Bowen Coking Coal (ASX: BCB) has signed a binding share sale and purchase agreement with New Hope Corporation (ASX: NHC) for the acquisition of New Lenton Coal (which currently owns a 90% interest in the Lenton Joint Venture).
The deal will deliver on Bowen’s strategy to be the next leading independent ASX coal producer, targeting a run-of-mine (ROM) of 5m tonnes per annum by 2024.
To add some perspective, the $2.8bn New Hope ROM was 20.6m tonnes in FY21.
Bowen’s Executive Chairman, Nick Jorss commented:
“The Acquisition will be transformational for Bowen and delivers on our strategy to create the next significant coking coal producer in the Bowen Basin … We are looking forward to capitalising on this great opportunity to create value for shareholders by the acquisition of this significant mine and associated infrastructure at a time of sustained high coking coal prices.”
Castile Resources (ASX: CST) advised that assays from its first hole into its Explorer 108 project has returned sections of high grade zinc and lead with traces of copper from a massive 145 metre mineralised interval.
Castile Managing Director, Mark Hepburn said that there are very few projects that can produce such a massive zinc/lead intersection from their maiden hole into the target.
“This great result expands the footprint of the Explorer 108 mineralisation and has reinforced Castile’s view that the Explorer 108 area should be the centrepiece of the 2022 drilling campaign,” Hepburn said.
Positive news flow continues to emerge from Challenger Exploration (ASX: CEL) and its prospective Hualilan Gold Project in Argentina.
The company advised that ongoing drilling results have extended high-grade gold mineralisation in the western section of the Magnata Fault via 'several significant intersections with grades appearing to be improving at depth'.
Challenger Managing Director Kris Knauer said that there seems to be no signs that the deposit is approaching its limits.
"The Magnata Fault itself is now a significant body of high-grade mineralisation over 500 metres long extending from surface to 500 metres depth that remains open in all directions," said Knauer.
The company previous touted that success at the Magnata Fault on the western intrusive 'would likely see a re-rating'.
Carnaby Resources (ASX: CNB) has confirmed a major copper gold discovery at its Nil Desperandum Prospect within the Greater Duchess Copper Gold Project in Queensland. The company's stock jumped 38% as the market opened.
Assay results included 41m @ 4.1% copper and 0.5 g/t gold from 247m. Generally speaking, 1.5% copper equivalent or better is considered to be high-grade.
Carnaby’s Managing Director, Rob Watkins said:
“Nil Desperandum is shaping up as a major Iron Oxide Copper Gold discovery which is rapidly getting bigger and better at depth. The scale of the mineralised system we are seeing is exceptional.”
The company said that following up exploration is being ‘rapidly escalated’ with multiple drill rigs locked in to start in January 2022.
Discovex Resources (ASX: DCX) shares opened 33% higher, propped up by its minority holding in Carnaby's Greater Duchess Copper Gold Project.
The company has a 17.5% free-carried interest in the project, which includes 12 tenements covering an area of approximately 293km2.
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