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Highly Experienced Mining Executive Craig Jones Appointed as Chief Operating Officer
Spartan Resources Limited (ASX: SPR) is pleased to advise that it has strengthened its senior leadership team with the appointment of highly experienced mining executive Mr Craig Jones as Chief Operating Officer.
Mr Jones is a qualified mining engineer with more than 28 years’ experience in West Australian underground hard-rock mining operations, primarily in operational leadership roles. Prior to joining Spartan, Craig was the Chief Executive Officer of Poseidon Nickel and previously the Chief Operating Officer for Bellevue Gold, where he played an instrumental role in establishing the restart of the historical operation, leading the Feasibility Study and forming part of the team that delivered financing of the project. An inclusive and hands on leader, Mr Jones is renowned for building engaged and driven work cultures and for his dedication to working collaboratively across diverse stakeholder groups.
Mr Jones has also held senior roles in operations, mine management and business development for various mining companies including Northern Star Resources. During his career, Craig has been instrumental in optimising, integrating and operating underground mines as well as upgrading mill infrastructure and installing major capital projects at various operations. Mr Jones has also lead projects through from Definitive Feasibility Study stage to construction and into production. Craig holds a Bachelor of Engineering (Mining) from the University of Ballarat and a WA First Class Mine Manager’s Certificate.
The Spartan Board has approved a package of incentive performance rights that are subject to specific vesting hurdles and milestones. The Performance Rights will be issued under the Company’s Employee equity incentive plan.
Spartan Managing Director and Chief Executive Officer, Simon Lawson, speaking on Craig’s appointment:“OnbehalfoftheSpartanteamanditsshareholdersIamverypleasedtowelcome Craigaboardaswedefineourhigh-graderesourcesandlaythefoundationsforaprofitablelong- life mining operation at Dalgaranga. Our strategic focus on building high-grade ounces close to existinginfrastructureandtheexplorationsuccesswehaveachievedputsSpartaninanenviable position of converting that exploration success into a number of potential production scenarios aimed at generating substantial returns for our shareholders.
“Craig’s proven operational track record and experience in establishing high-quality teams and delivering significant project outcomes is a perfect fit for Spartan as we begin to plan our future asahigh-grade,low-costgoldminingcompany.HavingworkedwithCraigbeforeIamwellaware of the culture he fosters as well as his capabilities and I am delighted we have successfully negotiatedhisjoiningtheSpartanteam.IknowCraigwillexpertlyguidetheoptimaldevelopment andproductionpathwayatDalgarangawhileourexplorationeffortscontinueinparalleltodeliver furthergrowthinthehigh-graderesourceinventory.TheappointmentofCraigasourCOOatthis time is a key decision at the right time in our strategy to convert what we have achieved so far withthedrillsintoplanning,optimisingandexecutingthebestminingandproductionscenario.As we grow, we adapt.”
Mr Jones says he is excited by the opportunity to bring his experience and skillset to the team at Spartan and looks forward to capitalising on the growing high grade resources the team has discovered and established processing infrastructure at the Dalgaranga Gold Project.
“Spartan Resources has established itself as a high performing and dedicated team who have alreadytakenontheworldandwon.It’sanabsoluteprivilegetobejoiningtheSpartanleadership teamastheChiefOperatingOfficer andIlookforwardto workingalongsideSimonandtheteam on the path to further growth and future profitable production.” Mr Jones said.
This release has been authorised by the Board of Directors.
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This article includes content from Spartan 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.
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Spartan Resources
Overview
Australia is the second largest producer of gold worldwide, according to the US Geological Survey, and Western Australia (WA) is the dominant player in the nation’s gold market accounting for nearly 70 percent of the total production. Gold mining is the third-largest commodity sector by value in WA, producing nearly 6.9 Moz (or 214 tonnes) in 2022 valued at A$17.8 billion. Eleven of the world’s biggest gold mines are in WA, where Spartan Resources is advancing its flagship Dalgaranga Gold Property.
Formerly known as Gascoyne Resources, Spartan Resources (ASX:SPR) is engaged in the exploration, evaluation and development of gold projects. The company is currently undergoing a pivotal transformation, underpinned by the exceptional high-grade Never Never gold discovery in 2022, less than 1 kilometre from its less-than-5-year-old, existing 2.5-Mtpa carbon-in-leach processing facility in care and maintenance, and the lower grade open pits at Dalgaranga.
Drilling at Never Never has led to the discovery of 721 koz at an average grade of 5.85 g/t gold. Driven by the potential for further resource upgrade, Spartan secured $50 million in funding in February 2023 to support its aggressive exploration program at Never Never. This program, which is intended to last 18 months, is targeting: more than 300 koz reserve at a grade exceeding 4.0 g/t gold; more than 600 koz resource at a grade exceeding 5.0 g/t gold; and the development of a 5-year mine plan capable of generating 130 to 150 koz of gold per annum.
