ASX:29M

3 stories mentioning ASX:29M

Every FINWIRES story that references ASX:29M, newest first.

29Metals Says Western Australia Project Drilling Intercepts High-Grade Mineralization

29Metals (ASX:29M) said drilling at the Golden Grove project in Western Australia resulted in high-grade intercepts, according to a Tuesday Australian bourse filing.At the Tryall orebody, resource extension drilling intercepted 17 meters at 2% grade of copper, 0.3 grams per tonne (g/t) grade of gold, and 16 g/t grade of silver from 82 meters, per the filing. Drilling intercepted 11.1 meters at 2.1% grade of copper, 0.1 g/t grade of gold, and 20g/t grade of silver from 240.7 meters at Hougoumont.

ASX:29M

Asia59d ago

29Metals Delaying Access to Xantho Extended is Painful But Prudent Call, Jarden Says

29Metals' (ASX:29M) decision to delay the restart of mining at its Xantho Extended orebody in Western Australia is painful but prudent given the frequency of production disruptions at the site, Jarden said in a Thursday note.An ongoing geotechnical review has pinpointed a need for alternate level access development to mitigate interactions with higher-stress zones and cut the risk of further interference with production.The equity research firm noted that Xantho Extended is a major source of high-grade polymetallic feed at the Golden Grove mine, as well as the zinc, gold and silver by-product credits that support the operation's cost structure.Meanwhile, 29Metals' Capricorn Copper mine remains suspended and will need considerable additional funding to restart, "representing a further call on an already stretched balance sheet," Jarden said.The equity research firm maintained an underweight rating on 29Metals and cut its price target on the company to AU$0.32 from AU$0.38."We seek greater operating consistency at Golden Grove, a credible pathway to restart Capricorn Copper, and positive [free cash flow] generation to become more constructive in our view," it said.

ASX:29M

Asia60d ago

29Metals Delays Xantho Extended Restart Amid Geotechnical Works

29Metals (ASX:29M) said the restart of mining at its Xantho Extended orebody in Western Australia has been delayed by extra geotechnical works, cutting zinc, gold and silver forecasts while leaving copper guidance unchanged, according to a Thursday Australian bourse filing.The company stated that ground support upgrades needed to re-enter the decline and production levels are still on schedule for completion in April, although additional work is now underway following revised geotechnical assessments of the impacted areas, per the filing.The company will develop alternative level access to reduce exposure to higher-stress zones, due for completion in the December quarter, while continuing mining and milling from other ore sources with no change to full-year copper production guidance, the filing said.The company has cut its full-year outlook for other metals, with zinc now expected at 5,000 to 25,000 tonnes compared with 40,000 to 50,000 tonnes previously, gold at 6,000 to 14,000 ounces compared with 12,000 to 20,000 ounces, and silver at 400,000 to 600,000 ounces compared with 600,000 to 800,000 ounces.The company also lowered its selling costs guidance to AU$20 million to AU$45 million from AU$50 million to AU$70 million, reflecting the changed production mix, the filing added.

ASX:29M