The Conversation (0)
Warriedar Resources Limited (ASX: WA8) (Warriedar or the Company) is pleased to provide an update on drilling progress and assay results from its Golden Range Project, located in the Murchison region of Western Australia (Figure 1).
HIGHLIGHTS:
- Drilling activities along the ‘Golden Corridor’ progressing well; current Reverse Circulation (RC) program complete (28 holes for 5,024m) and diamond tails program expanded to 2,500m (approx. 1,900m complete across 19 holes).
- Represents the first diamond drilling undertaken at the 2.3km-long Ricciardo deposit, and the nearby M1 deposit, by any operator in ten years.
- Assay results for the first diamond hole at M1 (infill focus) were significantly higher grade than expected:
- 8.9m @ 8.93 g/t Au from 156m, incl. 2m @ 23.83 g/t from 158.3m
- M1 offers clear high-grade extension potential, which is planned to be a focus of further drilling in H2 2024.
- Diamond holes drilled beneath the Silverstone Central pit (Ricciardo), in an area with no historical drilling, returned:
- 7m @ 2.59 g/t Au from 229m, incl. 1m @ 10.81 g/t Au from 233.7m
- 4.6m @ 1.20 g/t Au from 235m
- Extensional RC drilling under the Eastern Creek pit (Ricciardo) returned:
- 7m @ 2.54 g/t Au from 170m, incl. 1m @ 7.48 g/t from 172m
- 9m @ 1.42 g/t Au from 180m
- Ricciardo and M1 both sit in the 25km-long ‘Golden Corridor’ at Golden Range, which hosts six discrete deposits (18 historic pits) that are all open at depth and possess immediate growth potential.
- Diamond drilling set to be completed in mid-August, with all assays expected by mid-September and update of the Ricciardo MRE targeted for Q4 2024.
- Further growth-focussed drilling of the ‘Golden Corridor’ planned for H2 2024.
The results reported in this release are for a further eight (8) of the diamond holes and the first nine (9) of the RC holes drilled in the current program (representing all outstanding results received to date). Results for the first four (4) diamond holes were previously reported (refer WA8 ASX release dated 3 July 2024). The new results continue to demonstrate the outstanding Mineral Resource Estimate (MRE) growth potential that exists at Ricciardo, M1, and along the broader ‘Golden Corridor’ trend.
Figure 1: The Golden Range and Fields Find Projects. Mines and projects within trucking distance of the Warriedar tenure are shown. The location of the Ricciardo deposit within the 25km-long ‘Golden Corridor’ at Golden Range is annotated.
M1 deposit
The M1 deposit is located 7km north of the Ricciardo deposit, and right alongside the existing processing plant (refer Figure 2); within the 25km long Golden Corridor trend.
Initial results have been returned from diamond tails drilled at the M1 deposit, with significant intersections returned in both holes. The holes were planned to test the existing MRE model,
Figure 2: The Golden Corridor within the Golden Range Project. The M1 deposit is located 7km north of the Ricciardo deposit. The image on the LEFT is gravity over shaded residual magnetic RTP.
potential parallel lodes and gaps within the MRE area. This drilling represents the first time this deposit has been revisited and drilled since 2013.
Hole M1RC191 was drilled in the centre of the modelled resource area and returned significantly higher grade than expected (refer Figure 3). This is an excellent result and aids Warriedar in the larger goal of building high-priority MRE areas for rapid development.
Click here for the full ASX Release
This article includes content from Warriedar Resources Limited, 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.
WA8:AU
Warriedar Resources
Overview
Warriedar Resources (ASX:WA8) is an advanced gold and copper exploration company backed by a highly skilled team of experts, Warriedar maintains an incredibly strong and stable portfolio of gold assets in both Western Australia and Nevada. Between its three projects – Golden Range, Fields Find and Big Springs – it currently holds more than 2 million ounces of high-grade gold resources with blue-sky potential for growth, and a robust pipeline of high-quality drill targets. Warriedar is well-funded for its planned 2024 drill programs focused on rapidly building its gold resources.
Two of its brownfield projects – Golden Range and Fields Find – are located in Western Australia's Murchison Province, widely known as an active mining and exploration region. Both projects are situated on previously mined and underexplored land, and surrounded by successful, operating gold and base metal mines. Golden Range hosts approximately 950,000 oz gold resource and an existing 800 ktpa processing plant and associated infrastructure (placed on care and maintenance during 2019 by its previous owner). To the east of Golden Range is the Fields Find project, which contains significant levels of gold, copper and nickel.
Warriedar’s Big Springs gold project in Nevada, USA, is adjacent to First Majestic Silver’s Jerritt Canyon gold mine complex, an operating mine with a production history of over 10 Moz gold. Big Springs has an existing resource base of approximately 1 Moz gold within a granted mining licence, surrounded by approximately 93 square kilometers of prime exploration ground prospective for Carlin-style gold.
Warriedar also prides itself on the expertise and experience of its leadership team, driving the company towards successfully achieving its goals and increasing shareholder value. Geophysicist Dr. Amanda Buckingham serves on Warriedar's board of directors, bringing three decades of experience to her role. Mark Connelly, Warriedar’s non-executive chairman, is a financial and commercial executive with extensive experience in the resource industry. Dianmin Chen, a seasoned mining engineer, completes the complementary skill set of the board.
Company Highlights
- Warriedar Resources is an advanced gold and copper exploration company with a portfolio of assets well-positioned to take advantage of the positive gold market.
- Two of the company's three projects are located in the Murchison Province of Western Australia.
- Golden Range, a 945,000-oz gold project with on-site infrastructure that includes an 800-ktpa plant.
- Fields Find, which hosts the historic Warriedar copper mine.
- The company also maintains a 1.01-million-ounce gold project in Nevada, USA, known as Big Springs.
- All three projects are underexplored, with significant resource potential.
- Warriedar is backed by a highly skilled team with decades of experience and leadership in mining and exploration.
- The company is expected to have a steady newsflow through 2024, with a well-funded drilling plan aimed at rapidly expanding its gold resource.
Get access to more exclusive Gold Investing Stock profiles here
Advanced gold and copper exploration in Western Australia and Nevada
Targeted Exploration Focus Delivers an Additional 471koz or 99% Increase in Ounces, and a Higher Grade for Ricciardo
HIGHLIGHTS:
- Updated Mineral Resource Estimate (MRE) for the Ricciardo Deposit (part of the broader Golden Range Project) of 16.44 Mt @ 1.8 g/t Au for 947.5 koz gold.
- Represents a 99% increase in Ricciardo MRE contained gold ounces.
- Proven high-returning exploration with the increased Ricciardo MRE ounces delivered at an attractive all-in discovery cost of only approx. A$16/oz.
- High-quality resource additions given drilling focus on high-grade growth ounces with strong commercial potential.
- The updated Ricciardo MRE comprises:
- 467.5 koz @ 1.6 g/t Au open-pit gold Resource (75% M&I) (optimised pit shell constrained at A$3,300/oz)
- 480.0 koz @ 2.0 g/t Au underground gold Resource
- Critically, the Ricciardo system remains wide open at depth and along strike.
- Total Golden Range Project Mineral Resources now stand at over 1.28 Moz gold, a 58% increase from the previous level.