The Dalgaranga property is in proximity to multiple gold-producing projects including Ramelius Resources’ Mt Magnet Project, Musgrave Cue Project, and Westgold Resources’ Tuckabianna gold mill. Historically, Mt Magnet has produced over 6 million ounces since discovery in 1891, which increases confidence in the resource potential of Dalgaranga.
In parallel with the company’s planned exploration program at Never Never, Spartan is progressing with permitting and evaluation of its 244-koz Yalgoo Gold Project, which is expected to provide an important source of ore feed to supplement the high-grade ore from Never Never. In addition, the company owns the 537-koz Glenburgh and Mt Egerton Gold Project in the Gascoyne region, which has the potential to become a second production hub for Spartan Resources.
Company Highlights
- Spartan Resources Limited is an Australia-based company engaged in the exploration, evaluation and development of gold projects. The company was formerly known as Gascoyne Resources but changed its name to Spartan Resources Limited (Spartan) in August 2023 after a series of incredible discovery drill holes and exploration success that justified the transformation of the business.
- Spartan is currently focused on the newly discovered high-grade Never Never gold deposit, part of its 100-percent-owned Dalgaranga Gold Project (Dalgaranga) in Western Australia. The Never Never discovery was made in mid-2022 and is less than 1 kilometre from the existing 2.5-Mtpa carbon-in-leach processing facility and the main open pit at Dalgaranga. The Dalgaranga Process Plant is less than five years old and is well suited to the new discovery and existing lower grade ore deposits.
- Spartan’s Dalgaranga gold project is located 475 kilometres northeast of Perth and approximately 65 kilometres west of the 6-Moz high-grade Mt Magnet gold camp in the Murchison Region of Western Australia.
- In November 2022, the company, then Gascoyne, suspended mining and milling operations of the former focus of its operations, the lower grade circa 0.8-1.0g/t Gilbey’s open pit to focus on the recently discovered high-grade Never Never gold deposit.
- The strategy has thus far paid off extremely well with drilling, defining a growing high-grade mineral resource of 3.8 Mt @ 5.85 g/t gold for 721,200 oz. The Never Never gold resource, when added to the existing lower-grade Dalgaranga Gold project mineral resources brings the total resource to 16.7 Mt at 2.2 g/t gold for 1.18 Moz. Keep in mind the discovery and establishment of the high-grade Never Never deposit has more than doubled the grade of the previous Mineral Resource Estimate on which the infrastructure was built.
- Spartan also has three other gold projects, the Yalgoo Gold Project, which is 110 kilometres west of, and two others roughly 500 kilometres further north of Dalgaranga, the Glenburgh and Egerton Gold Projects. With all resources combined, the global mineral resource estimate for Spartan currently stands at 38.51 Mt at 1.6 g/t gold for 1.96 Moz of contained gold.
- Looking to the immediate future, the potential for further growth within the Spartan portfolio is extensive. The current 32,000-metre drilling program at Dalgaranga is already underway with the aim to extend the existing Never Never resource at depth, as well as identify new look-alike targets along strike to the north and south, such as the newly identified higher-grade Four Pillars and West Winds shoots, and follow up of the Patient Wolf high-grade target 1.6 kilometres north of the Never Never discovery.
- The next resource update will summarise the efforts of the current drill campaign across multiple targets and is scheduled very shortly in Q4 2023.
- Spartan raised $50 million in February 2023 to underpin an 18-month exploration and strategic plan (the “365” strategy) aiming to develop a five-year mine plan with the goal of generating 130 to 150 koz of gold per annum. This strategy appears well on track with the resource target, the “600” already achieved with work underway on the “300” reserves and establishing the minimum “5-yr” mine life currently.
- An additional $25 million was raised in November 2023 to accelerate Spartan’s high-grade growth strategy and support an expanded exploration campaign at Dalgaranga in 2024.
- Also in February 2023, the company established an exploration target of 4 to 5 Mt @ 4.6-6.2 g/t for 600 koz to 1 Moz gold at the Never Never Gold Deposit.
- With a current resource of 3.8 Mt @ 5.85 g/t for 721 koz gold and an imminent resource update due, Spartan has delivered on what it said, and looks solid to continue to do so.
Key Projects
Dalgaranga Project
Spartan Resources’ flagship Dalgaranga Gold Project is located 475 kilometres northeast of Perth and approximately 65 kilometres northwest of Mt Magnet in Western Australia. The Dalgaranga Project includes a fully developed operation comprising a fully established gold mine, a 2.5 Mtpa carbon-in-leach processing facility, modern camp accommodation, and an airstrip.
The Dalgaranga mine produced 71,153 oz in FY 2022 before being placed on care and maintenance in November 2022 to facilitate the implementation of a new strategic and restructuring plan. The new plan is focused on the high-grade Never Never gold deposit discovered in 2022, less than 1 kilometre from the existing 2.5 Mtpa processing facility.
Never Never Gold Deposit is located within the Dalgaranga property immediately to the north of Gilbey’s open pit and within 1 kilometre of the process plant. Never Never is much higher grade than any of the previously defined ore bodies at Dalgaranga and appears to be far more structural, fold and/or shear-hosted as opposed to the more stratigraphic/shale-associated historically defined Gilbey’s series of gold deposits.
