886, it transformed the country from a farming-led economy into the most industrialised nation on the continent. It also helped to create some of the world’s most profitable mining companies, like Anglo American (LSE:AAL). 

The area is now home to Katoro’s Blyvoor project, a 50-50 joint venture with Blyvoor Gold Operations. At Blyvoor, Katoro and its partner will focus on processing “tailings” from previous gold mining schemes in the local area.

This is a lucrative niche.

Tailings are mineral loads that were once considered to be waste products. However, thanks to novel extraction techniques developed only in the last ten years, previously-overlooked gold in this discarded rock can now be extracted economically.

This approach has worked wonders for De Beers in South Africa. Thanks to advances in separating, sorting and crushing equipment, the world’s largest diamond miner famously managed to extract 815,036 carats of diamonds from several million tons of tailings in 2013 and operations will continue beyond 2030. 

Outstanding scoping study

Earlier this month, Katoro took a huge step forward at Blyvoor when it released the results of its scoping study for the project.

The work assumes the asset will operate for 25 years, during which production capacity will build up to 500,000 tons of tailings ore per month and 35,000 ounces of gold production per year.

These rates translate into a net present value of US$131 million, a 25% internal rate of return, and a return on investment (“ROI”) of 260%. Meanwhile, revenues over the life of mine are expected to reach US$992 million against total capital costs of US$110 million. All-in sustaining costs are forecast to sit at just US$727 per ounce of gold.

These are already very impressive figures. However, they become even more impressive when you consider the extremely conservative measurements Katoro used to reach them.

One such example is the company’s assessment of Blyvoor’s recovery rate. Although test work showed this to be as high as 62%, Katoro used an average recovery of 52% - 10% lower.

Likewise, the ROI was calculated using a very conservative gold price of just $1500/oz. With gold now breaking record prices, this figure is free to rise exponentially. 

The context of the numbers is critical to consider,” explains Coetzee. “Our approach was not to see what is the best-case scenario, it was to say “If we pick this apart, and if we strip it down to the bare bones, does it still present us with a decent opportunity?" The answer is a clear yes, and this scoping study has demonstrated Blyvoor’s true integrity as a project."

Alongside the attractive economics of its contained resource, there are several other areas of potential financial upside to consider at Blyvoor.

For example, although novice investors often overlook the impact of currency on overseas operations, the exchange rate is essential for Katoro. See, the firm is paid in US dollars but incurs costs in South African rand. In the last 12 months, the rand exchange rate has surged against the US dollar- there is now 18.46 rand to the dollar, compared to just 14 a year ago. This means there’s no better time to undertake work in the country.

Meanwhile, another pivotal point is the fact that previous work completed at Blyvoor has been significant enough to allow Katoro to proceed straight to the definitive feasibility study (“DFS”) stage from its scoping study. In doing so, it skips the time burden and costs associated with the pre-feasibility stage.

Is this particularly common in mining?

No,” says Coetzee. “It’s not common for projects like this at all, especially in the mining side. The historic work that was done on Blyvoor was more than enough in terms of quality and quantity that we can progress and proceed immediately with a DFS. This saves us both time and money.”

Finally, one of the most exciting things about Blyvoor is Katoro's belief that the project will reach first production within just 18-24 months. For shareholders, this is a very short timeline to revenue – especially when Katoro’s market cap currently sits at just £5.2 million.

So, where will news come from next? More importantly, will it be able to extend the strong run Katoro’s share price has enjoyed since March?

Coetzee believes so, pointing to the numerous potential funding partners now circling Blyvoor:

From the time we first announced this transaction we started engaging with potential funders. There's quite a number of them. There's quite a few that have shown quite a keen interest, and this has only increased since we made the scoping study results available,” he says. 

All in all, Katoro looks to have a brilliant opportunity ahead of it at Blyvoor. New investors should watch closely – the firm’s current 2.3p share price could soon look very cheap.

Author: Daniel Flynn

The Author does not hold any position in the stock(s) and/or financial instrument(s) mentioned in the piece.

MiningMaven Ltd, the owner of MiningMaven.com, does not own a position in the stock(s) and/or financial instrument(s) mentioned in the piece.

MiningMaven Ltd, the owner of MiningMaven.com, has been paid for the production of this piece by the company or companies mentioned above.

MiningMaven.com and MiningMaven Ltd are not responsible for the article's content or accuracy and do not share the views of the author. News and research are not recommendations to deal, and investments may fall in value so that you could lose some or all of your investment. Past performance is not an indicator of future performance

Power Metal Resources (LSE:POW) and Red Rock Resources (LSE:RRR) both enjoyed a strong lift on Tuesday after revealing yet another expansion to their joint venture (“JV”) in Australia’s Victoria Goldfields.