- This initial outcome validates the excellent potential for further growth within the broader 25km ‘Golden Corridor’ via the ongoing, simple strategy of targeting fresh rock extensions under shallow existing pits.
- RC drilling at the southern end of the ‘Golden Corridor’ targeting high-grade Resource growth is progressing well; 9 holes completed for 1,472 metres to date, assays pending.
Warriedar Managing Director and CEO, Amanda Buckingham, commented:
“This is the result we have been working towards all year. With less than 15,000m of targeted, efficient drilling we have added over 470 koz to the Ricciardo deposit, doubling the Resource.
We are excited by both the outcome itself, and the outlook that it delivers us for the wider corridor of gold deposits. The simple strategy of drilling below shallow open pits to find mineable ounces worked exceptionally well for our producing neighbours. The validity of this strategy is now beyond doubt, for us.
Not only is the Ricciardo system still wide open down-plunge, but the entire 25km long ‘Golden Corridor’ offers similar potential upside from such a relatively simple drilling focus.
In the middle of the infrastructure-rich southern Murchison, and located on existing Mining Leases, the opportunity in front of us is utterly irresistible.”
The Ricciardo Deposit
The Ricciardo Gold Deposit is located on existing mining leases 100% owned by WA8, in the Murchison Region, approximately 300 km east of Geraldton, and 420 km by road north-northeast of Perth. Sitting approximately 8km South of the Golden Range Mill on M59/421, and M59/458, within the Golden Range group of historic open pit mines and deposits.
Discovered in the 1990’s, open pit mining of the oxide resources commenced in 2001, and the plant entered Care & Maintenance twice (between July 2004 and 2009, and May 2010 to mid- 2013). Production was over 300 Koz before finally going into ongoing Care and Maintenance in August 2019.
The Ricciardo deposit is located 90km north of Capricorn Metals’ Mt Gibson Gold Project, 8kms south of the Company’s plant, 26km from the neighbouring Golden Grove processing facility and 40 km northeast of Vault Minerals’ high grade Rothsay gold mine (Figure 1).
Figure 1: The location of the Ricciardo gold deposit within the Golden Range Project; within the broader Southern Murchison region.
The Ricciardo gold system spans a strike length of approximately 2.3km, with very limited drilling having been undertaken below 100m depth prior to Warriedar drilling. Historical mining operations at Ricciardo were primarily focused on oxide material, with the transition and primary sulphides mineralisation not systematically explored.
Warriedar’s drilling of Ricciardo during CY2024 achieved excellent results, demonstrating high- grade extensions to the resource. The results demonstrated that the previously quantified resource is part of a much larger system.
Warriedar engaged independent mining consultants, Measured Group to update the Ricciardo MRE, previously reported 476Koz gold.1
The Ricciardo Gold Deposit consists of six semi-continuous historical open pit mines along the 2.3 km arcuate stretch of the Mougooderra Shear Zone, running north to south. These mines are named (from north to south) Silverstone North, Ardmore, Copse, Silverstone, Silverstone South, and Eastern Creek (Figure 2).
Figure 2: Drilling carried out by the Company during 2023 & 2024, which was used to update the MRE.
Click here for the full ASX Release
This article includes content from Warriedar Resources Limited, 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.
Continued Delivery of High Grade Antimony Mineralisation at Ricciardo
HIGHLIGHTS:
- Review of the antimony (Sb) potential at Ricciardo is complete with drillhole assay data confirming Sb mineralisation of significant thickness and grade exists below both the Ardmore pit (previously identified) and the Copse-Silverstone pits (newly identified), representing a potential combined strike length of approx. 1km.
- Multiple significant Sb intervals have been identified (reviewing both historic and WA8 drill hole assays), in addition to results recently released (* indicated below):
- Most of the Sb mineralisation appears to be located above the main gold zone, a distinct metallurgical positive for future processing and economic potential. Similarly to the gold mineralisation, the Sb zones remain wide open at depth.
- Only 11% of historical drill samples at Ricciardo were assayed for Sb. Retained pulp samples from historical holes are currently being tested with pXRF, with those favourable for significant Sb set to undergo laboratory multi element assay.
- An approx. 100kg high-grade sample of antimony mineralisation from Ricciardo has also been dispatched for scoping-level metallurgical testwork.
Warriedar Managing Director and CEO, Amanda Buckingham, commented:
“Following the recent high grade antimony intersections at Ricciardo, our initial review of the broader antimony potential has delivered further promise. An exceptionally high-grade antimony interval, as well as a much wider intersection, are now able to be placed in greater context. This context is a broader volume of antimony, not yet well-defined but with existing drilling showing serious scale and grade potential.
“Importantly, the high-grade antimony appears relatively discrete from higher-grade gold mineralisation, an excellent metallurgical outcome. While it remains early days, we are cautiously optimistic and have commenced initial metallurgical testing for potential processing and antimony recovery.
“While we are excited about this emerging opportunity at Ricciardo, I want to emphasise however that pursuit of this opportunity will be in parallel with our growth-focussed gold drilling at Golden Range, which remains our current core focus.”
Figure 1: The Golden Range and Fields Find Projects, with proximate mines, mills and projects.
Key Ricciardo context
The Ricciardo gold system spans a strike length of approximately 2.3km, with very limited drilling having been undertaken below 100m depth. Ricciardo possesses a current Mineral Resource Estimate (MRE) of 8.7 Mt @ 1.7 g/t Au for 476 koz gold.1
Historical gold mining operations at Ricciardo were primarily focused on the oxide material, with the transition and primary sulphides mineralisation not systematically explored. Antimony was not a focus of previous exploration, with only about 11% of historic drill holes assayed for antimony.
The gold and antimony mineralisation at Ricciardo is predominantly hosted within intensely altered and deformed ultramafic units. The high-grade antimony-dominant mineralisation occurred later than the main gold events and generally sits above the high-grade gold mineralisation.
Click here for the full ASX Release
This article includes content from Warriedar 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.
Further Strong Extensional Diamond Drill Results from Ricciardo
HIGHLIGHTS:
- All residual assay results received from the recent 2,701m (27 holes) diamond drilling program at Ricciardo.
- Drilling underneath the Silverstone pit confirms the identified high-grade shoot continues at depth and at better than previously modelled grades:
- 13.7m @ 3.27 g/t Au and 0.36% Sb (4.04 g/t AuEq) from 253.3m, inc.
1.2m @ 9.00 g/t Au and 0.00% Sb (9.00 g/t AuEq) from 264.85m (RDRC046) - 22.6m @ 2.11 g/t Au and 0.29% Sb (2.71 g/t AuEq) from 294m, inc.
3m @ 7.22 g/t Au and 0.02 % Sb (7.26 g/t AuEq) from 312m (RDRC044)
- 13.7m @ 3.27 g/t Au and 0.36% Sb (4.04 g/t AuEq) from 253.3m, inc.
- Drilling from the Eastern Creek area, located at the southern end of Ricciardo, confirms down dip continuity with increasing grade and width at depth:
- 7.0m @ 2.54 g/t Au and 0.24% Sb (3.05 g/t AuEq) from 170m (RDRC060)
- 25.0m @ 1.23 g/t Au and 0.17% Sb (1.60 g/t AuEq) from 232m, inc.