The strategy to focus on high-grade Never Never has thus far paid off with drilling defining a mineral resource of 721 koz gold contained within 3.83 Mt at 5.85 g/t. The Never Never gold resource when added to the Dalgaranga Gold project mineral resources brings the total resource to 16.7 Mt at 2.2 g/t gold for 1.18 Moz.
In light of the success of the drilling program, Spartan has expanded its current drill program to 32,000 metres with up to six rigs operating on-site (previously, 25,000 metres with four rigs). The expanded program looks to target extensions of known mineralization, further upgrading the high-grade 721,200 oz mineral resource estimate (MRE) for the Never Never Gold Deposit. The company ultimately aims to deliver a new mine plan to feed the 2.5 Mtpa processing plant for at least five years. The target for the five-year mine plan is to deliver gold production of 130 to 150 koz per annum.
Some of the more significant assay results under the current drill program include:
- Drill-hole DGRC1305-DT registered the deepest ever gold intercept 576 metres down-hole at Never Never. While the assay results for the hole are yet to be published, this discovery is significant as it demonstrates that the deposit remains open at depth.
- Drill-hole DGRC1283-DT returned 18.56 metres at 6.71 g/t gold from 495 metres, including a high-grade mineralized zone of 2.56 metres at 32.19 g/t gold.
- Drill-hole DGRC1276-DT returned 7 metres at 34.34 g/t gold from 372 metres, including high-grade mineralized zones of 1 metre at 95.90 g/t gold and 2.5 metres at 49.50 g/t gold.
- Drill-hole DGRC1271-DT returned 3.2 metres at 7.95 g/t gold from 310.3 metres, including a high-grade mineralized zone of 1 metre at 12.29 g/t gold.
- Drill-hole DGDH039, targeting the West Winds area, intersected 20.52 metres at 2.38 g/t gold from 420.48 metres, including a high-grade zone of 5 metres at 6.22 g/t gold.
- Drill-hole DGRC1245, targeting the Arc gold prospect, intersected 4 metres at 8.33 g/t gold from 106 metres including high-grade zone of 1 metre at 30.66 g/t gold.
Notably, in October 2023 Spartan announced a new gold discovery, Patient Wolf, located immediately to the north of Never Never which returned a massive 10 metres at 19.84 g/t gold, including a high-grade zone of 4 metres at 40.15 g/t gold. This new site is located 1,600 metres north of Never Never and 1.9 kilometres from the processing plant.
The company will now accelerate planned resource diamond drilling across multiple high-grade targets, including Never Never, Four Pillars, and West Winds along with a dedicated RC rig at the new Patient Wolf prospect. The ultimate aim is to deliver the scheduled resource update for the project in Q4 2023, which will grow Spartan’s high-grade resource inventory within a 2-kilometre radius of the 2.5-Mtpa Dalgaranga process plant.
Spartan is well-funded to support its drilling programme and develop its five-year mine plan, having secured a $50 million funding package in February 2023, which included a $26.3-million equity raising, a $21.3-million investment from highly respected global resources private equity fund Tembo Capital, and a $2.5-million unsecured loan from existing major shareholder, Delphi.
Yalgoo Gold Project
The Yalgoo Gold Project is located 110 kilometres by road from the Dalgaranga Gold Project and comprises two deposits, namely the Melville deposit and the Applecross deposit, which is adjacent to the northern end of the Melville deposit. The Yalgoo Gold Project hosts a mineral resource of 243,600 oz contained within 5.2 Mt at 1.4 g/t gold. Exploration activity at this project has slowed down with the Never Never deposit at Dalgaranga taking priority as the next source of higher-grade ore.
Glenburgh Gold Project
The Glenburgh Gold Project (Glenburgh, spread over an area of 2,000 square kilometres, is located in the southern Gascoyne region of Western Australia. Glenburgh has a JORC 2012 mineral resource estimate of 16.3 Mt at 1.0 g/t for 510,100 ounces of gold.
Mt Egerton Gold Project
Mt Egerton Gold Project is spread over an area of 200 square kilometres and is located in the Gascoyne region of Western Australia. Two known deposits exist at Mt Egerton – Hibernian and Gaffney’s Find – both located within granted mining leases. Mt Egerton hosts a current resource of 27,000 oz of contained gold, with strong growth potential.
Management Team
Simon Lawson – Managing Director
Simon Lawson is a professional geoscientist with more than 16 years of operational experience spanning multiple commodities and jurisdictions. He was one of the founders of Northern Star Resources (ASX:NST) and under his leadership transformed the company from a small Western Australian gold miner into a multi-billion dollar global gold mining heavyweight. He has also worked with Firefly Resources Ltd., Superior Gold (TSXV:VSGD) in various senior leadership roles. Lawson brings considerable operational management and technical experience to the board of Spartan and has set in place a firm strategy to take Spartan forward through consistent production, improved cash flows, commercial dealings, and near-term production-focused resource/reserve growth.
