Australian Market Report of November 10, 2010: Noble Mineral - To Raise A$30M For Extensive Gold Drilling Campaign in Ghana
Sydney, Australia (ABN Newswire) - Noble Mineral Resources (ASX: NMG) has received firm commitments for the placement of approximately 77 million shares at 39 cents to raise A$30m. The fund will be used for an extensive drilling campaign that is expected to result in substantial increases in reserve and resource estimates at its Bibiani Gold Project in Ghana. The campaign will drill 55,000m a month for the next 12 months and the results are expected to generate a series of regular reserve and resource upgrades at Bibiani. Resources currently stand at 1.98m ounces, including 605,000oz in Reserves.
Sipa Resources Limited (ASX: SRI) announced that RAB/Aircore drilling has recommenced at its 100% owned Woodline Gold and Basemetals Project, located about 150 kilometres southeast of Kalgoorlie in Western Australia. The 4 week drilling programme will cover approximately 600 holes to infill previous drilling where very encouraging intersections were recently returned. Results from the previous programmes have suggested strongly anomalous gold (of above 50 ppb) in the project area.
Paradigm Metals Limited (ASX: PDM) has commenced a 2000m air core and percussion drill program targeting iron oxide-copper-gold mineralisation at the Toolebuc project in Queensland. Drill holes will initially test several previously undrilled magnetic anomalies to total depths of up to 100m, under shallow sedimentary cover 20-50m thick. Initial assay results are expected by early December 2010.
Gold One International Limited (ASX: GDO) said today that drilling results at its flagship Modder East gold mine in South Africa have confirmed an extension to the high grade shoreline. Borehole DD68 contain 177.1 grams per tonne over a channel thickness of 72 centimetres and borehole DD69 contain 37.3 grams per tonne over 56 centimetres.
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