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Brightstar Resources Poised to Transition From Junior Gold Producer To “Serious WA Gold Producer” - Analyst
In the next two years, Brightstar Resources (ASX:BTR) is poised to become a serious gold producer in Western Australia, according to a report by Ricky Singh of Far East Coast Research.
“Given the ready access to existing infrastructure, an existing processing plant that requires small refurbishment costs as well as other non processing infrastructure, we think Brightstar is on a fast track to transition from currently a junior gold producer from small-scale toll-treating operations to a serious WA gold producer, potentially within the next two years,” the report noted.
Brightstar’s multiple gold projects are located in the Eastern Goldfields of Western Australia, with a total defined gold resources estimate of 1.45Moz at 1.6g/t in addition to an existing processing plant that requires minimal refurbishment, which helps in reducing costs and accelerating project timelines.
Brightstar Resources’ combined scoping studies for its Menzies, Laverton and Jasper Hills projects show a combined NPV of AU$227 million with a small pre-production Capex of only AU$34 million. More importantly, this valuation is based on gold price inputs of A$2,900/oz and A$3,000/oz, which are now significantly below the current spot gold price.
The analyst further noted that positive NPV and low Capex requirements indicate strong economic viability, making the projects attractive for further development and investment.
Highlights of the report:
- Brightstar is on a fast track to transition from currently a junior gold producer with modest-scale toll-treating operations to a serious WA gold producer, potentially in the next two years.
- Two scooping studies showed a combined NPV8 of AU$227 million with a small pre-production Capex of only AU$34 million.
- A bullish outlook for gold prices remains intact. Gold prices surged in 2023 and early 2024 due to economic uncertainties, geopolitical tensions, and central bank purchases. Gold prices are expected to remain resilient in 2024, driven by investor demand, anticipated rate cuts, and geopolitical uncertainties, with a long-term uptrend due to institutional investment growth.
- Valuation range of AU$0.047–0.054 per share Using the DCF approach, a discount rate (WACC) of 12.5 percent and conservative assumptions on gold prices, exchange rates and operating costs, BTR is valued at AU$0.047 per share in a base-case scenario and AU$0.054 per share in a bullcase scenario.
- BTR will successfully raise additional AU$17 million equity at AU$0.02 per share and AU$17 million debt in 2025 to fund its development projects.
Click here for the full ASX Release
This article includes content from Brightstar Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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Brightstar Resources
Overview
The price of gold stays strong. In April 2024, the yellow metal’s price passed US$2,400 per ounce for the first time. The reason is multifaceted. The world teeters on the brink of a severe recession while some markets attribute the increase to safe haven rush. Amidst ballooning interest rates, bank failures and falling bond yields, demand for gold continues to rise. At this precise moment, gold is simultaneously an excellent portfolio diversifier and a compelling hedge against ongoing inflation — particularly if one invests in the right company.
Brightstar Resources (ASX:BTR) aims to be that company. An emerging mining and development company, Brightstar occupies a strategic land position of roughly 300 square kilometers in the Laverton Tectonic Belt and 80 square kilometers of the Menzies Shear Zone.The company also owns an existing processing facility that can potentially provide tremendous shareholder value in a low-capital cost restart scenario.
That plant, once fully refurbished and operational, could prove a key differentiator for the company, enabling fast gold production at a low capital cost. This is especially noteworthy given that many other gold companies trading on the ASX are largely focused on greenfield exploration and development. Even once those companies discover a promising resource, mining and processing facilities would still need to be built, undertakings which can incur significant upfront capital costs and take several years.
Brightstar's Laverton gold assets are all centered on a 100 percent-owned 300-square-kilometer tenure in the Laverton Tectonic Zone and all within 70 kilometers of the Laverton Processing Plant. Additionally, all resources within this zone are open along strike and at depth. Only minor drilling programs have been conducted in recent years, paving the way for significant exploration upside with the potential for further regional and greenfields discoveries.
Brightstar also owns 100 percent of the Menzies Gold Project, a contiguous land package of granted mining leases over a strike length of roughly 20 kilometers along the Menzies Shear Zone and adjacent to the Goldfields Highway.