Rowan Johnston – Non-Executive Chairman
Rowan Johnston is a mining engineer (graduating from the West Australian School of Mines) with significant experience as an executive and non-executive director. He is currently interim non-executive chairman of Wiluna Mining Corporation, non-executive director of Kin Mining NL, and has previously been managing director of Excelsior Gold. Johnston has worked and studied in the mining (primarily gold) industry for 40 years throughout Australia and overseas and has experience working for owners, consultants, and contractors. He has worked through several feasibility studies, start-ups, construction, and production.
Hansjoerg Plaggemars – Non-Executive Director
Hansjoerg Plaggemars is a seasoned professional with experience in structured debt finance, and equity capital markets including capital increases and decreases, restructurings and insolvencies. He has worked as CFO in various industries including software, retail, prefabricated housing and e-commerce. Since 2017, he has set-up his own consultancy firm, Value Consult. Plaggermars currently sits on a number of boards as a non-executive director or supervisory member. He holds a degree in business administration from the University of Bamberg.
David Coyne – Non-Executive Director
David Coyne has over 30 years of experience in the mining, engineering and construction industries, both within Australia and internationally. Prior to joining Spartan, Coyne held senior executive positions with Australia-listed companies Macmahon Holdings, VDM Group, Peninsula Energy, and with unlisted global manganese miner Consolidated Minerals. He has previously served on the boards of listed companies such as Peninsula Energy and BC Iron.
John Hodder – Non-Executive Director
John Hodder is a geologist by background with a B.Sc. in geological sciences and a B.Com. in finance and commerce from the University of Queensland. He also has a master’s in finance from London Business School. He has served as a director of a number of junior mining companies and has significant experience of operating and investing in Africa. He also worked at Suncorp and Solaris as a fund manager focusing on the resource sector managing an index-linked natural resource portfolio of A$1.25 billion.
Tejal Magan – Chief Financial Officer
Tejal Magan is a chartered accountant with over 10 years of experience in the mining, oil and gas, and construction industries, within Australian and internationally listed companies. She has been at Spartan Resources since December 2018. Previously, she worked with Austal, a shipbuilding company, where she held the role of financial controller for the Australian business unit. Before joining Austal, she worked at Cliffs Natural Resources, a global mining company, where she held various roles including accounting and reporting controller, corporate controller, and senior corporate accountant.
Craig Jones - Chief Operating Officer
Craig Jones is a qualified mining engineer with more than 28 years’ experience in West Australian underground hard-rock mining operations, primarily in operational leadership roles. Prior to joining Spartan, he was the chief executive officer of Poseidon Nickel and previously the chief operating officer for Bellevue Gold, where he played an instrumental role in establishing the restart of the historical operation, leading the feasibility study and forming part of the team that delivered financing of the project. An inclusive and hands on leader, Jones is renowned for building engaged and driven work cultures and for his dedication to working collaboratively across diverse stakeholder groups.
This article was written in collaboration with Couloir Capital Ltd.
SNX to Follow up 1270 g/t Silver Intercept in Hole BHD006 at Blackhawk, Nevada, USA
Sierra Nevada Gold (ASX: SNX) is pleased to announce plans to follow up drill hole BHD006 which returned up to 1270 g/t silver at Endowment Mine, part of its Blackhawk Epithermal project in Nevada, USA.
Highlights
- Sierra Nevada to review potential for a large, high-grade epithermal silver-dominated vein system.
- Previously drilled core hole BHD006 returned 5m at 479 g/t Ag within a larger mineralised zone of 12m at 219 g/t Ag from 250m beneath the Endowment mine at its Blackhawk Epithermal Project in Nevada, USA.1
- This high-grade intercept is situated 150m vertically below the deepest portion of the historic mine and includes higher grade intersections of:
- 0.5m at 1270g/t Ag from 256.5m
- 1m at 823g/t Ag from 257m
- 1m at 654g/t Ag from 258m
- These silver intercepts are associated with very high-grade lead-zinc-gold (see table 1), demonstrating the potential for extremely high value ore.
- Potential for a company-making silver discovery at Blackhawk, where SNX has identified 22.5-line kilometres of high-grade silver-gold-lead-zinc veins.1
- Two shallow oxide resources (historic, non-JORC) estimated at Silver Gulch and Morning Star.1
- SNX has recently defined several high priority drill targets, and a multi-hole drill program is permitted.
SNX Executive Chairman Peter Moore said“These results which returned up to 1270 g/t silver from Blackhawk are very promising, coming from a vast and extensive vein network. We’ve identified 22.5-line kilometres of veins at Blackhawk, but this known mineralisation has sat largely untouched since mining ceased in the area in the 1920s. We have two shallow oxide resources which have not been defined to a JORC-compliant level but this provides us the opportunity to deliver value from an existing project with further drilling and mineral resource definition. Our 20-hole drill program is permitted and ready to drill, providing us with the opportunity to use modern exploration techniques to potential to return further high-grade results and shape this as a company-making discovery for Sierra Nevada.”