6.8m @ 2.37 g/t Au and 0.37% Sb (3.16 g/t AuEq) from 250.2m (RDRC059)
- Update of Ricciardo Mineral Resource Estimate (MRE) on track for Q4 2024.
- Aircore drilling program now in progress at the Golden Range Project targeting an underexplored section at the southern end of the 70-km long shear.
- Further growth-focussed Reverse Circulation (RC) drilling of the ‘Golden Corridor’ scheduled to commence in November.
The assays reported in this release are full results for the final 11 diamond holes (1,021m) from the recent 27-hole diamond tail program at Ricciardo. Results for the first 16 holes of this program have previously been reported (refer WA8 ASX releases dated 3 July 2024, 19 July 2024, 2 August 2024 and 26 August 2024).
Warriedar Managing Director and CEO, Amanda Buckingham, commented:
“This final set of diamond results from the recent Ricciardo drilling have really put a bow on the whole program for us. The broad-based extensional success delivered by this drilling is both real and exciting. The fact that these results are being delivered at what are still relatively shallow down-dip depths, and in such proximity to excellent surrounding infrastructure, also delivers excellent potential for the economic character of the anticipated resource additions at Ricciardo. It is my firm belief that we are just getting started in terms of the opportunity at Ricciardo, let alone within the larger ‘Golden Corridor’ and along the broader mineralised shear.”
Key Ricciardo context
The Ricciardo gold system is located within Warriedar’s flagship Golden Range Project in the Murchison region of Western Australia (refer Figures 1 and 2).
Ricciardo spans a strike length of approximately 2.3km, with very limited drilling having been undertaken below 100m depth. It possesses a current MRE of 8.7 Mt @ 1.7 g/t Au for 476 koz gold. 1 Importantly, historical mining operations at Ricciardo were primarily focused on oxide material, with the transition and primary sulphides mineralisation not systematically explored.
Figure 1: The Golden Range and Fields Find Projects, with proximate mines, mills and projects.
Figure 2: The ‘Golden Corridor’ within the Golden Range Project. The image on the right is gravity over shaded residualmagnetic RTP.
The most recent phase of RC and diamond drilling of Ricciardo has concluded. This release reports on the assays from the final 11 holes of the diamond program. These holes were predominantly located in the southern part of the Ricciardo deposit, focusing on down-dip extension where no previous drilling had been undertaken (refer Table 1 and Figure 3 for drill collar and relevant section locations).
All 11 holes returned significant intersections, delivering a further round of meaningful extensional success from the recent program (refer Table 2). All results are set to be incorporated into an update of the Ricciardo MRE, which remains on track for completion during Q4 2024.
Click here for the full ASX Release
This article includes content from Warriedar 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.
Further Step-Out Gold Success and High-Grade Antimony Discovery
HIGHLIGHTS:
- Assay results received for a further 1,102m of diamond drilling at Ricciardo.
- Extremely high-grade antimony (Sb) intersected in multiple holes below the Ardmore pit, including in RDRC067 above the main zone of high-grade gold mineralisation:
- 12.7m @ 4.98% Sb and 0.36 g/t Au (10.92 g/t AuEq*) from 229.2m
incl. 1.85m @ 28.50% Sb and 0.45 g/t Au (60.94 g/t AuEq) from 238.25m
- 12.7m @ 4.98% Sb and 0.36 g/t Au (10.92 g/t AuEq*) from 229.2m
- A wide zone of antimony mineralisation was encountered in hole RDRC001:
- 34m @ 1.0% Sb and 0.59 g/t Au (2.72 g/t AuEq) from 158.80m
- This newly identified and exceptionally high-grade Sb zone, along with the broader antimony potential at Ricciardo, demands prompt follow-up and evaluation.
- Further high-grade gold extension delivered below the Ardmore pit:
- 18m @ 3.41 g/t Au and 0.27% Sb (3.97 g/t AuEq) from 276m (RDRC048B) incl. 4.5m @ 9.90 g/t Au and 0.01% Sb (9.93 g/t AuEq) from 286.5m
- 1m @ 28.31 g/t Au and 2.18% Sb (32.92 g/t AuEq) from 286m (NMRC005)
- 42.6m @ 1.08 g/t Au and 0.05% Sb (1.17 g/t AuEq) from 253.38m (RDRC067)
- ‘Golden Corridor’ diamond drilling now complete, with 31 holes drilled for 3,300m.
- All residual diamond assays expected to be received by late September, with update of the Ricciardo Mineral Resource targeted for Q4 2024.
- Further growth-focussed RC drilling of the ‘Golden Corridor’ scheduled for H2 2024, as well as planned aircore drilling along select parts of the regional shear.
Warriedar Managing Director and CEO, Amanda Buckingham, commented:
“The results for these holes successfully demonstrate further extensional high-grade gold, and for the first time very high-grade antimony zones below the Ardmore pit area.
Given the relative absence of assaying for antimony in historical drilling at Golden Range, we are cautiously optimistic on the potential that might exist here. Moreover, the apparent zonation in RDRC067 is also highly encouraging for any future antimony development potential.
I want to emphasise however that pursuit of this opportunity will be in parallel with our growth-focussed gold drilling at Golden Range, which remains our current core focus.”
* Refer to page 8 of this release for full gold equivalent (AuEq) calculation methodology.
Figure 1: The Golden Range and Fields Find Projects, with proximate mines, mills and projects.
Key Ricciardo context
The Ricciardo gold system spans a strike length of approximately 2.3km, with very limited drilling having been undertaken below 100m depth. Ricciardo possesses a current MRE of 8.7 Mt @ 1.7 g/t Au for 476 koz gold.1 Historical mining operations at Ricciardo were primarily focused on oxide material, with the transition and primary sulphides mineralisation not systematically explored.
Due to the limited number of multi-element assays from historical drill holes at Ricciardo, other mineral potential (outside of gold) has also not been properly evaluated historically.
Figure 2: The ‘Golden Corridor’ within the Golden Range Project. The image on the right is gravity over shaded residual magnetic RTP.
The gold mineralisation at Ricciardo is predominantly hosted with intensified altered and deformed ultramafic units. It is important to note that the newly identified antimony-dominant mineralisation identified in RDRC067 (discussed below) sits above high-grade gold mineralisation in the same area, and may overprint the earlier gold mineralisation in some areas.
High-grade antimony zone discovery below the Ardmore pit
RDRC067 was designed to drill south to north along strike to better understand the structural controls within the Ricciardo deposit and assess the continuity of the ultramafic unit (Figure 3). All previous drill holes (by Warriedar and previous explorers) have been drilled eastward perpendicular to the known mineralised structure. RDRC067 was considered an important hole by the Warriedar technical team in order to confirm there are no additional structural controls and to provide further confidence in the geological model.
Figure 3: Plan view of Ricciardo deposit with current cross section locations annotated. The holes drilled in Q2/Q3 as part of the current program are highlighted in red. Additional holes are also outlined but not presented in below cross sections.
Unexpectedly, RDRC067 intersected significant high-grade antimony mineralisation from 229.2m to 241.9m downhole, returning 12.7m @ 4.98% Sb and 0.36 g/t Au (10.92 g/t AuEq) (Figure 4). Above this high-grade antimony zone, another significant zone was also identified from 183m to 198.1m downhole, returning 15.1m @ 1.42% Sb and 0.42 g/t Au (3.42 g/t AuEq) (Figure 4).