Through their shared outfit Red Rock Australasia, the firms have lodged applications for two new licence areas covering 215km2 in Victoria – one of the world’s most active and prospective high-grade gold mining region.

This takes the JV’s total licence application area to 919km2 of ground adjacent to the Ballarat gold mine owned and operated by Castlemaine Goldfields – a subsidiary of Liongold Corporate. Ballarat is currently producing 40,000 ounces of gold a year at an average grade of 5.6g/t gold from underground mining and has historically produced more than 13 million ounces of the precious metal.

Excitingly, all of the joint venture’s application areas have extensive evidence of gold mineralisation. In many cases, they even have recorded production and historical drilling.

In Tuesday’s announcement, Power Metal’s chief executive Paul Johnson said the expansion has granted Red Rock Australasia “critical mass” in Victoria with a broad spread of targets that could become mines. “I look forward to the coming weeks and months, when we will be providing further information to the market outlining the prospectivity of each project within the JV portfolio,” he added.

Shares in Power Metal were up 12.6% on the news at 0.39p, their highest level since March, while Red Rock had advanced 27.4% to 0.3p.

The two firms first announced their entry into the Victoria Goldfields in April, when they applied for 130km2 of ground. Several days afterwards, they added a further 581km2 to this holding.

Victoria is currently experiencing something of a modern day goldrush. Historically, work in the region has mostly been mostly alluvial – or at surface.  However, many players are now looking to follow in the footsteps of Kirkland Lake Gold, whose Fosterville gold mine has become one of the world’s highest-grade, and lowest-cost projects through underground drilling. In Q1 2020 alone, the project produced 159,864 ounces at 42.4g/t primarily from underground operations.

In Tuesday’s update, Andrew Bell, the chairman of Red Rock Resources, elaborated on his new JV’s potential to this end:

“Each license contains evidence of gold mineralisation and historic gold workings, with in many cases recorded production from previous alluvial mining or underground drives.

At a time when the Goldfields are attracting considerable new interest after a series of discoveries and the opening up of the high grade zones at the Fosterville mine, RRAL has made a strategic decision to become a regional specialist in the Victoria Goldfields with a twin focus on bringing brownfield projects back into production and discovering new mines. Often it is by producing that one makes discoveries."   

Author: Daniel Flynn

The Author does not hold any position in the stock(s) and/or financial instrument(s) mentioned in the piece.

MiningMaven Ltd, the owner of MiningMaven.com, does not own a position in the stock(s) and/or financial instrument(s) mentioned in the piece.

MiningMaven Ltd, the owner of MiningMaven.com, has been paid for the production of this piece by the company or companies mentioned above.

MiningMaven.com and MiningMaven Ltd are not responsible for the article's content or accuracy and do not share the views of the author. News and research are not recommendations to deal, and investments may fall in value so that you could lose some or all of your investment. Past performance is not an indicator of future performance

 

Gold is having a fantastic run. All-time price highs are in sight, and all the indicators are pointing to this bull market running well into 2021- if not beyond.

Since August 2018, the price of the precious metal has risen from around $1,200 an ounce (“/oz”) to its current $1,729/oz. In 2020 alone, it has surged from $1,500/oz.

The last time gold rose through this key price level in a bull market was back in 2011. This heralded the start of a two-year spree of corporate takeovers, with larger gold mining companies aggressively snapping up their smaller peers in a bid to boost their reserves.

It now looks like we are on the cusp of history repeating itself. For eagle-eyed investors, this presents a fantastic opportunity to make a great deal of money.

The trick will be to invest in the right companies.

One obvious stock pick is Euro Sun Mining (TSX:ESMOTCQB:CPNFF).

In its 10-million-ounce Rovina Valley gold project in Romania, Euro Sun (TSX:ESMOTCQB:CPNFFowns Europe’s second-largest commercial gold resource. With permitting for mine construction also well on the way to completion, the asset has to be one of the sector’s most attractive takeout targets.

However, with Euro Sun’s (TSX:ESMOTCQB:CPNFF) market-cap sitting at just $36.9 million, Rovina Valley’s gold is currently valued at only $2-3 an ounce (“/oz”).

Historically, you would expect to see a project of this quality, and at this late stage of development, valued closer to $20/oz valuation.

But with the gold price rocketing, something has surely got to give.

After all, Rovina Valley is drill-ready with a vast gold resource and is located in one of the world’s safest jurisdictions.

In short, this project ticks all the boxes for a significant acquisition.

How much longer can Euro Sun (TSX:ESMOTCQB:CPNFF) trade at such a discount?

