Exploration, mining and processing briefs

Updates from New Century Resources, Duke Exploration, Pure Hydrogen Corporation, Coronado and more in this week's exploration, mining and processing briefs. Strong showing for Century's Silver King mine hope The Silver King deposit continues to shine for New Century Resources, with strong silver assays including results up to 580g/t silver. The company has now received assays from 16 out of 30 holes completed at the site, part of its Century mining lease. It said the impressive drilling results received to date demonstrate good continuity of the high-grade mineralisation, supporting an updated mineral resource estimate targeted for release in Q1 FY22. New Century sees Silver King shaping up as a new mining operation for the site in the near future, along with the East Fault Block which also lies on the Century mining lease in North-West Queensland. Full details HERE Positive results from Horn Island ore sorting Gold and copper explorer Alice Queen has announced promising results from recent bulk ore sorter test work for its Horn Island gold project in the Torres Strait. High-volume feed rates of 48tph and 79tph were applied with high gold recoveries of 94 per cent and 93 per cent respectively using a Tomra system, the company said. This, combined with a very successful recent RC infill drill program, made it easy to be very optimistic about the outcome of the scoping study underway, Alice Queen managing director Andrew Buxton said. Full details HERE The Tomra plant in Sydney where drill core and waste dump samples were tested. Duke impressed with Quorn potential Duke Exploration says a 3D IP survey has confirmed that the potential mineralised system at its Quorn deposit could be more than five times larger than at Mount Flora. Both lie within its Bundarra copper project in Central Queensland. “The geophysical surveys in the south west of the Bundarra Project area are providing compelling results that continue to confirm our belief that we are exploring a very large mineral system at Bundarra where new discoveries will continue to be made into the future," chairman Toko Kapea said. An exploration scout drilling program is being carried out, with preliminary results expected by the end of May. Full details HERE Maiden 130 PJ 2C contingent resources for Project Venus East Coast-focused energy company Pure Hydrogen Corporation has released the results of an initial independent review of the coal seam gas resources in Project Venus in the Surat Basin. The estimates of Contingent Resources for Project Venus are reported as follows:1C 87.7 PJ, 2C 130.3 PJ, 3C 157.9 PJ. The pilot well, Venus 1, commenced an initial three-month controlled draw down flow test last week. Pure Hydrogen said it was pleased to confirm that early results after a small drawdown had resulted in water flows which have been increasing. A successful flow test at the Venus pilot could result in conversion of a material portion of the contingent resources to saleable gas reserves, it said. State-funded drill campaign at Gipsy Creek Red Fox Resources has started drilling at its Gipsy Creek copper-gold project, 18km north-east of the Ernest Henry mine. The company said Gipsy Creek contained a major conductivity anomaly defined by a magneto-tellurics (MT) survey completed in 2017 by the Queensland Government. In July 2020, Red Fox was awarded a Collaborative Exploration Initiative (CEI) grant of $190,000 for the drilling of three diamond drill holes, with no co-contribution required. These holes aim to test an interpreted Eloise-style target, that is a non-magnetic, sulphide dominant, mineralised shear zone. More details HERE Coal miner in major refinancing move Curragh mine operator Coronado Global Resources has launched a $US100-million equity offer as part of a $US550 million refinancing package to create financial flexibility. Proceeds of the refinancing package will be used to repay monies owed under Coronado’s current Syndicated Facilities Agreement and the SFA will then be terminated. Along with the equity offer, the refinancing package comprises: a $US350 million offering of senior secured 2026 notes. a proposed senior secured asset-based revolving credit agreement providing for a multi-currency asset-based-loan credit facility in an initial aggregate principal amount of $US100 million. Chief executive officer and managing director Gerry Spindler said on Tuesday the group was very pleased with the support it had received from investors across the globe after what had been a very difficult period for producers in the metallurgical coal sector. "This refinancing package will leave Coronado very well placed to deliver value to stakeholders as the global economy continues to recover following the COVID-19 pandemic and the demand for steel-making coal continues to improve,” Mr Spindler said. More details HERE

Exploration, mining and processing briefs

Industry Queensland

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