Essential assets for August 10

August 10, 2015 12:06 PM

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St George Mining Limited announced the latest positive outcomes from the high impact drilling campaign at its 100% owned East Laverton Property in Western Australia. Drill hole DDRDD0007 has been completed with an end of hole depth of 490m. The hole intersected ultramafic sequences from 180m to 223m, 224m to 259m, 321m to 341m, 371m to 435m, 441m to 452m and from 458m to 461m.

During the quarter the Macquarie / Brookfield led Consortium successfully completed the acquisition of Apache’s Western Australian business which is now called Quadrant Energy. This business includes all of Apache’s Australian production assets, exploration permits and the management team and staff. Carnarvon has been in ongoing communication with the Quadrant team and is looking forward to continuing its business relationship with them at Phoenix and potentially other projects in the future. The joint venture has finalised selection of the Roc-1 drilling location and has submitted the environmental plan to NOPSEMA. The Quadrant team have confirmed their intention to drill the Roc-1 well in the fourth quarter of calendar 2015 and I look forward to providing further updates as we get closer to the commencement of drilling.

Finbar Group Limited reported that it is forecasting a full year profit after tax of approximately $25.5 million for the financial year ended 30 June 2015 (FY15). This result represents a solid year of profitability in a year where the timing of the construction and completion cycle provided less assistance to the reported net profit. Finbar completed FY15 with a record financial year end cash position of approximately $69 million. This record cash position ensures the Company is well capitalised to fund its current pipeline of large scale projects where construction is underway. Finbar is also preparing to launch the sales of the Company’s largest single stage project to date, the 38 level Civic Heart project located in South Perth with an end project value of more than $400 million.

Blackham Resources Ltd announced it has intercepted visual gold in the early drilling of the Golden Age Reef at its Matilda Gold Project. Hole GAUD0003 intercepted 4.8m (true width 1.6m) of quartz veining from 173.2 to 178.0m, assays re awaited. The quartz mineralisation is hosted within sheared dolerite with visible gold present in sulphide stringers in the last 1.5m of the vein (see full announcement for photos). This intercept is 55m east of the previous underground mine workings.

Finnair Cargo, a fully owned subsidiary of Finnair, has expanded its network after signing an innovative freighter sharing deal with IAG Cargo. The route will be operated by an A300-600 cargo freighter, which will fly between London and Helsinki. London becomes Finnair's third cargo hub in Europe in addition to Helsinki and Brussels. The creation of the new cargo bridge, which will connect the two carrier's networks, is an important strategic move for Finnair Cargo. It will enable the opening of tens of new destinations in North America in addition to its current routes.

Blackham Resources Ltd announced the latest results received from drilling at the Matilda Gold Project in Western Australia. The current program has identified a number of extensions that could expand the free milling open pit mining inventory with a view to re-commissioning the Wiluna Gold Plant.

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About the Author

Lauren is the editorial assistant for Futures Magazine. She graduated from DePaul University in 2013 with a degree in English.