The antimony zones intersected by RDRC067 are interpreted to correlate with a lower grade antimony zone intersected in RDRC038 and RDRC049 (Figure 4). Encouragingly, drillhole RDRC001 returned a wide zone of antimony mineralisation: 34m @ 1.0% Sb and 0.59 g/t Au (2.72 g/t AuEq). Further work is required to determine the geometry and extent of the antimony mineralisation.
RDRC067 concluded at 296.96m downhole depth, within the gold mineralisation domain, as the target depth of the hole had been reached. As RDRC067 is not drilled perpendicular to the Mougooderra Shear, which is the main control of the mineralisation, it is important to note that the intersected thickness does not reflect the true thickness of the mineralisation.
Click here for the full ASX Release
This article includes content from Warriedar 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.
Infill Drilling of Ricciardo Deposit Delivers Significant Gold Mineralisation
HIGHLIGHTS:
- Assay results for a further two (2) diamond tails at Ricciardo confirm a 77m wide (not true width) mineralisation zone 180m down-dip of the current Resource beneath the Ardmore pit, including a high-grade shoot.
- Significant gold intervals include:
- 7.2m @ 4.51 g/t Au from 232.8m, incl. 3m @ 9.03 g/t Au from 234m
- 10.5m @ 1.53 g/t Au from 218.8m
- 3.9m @ 3.35 g/t Au from 218.8m
- 23.2m @ 1.60 g/t Au from 270.8m
- Mineralisation in this area is structurally complex, extends to a vertical depth of ~ 460m and remains open.
- Ricciardo sits in the middle of the 25km-long ‘Golden Corridor’ at Golden Range, which hosts six (6) discrete deposits (18 historic pits) that are all open at depth and possess immediate growth potential.
- Current diamond drilling program (now extended to 3,000m) at Ricciardo and M1 set to be completed in mid-August, with all assays expected by late-September.
- Update of the Ricciardo MRE is targeted for Q4 2024.
- Further growth-focussed drilling of the ‘Golden Corridor’ scheduled for H2 2024.
The results reported in this release are for a further two (2) of the diamond holes drilled in the current program. Results for the first twelve (12) diamond holes of the current program were previously reported (refer WA8 ASX releases dated 3 July 2024 and 19 July 2024).
The results for these two (2) holes again demonstrate wide infill of the broader Ricciardo deposit at depth, further validating the outstanding Mineral Resource Estimate (MRE) growth potential that exists at Ricciardo and along the broader ‘Golden Corridor’ trend (refer Figure 2).
Warriedar Managing Director and CEO, Amanda Buckingham, commented:
“The outcomes of these two diamond tails are significant, given that they represented substantial depth step-outs under the shallow Ardmore pit. A 77m wide mineralised zone (downhole) with a central high-grade shoot (4.51 g/t), 180m below the MRE is a great result. We don’t fully understand the structural geometry here yet, but we are delighted that the deeper part of hole 49 validates the drill results from a previous explorer – confirming the deposit extends to about 460m vertical depth and retains some good grade (3.19 g/t). Excellent progress.
We continue to drill ahead at Ricciardo as part of the current diamond program, with follow-up growth drilling activities in planning for the remainder of H2 2024.”
Figure 1: The Golden Range and Fields Find Projects. Mines and projects within trucking distance of the Warriedar tenure are shown.
Ricciardo deposit
The Ricciardo gold system spans a strike length of approximately 2.3km, with very limited drilling having been undertaken below 100m depth. Ricciardo possesses a current MRE of 8.7 Mt @ 1.7 g/t Au for 476 koz gold.1 The oxide material at Ricciardo has been mined by previous operators.
Click here for the full ASX Release
This article includes content from Warriedar 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.
Zeus Resources: Unlocking Morocco’s High-grade Antimony in a Tightening Supply Market
Zeus Resources (ASX:ZEU,FSE:ZEU) is a mineral exploration company dedicated to advancing high-grade critical mineral projects in underexplored regions. Its primary focus is the 100-percent-owned Casablanca antimony project in Morocco, while also maintaining exploration interests in uranium, lithium and rare earth elements across Australia.
Targeting Europe’s industrial and defence supply chains, Zeus is leveraging Morocco’s efficient permitting environment to fast-track development. In July 2025, Zeus completed its acquisition of Casablanca and immediately initiated a high-resolution geophysics program. The company aims to progress from reconnaissance to drilling within months, capitalising on record-high antimony prices and tightening Western supply chains. The Casablanca project represents one of the few high-grade antimony exposures outside China.
Zeus also strengthened its Moroccan strategy through a five-year, non-exclusive license agreement with Newmont, covering its Morocco exploration database and regional framework study across the Anti-Atlas and Central Meseta regions. The database integrates geochemical, geophysical and structural datasets, providing Zeus with a competitive advantage in prospectivity analysis and target generation. Key terms include a 1 percent NSR royalty on any properties Zeus acquires in these regions and a 15-year right of first refusal for Newmont on transfers. The agreement streamlines project identification, reduces early-stage risk and positions Zeus to efficiently expand its Moroccan footprint.
Company Highlights
- Casablanca Antimony Project: Six exploration licenses over 79 sq km in central Morocco. Surface sampling during due diligence returned astonishing results: up to 61.9 percent antimony, with additional samples ranging 7.8 to 46.52 percent antimony along a mapped strike exceeding 4 km
- Strategic Location for Supply Security: Morocco is a long-standing antimony producer with historic supply to Europe, ranking 19th globally on the Fraser Institute’s mining jurisdiction index- – on par with Western Australia.
- Rapid Advancement Exploration Model: Geophysics survey underway within weeks of licence acquisition, trenching program planned, and drill commencement targeted for early Q4 2025.
- Favourable Market Dynamics: Antimony prices have quadrupled since early 2024 to ~US$55,000/t amid tightening global supply and rising demand from defence, electronics and renewable energy sectors.
- Strategic Advisory Firepower: Former US Ambassador Christopher Dell has joined as US business and strategic development advisor aiming to leverage his extensive diplomatic experience and proven negotiation skills to facilitate Zeus navigate capital-raising, geopolitical positioning and partnerships aligned with Western critical minerals policy
- Strategic Data Access: Access to Newmont’s Morocco exploration database and framework study strengthens Zeus’s ability to fast-track target generation and expand its Moroccan footprint
- Lean Valuation, Clear Milestones: Market capitalization sits around AU$9 to AU$13 million, offering early-stage leverage if exploration success continues.
This Zeus Resources profile is part of a paid investor education campaign.*
Click here to connect with Zeus Resources (ASX:ZEU) to receive an Investor Presentation
Zeus Resources Limited
Investor Insight
With a targeted, execution-driven strategy, Zeus Resources is positioning itself as an emerging critical minerals explorer with a compelling investment story that leverages a strengthening antimony market and a clear path from discovery to production.
Overview
Zeus Resources (ASX:ZEU,FSE: ZEU) is a dynamic mineral exploration company focused on discovering and advancing early-stage, high-grade critical mineral assets in underexplored jurisdictions. Its primary strategic focus is the 100-percent-owned Casablanca antimony project in Morocco. The company also has exploration interests in uranium, lithium and rare earth elements in Australia.