In 2023 and 2024, the company announced a mineral resource upgrade to the Cork Tree Well deposit (Laverton gold project) and also delivered two maiden mineral resource estimates at the Link Zone and Aspacia deposits (Menzies gold project). This has grown the total group MRE by approximately 150 koz gold through organic exploration.
The company has also acquired a relevant interest in 96.75 percent shares and 96.81 percent optionshares and 96.81 percent option of Linden Gold Alliance, a gold producer, developer and explorer with existing mineral resources of 350 koz @ 2.1 g/t gold near Brightstar in the Laverton district. Brightstar’s MRE has reached 1.1 Moz gold across the Menzies and Laverton projects, with an additional 0.35 Moz gold in resources added after the successful acquisition of Linden Gold Alliance. Brightstar has commenced the compulsory acquisition process for the remaining Linden shares and options in respect of which it has not received acceptances under the agreement.
In August 2024, Brightstar entered into a scheme implementation deed to acquire 100 percent of Alto Metals, which owns the Sandstone gold project located in East Murchison. The project has a current mineral resource of 1.05 Moz of gold at 1.5 g/t.
Subsequent to the deal with Alto Metals, Brightstar entered into a $4 million drill-for-equity agreement with Topdrill to aggressively advance the consolidated Sandstone gold project. The deal strengthens Brightstar's financial capacity to fulfill its multi-hub exploration and development strategy, which includes the Menzies and Laverton hubs and the Sandstone hub.
Brightstar also completed the acquisition of the gold rights at the Montague East gold project (MEGP) from Gateway Mining Limited (ASX:GML). The project is located 70 km from the Sandstone gold project. The acquisition adds a further 9.6 Mt @ 1.6 g/t gold for 0.5 Moz god to Brightstar’s JORC Mineral Resource Estimate, giving the company a total mineral endowment of 38.3 Mt @ 1.6 g/t gold for 2.0 Moz gold.
Company Highlights
- Brightstar Resources is an ASX-listed mining and development company with more than one million ounces of gold resources and an on-site processing infrastructure.
- Brightstar's mineral assets are situated across roughly 300 square kilometers of 100-percent-owned land in the Laverton Tectonic Zone and ~80 square kilometers in the high-grade Menzies Shear Zone.
- The Laverton Gold project has a mineral resource of 9.7 Mt @ 1.6g/t gold for 511 koz gold and the Menzies gold project has 13.8Mt @ 1.3g/t gold for 595 koz gold. This is a total combined existing mineral resource of 23 Mt @ 1.5 g/t gold for 1.1 Moz of gold
- In 2023, the company completed a scoping study into the development of its Menzies and Laverton gold projects and the refurbishment and restart of its processing plant in Laverton.
- The scoping study produced robust operating outcomes and compelling financial outputs, including:
- 322 koz of gold recovered over eight years (40 koz per annum)
- Net present value of AU$103 million (using a gold price of AU$2,900/oz)
- Internal rate of return of 79 percent
- Pre-production capital requirements of AU$22 million
- All-in sustaining costs of A$2,041/oz
- Once refurbished, this infrastructure will allow Brightstar to fill a growing investment void for near-term gold developers in Western Australia, producing large quantities of gold at low capital cost.
- In 2023 and 2024, Brightstar completed a small-scale mining joint venture with BML Ventures which involved a 50/50 profit-sharing agreement to exploit the Selkirk deposit at Menzies. In April 2024, Brightstar announced that this joint venture delivered a net profit to Brightstar of $6.5 million.
- In June 2024, the company successfully acquired all of the issued ordinary shares and options in Linden Gold Alliance, a gold producer, developer and explorer with existing mineral resources of 350 koz @ 2.1 g/t gold near Brightstar in the Laverton district.
- Linden is currently a gold producer, mining 15-20 koz pa from its high-grade underground Second Fortune Mine south of Laverton.
- Brightstar’s total MRE across the Menzies and Laverton gold projects increased to 1.45 Moz gold after acquiring Linden. All of the mineral resources are located on granted mining licenses.
- As part of the merger with Linden Gold, Brightstar released a scoping study into Linden’s development-ready Jasper Hills gold project, which delivered key metrics including:
- 140 koz mined over 3.75 years (35 koz pa)
- Net present value of AU$99 million
- Internal rate of return of 736 percent
- Pre-production capital requirements of $12 million
- All-in sustaining costs of AU$1,972/oz
- Jasper Hills is located just 50 km SE of Brightstar’s processing plant in the Laverton gold project
- Brightstar plans to continue generating shareholder value through a combination of development and strategic acquisitions along with some exploration.