With increasingly cashed-up gold miners now on the hunt to boost their reserves, the answer is almost certainly “not long”.

Gold – in the early stages of a strengthening bull market

A big part of the investment case for Euro Sun (TSX:ESMOTCQB:CPNFFcomes down to whether you believe gold’s bull market will continue into the medium term?

The renowned safe-haven asset was already performing exceptionally well as we entered 2020, boosted by growing concerns about the escalating US/China trade war and fears about weakening global growth.

Then the Coronavirus struck.

That black swan has changed everything, and with central banks now rushing to print money on an unprecedented scale, the outlook for many is frightening.

And there is nothing the price of gold loves more than fear.

As other markets recoil from the impact of Covid-19, gold has continued to soar.

There is no sign of this slowing down anytime soon.

The longer this run continues, the better the prospects for companies like Euro Sun (TSX:ESMOTCQB:CPNFF).

To see how big an opportunity could be in front of you right now, take a step back for a moment.

Look at the graph below.

Gold price in dollars per ounce over the past 12 months (Source: Kitco)

Bar a very brief dip in mid-March 2020, when a huge S&P sell-off led investors to panic-sell to cover other losses, gold has now traded above $1,500/oz since late December 2019.

Remember, this price is a crucial threshold for the sector as a whole.

Now take a look at this second graph.

Gold prices in dollars per ounce since 2000 (Source: goldprice.org)

The last time we saw a gold bull run break out beyond $1,500/oz was back in 2011. When it did, it stayed above this key psychological barrier until 2013.

This sustained period of price strength was marked by a massive surge in acquisitions from major gold producers as they used extra cash on their balance sheets to build up their long-term reserves and resources.

With so much turmoil in the world today, and the extraordinary actions of central banks gathering pace, gold’s run shows no sign of stopping in the near future. Bank of America even predicts that gold will reach $3,000/oz within 18 months!

This can only be positive for takeout targets like Euro Sun (TSX:ESMOTCQB:CPNFF).

So, what makes Euro Sun (TSX:ESMOTCQB:CPNFF) such an attractive takeover target?

In broad terms, there are three main criteria that miners use in their hunt for new projects. These are:

  1. Quality – the major miner wants to produce as much metal as it can for as little cost
  2. Jurisdiction – the major miner wants to operate over the long-term in an area that is safe and mining-friendly
  3. Progress – the major miner wants projects that are as close to being “shovel ready” as possible

Rovina Valley scores about as high as you can get in all three areas.

The project is the European Union’s (“EU”) second-largest gold deposit, with 10.11 million equivalent ounces of gold in the measured and indicated categories. These are the two most valuable categories for any mining asset to have.

It also boasts a considerable amount of upside potential in the form of the Stanija prospecting permit, where sampling has returned grades of up to 25.9 grams per tonne gold and 0.34% copper. Stanija, also wholly-owned by Euro Sun (TSX:ESMOTCQB:CPNFF), is based just six kilometers away from Rovina Valley.

Location of the Rovina Valley project and neighboring Stanija Prospect (Source: Euro Sun Mining)

Meanwhile, Rovina Valley is based in Romania’s “Golden Quadrilateral”, one of Europe’s largest gold-producing areas. This is a critical jurisdictional de-risking factor for Euro Sun (TSX:ESMOTCQB:CPNFF).

Since joining the EU in 2007, Romania has taken full advantage of its membership of the world’s largest trading block, regenerating its economy and opening up for international business – particularly in the mining space.

Euro Sun (TSX:ESMOTCQB:CPNFF) broke new ground in November 2018 when it became the first non-state-owned firm in Romania to be awarded a mining licence. The clincher was the firm’s deep-rooted commitment to Environmental, Social, and Governance (“ESG”) principals, which saw it win government-backed authorizations at Rovina Valley previously denied to other firms.

In a March 2020 updateEuro Sun (TSX:ESMOTCQB:CPNFF) went on to state publicly that it is confident it will win a construction permit and deliver a definitive feasibility study for Rovina Valleyin 2020. Notwithstanding any minor Covid-19-related delays, the asset will at this point be “shovel ready” and primed for production.

With Europe’s second-largest gold resource in an EU-member state and permitting well on the way to completion, Rovina Valley really is an ideal takeout target.

It is no surprise that billion-dollar fund manager Ruffer and specialist resource investor Orion Mine Finance have taken such considerable stakes in Euro Sun (TSX:ESMOTCQB:CPNFF).

These backers represent some of the smartest money around. They recognize true value when they see it.

With Rovina Valley’s 10 million ounces of gold priced at only $2-3/oz, against an expected value of $20/oz, it is obvious what attracted them to this investment.