Antimony, the company’s lead commodity, is designated as a critical mineral by the US, EU, Japan and Australia due to its essential role in defence, energy storage, electronics and renewable technologies. Global supply is heavily concentrated, with more than 60 percent of production originating from China and Russia and limited processing capacity outside China.
This current dynamic makes Morocco’s potential as a secure, alternative source strategically and economically important.
With Europe’s industrial and defence supply chains as its target, Zeus is leveraging Morocco’s efficient permitting environment to fast-track development. In July 2025, the company completed its acquisition of Casablanca and quickly initiated a high-resolution geophysics program. The company aims to move from reconnaissance to drilling within months to capitalise on record-high antimony prices and tightening Western supply chains. The Casablanca project represents one of the rare high-grade antimony exposures outside China.
In parallel, Zeus has strengthened its Moroccan strategy through a five-year non-exclusive license agreement with Newmont, covering its Morocco exploration database and regional framework study across the Anti-Atlas and Central Meseta regions. The database provides integrated geochemical, geophysical and structural datasets, giving Zeus a competitive advantage in prospectivity analysis and target generation. Key terms include a 1 percent NSR royalty on any properties Zeus acquires in these regions and a 15-year right of first refusal for Newmont on transfers. This agreement streamlines project identification, reduces early-stage risk, and positions Zeus to expand its Moroccan footprint efficiently.
Beyond Morocco, Zeus retains royalty-backed lithium exposure through the Mortimer Hills project in Western Australia’s Gascoyne region, situated near Delta Lithium’s substantial Malinda and Jameson deposits. The company also holds the Kalabity project in South Australia, offering multi-commodity optionality including uranium, copper, base metals, lithium and REEs, across a large landholding with geological analogies to both Olympic Dam (IOCG) and Broken Hill mineral systems.
Company Highlights
- Casablanca Antimony Project: Six exploration licenses over 79 sq km in central Morocco. Surface sampling during due diligence returned astonishing results: up to 61.9 percent antimony, with additional samples ranging 7.8 to 46.52 percent antimony along a mapped strike exceeding 4 km
- Strategic Location for Supply Security: Morocco is a long-standing antimony producer with historic supply to Europe, ranking 19th globally on the Fraser Institute’s mining jurisdiction index- – on par with Western Australia.
- Rapid Advancement Exploration Model: Geophysics survey underway within weeks of licence acquisition, trenching program planned, and drill commencement targeted for early Q4 2025.
- Favourable Market Dynamics: Antimony prices have quadrupled since early 2024 to ~US$55,000/t amid tightening global supply and rising demand from defence, electronics and renewable energy sectors.
- Strategic Advisory Firepower: Former US Ambassador Christopher Dell has joined as US business and strategic development advisor aiming to leverage his extensive diplomatic experience and proven negotiation skills to facilitate Zeus navigate capital-raising, geopolitical positioning and partnerships aligned with Western critical minerals policy
- Strategic Data Access: Access to Newmont’s Morocco exploration database and framework study strengthens Zeus’s ability to fast-track target generation and expand its Moroccan footprint
- Lean Valuation, Clear Milestones: Market capitalization sits around AU$9 to AU$13 million, offering early-stage leverage if exploration success continues.
Key Projects
Casablanca Antimony Project
Located in central Morocco, the Casablanca antimony project spans 79 sq km under six granted exploration licences in a historically productive mining district. Situated along the regional NNE-striking Smaala-Oulmes fault, the project benefits from structural dilation and quartz vein networks hosting high-grade stibnite mineralisation.
Multiple historical and recent artisanal workings are present across the tenure, with extensive surface mineralisation mapped over more than 4 km of strike. Rock chip sampling during due diligence returned exceptional antimony grades, peaking at 61.9 percent antimony, with additional assays of 44.5 percent and 39.4 percent, and a broader range of samples between 7.8 percent and 46.52 percent antimony across 20 locations. These results rank among the highest reported for any early-stage antimony discovery globally, underscoring the strong potential for defining a resource. The licences are drill-ready, and Zeus has rapidly commenced a high-resolution induced polarisation (HRIP) geophysical program comprising 23 dipole-dipole profiles over 16 km to delineate subsurface conductive zones and key structural controls.
The work is supported on the ground by Ashgill Morocco, whose in-country geological team brings deep expertise in North African mineral systems and manages permitting, mapping and logistics. Upon completion of the geophysics, a trenching program, selected for its speed and cost efficiency given the project’s grade profile, will test surface veins and inform drill targeting. Drilling is anticipated to start in early Q4 2025. Morocco’s modern mining code, stable political environment and strategic proximity to European markets present a clear pathway to fast-track the project from exploration to development, should drilling confirm significant resources.
Mortimer Hills
The Mortimer Hills project (E09/2147), located in the Gascoyne region, lies ~5 km along strike from Delta Lithium’s Malinda project. It is situated within the Leake Springs Metasediment unit, which collectively hosts 21.9 Mt of lithium resources (Malinda + Jameson deposits). The project was sold to Delta Lithium’s subsidiary, but Zeus retains a structured royalty interest, providing leveraged exposure to a rapidly advancing lithium district without ongoing capital commitments.
Kalabity Project
Kalabity is Zeus’ South Australian exploration initiative, targeting uranium, copper, base metals, lithium and REE within the Curnamona Tectonic Province. The project spans four granted exploration licences (EL7008, EL7039, EL7048 and EL7058) and is strategically located near historic deposits such as Kalabity and Crocker Well. The district’s geological setting is analogous to Olympic Dam (IOCG) and Broken Hill (zinc-lead-silver) systems, offering large-scale polymetallic potential. The recent granting of EL7058 further consolidates Zeus’ position in this prospective province.
Management Team
Alvin Tan – Executive Chairman
With nearly three decades of corporate experience across ASX-listed and global companies, Alvin Tan has a track record in mergers, acquisitions and capital raising. He currently serves as a director of LSE and NSX-listed PYX Resources and was formerly a director of ASX-listed Advanced Share Registry prior to its acquisition.
Hugh Pilgrim – Executive Director
Founding partner of Caravel Securities, Hugh Pilgrim has extensive experience in capital raising, mineral project acquisition and structuring corporate transactions on the ASX. He is leading Zeus’ corporate development strategy, with a focus on accelerating the Casablanca project’s exploration and development.
Robert Marusco – Executive Director and Company Secretary
A corporate strategist with over 25 years of experience, Robert Marusco has held senior roles in private and ASX-listed companies. He specialises in corporate governance, financial planning and compliance, with a background in advising on ASX listings, M&A and restructures.
Christopher Dell – US Business and Strategic Development Advisor
Christopher Dell is a former US Ambassador to Angola, Zimbabwe and Kosovo, and senior executive at Bechtel and Fieldstone Africa. His appointment strengthens Zeus’ ability to engage Western governments, companies and strategic funders in the antimony supply chain context
What Was the Highest Price for Gold?
Gold market gurus from Lynette Zang to Chris Blasi to Jordan Roy-Byrne have shared eye-popping predictions on the gold price that would intrigue any investor — gold bug or not.
Some have posited that the gold price may rise as high as US$4,000 or US$5,000 per ounce, and there are those who believe that US$10,000 gold or even US$40,000 gold could become a reality.
These impressive price predictions have investors wondering, what is gold's all-time high (ATH)?