Key Projects
Brightstar Processing Facility
Situated close to Brightstar's existing mineral assets at Laverton, the Brightstar Processing Plant provides the company with a considerable operational head start over its peers.
Highlights:
- Extensive Infrastructure: Current facilities at the plant include two ball mills, a power station and gravity and elution circuits. Other infrastructure includes:
- A tailings storage dam
- An on-site process water pond
- An operational 60-person accommodation camp
- An airstrip at the nearby Cork Tree Well Project
- Vehicles and equipment include a forklift, bobcat, two loaders, multiple light vehicles and a 30-tonne crane.
- A Leg Up Over Competitors: The presence of pre-existing processing infrastructure represents significant time savings compared to greenfields development. Brightstar had an independent valuation completed which valued the processing plant at AU$60 million in replacement value.
- Low Upfront Capital Cost: As part of the scoping study released in September 2023, GR Engineering estimated a capital cost requirement to refurbish and expand the milling capacity would cost just AU$18.5 million.
- Close to Existing Assets: Brightstar's major development projects — Cork Tree Well, Jasper Hills, Beta and Alpha — are all close to the plant.
Gold doré bars (BTR005 – BTR016) poured on 9 March 2024
Cork Tree Well
Cork Tree Well is a formerly operating mine, producing 45 koz of gold over its lifespan. Located roughly 35 kilometers north of Laverton on Bandya Station Road, the project’s JORC 2012-compliant mineral resource of 6.4 Mt at 1.4 g/t for 303 koz of gold.
Highlights:
- Promising Drilling Results: Two 6,000-meter drill programs were completed in late 2022, and in the first quarter of 2023 delivered an uplift in tonnages and ounces at a discovery cost of AU$30 per ounce. In 2023 the JORC 2012 Mineral Resource Estimate increased by 20 percent to 303 koz, representing a 65-percent increase to the indicated ounces to 157 koz @ 1.6 g/t gold.
- Upcoming Feasibility Studies: The drilling program will underpin several feasibility studies that Brightstar intends to conduct later this year. At present, Brightstar has defined a resource envelope over a strike length of approximately 1 kilometer and down to 200 meters.
- Area Geology: The Cork Tree deposit is situated along the western limb of the Erlistoun synclical structure, a sequence which includes mafic volcanic lavas, tuffs and tuffaceous sediments alongside minor interflow graphitic shales and banded iron formation. The mine itself consists of chlorite schist-altered high-magnesium basalt footwalls overlain by graphitic shales containing banded iron and chert beds. Gold mineralization is contained within sediments intruded by concordant porphyry sills spanning the length of the mineralized zone.
- High-grade Assays from the 2024 Drill Program: First round of assay results from 20 diamond drill holes at Cork Tree Well were extremely positive, with intercepts returned including 34.4 metres @ 7.94 g/t gold from 43.5 metres (CTWMET004) and 27.6 metres @ 17.8 g/t gold from 51 metres (CTWMET003).
Second Fortune Gold Mine
Second Fortune is an operating underground gold mine owned and run by Linden Gold, which is the subject of an off-market takeover by Brightstar announced in March 2024. Second Fortune has produced +14,000oz gold in FY24 year to date and is run under an ‘owner operator’ model.
Second Fortune has a high-grade MRE of 165kt @ 10.9 g/t gold for 58 koz. Limited modern and systematic exploration has occurred across the ~20km of strike length of prospective geology at Second Fortune. This presents a superb opportunity to leverage existing team, camp & related infrastructure to rapidly assess targets and conduct efficient drilling programs to further grow the MRE and extend the mine life at Second Fortune.
Menzies Gold Project
Situated 130 kilometers north of the globally significant Kalgoorlie gold deposit, Menzies represents one of Western Australia's leading historic gold fields. The project, fully owned and operated by Kingwest before its merger with Brightstar, consists of a contiguous land package of a strike length above 20 kilometers. All deposits are now 100 percent owned by Brightstar and lie within granted mining leases.
Brightstar intends to leverage existing processing infrastructure in the district to monetise the high-grade open pit ounces produced by this mine.