SNX has previously identified a large and high-grade intermediate sulphidation epithermal Ag-Au-Pb-Zn vein system, likely related to a large porphyry system located immediately to the south. Partially coincident with the porphyry system, the Blackhawk epithermal project vein system covers about 5km2 and is open under cover to the north and northeast, with 22.5-line km of veins identified to date (see figure 1).1
Figure 1: Oblique view looking north of the Blackhawk Epithermal Project with a 3.5km by 2.5km field of view. The Blackhawk Porphyry project is situated in the foreground with the epithermal system being partially coincident with the porphyry system’s surface expression.2
Previous drilling by SNX beneath the Endowment mine at Blackhawk returned 12m at 219 g/t Ag from 250m including 5m at 479 g/t Ag from 256m. This drill intercept is 150m vertically below the deepest portion of the mine and includes higher grade intersections of:
- 0.5m at 1270 g/t Ag from 256.5m (21.5% Pb + Zn)
- 1m at 823g/t Ag from 257m (30.1% Pb + Zn)
- 1m at 654 g/t Ag from 258m (+50% Pb+ Zn)
As shown in Table 1, the intersection described above comes with considerable polymetallic credits. The complete mineralised intersection of 12m at 219g/t Ag also contains 3.05% Pb and 8.54% Zn across the interval, significantly increasing the potential value of mineralisation within the vein/structures.
Click here for the full ASX Release
This article includes content from Sierra Nevada Gold, 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.
Siren Gold Signs Marketing and Sales Agency Agreement
Siren Gold Limited (ASX: SNG) (Siren or the Company) is pleased to announce that it has entered into a marketing and sales agency agreement (the Agreement) with Ocean Partners USA, Inc. (Ocean Partners) for the future sale of gold-antimony concentrate from its Reefton Project.
Highlights
- Siren has appointed Ocean Partners as its sole and exclusive marketing agent for the worldwide sale of gold- antimony concentrate (Product) from its Reefton Project.
- Siren’s aim is to advance its Projects to production and produce gold doré and gold-antimony concentrate at a central processing facility.
- Ocean Partners have been mandated to seek a long-term third party off-take contract that includes debt or equity financing for up to US$5 million by the third party, on terms agreed by Siren.
- Drilling at both Sams Creek and Reefton is currently ongoing, with further drilling results expected next month.
“We are delighted to work with Ocean Partners, a well-established agent with extensive technical, commercial and financial experience. The Agreement will provide an important platform for Siren’s strategic growth initiatives and support Project financing in the future.
Antimony has been recognised as a critical mineral by many Western countries and the potential gold – antimony concentrate from the Reefton Project is a highly desirable product which is highly sought after. We look forward to working with Ocean Partners in delivering a comprehensive solution that benefits our shareholders and sets us up on the ground as we advance towards anticipated future development as a gold and antimony producer”.
Background
Siren is a New Zealand focused gold and antimony explorer, with two key projects in the upper South Island of New Zealand: Reefton (Reefton, Lyell and Paparoa goldfields) and Sams Creek.
In 2024, Siren’s strategy at Reefton is to test all four mineralised shoots at Auld Creek (Fraternal, Fraternal North, Bonanza and Bonanza East) identified from soil sampling, surface trenching and diamond drilling carried out over the past 12 months. The Sams Creek Project is currently undergoing drill testing at the Anvil Zone, identified from an Ionic Leach survey carried out in late 2023.
Click here for the full ASX Release
This article includes content from Siren Gold, 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.
64g/t Au in High-Grade Veins at Golden Ridge Adit, NE Tasmania
Flynn Gold Limited (ASX: FG1, “Flynn” or “the Company”) is pleased to report high grade gold assays have been recorded from a recent field mapping and sampling campaign at the Link Zone prospect at its 100% owned Golden Ridge Project in Northeast Tasmania (see Figure 6).
Highlights
- Mapping and vein sampling within the historic Golden Ridge adit has identified a significant new zone of high-grade gold mineralisation in the Link Zone prospect at Golden Ridge in NE Tasmania
- Underground grab sampling of mineralised veins in the adit recorded high- grade gold assays including 64.4g/t Au, 37.6g/t Au and 15.9g/t Au
- The Link Zone prospect is located between the Trafalgar and Brilliant prospects, with the 3 prospects now defining a corridor of high-grade gold mineralisation with a potential strike length of 2.5km and a vertical extent of at least 500m as proven by drilling at Brilliant and Trafalgar
- Mineralisation in the newly identified Golden Ridge adit occurs as multiple sub-parallel steeply-dipping gold-rich quartz-sulphide veins visible over a zone 20-30m in width and correlates with similar veins mapped in historic trenches
- Mineralised veins identified by sampling present new drill targets with potential to significantly extend the existing Trafalgar-Brilliant gold system.
- Phase 3 diamond drilling at Trafalgar is underway with samples from the first hole currently at the laboratory. The drill program is designed to in-fill test the high-grade gold zones discovered from earlier programs and test extensions to the known mineralisation.
