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Corporate Spotlight

Pioneer Resources Limited (PIO) is a minerals exploration and development company holding multi-commodity tenement portfolio strategically located largely within 200 km of Kalgoorlie-Boulder, Western Australia.
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Interview with David Crook

FIRST POLLUCITE

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FIRST POLLUCITE ARRIVES IN CANADA

REVISED SHIPMENT AND PAYMENT SCHEDULE SET OUT

ASX Announcement 17 April 2019 


Perth, Western Australia: 17 April 2019: Pioneer Resources Limited (“Pioneer” or the "Company")
 (ASX: PIO) is pleased to provide an update for its 100%-owned Sinclair mining operation, Australia’s first mine to extract the caesium mineral, pollucite, located 40km north of Norseman, Western Australia.


  • First shipment has arrived at the Bernic Lake (Tanco) Processing Facility, Manitoba, Canada
  • Second shipment settled, includes US$0.73 million cash
  • Debt facility of US$4.8 million fully repaid
  • Delivery schedule revised to better manage the increase in mined Pollucite tonnes 


Offtake partner, Cabot Specialty Fluids Ltd (“CabotSF”), has taken delivery of the first shipment of 1,640 tonnes of Pollucite at its Tanco Mine facility, Winnipeg, Canada. The shipment departed Esperance Port in late January.

A second shipment of 1,640 tonnes is currently in transit, with the corresponding cash payment of US$0.73 million received by Pioneer on 12 April 2019, and scheduled debt repayment credited.  

The entire debt facility of US$4.8 million has now been repaid through delivery of Pollucite and the sale of US$3.5 million in Pollucite stocks located at the Sinclair Mine to CabotSF (now CabotSF owned inventory).  

 

Photograph 1:   Sinclair Pollucite being unloaded at the Tanco Mine facility, Manitoba, Canada.
 

Modified Pollucite Delivery Schedule

Pioneer announced on 22 January 2019 that approximately 19,000t1 of pollucite-bearing rock (“Pollucite”) with an average grade of 9.1% Cs2O has been mined and crushed, to be sold within a specification under the Offtake and Loan arrangement in place with CabotSF.  This represents a substantially greater number of tonnes of Pollucite to be transported to Manitoba, Canada than initially planned, and a significant increase to the contained caesium inventory, when compared with the forecast Measured Resource tonnage of 6,340t at 17.5% Cs2O (ASX announcement 8 November 2018).  

Crushed Pollucite has been stockpiled according to grade, with approximately equal tonnages of higher grade and lower grade material.  Stockpiles are blended to produce an optimal grade to be delivered to CabotSF, a process that is being optimised as each shipment occurs, when tonnes and grade are independently confirmed and then reconciled against Pioneer’s records.

Accordingly, modified export arrangements for the significantly larger tonnage of Pollucite have now been finalised.  Shipments are expected to conclude by December 2019, and the last payment in January 2020, depending on actual shipping schedules, quantities per shipment and total pollucite blended for sale.

Pioneer Managing Director, David Crook, said:

“The delivery of the first parcel of Pollucite to CabotSF marks another milestone achievement for the Sinclair Project.  

In addition, the logistical issues of transporting the larger tonnage of Pollucite in a timely and structured manner, which suited the climatic conditions in Canada and Pioneer’s financial strategy including debt repayment, have been worked through, delivering an outcome agreeable to both Parties.”


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EARNS 55%

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ACRA GOLD PROJECT TO PROCEED TO NEXT PHASE NORTHERN STAR EARNS 55% INTEREST

ASX Announcement 15 April 2019 


Pioneer Resources Limited ("Pioneer" or the "Company" (ASX: PIO)) is pleased to advise that: 

  • Northern Star Limited (ASX:NST) has now earned an additional 55% Joint Venture interest in the Acra Joint Venture with Pioneer, after sole funding $3 million farmin expenditure since October 2016 and previously purchasing an initial 20% stake. NST now holds a 75% Joint Venture interest and Pioneer holds a 25% Joint Venture interest. 
  • Pioneer is free-carried up to DMIRS approval of an NST mining proposal.


Northern Star Resources Limited (ASX: NST) is systematically exploring the Acra Gold Project, with target generation work and regional aircore drilling programs on the northern Acra tenements a current focus. ‘First-pass’ target generation programs have already been carried out across the central and southern regions of the Project to date, involving geological mapping, geochemical sampling together with aircore, RC and diamond drilling programs.


Pioneer Managing Director David Crook said; 

“We are pleased that Northern Star has achieved its 55% earnin interest to move to 75% of the Acra Gold Project and are confident that Northern Star will achieve continued exploration success towards making a mining decision.”