In the past year, gold has reached new all-time highs dozens of times. Find out what has driven it to these levels, plus how the gold price has moved historically and what has impacted its performance in recent years.
In this article
How is gold traded?
Before discovering what the highest gold price ever was, it’s worth looking at how the precious metal is traded. Knowing the mechanics behind gold's historical moves can help illuminate why and how its price changes.
Gold bullion is traded in dollars and cents per ounce, with activity taking place worldwide at all hours, resulting in a live price. Investors trade gold in major commodities markets such as New York, London, Tokyo and Hong Kong.
London is seen as the center of physical precious metals trading, including for silver. The COMEX division of the New York Mercantile Exchange is home to most paper trading.
There are many popular ways to invest in gold. The first is through purchasing gold bullion products such as bullion bars, bullion coins and rounds. Physical gold is sold on the spot market, meaning that buyers pay a specific price per ounce for the metal and then have it delivered or stored in a secure facility. In some parts of the world, such as India, buying gold in the form of jewelry is the largest and most traditional route to investing in gold.
Another path to gold investment is paper trading, which is done through the gold futures market. Participants enter into gold futures contracts for the delivery of gold in the future at an agreed-upon price.
In such contracts, two positions can be taken: a long position under which delivery of the metal is accepted or a short position to provide delivery of the metal. Paper trading as a means to invest in gold can provide investors with the flexibility to liquidate assets that aren’t available to those who possess physical gold bullion.
One significant long-term advantage of trading in the paper market is that investors can benefit from gold’s safe-haven status without needing to store it. Furthermore, gold futures trading can offer more financial leverage in that it requires less capital than trading in the physical market. Investors can also purchase physical gold via the futures market, but the process is complicated and lengthy and comes with a large investment and additional costs.
Aside from those options, market participants can invest in gold through exchange-traded funds (ETFs). Investing in a gold ETF is similar to trading a gold stock on an exchange, and there are numerous gold ETF options to choose from depending on your preference. For instance, some ETFs focus solely on physical gold bullion, while others focus on gold futures contracts. Other gold ETFs center on gold-mining stocks or follow the gold spot price.
It is important to understand that you will not own any physical gold when investing in an ETF — in general, even a gold ETF that tracks physical gold cannot be redeemed for tangible metal.
Gold has an interesting relationship with the stock market. The two often move in sync during “risk-on periods” when investors are bullish. On the flip side, they tend to become inversely correlated in times of volatility.
According to the World Gold Council, gold's ability to decouple from the stock market during periods of stress makes it “unique amongst most hedges in the marketplace.” It is often during these times that gold outperforms the stock market. For that reason, it is often used as a portfolio diversifier to hedge against uncertainty.
There are a variety of options for investing in gold stocks, including gold-mining stocks on the TSX and ASX, gold juniors, precious metals royalty companies and gold stocks that pay dividends.
What was the highest gold price ever?
The gold price peaked at US$3,707.34, its all-time high, during trading on September 17, 2025.
What drove it to this new ATH? Gold reached its new highest price just after the US Federal Reserve announced a widely anticipated interest rate reduction of 25 basis points. Rate cut expectations had been heavily fueled in the preceding weeks by the release of US consumer price index data, as well as jobs numbers.
Additionally, the US dollar index continued a downtrend that started in mid-January, falling to a year-to-date low 96.56 on September 16. Traditionally, gold trades higher when the US dollar is weak, making it a popular hedge.
Bond market turmoil in the US and abroad on September 2 also provided tailwinds for gold, which has set multiple new highs throughout 2025 and in recent weeks amid significant uncertainty.
While gold's fresh ATH came on September 17, on September 7 gold's record-breaking run officially took it past its inflation adjusted all-time high of US$850 per ounce set in January 1980.
Why is the gold price setting new highs in 2025?
Gold's record-setting activity extends beyond the last several weeks as well.
Increased economic and geopolitical turmoil caused by the Trump administration has been a tailwind for gold this year, as well as a weakening US dollar, sticky inflation in the country and increased safe-haven gold demand.
Since coming into office in late January, Trump has threatened or enacted tariffs on many countries, including blanket tariffs on longtime US allies Canada and Mexico and tariffs on the EU.
Trump has also implemented 25 percent tariffs on all steel and aluminum imports.
The gold price set a string of new highs in the month of April amid high market volatility as markets reacted to tariff decisions from Trump and the escalating trade war between the US and China. By April 11, Trump had raised US tariffs on Chinese imports to 145 percent and China had raised its tariffs on US products to 125 percent. Trump has reiterated that the US may need to go through a period of economic pain to enter a new "golden age" of economic prosperity.
Falling markets and a declining US dollar have supported gold too, as well as increased buying from China. Elon Musk's call to audit the gold holdings in Fort Knox has also brought attention to the yellow metal.
What factors have driven the gold price in the last five years?
Despite these recent runs, gold has seen its share of both peaks and troughs over the last decade. After remaining rangebound between US$1,100 and US$1,300 from 2014 to early 2019, gold pushed above US$1,500 in the second half of 2019 on a softer US dollar, rising geopolitical issues and a slowdown in economic growth.
Gold’s first breach of the significant US$2,000 price level in mid-2020 was due in large part to economic uncertainty caused by the COVID-19 pandemic. To break through that barrier and reach what was then a record high, the yellow metal added more than US$500, or 32 percent, to its value in the first eight months of 2020.
Gold price chart, September 14, 2020, to September 15, 2025.
Chart via the Investing News Network.
The gold price surpassed that level again in early 2022 as Russia's invasion of Ukraine collided with rising inflation around the world, increasing the allure of safe-haven assets and pulling the yellow metal up to a price of US$2,074.60 on March 8. However, it fell throughout the rest of 2022, dropping below US$1,650 in October.
Although it didn't quite reach the level of volatility as the previous year, the gold price experienced drastic price changes in 2023 on the back of banking instability, high interest rates and the breakout of war in the Middle East.
After central bank buying pushed the gold price up to the US$1,950.17 mark by the end of January, the Fed's 0.25 percent rate hike on February 1 sparked a retreat as the dollar and treasury yields saw gains. The precious metal went on to fall to its lowest price level of the year at US$1,809.87 on February 23.
The banking crisis that hit the US in early March caused a domino effect through the global financial system and led to the mid-March collapse of Credit Suisse, Switzerland’s second-largest bank. The gold price had jumped to US$1,989.13 by March 15. The continued fallout in the global banking system throughout the second quarter of the year allowed gold to break above US$2,000 on April 3, and go on to flirt with a near-record high of US$2,049.92 on May 3.
Those gains were tempered by the Fed’s ongoing rate hikes and improvements in the banking sector, resulting in a downward trend in the gold price throughout the remainder of the second quarter and throughout Q3. By October 4, gold had fallen to a low of US$1,820.01 and analysts expected the precious metal to drop below US$1,800.
That was before the October 7 attacks by Hamas on Israel ignited legitimate fears of a much larger conflict erupting in the Middle East. Reacting to those fears, and to rising expectations that the Fed would begin to reverse course on interest rates, gold broke through the important psychological level of US$2,000 and closed at US$2,007.08 on October 27. As the fighting intensified, gold reached a then-new high of US$2,152.30 in intraday trading on December 3.
