The NT Independent is providing an update of resource news from across the Northern Territory. Highlights this week include Black Cat Syndicate starting drilling at its Cayote gold project, Tech company Swift securing new contracts worth $1.4 million and more.

Elmore signs offtake contract for its newly-acquired Peko project

Elmore (ELLE), through its newly-acquired Peko project in the Territory has entered into an ore-sales agreement with Hong Kong-based Royal Advance for magnetite. Royal Advance will be purchasing all products mined over the life of the mine. The offtake deal comes just days after ELLE purchased the Peko iron project.

The initial offtake deal covers the first two shipments with the option to extend out to one year.

Peko’s average grade of the product is around 66 per cent iron but is expected to be upgraded to as high as 67 per cent. ELLE said the higher grade of iron concentrate will sell much higher than the average iron ore price. The sale price on the offtake deal, however, will be based on the PLATTS 65 per cent Iron index, minus one per cent. Any higher grades of iron will also sell for the equivalent higher price.

Payments for the ore will be made in three tranches. The initial 40 per cent will be received once 7,500 tonnes of the product have been stored at Darwin Port. The 55 per cent will be received after the product is loaded onto a ship. The final 5 per cent will be received after the quality of the product is confirmed following shipment.

ELLE has already produced more products than is required for storage at Darwin Port. The company said it is waiting for additional sea containers to arrive in Darwin.

Black Cat starts the next round of drilling at the Coyote project at the NT and WA border

Black Cat Syndicate (BC8) announced it had started diamond drilling at its Coyote gold project situated on the WA side of the WA – NT border. The Coyote project was acquired by BC8 in mid-June.

BC8 is looking to upgrade and extend the Kavanagh lode which contains a resource of 77,000 ounces grading 13.5 grams of gold per tonne. The company said this round of drilling follows from reverse circulation drilling that is continuing at the Speedy open pit, before moving to regional exploration.

Concurrently, stockpile sampling and specimens of the un-assayed historic diamond core have begun, and the company expects results from all activities throughout the remainder of this year.

BC8, through the drilling program, is looking to advance and extend the Kavanagh lode which contains a resource of 77,000 ounces grading 13.5 grams of gold per tonne.

Tech company Swift locks $1.4m new projects in NT and WA

Swift (SW1) has secured new contracts for the installation of its various network solution projects in the Territory and WA which includes clients Roy Hill, NT Link, Atlas Iron, and BBB Contracting with a total value of $1.4 million projected over the end of the fiscal year 2022 and the first half of the fiscal year 2023.

“These new projects add to other recently announced projects that place Swift in a strong position as we commence FY23 with subscription revenue of over $1.1 million per month and contracted installation work of $2.9 million already in our pipeline for FY23,” CEO Brian Mangano said.

He said that the revenues do not only represent an increase in project activity but also the take-up of Swift’s new subscription products Swift Access and Swift Broadcast in the mining and aged care industries.

Castile Resources ups mineralisation at Jupiter Deeps

Castile Resources (CST) has expanded the known iron-oxide-copper gold (IOCG) mineralisation at Jupiter Deeps within its Rover 1 project in the Territory.

CST said it received assays from hole 22CRD001-2A which extended the IOCG mineralisation at depth, with the hole recording multiple intercepts, with two zones of copper mineralisation and included a hit of 9.5 metres at 9.6 grams per tonne gold with 1.4 per cent copper from 881.5 metres.

“This latest hole has been terrific for the company,” CST managing director Mark Hepburn said. “It has followed up the discovery of a new high-grade gold zone in the previous hole and showed the size of the Jupiter Deeps IOCG alteration expanding. It has also returned a broad intercept of copper which is located outside the area of our current resource estimate models.”