Given the huge discount currently being offered by the market, it will not be long before Euro Sun (TSX:ESMOTCQB:CPNFF) sees a significant and hugely positive rerate.

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Authors: Daniel Flynn & Ben Turney

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MiningMaven.com and MiningMaven Ltd are not responsible for the article's content or accuracy and do not share the views of the author. News and research are not recommendations to deal, and investments may fall in value so that you could lose some or all of your investment. Past performance is not an indicator of future performance

Download this EXCLUSIVE report from ValueTheMarkets to discover why Fosterville South (TSX-V:FSX) is among the world’s hottest, high-grade gold exploration plays.

A spectacular underground gold rush is underway in the Australian state of Victoria.

It began just five years ago with the discovery of vast seams of high-grade gold at the Fosterville Gold Mine.

Thanks to significant advances in drilling technology and subterranean surveying techniques, mining companies can now access previously untappedlarge-scale deposits of high-grade gold.

For gold exploration firms, this is an extremely exciting new frontier.

The official Geological Survey of Victoria has even gone on-the-record to say it believes that at least 75,000,000 ounces of the precious metal are now waiting to be discovered across the state.

To put this into context, 88,000,000 ounces of gold have been mined in Victoria in the last 170 years.

At current spot prices, those undiscovered ounces would be worth a staggering $127,500,000,000.

With such great potential, it is no wonder the region is attracting so much international investor interest.

After all, the results at Fosterville have been stunning.

By the end of 2019, the mine’s owner, Kirkland Lake Gold (TSX:KL) (NYSE:KL), reported high-grade gold reserves of 2 million ounces with an additional 1.7 million inferred ounces at the site.

Better yet, between 2017 and 2019, the company mined 1.2 million ounces at Fosterville for a cost of just $315 an ounce, and an incredible average grade of 30.6 grams a tonne!

The Fosterville Gold Mine comfortably leads the pack when it comes to the world’s highest-grade, lowest-cost mining operations.

With such phenomenal success, it is no surprise that Kirkland Lake’s share price shot up over 27 TIMES, from C$2.20 in July 2015 to more than C$60 by the end of last year.

This has transformed the miner into a C$15 billion firm.

Now, with so much more high-grade gold potential remaining in Victoria,  which company might be the next to experience such meteoric growth?

Fosterville South Exploration (TSX-V:FSX) certainly has strong potential.

Read this SPECIAL REPORT from ValueTheMarkets to learn the fascinating backstory to the incredible opportunity at Fosterville South (TSX-V:FSX)

The pitch for Fosterville South (TSX-V:FSX) is as straightforward as it comes.

Fosterville South (TSX-V:FSX) has managed to secure 1,386kmof what could prove to be some of the most promising prospecting land for large-scale, high-grade gold deposits anywhere on the planet.

With a fully-funded, high-impact drill campaign ready to go in 2020, Fosterville South’s (TSX-V:FSX) award-winning technical team is particularly bullish about the company’s Lauriston Project.

Lauriston directly borders the Fosterville Gold mine, and the indications are that it shares the same geological features.

Rex Motton, Fosterville South’s (TSX-V:FSXchief operating officer and the original inspiration behind this opportunity, is convinced about the potential for what modern drilling could uncover: 

“Victoria has hardly scratched the surface when it comes to exploring these newly identified, high-grade underground gold zones.

There has been a lot of exploration done at Ballarat and Bendigo as they are very big goldfields, but when you look in a regional sense, there are very few deep drill holes.

Even on our ground in Lauriston, which sits directly adjacent to the Fosterville Gold Mine, there are only about a dozen reverse circulation holes and half a dozen diamond holes

None of these have gone deeper than about 200m in terms of drilling. For an area that is 600km2 in size that is minuscule. With such high-grade, near-surface historic production here, that is extremely surprising, but it also opens up an incredible opportunity for Fosterville South.)

To learn exactly why Rex Motton is so confident about Fosterville South (TSX-V:FSX) and how he was able to secure such a large area of prime high-grade gold exploration land DOWNLOAD THIS EXCLUSIVE REPORT from ValueTheMarkets.

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Author: Daniel Flynn

The Author does not hold any position in the stock(s) and/or financial instrument(s) mentioned in the piece.

MiningMaven Ltd, the owner of MiningMaven.com, does not a position in the stock(s) and/or financial instrument(s) mentioned in the piece.

MiningMaven Ltd, the owner of MiningMaven.com, has been paid for the production of this piece by the company or companies mentioned above.

MiningMaven.com and MiningMaven Ltd are not responsible for the article's content or accuracy and do not share the views of the author. News and research are not recommendations to deal, and investments may fall in value so that you could lose some or all of your investment. Past performance is not an indicator of future performance

Greatland Gold (LSE:GGP) was one of Wednesday's biggest winners after announcing another excellent set of drilling results at its Havieron project in Australia.