Highlights:
- Significant Historical Production: Menzies has hosted multiple historically mined high-grade gold deposits which together produced a total of over 800,000 ounces at 19 g/t gold. This includes 643,000 oz @ 22.5 g/t gold from underground.
- Profit Sharing: Brightstar and BLM Ventures had a 50/50 profit-sharing joint venture agreement to exploit the Selkirk deposit at Menzies. In March 2024, Brighstar announced the successful completion of all the ore processing from the Selkirk JV, with a total of 430.7 kg of gold doré poured which netted Brightstar $6.5 million as part of its profit share.
- Area Geology: The Menzies Gold Project is hosted along the Menzies Shear Zone in the western margin of the Menzies greenstone belt. It displays a geologic setting similar to the Sand Queen Gold Mine at Comet Vale.
LAVERTON GOLD PROJECT – OTHER RESOURCES
Beta
Located immediately adjacent to the Brightstar Plant, the Beta Project includes a 60-person camp. It contains a combined JORC 2012-compliant mineral resource of 1,882 kt at 1.7 g/t for 102 koz of gold. The deposit occurs along the Eastern Margin of the Laverton Tectonic Zone, notable for hosting multiple major gold occurrences including Granny Smith, Keringal, Red October and Sunrise Dam.
Alpha
Hosting a combined JORC 2012-compliant mineral resource of 1,452 gold at 2.3 g/t for 106 koz, the Alpha Project. Future exploration programs and feasibility studies will seek to potentially capitalize on Alpha's close proximity to Beta.
Management Team – Post Completion of Linden Merger
Alex Rovira - Managing Director
Alex Rovira is a qualified geologist and an experienced investment banker having focused on the metals and mining sector since 2013. Rovira has experience in ASX equity capital markets activities, including capital raisings, IPOs and merger and acquisitions.
Richard Crookes – Non-executive Chairman
Richard Crookes has over 35 years’ experience in the resources and investments industries. He is a geologist by training having previously worked as the chief geologist and mining manager of Ernest Henry Mining in Australia.
Crookes is managing partner of Lionhead Resources, a critical minerals investment fund and formerly an investment director at EMR Capital. Prior to that he was an executive director in Macquarie Bank’s Metals Energy Capital (MEC) division where he managed all aspects of the bank’s principal investments in mining and metals companies.
Andrew Rich - Executive Director
Andrew Rich is a degree qualified mining engineer from the WA School of Mines and has obtained a WA First Class Mine Managers Certificate. Rich has a strong background in underground gold mining with experience predominantly in the development of underground mines at Ramelius Resources (ASX:RMS) and Westgold Resources (ASX:WGX).
Ashley Fraser - Non-executive Director
Ashley Fraser is an accomplished mining professional with over 30 years experience across gold and bulk commodities. Fraser was a founder of Orionstone (which merged with Emeco in a $660-million consolidation) and is a founder/owner of Blue Cap Mining and Blue Cap Equities.
Jonathan Downes - Non-executive Director
Jonathan Downes has over 30 years’ experience in the minerals industry and has worked in various geological and corporate capacities. Experienced with gold and base metals, he has been intimately involved with the exploration process through to production. Downes is currently the managing director of Kaiser Reef, a high grade gold producer, and non-executive director of Cazaly Resources.
Dean Vallve – Chief Operating Officer
Dean Vallve holds technical qualifications in geology & mining engineering from the WA School of Mines, an MBA, and a WA First Class Mine Managers Certificate. Vallve was previously in senior mining and study roles at ASX listed mid-cap resources companies Hot Chili (ASX:HCH) and Calidus Resources (ASX:CAI).
Successful Completion of Public Shortfall Offer
Prodigy Gold NL (ASX: PRX) (“Prodigy Gold” or the “Company”) is pleased to advise that it has received firm bids for the remaining shortfall (Shortfall Placement) from its recent Entitlement Offer to raise a further approximately $1,677,532 (before expenses) at the issue price of $0.002 per Share. This will bring the total capital raised under the Rights Issue to approximately $2,106,894 (before expenses).