Michael Mulroney, Northern Star’s Chief Geological Officer, commented; “The ongoing exploration programs are aimed at assessing the prospectivity of the Emu Fault structural corridor to host significant gold mineralisation. A successful exploration outcome will advance the Acra Gold Project to become part of Northern Star’s Kalgoorlie consolidated operational centre in the Eastern Goldfields of Western Australia”. 


ACRA GOLD PROJECT JOINT VENTURE 


The Acra Gold Project covers an area of 340 km2 and is located 60 kilometres north east of Kalgoorlie, WA. The gold potential of the Project was identified by Pioneer with exploration efforts culminating in the successful identification of a 20km long gold target zone.


In October 2016, the Company entered into a Farmin and Joint Venture Agreement with gold miner Northern Star under which Northern Star agreed to acquire a 20% interest for $500,000 and to earn a 55% interest in the Project by sole funding $3 million in exploration activities on the Project. This milestone has now been met and Northern Star has proceeded to the Joint Venture phase.


Under the Joint Venture, Pioneer will be free-carried by Northern Star up to the point that a mining proposal is approved by the Department of Mines, Industry Regulation and Safety (“DMIRS”). Thereafter, Pioneer may elect to either form a mining joint venture where both parties contribute to expenditure proportionate to their interest, or, Pioneer may elect to assign its 25% to Northern Star at a fair market value.


Pioneer retains the rights to nickel sulphide ore, comprising the right to explore for, to extract and take all nickel sulphide ore from the tenements comprising the Acra Project.


Figure 8: Acra Project Prospect Location Map 


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INVESTOR CONFERENCE

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DRILLING UNDERWAY

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DRILLING UNDERWAY AT LEO’S DAM NICKEL SULPIDE TARGET PIONEER ACQUIRES CESSNA NICKEL SULPHIDE PROSPECT

ASX Announcement 25 March 2019 


Perth, Western Australia, 25 March 2019: Pioneer Resources Limited ("Pioneer" or the "Company" (ASX: PIO)) advises that: 

  • Drilling is underway at the Leo’s Dam Prospect, approximately 2km NE of the Blair Nickel Mine, following-up the 2018 discovery of nickel sulphides- 22m at 1.02% Ni and 475ppm Cu - in drill hole GRRC038. Leo’s Dam is one of 5 priority nickel sulphide targets within the Golden Ridge Project; and 
  • The Company has acquired the Cessna Project containing a standout nickel target located approximately 20km N of the Silver Swan Nickel Mine.


Pioneer’s nickel sulphide strategy will be advanced concurrently with exploration programmes at the Company’s flagship Pioneer Dome Pegmatite Project, where mining at the Sinclair Caesium Deposit was recently completed. The second shipment of 1,600t pollucite was exported during February 2019.


Drilling at Golden Ridge: testing for extensions at Leo’s Dam Ni$ target. 

Aircore drilling, directed towards extending the nickel sulphide mineralisation identified, is in progress at the Leo’s Dam target.


Hole GRRC038 was a successful test of a weathered rock geochemical target that was consistent with the generally held Kambalda nickel sulphide (“Ni$”) model. Aircore drilling north and south of GRRC038 (light blue traverse lines on Figure 1) is designed to generate additional knowledge about the target(s) for future reverse circulation and diamond core drilling.


The Company devised an innovative change to the geological model previously ascribed to the Golden Ridge Project (refer ASX release on 20 July 2015). This change proposed the existence of the Blair Ultramafic Dome with at least 12km of demonstrably prospective, basal ultramafic contact target zone outside of the immediate Blair Nickel Mine Deposit. The Blair Dome is analogous, both geologically and in size, with other ultramafic domes at Kambalda, Tramways and Widgiemooltha, which all host major nickel sulphide mines.


The Company believes that the intersection of Ni$ in GRRC038 has added validity to the revised Blair Dome Model, further demonstrating the Project’s prospectivity.


The current aircore drilling programme, of approximately 80 holes, is expected to be completed by late March with the results and interpretation to be available by late April 2019


Figure 1: Plan view of the Golden Ridge Project and the Blair Dome Structure, showing the location of the Blair Ni$ Mine box cut. Priority drill targets exist at Leo’s Dam – where drilling is in progress, Anomalies 13 and 14, and the Blair South Prospect. This programme’s aircore drill traverses are shown in light blue, with previously drilled, anomalous drill holes also shown. 


Other priority Ni$ targets associated with the Blair Dome include Blair South, located 3km south of the Blair Mine, Anomaly 14, with Ni$ mineralisation and excellent litho-geochemistry, Anomaly 13 and Duplex Hill.


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VIDEOS

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