Exploration, mining and processing briefs

Updates on the Mahalo gas project, Duke Exploration, Metal Bank, EK Healy Cup results and more in this week’s exploration, mining and processing briefs. Comet Ridge in 'transformational' gas project deal Comet Ridge has entered into binding agreements to acquire Australia Pacific LNG’s 30 per cent interest in the Mahalo gas project for $20 million. The terms include a cash consideration of $12 million payable to APLNG at completion of the acquisition and $8 million in post-completion payment in deferred tranches. The transaction will take Comet Ridge’s interest to 70 per cent on completion. Comet Ridge has also executed a funding and option agreement with the continuing Mahalo JV partner, Santos. “These transactions are transformational for Comet Ridge," Comet Ridge managing director Tor McCaul said. "Built on compelling acquisition metrics, they establish a streamlined joint venture with Santos to not only progress development plans for the Mahalo gas project, but the whole Mahalo Gas Hub area." Map of Mahalo Gas Hub area showing the asset interests being acquired by Comet Ridge. Metal Bank adds Wild Irishman to project area Metal Bank has increased its ground around the 8 Mile project, with the granting of the Wild Irishman EPM, about 20km south-east of Gin Gin. The company said Wild Irishman enhanced its search for intrusive related gold systems in a prospective region that hosted multi-million-ounce gold mines including the Cracow (3Moz Au), and Mt Rawdon (2Moz Au) goldmines as well as the historical Mount Morgan deposit (8Moz Au). Wild Irishman includes two historical gold prospects and will allow Metal Bank to actively explore for southern extensions to the Floris Find mineralisation at 8 Mile and potentially grow the existing JORC resource. Duke probes gold potential at Prairie Creek Duke Exploration has started exploration diamond drilling at the company’s Prairie Creek gold project, 25km south-west of Biloela in Central Queensland. The program is targeting a 1.6km long 200m wide gold soil anomaly (0.5–5g/t gold). The company said a zone of outcropping epithermal veining with visible gold was associated with the anomaly, which had historical drill results including 52m at 2.11g/t gold (including 10m at 3.2g/t gold and 6m at 6.55g/t). "Given the historic results at Prairie Creek, we are confident that the drilling will provide us with the geological information to better assess the gold resource development potential at the Prairie Creek project and the best way to develop it," managing director Philip Condon said. Grant backs geochemical drilling at Empress Springs Moho Resources plans a geochemical drilling program at its Empress Springs project in the Croydon district after being awarded a grant of $200,000 under the Collaborative Exploration Initiative. It will follow up geochemical anomalies identified by the hydrogeochemical survey conducted and interpreted by Moho in 2020/21 in collaboration with the CSIRO and IGO. “Moho wishes to thank the Queensland government for their substantial funding support. We are looking forward to implementing the next phase of exploration to follow up these outstanding hydrogeochemical anomalies and advance our knowledge of mineralising systems at the highly prospective Empress Springs project, ” Moho managing director Shane Sadleir said. Thomson puts funds into Chillagoe exploration Thomson Resources has outlined its plans for exploration using a $100,000 grant awarded under the Queensland Government’s Collaborative Exploration Initiative, Round 5. The grant will partly fund a 3000 line kilometre high resolution airborne magnetic survey west of Chillagoe to help define intrusion related mineralisation targets. Thomson’s Queensland Gold Project lies about 30km west of Chillagoe and near the Mungana, Red Dome, King Vol and Tartana mining operations. The company is considering its options to undertake a drilling program across the Chillagoe project area once drilling rig availability is ascertained. See the full list of projects funded in CEI Round 5 HERE Moranbah North tops EK Healy competition Moranbah North has taken out first place at this year's EK Healy Cup, hosted at the North Goonyella mine last week. Second and third places in the top Queensland competition for mines rescue teams in underground coal went to Grosvenor and Broadmeadow. ASIC acts on late financial report for coal operation Hail Creek Coal Pty Ltd was among 10 companies ASIC prosecuted in the first six months of this year for failing to comply with their obligations to lodge financial reports. It was found guilty without conviction and placed on a bond and required to be of good behaviour for lodging their annual financial report for 2017 late. A Glencore spokesman said that company acquired the Hail Creek operation in August 2018 and had lodged the return with ASIC as soon as it was advised of the issue. "The matter was discharged in Sutherland Local Court without a conviction or a fine," he said.

Exploration, mining and processing briefs

Industry Queensland

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