The company said work by major miner Newcrest (ASX:NCM), which is currently completing a farm-in to Havieron, has expanded further the continuity of high-grade gold mineralisation at the project. Mineralisation now extends over a 450-metre strike length to vertical depths of 600 metres while still remaining open at depth and to the northwest.

Highlight intersections from Newcrest's latest round of drilling include:

-142 m @ 1.9g/t Au, 0.38% Cu from 534m, including 15.7m @ 9.8g/t Au, 0.61% Cu from 572.3m

- 24m @ 3.9g/t Au, 0.21% Cu from 734m, including 17.3m @ 19g/t Au, 0.62% Cu from 790.7m

Work will now continue with the aim of establishing a maiden resource for Havieron by the second half of this year. Numerous environmental, geotechnical, and metallurgical studies are currently in place to support these efforts alongside future permitting requirements.

Meanwhile, Greatland expects Newcrest to complete the second stage of its farm-in to Havieron by the end of this month. The company is looking to begin an exploration decline at the project by the of this year or early 2021. It is also examining the likelihood of establishing commercial production within two to three years from this point.

Results to date support both high-grade selective and bulk mining methods at the project, and both options are currently being evaluated.

Greatland's chief executive Gervaise Heddle said: "We are delighted by this sixth consecutive set of excellent results from Newcrest's drilling campaign, which continue to demonstrate the continuity of high-grade mineralisation and expand the mineralised footprint. These latest results represent one of the best sets of drilling results at Havieron since Newcrest began its exploration campaign and reinforce the potential to accelerate the timetable for commercial production.

"As we enter the Australian exploration season, Newcrest continues to drill Havieron at pace and will shortly complete Stage 2 of the Farm-in. Meanwhile, we are planning to be very active with our own systematic exploration campaign across the Paterson, which will focus on drill testing many of the high-priority targets we identified last year."

As at writing, the company was trading 11.45 higher with a share price of 4.7p and a market capitalisation of £170.9 million.

The latest round of work adds further fuel to our recent argument that Havieron could be truly transformational for Greatland. To read our analysis, please click here.

Author: Daniel Flynn

The Author does not hold any position in the stock(s) and/or financial instrument(s) mentioned in the piece.

MiningMaven Ltd, the owner of MiningMaven.com, does not a position in the stock(s) and/or financial instrument(s) mentioned in the piece.

MiningMaven Ltd, the owner of MiningMaven.com, has not been paid for the production of this piece by the company or companies mentioned above.

MiningMaven.com and MiningMaven Ltd are not responsible for the article’s content or accuracy and do not share the views of the author. News and research are not recommendations to deal, and investments may fall in value so that you could lose some or all of your investment. Past performance is not an indicator of future performance

The problems inherent in a battery metals supply chain supremely concentrated on China have been spotlighted by coronavirus, but the problems have been in play for years. 

The bottleneck was there for all to see long before the spread of Covid-19 shuttered factories across China. 

According to a Wednesday report by the Associated Press “the problem is supply chains. China’s are famously nimble and resourceful, but they lack raw materials and workers after the most intensive anti-disease measures ever imposed closed factories [and] cut off most access to cities with more than 60 million people.”

While companies have begun to re-open, there are ongoing higher costs and significant delays. A mid-February survey by The American Chamber of Commerce in Shanghai found that 78% of businesses in Shanghai, Suzhou, Nanjing and the wider Yangtze River Delta did not have enough staff to run full production lines. 

Nearly half said their global operations had already been affected by the shutdown and 58% said their output would be lower than normal until at least the second half of 2020.

Away from China

Manufacturers are looking for new suppliers but few can compete on price and almost none can match China’s levels of service.

These problems have been evident since President Donald Trump ignited the ongoing US-China trade war by imposing tariffs on imports from the trading giant. 

And shifting production away from the Chinese state and into perceived cheaper South East Asian alternatives comes with its own set of problems. 

A Wall Street Journal report written in the wake of the early stages of the trade dispute noted: “This should be Vietnam’s chance to shine. Instead it is becoming increasingly clear that it will be years, if ever, before this nation and other aspiring manufacturing destinations are ready to replace China as the world’s factory floor.

The problem is even more acute for producers and users of battery metals. 

Mitchell Smith, chief executive and president of cobalt development company Global Energy Metals (TSX-V:GEMC) told MiningMaven: “Coronavirus is having a large disruptive effect on the overall commodity marketplace as we are already witnessing large builds in stockpiles of minerals given the inability to transport and handle material at Chinese ports. The same can be said about exports of refined product.”