That robust momentum in the spot gold price continued into 2024, chasing new highs on fears of a looming US recession, the promise of Fed rate cuts on the horizon, the worsening conflict in the Middle East and the tumultuous US presidential election year. By mid-March, gold was pushing up against the US$2,200 level.
That record-setting momentum continued into the second quarter of 2024, when gold broke through US$2,400 in mid-April on strong central bank buying, sovereign debt concerns in China and investors expecting the Fed to start cutting interest rates. The precious metal went on to hit US$2,450.05 on May 20.
Throughout the summer, the hits kept on coming.
The global macro environment was highly bullish for gold leading up to the US election. Following the failed assassination attempt on Trump and a statement about coming rate cuts by Fed Chair Jerome Powell, the gold spot price hit a then new all-time high on July 16 at US$2,469.30. One week later, news that then-President Joe Biden would not seek re-election and would instead pass the baton to Vice President Kamala Harris eased some of the tension in the stock market and strengthened the US dollar. This also pushed the price of gold down to US$2,387.99 on July 22, 2024.
However, the bullish factors supporting gold remained in play, and the spot price for gold went on to breach US$2,500 on August 2 that year on a less-than-stellar US jobs report; it closed just above the US$2,440 level. A few weeks later, gold pushed past US$2,500 once again on August 16, closing above that level for the first time ever after the US Department of Commerce released data showing a fifth consecutive monthly decrease in a row for homebuilding.
The news that the Chinese government issued new gold import quotas to banks in the country following a two month pause also helped fuel the gold price rally. Central bank gold buying has been a significant tailwind for the gold price this year, and China's central bank has been one of the strongest buyers.
Market watchers expected the Fed to cut interest rates by a quarter point at its September 2024 meeting, but news on September 12 that the regulators were still deciding between the expected cut or a larger half-point cut led the gold price on a rally that carried through into the next day, bringing the metal near US$2,600.
At the September 18 Fed meeting, the committee ultimately made the decision to cut rates by half a point, news that sent gold even higher. By September 20, it had moved above US$2,600 and was holding above US$2,620.
In October 2024, gold first breached the US$2,700 level and continued to higher on a variety of factors, including further rate cuts and economic data anticipation, the escalating conflict in the Middle East between Israel and Hezbollah, and economic stimulus in China — not to mention the very close race between the US presidential candidates.
While the gold price fell following Trump's win in early November and largely held under US$2,700 through the end of the year, it began trending upward in 2025 to the new all-time high discussed earlier in the article.
What's next for the gold price?
What's next for the gold price is never an easy call to make. There are many factors to consider, but some of the most prevalent long-term drivers include economic expansion, market risk, opportunity cost and momentum.
Economic expansion is one of the primary gold price contributors as it facilitates demand growth in several categories, including jewelry, technology and investment. As the World Gold Council explains, “This is particularly true in developing economies where gold is often used as a luxury item and a means to preserve wealth.”
Market risk is also a prime catalyst for gold values as investors view the precious metal as the “ultimate safe haven,” and a hedge against currency depreciation, inflation and other systemic risks.
Going forward, in addition to the Fed, inflation and geopolitical events, experts will be looking for cues from factors like supply and demand. In terms of supply, the world’s five top gold producers are China, Australia, Russia, Canada and the US. The consensus in the gold market is that major miners have not spent enough on gold exploration in recent years. Gold mine production has fallen from around 3,200 to 3,300 metric tons (MT) each year between 2018 and 2020 to around 3,000 to 3,100 MT each year between 2021 and 2023.
On the demand side, China and India are the biggest buyers of physical gold, and are in a perpetual fight for the title of world’s largest gold consumer. That said, it's worth noting that the last few years have brought a big rebound in central bank gold buying, which dropped to a record low in 2020, but reached a 55 year high of 1,136 MT in 2022.
World Gold Council data shows 2024 central bank gold purchases came to 1,044.6 MT, marking the third year in a row above 1,000 MT. In H1 2025, the organization says gold purchases from central banks reached 415.1 MT.
“I expect the Fed’s rate-cutting cycle to be good for gold, but central bank buying has been and remains a major factor," Lobo Tiggre, CEO of IndependentSpeculator.com, told the Investing News Network (INN) at the start of Q4 2024.
David Barrett, CEO of the UK division of global brokerage firm EBC Financial Group, is also keeping an eye on central bank purchases of gold. “I still see the global central bank buying as the main driver — as it has been over the last 15 years,” the expert said in an email to INN. "This demand removes supply from the market. They are the ultimate buy-and-hold participants and they have been buying massive amounts."
In addition to central bank moves, analysts are also watching escalating tensions in the Middle East, a weakening US dollar, declining bond yields and further interest rate cuts as factors that could push gold higher as investors look to secure their portfolios. “When it comes to outside factors that affect the market, it’s just tailwind after tailwind after tailwind. So I don’t really see the trend changing,” said Eric Coffin of Hard Rock Analyst.
Randy Smallwood of Wheaton Precious Metals (TSX:WPM,NYSE:WPM) told INN in March 2025 that gold is seeing support from many factors, including central bank buying, nervousness around the US dollar and stronger institutional interest. Smallwood is seeing an influx of fund managers wanting to learn about precious metals.
Joe Cavatoni, senior market strategist, Americas, at the World Gold Council, believes that market risk and uncertainty surrounding tariffs and continued demand from central banks are the main drivers of gold.
"Market risk in particular is a key strategic driver for the gold price and performance," Cavatoni told INN in a July 2025 interview. "Think strategically when you think about gold, and keep that allocation in mind."
Check out more of INN's interviews to find out what experts have said about the gold price during its 2025 bull run and where it could go next.
Should you beware of gold price manipulation?
It’s important for investors to be aware that gold price manipulation is a hot topic in the industry.
In 2011, when gold hit what was then a record high, it dropped swiftly in just a few short years. This decline after three years of impressive gains led many in the gold sector to cry foul and point to manipulation.
Early in 2015, 10 banks were hit in a US probe on precious metals manipulation.
Evidence provided by Deutsche Bank (NYSE:DB) showed “smoking gun” proof that UBS Group (NYSE:UBS), HSBC Holdings (NYSE:HSBC), the Bank of Nova Scotia (TSX:BNS,NYSE:BNS and other firms were involved in rigging gold and silver rates in the market from 2007 to 2013. Not long after, the long-running London gold fix was replaced by the LBMA gold price in a bid to increase gold price transparency. The twice-a-day process, operated by the ICE Benchmark Administration, still involves a variety of banks collaborating to set the gold price, but the system is now electronic.
Still, manipulation has by no means been eradicated, as a 2020 fine on JPMorgan Chase & Co. (NYSE:JPM) shows. The next year, chat logs were released in a spoofing trial for two former precious metals traders from the Bank of America's (NYSE:BAC) Merrill Lynch unit. They show a trader bragging about how easy it is to manipulate the gold price.
Gold market participants have consistently spoken out about manipulation. In mid-2020, Chris Marcus, founder of Arcadia Economics and author of the book “The Big Silver Short,” said that when gold fell back below the US$2,000 mark after hitting close to US$2,070, he saw similarities to what happened with the gold price in 2011.
