Resource Wrap: 05 November 2009 – KCN, GXY, CXC, WSA, GBG, OIP, GGX
November 5, 2009
Kingsgate Consolidated Limited (KCN) said it had identified a new 20 square kilometre gold mineralised project area, called Suwan in central Thailand, beneath shallow cover. The gold miner said the discovery has the potential to provide future ore feed for the Chatree gold mine as satellite open pits. Kingsgate said drilling to date has shown a large low grade gold mineralised system with some high-grade gold veins. The company added that four main sites have been selected for Reverse Circulation drilling.
Galaxy Resources Limited (GXY) said it has secured Mining Approval from the Department of Mines and Petroleum for its Mt Cattlin Spodumene Project in Western Australia. The lithium producer said the approval marks the final stage of pre-development for the project, which the company said effectively enabled it to commence mining and production in Q3 2010. Galaxy said it is scheduled to commence construction of the project including earthworks and the minerals processing plant in the second week of this month.
Coeur d’Alene Mines Corporation (CXC) announced an approximate 40% increase in silver and gold reserves at its Palmarejo silver and gold mine in Chihuahua, Mexico to a total of 88.6 million ounces of silver and 1.1 million ounces of gold. The company said the upgrade was based on its ongoing drilling at the nearby Guadalupe deposit. Coeur d’Alene said the 25.8 million ounces of new silver reserves and 315,000 ounces of new gold reserves represent the initial underground ore reserves at Guadalupe, located about six kilometres from the current Palmarejo mine and processing facilities. The company said it plans to continue drilling at Guadalupe and anticipates commencement of underground development of Guadalupe’s reserves in 2010. Coeur d’Alene said ore from Guadalupe would then be expected to begin contributing to Palmarejo’s silver and gold production in 2011.
Western Areas Limited (WSA) announced an increase in the Probable Ore Reserve within its T4 and T5 deposits at the Flying Fox Mine. The nickel sulphide miner said the Total Probable Ore Reserves at Flying Fox are now approximately 1.38 million tonnes at an average grade of 5.2% nickel containing 71,860 tonnes nickel. Western Areas said the T5 Probable Ore Reserve has increased to 1,044,300 tonnes at an average grade of 5.6% nickel containing approximately 58,820 tonnes of nickel from 843,000 tonnes at 5.9% containing 49,500 tonnes. Meanwhile, the T4 Probable Ore Reserve has increased to 298,700 tonnes at an average grade of 3.9% nickel containing approximately 11,730 tonnes of nickel from 247,400 tonnes at 2.4% containing 6,480 tonnes.
Gindalbie Metals Limited (GBG) said it received final Federal Government environment approval for its Karara Iron Ore Project in Western Australia. The company said the approval was the final major approval required to commence construction work on-site. Gindalbie said it commenced mobilisation of people and equipment on Monday morning and on-site clearing started on Wednesday. The company is targeting production of its first hematite ore in the first half of 2011 and the first magnetite concentrate by mid-2011.
Orion Petroleum Limited (OIP) and Gas2Grid (GGX) have entered an agreement whereby the two companies would merge. Under the agreement, shareholders would receive one Orion share for every 2.25 Gas2Grid shares held.
Galaxy Resources Limited (GXY) said it has secured Mining Approval from the Department of Mines and Petroleum for its Mt Cattlin Spodumene Project in Western Australia. The lithium producer said the approval marks the final stage of pre-development for the project, which the company said effectively enabled it to commence mining and production in Q3 2010. Galaxy said it is scheduled to commence construction of the project including earthworks and the minerals processing plant in the second week of this month.
Coeur d’Alene Mines Corporation (CXC) announced an approximate 40% increase in silver and gold reserves at its Palmarejo silver and gold mine in Chihuahua, Mexico to a total of 88.6 million ounces of silver and 1.1 million ounces of gold. The company said the upgrade was based on its ongoing drilling at the nearby Guadalupe deposit. Coeur d’Alene said the 25.8 million ounces of new silver reserves and 315,000 ounces of new gold reserves represent the initial underground ore reserves at Guadalupe, located about six kilometres from the current Palmarejo mine and processing facilities. The company said it plans to continue drilling at Guadalupe and anticipates commencement of underground development of Guadalupe’s reserves in 2010. Coeur d’Alene said ore from Guadalupe would then be expected to begin contributing to Palmarejo’s silver and gold production in 2011.
Western Areas Limited (WSA) announced an increase in the Probable Ore Reserve within its T4 and T5 deposits at the Flying Fox Mine. The nickel sulphide miner said the Total Probable Ore Reserves at Flying Fox are now approximately 1.38 million tonnes at an average grade of 5.2% nickel containing 71,860 tonnes nickel. Western Areas said the T5 Probable Ore Reserve has increased to 1,044,300 tonnes at an average grade of 5.6% nickel containing approximately 58,820 tonnes of nickel from 843,000 tonnes at 5.9% containing 49,500 tonnes. Meanwhile, the T4 Probable Ore Reserve has increased to 298,700 tonnes at an average grade of 3.9% nickel containing approximately 11,730 tonnes of nickel from 247,400 tonnes at 2.4% containing 6,480 tonnes.
Gindalbie Metals Limited (GBG) said it received final Federal Government environment approval for its Karara Iron Ore Project in Western Australia. The company said the approval was the final major approval required to commence construction work on-site. Gindalbie said it commenced mobilisation of people and equipment on Monday morning and on-site clearing started on Wednesday. The company is targeting production of its first hematite ore in the first half of 2011 and the first magnetite concentrate by mid-2011.
Orion Petroleum Limited (OIP) and Gas2Grid (GGX) have entered an agreement whereby the two companies would merge. Under the agreement, shareholders would receive one Orion share for every 2.25 Gas2Grid shares held.
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