Gigafactory

Battery metals are key to the growth of the renewables industry: lithium-ion batteries form the basis for powering electric vehicles, for example.

And while the explosion in the number of electric vehicles is set to drive the renewables revolution, the fact is that supply chains are simply not ready to produce the number of batteries that this wholesale change will require. 

Elon Musk’s Tesla is ahead of the curve. Its $4.5 billion Gigafactory 1 in Nevada opened in 2016. Musk said at least 100 of these gigantic electric vehicle assembly lines would be needed to power the future growth of the industry.

And yet Tesla has started building its latest Gigafactory not in the United States, but in China. Tesla has struggled to recruit enough engineers in America to run operations, an issue it believes — or believed, until coronavirus broke out — could be solved by China’s army of specialists. 

Europe’s first Tesla-inspired battery megafactory belongs to Sweden’s Northvolt. That company received a €350 million loan from the European Investment Bank in May 2019 to get the project started. But this is one of only a handful being built outside China. 

In 2017, there were 17 lithium-ion battery mega-factories under construction globally. Today, 46 of the 70 in construction are in China.

Another problem

There is vast and increasing demand for refined cobalt in the manufacturing of lithium-ion batteries. But few have tracked the scarcity of these in-demand resources. According to a MassifCapital report on risks in the supply chain: “If every battery manufacturing facility under construction today is built and operates at 100% capacity, then the next ten years will see an 8x increase in demand for lithium, a 7x increase in graphite anodes, a 19x increase in nickel and a 4x increase in cobalt.

China’s domestic and foreign influence on the global cobalt supply chain also remains substantial. This dependence has already caused significant problems and industry experts expect the trend to continue. 

Mitchell Smith put it like this: “Prolonged economic disruption due to the coronavirus epidemic should make end-users in the automotive and electronics industries reflect on the over-reliance upon one country.” 

As a whole the industry desperately needs to consider diversification of supply and refinement of the materials critical for the new renewable world we will all be living in, Smith added.

Author: Mark Sheridan

The Author does not hold any position in the stock(s) and/or financial instrument(s) mentioned in the piece.

MiningMaven Ltd, the owner of MiningMaven.com, does not a position in the stock(s) and/or financial instrument(s) mentioned in the piece.

MiningMaven Ltd, the owner of MiningMaven.com, has been paid for the production of this piece by the company or companies mentioned above.

MiningMaven.com and MiningMaven Ltd are not responsible for the article’s content or accuracy and do not share the views of the author. News and research are not recommendations to deal, and investments may fall in value so that you could lose some or all of your investment. Past performance is not an indicator of future performance.

 

AIM-listed gold and nickel player Katoro Gold (LSE:KAT) says the climbing price of gold has had a positive impact on its well-received plans to exploit a South African gold resource.

The spot price of gold hit a seven-year peak of $1686.74/oz on 24 February, reaching record levels against the Euro and Canadian and Australian dollars.  

Global fears about the spread of coronavirus and its effect on global supply chains caused a growing flight to safety on Monday as Italian authorities enforced a quarantine around a worsening outbreak of Covid-19. The Dow saw a 1,000 point drop that day, while the FTSE 100 cratered nearly 4%.

Nicky Shiels, commodities analysts at Scotiabank, noted that Covid-19 represented a “black swan” or unforeseen event that could roil global markets for months to come, with gold prices “doing what they should given renewed global growth risks”. Prices have already “taken out our average forecast for 2020 ($1,600) and it’s likely the floors are shifting up,” Shiels added. 

The gold price has since edged backwards a little from its multi-year high to settle around the $1,650 mark. But with fears about the spread of coronavirus in Europe, we would suggest that jittery markets will support this price point in the near term. 

All of this means good news for gold producers, especially those who can point to near-term revenue. 

Katoro intend to reprocess an existing gold tailings resource rated at approximately 1.34Moz at a South African mine owned by Blyvoor. It and entered into a joint venture with the company on 30 January 2020.

Reprocessing of gold from tailings is a relatively new technological approach which examines and exploits mining materials previously thought of as waste. This process gained popularity in South Africa in the 1970s, using a technique known as flotation to recover pyrite uranium and gold. Given the vast amount of tailings (in the region of hundreds of millions of tonnes) produced from gold mining, more efficient scientific methods developed in recent years have been able to extract and recover metals that were not discovered in the original mining process. 

Katoro agreed to provide a loan worth £790,000 to the JV. £263,000 of this amount has already been advanced with the remaining £527,000 expected to be released in the near future. 

To fund the loan Katoro issued a convertible loan note to SI Capital for £397,000 and secured £400,000 from Sanderson Capital Partners. 