Marcus has been following the gold and silver markets with a focus specifically on price manipulation for nearly a decade. His advice? “Trust your gut. I believe we’re witnessing the ultimate ’emperor’s really naked’ moment. This isn’t complex financial analysis. Sometimes I think of it as the greatest hypnotic thought experiment in history.”
Investor takeaway
While we have the answer to what the highest gold price ever is as of now, it remains to be seen how high gold can climb, and if the precious metal can reach as high as US$5,000, US$10,000 or even US$40,000.
Even so, many market participants believe gold is a must have in any investment profile, and there is little doubt investors will continue to see gold price action making headlines this year and beyond.
This is an updated version of an article first published by the Investing News Network in 2020.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Lauren Kelly, 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.
Prince Silver Commences Fully Funded Drill Program at the Prince Silver Project in Nevada
- 31 RC holes totaling approximately 6,500 meters are planned in this first phase drilling,
- 129 historical holes (16,607 meters) confirm widespread mineralization and high-grade zones.
- The drill program is fully funded following the closing of two recent financings, totalling over $5.25M CAD
Ralph Shearing, President & Director "We're excited to launch this fully funded drill program at the Prince Silver Project, which we believe holds significant untapped potential. Our work will focus on expanding known high-grade zones, testing new areas and validating historical drilling. With approximately 6,500 meters of drilling planned, and mineralization open in all directions, this program marks a key step in defining the broader mineralized system and positioning Prince Silver as a standout silver explorer in Nevada."
2025 Drill Program
The program will consist of approximately 6,500 meters of RC drilling across 31 holes. It is designed to validate historical results, increase confidence in historic unpublished resources estimates, and complete infill and step-out drilling within and surrounding the historic resource area. The goal is to advance the project toward a maiden 43-101 resource estimate by testing potential extensions to know mineralization along strike and to depth. The drill program is being conducted by O'Keefe Drilling Company, headquartered in Butte, MT.
The Prince Silver Project hosts a significant polymetallic carbonate replacement deposit (CRD) and a sediment-hosted gold system, with mineralization that is open in all directions and amenable to open-pit mining and deeper underground mining. The project benefits from shallow, high-grade zones and holds potential for valuable manganese by-products.
Initial assay results from the program will be published as they become available from the laboratories, with ongoing results as the drill program progresses into winter.
Figure 1: First drill set up for start of 2025 drill program - Historic Prince Mine headframe in background
Figure 2: Location of the Prince Silver Project, Nevada
PRINCE SILVER PROJECT HISTORIC EXPLORATION
To evaluate the mineral potential of the Prince Project, an exploration target (the "Exploration Target") was outlined in a 2024 independent report prepared following JORC guidelines (JORC standards for the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.) by OmniGeoX Exploration Consultants of Perth, Australia based on historical surface and underground drilling.
The Exploration Target was based on 129 historic drill holes drilled through mineralized carbonate replacement beds and host Pioche Shale up to 500M depth. Mineralized polymetallic intersections based on historical block modelling suggests the immediate Exploration Target is between 25-43Mt with grades ranging as 1.44-1.57% Zn, 0.78-0.87% Pb, 0.003-0.005% Cu, 0.28-0.40g/t Au, 37-40g/t Ag and 3.62 4.30% Mn. The mineralization is open in all directions.
Readers are cautioned that the Exploration Target is not an "inferred", "indicated" or "measured" mineral resource compliant with National Instrument 43-101 ("NI 43-101"). The Exploration Target has been determined based upon 129 historic drill holes totaling 16,606 meters, historic production records including mine level plans and 3D modelling of mineralization and geology. The potential quantity and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration to define a mineral resource, and it is uncertain if further exploration will result in the Exploration Target being delineated as a mineral resource.
Previous Drilling & Results
Historical exploration includes 129 drill holes totaling 16,607 meters. Results confirm widespread mineralization and multiple high-grade zones.
*Notable 2014 intercepts:
- 40.8 m @ 0.63 g/t Au, 65 g/t Ag, 1.64% Zn, 3.51% Pb (from 26 m, UDH-55),
- 24.4 m @ 0.47 g/t Au, 80 g/t Ag, 1.64% Zn, 3.52% Pb, (from 87 m, PRC-11)
- 2.4 m @ 11.1 g/t Au, 377 g/t Ag, 26.1% Zn, 4.3% Pb (from 14 m, UDH-53)
Importantly, earlier programs only sporadically assayed the Pioche Shale unit however, where assayed the Pioche Shale returned a number of highly prospective historic results such as,
- 61 m @ 2.1 g/t Au, 38 g/t Ag for (from 69 m, CDH-36)
- 41 m @ 0.7 g/t Au, 68 g/t Ag, 3.3% Zn, 0.61% Pb for (from 26 m, UDH-55)
- 71 m @ 1.4 g/t Au, 51 g/t Ag for (from 192 m, PRC-10)
Marketing Agreement
Prince Silver Corp. has entered into an advertising and investor awareness campaign with Dig Media Inc. dba Investing News Network (INN). INN is a private arm's length company dedicated to providing independent news and education to investors since 2007. For the 12-month term of the agreement with advertising commencing on, or before September 30, 2025, INN will provide advertising on its website to increase awareness of the issuer. The cost of the annual campaign is $54,000. INN is headquartered at 1200 - 736 Granville Street, Vancouver, BC, Canada, V6Z 1G3 and can be reached at info@investingnewsnetwork.com or by telephone at 1 604 688 8231.
This agreement is subject to the approval of the CSE.
Qualified Person
Ralph Shearing, PGeol. (Alberta) a qualified person under NI 43-101 and, Director and President of the Company, has reviewed and approved the technical disclosure contained in this news release.
About Prince Silver Corp.
Prince Silver Corp is a silver exploration company focused on advancing the Prince Silver Project in Nevada, USA. The known deposit identified with historic drilling is open in all directions and is near surface. Prince Silver Corp also holds interest in the Stampede Gap Project, a district scale copper-gold-moly porphyry system located ~15km NNM of the Prince Silver Project.
On Behalf of the Board of Directors
Ralph Shearing, Director, President
Email: rshearing@princesilvercorp.com
Tel: 604-764-0965
Website: www.princesilvercorp.com
Forward-Looking Information
Certain statements in this news release are forward-looking statements, including with respect to future plans, and other matters. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as "may", "expect", "estimate", "anticipate", "intend", "believe" and "continue" or the negative thereof or similar variations. Some of the specific forward-looking information in this news release includes, but is not limited to, statements with respect to: proposed drill programs, amendments to the Company's website, property option payments and regulatory and corporate approvals. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including but not limited to, business, economic and capital market conditions, the ability to manage operating expenses, dependence on key personnel, completion of satisfactory due diligence in respect of the Acquisition and related transactions, and compliance with property option agreements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, anticipated costs, and the ability to achieve goals. Factors that could cause the actual results to differ materially from those in forward-looking statements include, the continued availability of capital and financing, litigation, failure of counterparties to perform their contractual obligations, failure to obtain regulatory or corporate approvals, exploration results, loss of key employees and consultants, and general economic, market or business conditions. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on any forward-looking information.
The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
The CSE has neither approved nor disapproved the contents of this press release and the CSE does not accept responsibility for the adequacy or accuracy of this news release.
Click here to connect with Prince Silver (CSE:PRNC,OTC:HWTNF) to receive an Investor Presentation