News updates on Aeris Resources, Cannindah Resources, AusQuest, Stanmore Resources, Yancoal Australia and more …

Resource definition drilling at Aeris Resources‘ Golden Plateau deposit continues to intersect high-grade gold
mineralisation, with recent results including 8.9m grading at 16.0g/t gold.

The company plans to issue a maiden mineral resource in the first half of FY23 for Golden Plateau, which lies within its Cracow tenement package in south-east Queensland.

Aeris executive chairman Andre Labuschagne said the further high-grade drill results from Golden Plateau were very encouraging.

“The priority Western lode has now been defined over a 180m strike length and remains open in both directions,” he said. “The successful intersection of high-grade gold mineralisation at the Chas lode indicates the potential for further mineralised structures beyond the five current priority targets.” (More HERE)

Thick copper-gold intercepts in Hole 13 at Mount Cannindah have provided great encouragement that the project’s copper-gold-silver breccia system is open to the south, Cannindah Resources reports.

“Hole 13 set out to explore extensions of copper and gold mineralisation to the south-west at Mount Cannindah,” executive chairman Tom Pickett said.

“It achieved everything we had hoped to achieve and more, with hundreds of metres of high-grade copper intercepts along with an excellent 24m gold hit from surface.

“The veining and alteration seen in the lower sections of the Mount Cannindah breccia to the southwest point to similarities with large-scale porphyry systems which we will be further investigating.”

Assay highlights include 104m grading at 1.0 per cent CuEq – including 16m at 2.32 per cent CuEq (upper breccia zone); a surface gold zone (0-24m) at 2.11 g/t gold; 108m grading at 1.01 per cent CuEq (lower breccia zone); and 15m at 2.78 g/t gold (deeper gold zone – 314m-329m). (More HERE)

AusQuest has started drilling (one hole for 500m) to test a strong off-hole conductor identified by down-hole electromagnetic (DHEM) surveys at the Hamilton North prospect in North-West Queensland.

Drilling is expected to take one to two weeks to complete, with further DHEM surveying to be considered once results of the drilling have been received.

The prospect lies within the Hamilton project, part of AusQuest’s Strategic Alliance Agreement (SAA) with Cannington mine owner South32. (More HERE)

Red Fox has launched a diamond drill program at the Eveleigh zinc project in the Georgetown district.

The drilling program is being supported by a Round 6 Collaborative Exploration Initiative (CEI) grant from the Queensland Government.

Red Fox said the Eveleigh project contained a lens of zinc mineralisation that was drilled primarily in the 1970s, with historical intersections including 24.4m at 2.5 per cent zinc.

Red Fox has interpreted the mineralisation as being of BHT/Cannington style, based on host lithologies, metal association and metal zoning. (More HERE)

Yancoal Australia is prepaying $1.5 billion ($US1 billion) of debt as elevated coal prices pump up its cash flow.

The company said the prepayment consisted of payment toward Yancoal’s syndicated facility and its unsecured related-party loans and would deliver a reduction of about $US207 million in total finance cost over the loan periods.

“Combined with debt prepayments in October 2021 and July 2022, the planned $US1 billion debt prepayment results in Yancoal prepaying over $US2.3 billion of debt in the last 12 months,” Yancoal chief executive officer David Moult said. (More HERE)

Stanmore Resources has received Foreign Investment Review Board approval for its share sale agreement to acquire Mitsui’s 20 per cent interest in BHP Mitsui Coal.

The acquisition is now unconditional and it is expected that completion will take place this week.

Its $535 million deal with Mitsui gives Stanmore Resources 100 per cent ownership of the former BHP Mitsui Coal assets in the Bowen Basin.

It comes after the completion in May of Stanmore’s $1.8 billion acquisition of mining giant BHP’s 80 per cent stake in the group, now known as Stanmore SMC. (More HERE)