Katoro said in a 25 February market update that it had issued notice to Sanderson that it intended to draw down the additional £400,000 in full to fund ongoing work. 

Executive chairman Louis Coetzee noted that his team was “very pleased” with progress so far, saying that feasibility studies and plant design were progressing ahead of expectations. 

“The Board notes the strengthening gold price which further bolsters what we consider to be very robust project economics,” Katoro said.

Shares in the London-headquartered explorer have gained 325% in the last 12 months. On this latest news, the KAT share price has gained 3% to 2.7p. 

Author: Tom Rodgers

The Author does not hold any position in the stock(s) and/or financial instrument(s) mentioned in the piece.

MiningMaven Ltd, the owner of MiningMaven.com, does not a position in the stock(s) and/or financial instrument(s) mentioned in the piece.

MiningMaven Ltd, the owner of MiningMaven.com, has been paid for the production of this piece by the company or companies mentioned above.

MiningMaven.com and MiningMaven Ltd are not responsible for the article’s content or accuracy and do not share the views of the author. News and research are not recommendations to deal, and investments may fall in value so that you could lose some or all of your investment. Past performance is not an indicator of future performance.

Rockfire Resources (LSE: ROCK) chief executive David Price has hailed a set of “extremely positive” results from its drilling in north Queensland, Australia, where all its holes hit gold. The firm's shares opened 20% higher at 1.445p in Tuesday trading.

Rockfire reported that it found “extensive intercepts of continuous gold mineralisation” at its Plateau deposit, 30 miles southeast of Charters Towers on the country’s east coast. Drilling revealed a 2.0 grams per tonne (“g/t”) gold zone at 145 metres, closer to the surface than the 2.0 g/t zone discovered at the nearby Mt Wright Gold Mine. 

The exploration means the gold explorer is now confident that the Plateau deposit extends to an area thought to be more than 200 metres long, 70 metres wide and 200 metres deep. 

Price told in the market in an RNS: “These long intervals of gold in the upper levels of Plateau are extremely positive and demonstrate the size of the mineralising system.”

He added that his technical team believed Plateau presents “similarities” to Mt Wright, an existing underground mine that is thought to host 1.5 million ounces of gold, with the main ore between 400 metres and 850 metres below surface level. 

"We appear to be at the top of a similarly large gold deposit,” said Price.

The drill results at Plateau include three holes of 0.4 g/t, 0.4 g/t and 0.2 g/t, extending mineralisation more than 100 metres east of previously reported results. 

Shares in the AIM-listed explorer have been active of late. Positive results from late November 2019 drilling which announced a major gold system at Plateau saw the price surge from 0.41p to a three-year high of 2.2p. The company then told the market last month that its x-ray analysis of October 2019 drill samples had unveiled significant silver deposits of 2 ounces per tonne at Plateau.

Rockfire said its next steps would be to conduct a geophysical survey called controlled source audio frequency magnetotellurics, which was expected to provide target generation below the levels drilled thus far at Plateau. The same survey method identified deep drill targets at Mt Wright, Price said. 

Author: Tom Rodgers

The Author does not hold any position in the stock(s) and/or financial instrument(s) mentioned in the piece.

MiningMaven Ltd, the owner of MiningMaven.com, does not a position in the stock(s) and/or financial instrument(s) mentioned in the piece.

MiningMaven Ltd, the owner of MiningMaven.com, has been paid for the production of this piece by the company or companies mentioned above.

MiningMaven.com and MiningMaven Ltd are not responsible for the article’s content or accuracy and do not share the views of the author. News and research are not recommendations to deal, and investments may fall in value so that you could lose some or all of your investment. Past performance is not an indicator of future performance.

 


Armadale Capital (LSE:ACP) has reiterated its intention to deliver a definitive feasibility study (“DFS”) for its Mahenge Liandu graphite project in the current quarter.

Based in south-east Tanzania, Mahenge Liandu contains one of the country’s most substantial high-grade graphite resources, with high-grade coarse flakes and near-surface mineralisation contained within one ore body. Armadale is currently completing a DFS based on the results of a scoping study centred around a 400,000tpa throughput ratio. This put Mahenge Liandu’s net present value at $349 million and its pre-tax internal rate of at 122% against development capital expenditure of just $35 million, implying an after-tax payback period of 1.2 years.

In Friday’s update, Armadale said the DFS ramps up to 1 million tonnes per annum throughput after four years and will initially target high-grade, near-surface graphite mineralisation for production to maximise value. Meanwhile, it said metallurgical test-work is being completed on high-grade composites with average grades of 14.9% and 15.6% total graphitic carbon to confirm the project flowsheet is suited to high-grade ore. Likewise, site locations for all elements of the project have been finalised, an access road has been marked out, and logistics have been costed out with a local well-established Tanzanian contractor.