This Shortfall Placement forms part of the non-renounceable pro rata entitlement offer, of one (1) new fully paid ordinary shares in Prodigy (Share) for every two (2) Shares held at an issue price of $0.002, together with two (2) unquoted Attaching Options for every three (3) New Shares issued, which was announced on 20 August 2024 (Entitlement Offer) and closed on 26 September 2024.
The Directors engaged Ignite Equity Pty Ltd as lead manager to place the shortfall of 838,765,902 Shares not subscribed for pursuant to the Entitlement Offer and Shareholder Shortfall Offer, together with two (2) unquoted Attaching Options for every three (3) New Shares placed for nil additional consideration (Public Shortfall Offer). The Attaching Options have an exercise price of $0.005 and are exercisable at any time prior to 5:00pm (Sydney time) on 30 November 2027.
Ignite Equity Pty Ltd (ACN 658 888 601), will be paid a 2% management fee plus a 4% capital raising fee on introduced funds. The Shares and Attaching Options will be issued once the funds have been received which is anticipated within approximately one week.
The Board wishes to thank all existing and new shareholders who have participated in the Entitlement Offer and the Shortfall Placements.
This announcement has been authorised for release by Prodigy Gold’s Board of Directors.
Click here for the full ASX Release
This article includes content from Prodigy Gold NL, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Horizon Minerals Limited (ASX: HRZ) – Trading Halt
Description
The securities of Horizon Minerals Limited (‘HRZ’) will be placed in trading halt at the request of HRZ, pending it releasing an announcement. Unless ASX decides otherwise, the securities will remain in trading halt until the earlier of the commencement of normal trading on Friday, 25 October 2024 or when the announcement is released to the market.
ASX Compliance
Click here for the full ASX Release
This article includes content from Horizon Minerals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Spectacular High-Grade Gold Intercept of 3 Metres at 177g/t at Kamperman
RC hole FRC378 returned 12 metres at 7.26g/t Au from 23 metres and 25 metres at24.3g/t Au from 68 metres, including a very high-grade zone of 3 metres at 177g/t Au from 74 metres
Astral Resources NL (ASX: AAR) (Astral or the Company) is pleased to report assay results for the first 20 holes for 2,580 metres of a 31-hole (3,834 metre) in-fill and extensional RC drill program at the Kamperman Prospect, part of the 100%-owned Feysville Gold Project (Feysville), located approximately 14km south of Kalgoorlie in Western Australia (Figure 1).
HIGHLIGHTS
- Assay results received for the first 20 holes (2,580 metres) of a 31-hole (3,834 metre) reverse circulation (RC) drill program at Feysville’s Kamperman Prospect, with best results including:
- 12 metres at 7.26g/t Au from 23 metres including 1 metre at 16.5g/t Au from 24 metres and 1 metre at 39.7g/t Au from 27 metres and, further down-hole, 25 metres at 24.3g/t Au from 68 metres, including 1 metre at 28.0g/t Au from 69 metres and 3 metres at 177g/t Au from 74 metres in hole FRC378;
- 12 metres at 1.96g/t Au from 20 metres and 5 metres at 1.25g/t Au from 58 metres in hole FRC377;
- 4 metres at 2.95g/t Au from 61 metres and 11 metres at 0.96g/t Au from 91 metres in hole FRC372; and
- 18 metres at 0.90g/t Au from 25 metres in hole FRC371.
- RC holes FRC377 and FRC378 were designed to in-fill the northern end of the Kamperman prospect while also testing for potential north-plunging mineralisation, as characterised by previous intercepts of 14 metres at 1.44g/t Au from 54 metres in hole FRC304 and 12 metres at 1.99g/t Au from 78 metres in hole FRC341.
- The results from RC holes FRC377 and FRC378 are encouraging, and diamond drilling (DD) is planned in this area to better understand the orientation of the very high-grade zone in hole FRC378.
- Step-out holes to the north and north-east intersected gold mineralisation, demonstrating that Kamperman remains open to the north.
- Further assay results from the Kamperman program are pending.
- The RC rig is currently undertaking a program of several drill holes at Mandilla to determine dewatering requirements as part of the hydrogeological work program for the Mandilla Pre- Feasibility Study( PFS).
- At the Iris Deposit, a program of ten holes for 1,365 metres of in-fill drilling has been completed with a further ten holes remaining to be drilled. At the Eos Deposit, 16 holes for 2,540 metres will be drilled shortly.