- Flynn’s exploration is targeting a gold mineralised granodiorite- metasediment contact which has grown to over 9km in length
- For further information or to post questions go to the Flynn Gold Investor Hub at https://investorhub.flynngold.com.au/link/4r8dWr
The Link Zone is located between the Trafalgar and Brilliant prospects along the Golden Ridge granodiorite contact. Previous diamond drilling at Trafalgar and Brilliant has returned outstanding results with multiple intersections over 100g/t Au recorded at the Trafalgar prospect, which is currently being followed up with an active diamond drillhole campaign1.
Managing Director & CEO, Neil Marston commenting on the results said:
“Our confidence in Golden Ridge as an extensive, high grade intrusive-related gold system continues to grow with these Link Zone results confirming that high grade mineralisation exists within an increasingly well-defined corridor that has the potential to link the Brilliant and Trafalgar prospects over a strike length of 2.5km. Whilst drilling is ongoing at Trafalgar our exploration team is actively exploring to further extend the gold system at Golden Ridge which we expect will lead to identifying additional drilling targets similar to the Link Zone.”
Click here for the full ASX Release
This article includes content from Flynn Gold, 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.
High-Grade Pepper Discovery Extended
Latest high-grade assays from Pepper Gold Prospect, adjacent to the 0.95Moz Never Never Gold Deposit, show increasing ounces per vertical metre potential
Spartan Resources Limited (Spartan or Company) (ASX:SPR) is pleased to provide an update on exploration activities at its 100%-owned Dalgaranga Gold Project (“DGP”), located in the Murchison region of Western Australia.
Highlights:
- Pepper Gold Prospect – significant new intercepts expand high-grade discovery:
- 14.73m @ 11.42g/t gold from 553.73m down-hole, incl. 4.37m @ 36.80g/t (DGDH070):
- Intercept located approximately midway (~50m north) of the initial “Pepper” discovery hole DGRC1432-DT, which returned 17.52m @ 15.86g/t gold (previously announced)
- 17.67m @ 6.58g/t gold from 561.85m down-hole, incl. 7.53m @ 11.93g/t (DGDH069-W1)
- Intercept located down-dip of the Pepper discovery hole, midway between DGRC1432- DT and DGDH069, which returned 11.28m @ 5.94g/t gold (previously announced)
- Maiden Mineral Resource Estimate to be calculated for the Pepper Gold Prospect as part of the scheduled mid-year resource update for the Dalgaranga Gold Project.
- 14.73m @ 11.42g/t gold from 553.73m down-hole, incl. 4.37m @ 36.80g/t (DGDH070):
Figure 1: Long Section of the Never Never Gold Deposit, Pepper, Four Pillars and West Winds Gold Prospects looking East. New high- grade intercept assays highlighted in yellow callout boxes. Note the proposed exploration drill drive design.
This release contains new assay results from recent surface drilling targeting the high-grade growing Pepper Gold Prospect.
Figure 2: Plan-view of the key gold targets at the Dalgaranga Gold Project. The Pepper Gold Prospect is located between the 0.95Moz Never Never Gold Deposit and the Four Pillars Gold Prospect marking the north end of the former Gilbey’s Open Pit. Drill-hole intercept grades are shown coloured by gold grade and recent drill assays are highlighted in gold callout boxes.
Management Comment
Spartan Managing Director and Chief Executive Officer, Simon Lawson, said: “Our focus on drilling, closing the gaps and achieving significant outcomes in front of our established infrastructure continues to deliver in spades with our ongoing drilling success at the recently discovered Pepper Gold Prospect.
“Pepper is located less than 100m south of the high-grade 0.95Moz Never Never Gold Deposit and we couldn’t be happier to see the rapid emergence of another substantial high-grade body of mineralisation next to our flagship deposit with each new drill result.
“We are very confident that Pepper will become a standalone gold deposit and, to ensure that outcome, we will be completing a maiden Mineral Resource Estimate ("MRE”) for this exciting prospect as part of our foreshadowed mid-year MRE update for Dalgaranga.
“With the gold price continuing to hit new records, this is an exciting time to be making new high-grade gold discoveries. And, on the back of a well-supported capital raise, we are now moving rapidly towards developing the underground infrastructure required to chase and grow this high-grade system.
“With rigs still spinning around the clock, investors can look forward to more exciting drill results in the coming weeks, mid-year MRE update for Dalgaranga, the planned commencement of the underground exploration drill drive in the second half of 2024, and the expected publication of a maiden high-grade Ore Reserve for the Never Never Gold Deposit.
“The Spartan team also continues to progress a Feasibility Study to demonstrate what we believe will be powerful metrics from a growing set of high-grade gold structures and maybe even some more high- grade gold discoveries!”
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Top 10 Central Bank Gold Reserves (Updated 2024)
Global central banks own about 17 percent of all the gold ever mined, with reserves topping 36,699 metric tons (MT) as of year-end 2023. They acquired the vast majority in the last 14 years after becoming net buyers of the metal in 2010.