Beyond the DFS, Armadale said that its director Steve Mahede is confident that developing mining projects through to production is a major priority for Tanzania’s government following a recent meeting with officials. Finally, the organisation said it was beginning to advance post-DFS work programmes focused on road access, production bores, and – critically – commercialisation and project funding discussions with potential partners.

The company’s chairman, Nick Johansen, said: “With one of the largest high-grade resources in Tanzania this dovetails perfectly with our ongoing commitment to push the envelope to transform into an emerging producer by H1 2021.

“In support of this, refinements to our resource modelling and mine plan from the scoping study have increased our confidence that the project is going to be a low cost, long life operation.

“We look forward to sharing these key value metrics within the next month as we finalise the DFS, results for which we know are eagerly anticipated. I would like to thank shareholders for their patience in this regard and give my assurance that finalising this study is our primary objective. We will then look to accelerate commercialisation and funding initiatives with our partners to ensure we remain on track with our fast-paced growth plans.”

As we have previously written, the scoping study at Mahenge Liandu was based around a conservative $1,272 per tonne graphite price and an average concentrate purity of 95%.  Graphite prices are currently sitting much higher than this, and Mahenge Liandu is proven to be able to produce the material consistently at a grade considerably higher than 95%. Last year, we looked at whether investors were missing a significant opportunity at Armadale given this conservative approach.

As we highlighted, Australian miner Black Rock recently agreed to supply “premium” graphite with a nominal grade of between 97.5-98.5% for $1,490 a tonne and “ultra” graphite grading more than 99% for $2,161/t.   Both of these prices come in at a significant premium to the $1,272/t used by Armadale in the scoping study for Mahenge Liandu, which neighbours and shares many similarities with Black Rock’s Mahenge asset.  f Armadale can secure binding sales agreements at a much higher price than $1,272, then Mahenge Liandu’s fundamentals would be enhanced even further.

Author: Daniel Flynn

The Author does not hold any position in the stock(s) and/or financial instrument(s) mentioned in the piece.

MiningMaven Ltd, the owner of MiningMaven.com, does not a position in the stock(s) and/or financial instrument(s) mentioned in the piece.

MiningMaven Ltd, the owner of MiningMaven.com, has been paid for the production of this piece by the company or companies mentioned above.

MiningMaven.com and MiningMaven Ltd are not responsible for the article’s content or accuracy and do not share the views of the author. News and research are not recommendations to deal, and investments may fall in value so that you could lose some or all of your investment. Past performance is not an indicator of future performance.

 

  1. UK gold firms primed for bull-run as coronavirus concerns see precious metal pass $1,600/oz
  2. Game-changing gold opportunity: Why Katoro’s major bull-run is primed to last (KAT)
  3. The elephant in the room: How large could Greatland Gold and Newcrest Mining’s Havieron project be? (GGP, NCM)
  4. The major cobalt investment opportunity arising from the electric vehicle boom (GEMC)
  5. Who will be the big winners from a nickel price boom? (HZM, POW, RGM)
  6. Rockfire Resources rockets as it launches work to extend gold mineralisation at Plateau (ROCK)
  7. Shifting Shares: The Private Investor’s Guide to Reading RNSs
  8. Final assay results reveal fresh Plateau gold hits for Rockfire Resources (ROCK)
  9. Rockfire Resources reveals further gold prospectivity at Plateau (ROCK)
  10. Oriole Resources leads the way in executive equity pay - what others on AIM can learn from this (ORR)
  11. REPORT: Greatland Gold- Developing the Paterson’s next major gold project alongside leading resource player Newcrest Mining
  12. A beginner’s guide to understanding assay results - by David Price, CEO of Rockfire Resources
  13. Horizonte Minerals to push forward at Araguaia after completing $25m Orion royalty deal (HZM)
  14. Energy metals roundup: UK government doubles down on support for EV market and new figures forecast major global demand growth (GEMC, FMC)
  15. Shefa Gems demonstrates strong project progress in recent site visit (SEFA)
  16. Shefa Gems – moving towards trial mining and revenue generation (SEFA)
  17. Kavango Resources reveals ‘mounting evidence’ of mineralisation at Ditau encouraging major JV partners (KAV)
  18. Arc Minerals extends mineralisation at Cheyeza East and kicks off work at Lumbeta (ARCM)
  19. Q&A with Kavango Resources' Mike Moles on how it's all to play for at Ditau (KAV)
  20. IAMGOLD identifies new gold anomalies at Oriole’s Dalafin project (ORR)

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