- At Mandilla, a DD rig has commenced a four-hole/1,600 metre drill program of four deep in-fill holes ahead of an update to the Theia Mineral Resources Estimate (MRE), which is expected to be reported in the March Quarter, 2025.
Astral Resources’ Managing Director Marc Ducler said:“These latest holes at Kamperman continue to surprise to the upside – showing that there is a potentially very significant high-grade opportunity here that we are yet to unlock.
“Previously, FRC243 returned a very high-grade zone of two metres at 188g/t Au from 77 metres, 40 metres to the north-east. FRC378 has now returned another very high-grade zone of three metres at 177g/t Au from 74 metres.
“Previous diamond drilling that was completed to better understand the potential orientation of this very high-grade zone was not successful; however, given the potential size of the prize, additional work is warranted.
“The extensional drilling completed to the north and north-east has continued to intersect gold mineralisation, albeit the gold grades were of a lower tenor than expected given the quantum of quartz and sulphides logged in the RC chips. Additional RC drilling is planned given the proximity to a north- east trending fault which is potentially controlling the mineralisation or offsetting it.
“It is becoming clear that Kamperman hosts multiple potential controlling structures that warrant further investigation, as does Feysville as a whole.
“The in-fill RC program at Iris is 50% complete. The program is now on hold for approximately three weeks while groundwater testing is undertaken with the RC rig. Once the groundwater program is complete, RC drilling will resume at Iris and Eos.
“Meanwhile, diamond drilling is now underway at Theia with four deep in-fill holes for 1,600 metres planned. These holes are designed to provide the level of confidence required to warrant an upgrade of the Inferred Resources at depth into the Indicated Resource category.”
Figure 1 – Map illustrating the location of the Mandilla and Feysville Gold Projects.
FEYSVILLE GOLD PROJECT
The Feysville Gold Project is located within the north-north-west trending Norseman – Wiluna Greenstone Belt, within the Kambalda Domain of the Archean Yilgarn Craton, approximately 14km south of the KCGM Super Pit in Kalgoorlie.
Significant gold and nickel mineralisation occurs throughout the belt, including world-class deposits such as the Golden Mile Super Pit in Kalgoorlie owned by Northern Star Resources Limited (ASX: NST) and the St Ives Gold Mine south of Kambalda owned by Gold Fields Limited. The area also hosts the substantial Beta Hunt Gold Mine owned by Westgold Resources Limited (ASX: WGX).
Feysville hosts an MRE of 3Mt at 1.3g/t Au for 116koz2 of contained gold at the Think Big deposit, providing a foundation for the project to potentially become a source of satellite ore feed for a future operation based on Astral’s flagship Mandilla Gold Project.
Locally, Feysville has been interpreted to contain upthrust ultramafics, emplaced within a sequence of volcanic sediments (the Black Flag sediment group), granitic intrusions, mafic basalts, gabbro and andesite. A map of the Feysville Gold Project identifying tenements and deposits/prospects on local area geology is set out in Figure 2.
Click here for the full ASX Release
This article includes content from Astral Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Randy Smallwood: Gold Rush Going Global, Silver Waiting for Retail Wakeup
As gold continues its record-breaking run, Randy Smallwood of Wheaton Precious Metals (TSX:WPM,NYSE:WPM) spoke to the Investing News Network about what's driven the yellow metal to all-time highs in 2024.
While momentum began in the east, he now sees the west increasingly turning to gold as a safe haven.
"I do really think what we're looking at now is that this rush toward gold as a good, strong store of value — a good, strong measure of value, a good place to invest — is becoming a worldwide phenomenon," he said.
In terms of silver, Smallwood said that although the metal is moving, it needs western retail demand to see a true price breakout. Given its strong fundamentals, he thinks it won't be long before that demand segment falls into place.
"I think it's really only a matter of time until that retail market wakes up in the silver space," he said.
Smallwood also outlined Wheaton's strategy during today's high precious metals price environment, saying that while the company hasn't closed many deals so far in 2024, it's hoping to make more moves before the end of the year.