Central banks purchase gold for a number of reasons: to mitigate risk, to hedge against inflation and to promote economic stability. Increased concerns over another global financial crisis have as expected led central banks once again to build up their gold reserves.
In a mid-2023 survey, the World Gold Council (WGC) said that 70 percent of the central bankers it polled expect global gold reserves to increase over the next 12 months. Nearly three-quarters of respondents cited the precious metal’s “long-term store of value” as a guiding factor in gold purchases.
Central banks added 1,037 MT of gold to their vaults in 2023, the second year in a row that gold purchases in this segment surpassed the 1,000 MT mark. In the first quarter of 2024, central banks picked up nearly another record 290 MT of gold, reports the WGC.
Central bank gold buying expected to increase according to WGC survey.
Chart via the WGC.
Twenty-four percent of the WGC's survey respondents indicated plans to grow their gold reserves, down just 1 percent from the previous year. Three percent reported their institution is planning to decrease its gold holdings, a break from the previous two years, when no respondents indicated such a move.
The WGC believes that central banks will continue to be net purchasers in 2024, "even if a third consecutive year of ~1,000t net purchases may be unlikely."
Which central banks hold the most gold?
Global central bank gold reserves topped 36,699 metric tons at the end of 2023, roughly 17 percent of all the gold ever mined. Read on to find out the 10 top countries by central bank gold holdings, as per data from the WGC, including recent Q1 2024 reports.
1. United States
8,133.46 MT
When it comes to the largest gold depository in the world, the American central bank is number one with 8,133.46 MT. The total value of the US central bank gold reserves is more than US$630 billion at a US$2,200 per ounce gold price.
A large percentage of US gold is held in “deep storage” in Denver, Fort Knox and West Point. As the US Treasury explains, deep storage is “that portion of the US Government-owned gold bullion reserve which the Mint secures in sealed vaults that are examined annually by the Treasury Department’s Office of the Inspector General and consists primarily of gold bars.”
The rest of US-owned reserves are held as working stock, which the country's mint uses as raw material to mint congressionally authorized coins.
2. Germany
3,352.65 MT
The Bundesbank, Germany’s central bank, currently owns 3,352.65 MT of gold, which is less than half the amount amassed by the US. Like many of the central banks on this list, the German national bank stores over half of its stock in foreign locations in New York, London and France.
The Bundesbank’s foreign gold reserves came into question in 2012, when the German Federal Court of Auditors, the Bundesrechnungshof, was openly critical of the Bundesbank’s gold auditing.
In response, the German bank issued a public statement defending the security of foreign banks. Privately, the Bundesbank then began the arduous process of repatriating its gold stock back to German soil. By 2016, more than 583 MT had been transferred back to Germany.
Nearly half of Germany’s gold holdings are stored in Frankfurt, while more than a third are in New York, an eighth of its holdings are in London, and a miniscule amount are held in in Paris.
3. Italy
2,451.84 MT
Banca d’Italia, the national bank of Italy, began amassing its gold in 1893, when three separate financial institutions merged into one. From there, its 78 MT slowly grew into the 2,451.84 MT the country now owns.
Like Germany, Italy stores parts of its reserves offshore. In total, 141.2 MT are located in the UK, 149.3 are in Switzerland and 1,061 are kept in the US Federal Reserve. Italy houses 1,100 MT of gold domestically.
4. France
2,436.97 MT
The Banque de France keeps all 2,436.97 MT of its gold reserves on hand. The precious metal is stored in the bank’s secure underground vault, dubbed La Souterraine; it is located 27 meters below street level.
La Souterraine’s gold vaults are one of the four designated gold depositories of the International Monetary Fund.
According to Investopedia, the collapse of the Bretton Woods gold standard system was in part due to former French President Charles de Gaulle, who “called the U.S. bluff and began actually trading dollars in for gold from the Fort Knox reserves.” At the time, US President Richard Nixon “was forced to take the U.S. off the gold standard, ending the dollar's automatic convertibility into gold.”
5. Russia
2,332.74 MT
The Bank of Russia is the official central bank of the Russian Federation and owns 2,332.74 MT of gold. Like France, Russia’s central bank has opted to store all its physical gold domestically. The Bank of Russia stores two-thirds of its gold reserves in a bank building in Moscow, and the remaining one-third in Saint Petersburg.
The majority of the yellow metal is in the form of large, variable-weight standard gold bars weighing between 10 and 14 kilograms. There are also smaller bars on site weighing as much as 1 kilogram each.
Russia, which is the third largest gold producer by country, has been a steady purchaser of the precious metal since roughly 2007, with sales ramping up significantly between 2015 and 2020. However, Russia’s refineries were banned from selling gold bullion into the London market following the country’s invasion of Ukraine. Sanctions by the west also include a freeze on about half of Russia’s gold reserves.
In early 2022, Russia tied its the currency the ruble to the yellow metal. "The plan was to shift the currency away from a pegged value and into the gold standard itself so the ruble would become a credible gold substitute at a fixed rate," according to Robert Huish, an Associate Professor in International Development Studies at Dalhousie University.
