IMX Resources is selling its Chilalo graphite project in Tanzania to Graphex – its soon to be spun-off company that is pursuing a $A4.25 million initial public offering –for $1 million cash and $4 million or 16.5 million Graphex shares.
That will give IMX Resources an 82.3% stake in Graphex prior to its IPO.
MMG Exploration Holdings, will have the remaining pre-IPO stake in Graphex.
Enerji has signed a memorandum of understanding with Resolute Mining to develop one or more of its Accretive Thermal Energy Node solutions for Resolute’s Syama gold mine in Mali.
The ATEN technology is designed to deliver operational cost savings through production of electricity through the capture and conversion of waste heat generated by Syama’s power and processing plants, producing zero emissions.
Gold mineralisation has been intersected at an extension of the Break of Day prospect in the Mugrave Minerals’ Cue copper-gold project in the Murchison region of Western Australia.
Reverse circulation drilling has returned assay results of 8m at 4.9 grams per tonne gold from 132m down-hole. Mineralisation was intersected around 40m down dip from a historical intersection of 5m at 14.7gpt gold.
Musgrave has begun a down-hole electromagnetic survey at the Mt Eelya copper discovery with further drilling planned pending results.
More assay results for the remaining RC drill holes at Cue are expected over the next week or so with further drilling planned at Break of Day as Musgrave works towards growing the prospects’ mineral resource.
Results of Silver Lake Resources’ underground diamond drilling program at the Daisy Complex in the Mount Monger gold project in Kalgoorlie produced results including 2.44m at 70.54gpt gold intersected at a ptygmatic vein.
Phase one of the Daisy Complex surface air core drilling program at the Lorna North mineralised trend included 3m at 9gpt gold from 13m; and 3m at 14gpt gold from 13m, over 540m.
Silver Lake will begin diamond and RC drilling targeting the Sasha Lode and Lorna North trend in the fourth quarter of the financial year 2016.
Plymouth Minerals has completed its due diligence and decided to exercise its option to buy two potash projects in Gabon through the purchase of 100% of Equatorial Potash.
Once exploration licenses have been granted and shareholder approval has been met, Plymouth will issue 50 million shares to acquire the company and its projects.
The consideration is divided into two parts, an issue of 25 million shares in a 12 month escrow upon completion of acquisition and a further 25 million issued upon production of a resource and pre-feasibility study.
Conditions precedent, the granting of the title is now met.
And finally, Perth-based Mount Ridley Mines has identified nickel sulphide potential through an audio magnetotelluric geographical survey at its Mt Ridley base and precious metals project in the Great Southern of Western Australia.
AMT modelling has revealed a deeper conductor target about 250m below three diamond holes that were along strike beneath the 1600m long supergene enrichment zone.
Conductive features were identified at depth approaching 450m below surface with broad zones of disseminated and globular nickel and copper sulphides intersected.
Combining the factors its AMT study and previous exploration have turned up, Mt Ridley reckons it has a high quality exploration target for massive nickel-copper sulphide mineralisation.