Watch the interview above for more of this thoughts on gold and silver, as well as Wheaton's future plans.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence
Exceptional Drilling Results Returned from Hyperion Gold Deposit
Prodigy Gold NL (ASX: PRX) (“Prodigy Gold” or the “Company”) is excited to announce the receipt of all results for the Reverse Circulation (“RC”) drilling program completed during September at the Hyperion Gold Deposit (“Hyperion”), which forms part of the Company’s strategically important Tanami North Project in the Northern Territory (Figure 1).
HIGHLIGHTS
- Exceptional results returned from the Reverse Circulation drilling campaign completed at the Hyperion Gold Deposit.
- Intercepts received include highlights:
- Hyperion Lode
- 25m @ 2.2g/t Au from 66m in hole HYRC24001
- 33m @ 2.6g/t Au from 49m in hole HYRC24017A
- Tethys Lode
- 10m @ 15.9g/t Au from 177m in hole HYRC24004
- 30m @ 2.9g/t Au from 31m in hole HYRC24006
- 13m @ 4.1g/t Au from 26m in hole HYRC24013
- Suess Lode
- 4m @ 7.7g/t Au from 87m in hole HYRC24004
- Hyperion Lode
- Two holes drilled down dip for metallurgical testwork, yielded intercepts:
- 99m @ 2.7g/t Au from 33m in hole HYRC24005 from the Hyperion Lode
- 53m @ 2.9g/t Au from 49m in hole HYRC24009 from the Tethys Lode
The results received are from the 17 hole, 1,770 metre RC program completed at Hyperion1 covering the Hyperion, Tethys and Seuss Lodes, yielding a series of significant intercepts demonstrating a greater than 30 gram metre interval (grade times width) based on a 0.5g/t gold cut-off, including:
- 25 metres @ 2.2g/t Au from 66m in hole HYRC24001 (Estimated True Width – “ETW” 24.1m)
- 15 metres @ 3.1g/t Au from 152m in hole HYRC24003 (ETW 13.2m)
- 15 metres @ 2.1g/t Au from 48m in hole HYRC24004 (ETW 7.9m)
- 4 metres @ 7.7g/t Au from 87m in hole HYRC24004 (ETW 2.8m)
- 10 metres @ 15.9g/t Au from 177m in hole HYRC24004 (ETW 9.4m)
- 30 metres @ 2.9g/t Au from 31m in hole HYRC24006 (ETW 19.0m)
- 17 metres @ 2.9g/t Au from 67m in hole HYRC24011 (ETW 14.4m)
- 15 metres @ 2.2g/t Au from 50m in hole HYRC24012 (ETW 11.7m)
- 13 metres @ 4.1g/t Au from 26m in hole HYRC24013 (ETW 10.9m)
- 26 metres @ 1.6g/t Au from 41m in hole HYRC24016 (ETW 25.4m) and
- 33 metres @ 2.6g/t Au from 49m in hole HYRC24017A (ETW of 29.9m)
The results show that all holes intersected a reportable mineralised interval, with the majority of the reported results at grades above the estimated grade of the recently released Hyperion Mineral Resource. These new results will now be used to update the Hyperion Mineral Resource, which currently comprises an Indicated and Inferred Mineral Resource of 8.64Mt @ 1.5g/t Au for 407,000 ounces at a reporting cut-off grade of 0.6g/t Au2.
Drilling was also completed at the Brokenwood, Pandora and Tregony North Prospects for which the Company is still awaiting results.
Hyperion is located in the highly prospective, but underexplored area situated between the 1.1Moz Groundrush Gold Deposit and the 94Koz Crusade Gold Deposit3, both of which form part of the neighboring Central Tanami Project (Northern Star Resources Ltd (ASX:NST)/Tanami Gold NL (ASX:TAM)). Hyperion is also located around 25kms to the south of Prodigy Gold’s wholly owned 64Koz Tregony Gold Deposit4 (Figure 2). Hyperion and Tregony are key pillars of Prodigy Gold’s project portfolio and the focus of the Company’s current exploration activities.
The objectives of the reported Hyperion RC drilling program were to:
- infill areas of the Hyperion Resource that require closer spaced drilling to improve confidence in the recently updated Mineral Resource estimate for the Deposit
- re-drill several historical Air Core (“AC”) holes so that these results can be used in future resource estimations
- complete two holes drilling down dip of the known mineralisation to provide samples for metallurgical benchscale testwork from other areas of the Hyperion Deposit. Previous metallurgical testing was completed only on samples from the Suess Lode5.
