Aura Silver Resources has identified possible distinct sources of the high-grade gold and high-grade silver surface samples found in close proximity to Aura Lake on its wholly-owned Greyhound project in Nunavut, Canada. Aura Silver’s prospecting has identified multiple surface rock samples ranging up to 5,300 g/t Ag carrying little gold and up to 28 g/t Au with negligible silver. However, drilling to date of structural, geophysical and geochemical targets has been unable to locate a source of these high grade samples. A possible cause is believed to be due to glacial transport.The difficulty in finding a source of the high-grade gold and silver samples through traditional geophysical and geochemical techniques prompted Aura Silver to employ an interpretative study referred to as Soil Gas Hydrocarbon (SGH) to unravel anomalous trends in the entire area and to pinpoint drill targets. SGH is a deep penetrating organic geochemistry developed by Activation Laboratories (Actlabs) that involves the analysis of surficial samples prospected over potential mineral or petroleum targets (see: http://www.actlabs.com/files/SGH_-_NEW_.pdf). The analysis involves the testing for 162 hydrocarbon compounds in the C5-C17 carbon series range in a wide variety of sample types. The observation of a specific set of hydrocarbon classes provides a forensic signature of mineral identification related to the hydrocarbons synthesized by bacteria that are in contact with the mineral target at depth. The geochromatographic dispersion of the SGH classes in the overburden has been successful in delineating mineral targets found at over 700 m in depth. Over 14 years of research, Actlabs has conducted over 800 SGH surveys with an 85% repeat client base including some of the worlds’ largest mining companies.The Aura Lake SGH analysis provides compelling results and has defined a separate gold and two separate silver targets. The targets identified reside to the east and southeast of Aura Lake in areas where no previous drilling has occurred. These targets are sufficiently definitive to outline drill targets and have been rated by Actlabs as high-priority targets; with gold receiving the second highest rating of the gold pathfinder class maps and silver of the very highest confirmation level. The results also indicate that gold and silver samples originated from two different mineralising systems with most samples being transported on a north to southerly path.
Walkabout Resources has exercised its option to acquire the remaining 30% of the prospecting licence hosting the Lindi Jumbo graphite deposit in Tanzania. The application for transfer has now been registered with the Ministry of Minerals, Tanzania. Walkabout now owns 100% of tenement PL9992/2014, a part of which is the subject of a pending mining licence application, ML/00638/2017 (MLA), which means that Lindi Jumbo Ltd, a wholly owned subsidiary of Walkabout, will hold 100% of the Lindi Jumbo graphite mine.With respect to the progress of the Lindi Jumbo Mining Licence application, the company remains highly encouraged by recent communications from the Ministry of Minerals of Tanzania. Discussions in Dodoma held on 25 May 2018 between the Company and the Ministry confirmed that licence applications were due for issue in large batches until the backlog has been depleted.Executive Chairman of Walkabout Resources Ltd, Trevor Benson commented;“The purchase of the remaining 30% of the project will see a huge value-adding transaction into the company. The passing of this significant project milestone is indicative of the confidence that management has in the project and in the subsequent progression of events in Tanzania.”Walkabout is fast-tracking the development of the high-grade Lindi Jumbo graphite project to take advantage of forecast market conditions for flake graphite deposits with high ratios of Large and Jumbo flakes.The Lindi Jumbo DFS noted:Project start-up capital $29.6 million, lowest capital intensity amongst peer groupPre Tax NPV10 of $302 million Pre Tax IRR at 108%Post Tax NPV10 of $180 million and Post Tax IRR 88%Weighted average (Base Case) basket price of product is $1,564/tModelling and design now using updated concentrate ratios based on large scale, closed circuit metallurgical test results from BGRIMM provides a higher level of certainty to study results.
Updated 11.30amBANK OF IRELAND is not required to raise additional capital, it said following the completion of the Central Bank’s balance sheet assessment (BSA).The test confirmed that the bank had adequate capital on 30 June this year to meet the requirements of the BSA.AIB was also furnished with the results of its BSA over the weekend. In a short statement this morning, the bank says it “believes it continues to be well capitalised and in excess of minimum regulatory requirements”.Permanent TSB said the results communicated to it by the Central Bank confirmed its capital position is above minimum regulatory requirements.The assessments were carried out at the request of the EU and IMF following Ireland’s exit from the bailout programme.In a statement this morning, Bank of Ireland said it expects to maintain a buffer above a CET1 ratio of 10 per cent on a Basel 3 transitional basis.For the purposes of the test, the regulator set the potential adjustment to mortgage impairments to €400 million. However, this could be reduced by €40 million following final discussions on the loan file reviews.First published 8.27amRead: Central Bank director Fiona Muldoon resignsMore: Banks exceeding arrears targets, but some customers have “no clarity”