Management Commentary
Prodigy Gold Managing Director, Mark Edwards said:
“The drilling completed in 2024 highlights the reason why Prodigy Gold views Hyperion as one of the key projects for the Company. These results support the current company strategy focusing on our Tanami North project area and remaining committed to expanding our Mineral Resource inventory through organic growth. These new results will also provide the Company with additional technical information, such as the recovery characteristics of the mineralisation of other lodes at Hyperion through further metallurgical testwork.
While two holes drilled targeted mineralisation down dip of the Hyperion and Tethys Lodes to provide samples for metallurgical testwork, they also provided the Company with confidence in the style of mineralisation at Hyperion. The holes have provided information regarding the down dip continuity of mineralisation, which will be used to assist with the updating of the Hyperion resource estimate.
With drilling now complete for the current field season the results will be used to assist with the planning of further drilling for the 2025 field season, which will definitely include follow-up drilling close to hole HYRC24004 that intersected 10m of mineralisation at close to half an ounce of gold per tonne (15.9g/t Au). This is an outstanding result and demonstrates the overall potential of the Hyperion Deposit and the nearby areas.”
Figure 1 Project location in the Tanami Region
Hyperion 2024 RC Resource Drilling Programs
The Hyperion Deposit is located on EL9250, which is 100% owned by Australian Tenement Holdings, a wholly owned subsidiary of Prodigy Gold. The project is approximately 150km southwest of Lajamanu in the Tanami Region of the Northern Territory (Figure 1).
The Hyperion Deposit was actively explored by Zapopan NL between 1989 and 1995 with RAB, RC and DD drilling completed. Further exploration was undertaken by Otter Gold NL in 2002 and then Newmont Exploration between 2003 and 2005 before the project was purchased by Prodigy Gold in 2009. The Company has been active on the project since 2011.
Click here for the full ASX Release
This article includes content from Prodigy Gold NL, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
$850,000 Capital Raise to Accelerate the Pearl Copper Project
Golden Mile Resources Limited (“Golden Mile”; “the Company”; ASX: “G88”) is pleased to announce it has received firm commitments to raise $616,000 (before costs) from institutional and sophisticated investors and a further $234,000 from the Board of Directors and Management of Golden Mile Resources (subject to shareholder approval).
The Placement was strongly received from institutional and sophisticated investors.
HIGHLIGHTS
- Golden Mile has received firm commitments totalling $616,000 (before costs) via a Placement to institutional and sophisticated investors.
- The Board of Directors and Management have committed to subscribe for $234,000 in addition to the Placement, subject to shareholder approval.
- Golden Mile is well funded to deliver the maiden drill programme at the Pearl Copper Project, located in Arizona, USA.
Firm commitments have been received to raise $616,000 through the issue of 61,600,000 new, fully paid ordinary shares (“Shares”), at an issue price of $0.010 per Share (“Placement”). In addition, the Board of Directors and Management have committed to subscribe to a further $234,000 of Shares at an issue price of $0.010 per Share, subject to approval by shareholders (“Subscription”). The price of $0.010 per Share represents a discount of 23% to the 5-day VWAP of $0.013.
Shares issued through the Placement will utilise the Company’s existing capacity under ASX listing rule 7.1 and Shares issued under the Subscription will be subject to shareholder approval.
Sanlam Private Wealth Pty Limited (“Sanlam”) were the lead managers for the Placement. The Company will pay Sanlam a 6% capital raise fee and, subject to receipt of shareholder approval, issue Sanlam 12 million unlisted options with an exercise price of $0.02 expiring three (3) years from date of issue.
Shares issued under the Placement and Subscription will receive one (1) unlisted option for every 2 (two) Shares, subject to receipt of shareholder approval, with an exercise price of $0.02 expiring three (3) years from date of issue.
The Company is proposing to hold a shareholders’ meeting in December 2024 to seek approval for the issue of the options to Sanlam, the options to the Placement and Subscription participants and the Shares the subject of the Subscription.
Golden Mile’s Managing Director Damon Dormer commented: “These funds will allow the Company to accelerate its maiden drilling programme at the Pearl Copper Project targeting our priority 1, Odyssey prospect.”
Click here for the full ASX Release
This article includes content from Golden Mile Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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