6. China
2,262.39 MT
The central bank for Mainland China is the People’s Bank of China (PBoC), located in Beijing. The national financial institute stores 2,262.39 MT of gold, most which has been purchased since 2000. In 2001, the PBoC had 400 MT of gold in reserve, but in just a little more than two decades that total has climbed by 459 percent.
The PBoC issues the Panda gold coin, which was first created in 1982. The Panda coin is now one of the top five bullion coins issued by a central bank. It is among the ranks of the American Eagle, Canadian Maple Leaf, South African Krugerrand and Australian Gold Nugget.
The PBoC was the top gold buyer out the world's central banks for the first quarter of 2024, purchasing another 27 MT. March 2024 marked the 17th consecutive month of gold buying for China's central bank.
7. Switzerland
1,040 MT
Holding the seventh largest central bank gold reserves is the Swiss National Bank. Its 1,040 MT of gold are owned by the state of Switzerland, but the central bank manages and maintains the reserve.
After years of opaqueness regarding the country’s golden treasure trove, the Swiss Gold Initiative, or Save our Swiss Gold campaign, was launched in 2011.
The publicity culminated in a national referendum in 2014, asking citizens to vote on three proposals. The first was a mandate for all reserve gold to be held physically in Switzerland. The other two dealt with the central bank’s ability to sell its gold reserves, along with a decree that 20 percent of the Swiss bank’s assets be held in gold.
The referendum was unsuccessful, but did prompt the bank to be more transparent. In a 2013 release, the central bank reported that 70 percent of its gold reserve was held domestically, 20 percent was located at the Bank of England and 10 percent was stored with the Bank of Canada.
8. Japan
845.97 MT
Public information about the Bank of Japan’s gold reserves is hard to come by. In 2000, the island nation was holding approximately 753 MT of the yellow metal. By 2004, the Bank of Japan’s gold store had grown to 765.2 MT, and remained at that level until March 2021, when the country purchased 80.76 MT of gold.
9. India
822.58 MT
The Reserve Bank of India is another central bank that has fervently acted to increase to its holdings in recent years. It began adding to its gold assets in 2017; however, the majority of its purchases have taken place in the past four years.
Strikingly, after India's central bank purchased 16 MT of gold in 2023, the institution scooped up another 19 MT of the precious metal in the first three months of 2024.
While more than half of its gold is held overseas in safe custody with the Bank of England and the Bank of International Settlements, about a third of its gold is held domestically.
10. Netherlands
612.45 MT
Rounding out this list of the top central bank gold reserves is the Dutch National Bank (DNB), the central bank of the Netherlands. Like Switzerland, the Dutch central bank stores as much as 38 percent of its gold in Canada’s national reserve. Another 31 percent, in the form of 15,000 gold bars, is held in a domestic vault, while the remaining 31 percent is located in New York’s Federal Reserve bank.
In a report, the DNB describes gold as the supreme safe-haven asset. “Central banks such as DNB have therefore traditionally had a lot of gold in stock. After all, gold is the ultimate nest egg: the trust anchor for the financial system,” it reads. “If the entire system collapses, the gold supply provides collateral to start over. Gold gives confidence in the strength of the central bank’s balance sheet. That gives a safe feeling.”
*11. International Monetary Fund
2,814.1 MT
The gold reserve held by the International Monetary Fund is the third largest in terms of size. The large gold reserve was amassed primarily during the founding of the international organization in 1944.
In that inaugural year, it was decided that “25 percent of initial quota subscriptions and subsequent quota increases were to be paid in gold.”
Since 1944, the International Monetary Fund has added gold through the repayment of debts owed by member countries. Nations can also exchange gold for another member country’s currency.
This is an updated version of an article first published by the Investing News Network in 2020.
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Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
Analyst Deems Brightstar Resources an Active Agitator Amid “Waiting Game” in WA Gold Fields
Description:
Far East Capital analyst Warwick Grigor breaks down a compelling narrative of why Brightstar Resources ‘stands out from the pack.’
While most operators in the Western Australian goldfields wait patiently by filling up their plants with their own ore, and getting it relegated to the back of the queue, Brightstar Resources (ASX:BTR) refused to be part of the waiting game.
According to a report by Warwick Grigor of Far East Capital, Brightstar stands out from the pack of smaller companies benefitting from consolidation by being an agitator.
The company started its consolidation story in December 2022 with a merger with Kingwest Resources, allowing it to commence mining 30,000 tons of ore at 6 grams/ton from the Selkirk open pit mine at the Menzies gold project.
In 2024, Brightstar made a takeover offer of Linden Gold Alliance, a company that operates the underground Second Fortune gold mine, which currently produces 13,000 ounces.
ROM loader placing Second Fortune gold ore into road train in April 2024.
“It is always more complicated when a company is operating multiple mines and mills, which is what Brightstar is planning; more complicated but possible if you have good operational management. Share price performance is going to depend upon how completely the company delivers on its plans,” Warwick wrote.
Highlights of the report:
- Brightstar announced a merger with Linden Gold Alliance Limited, a private company operating the underground Second Fortune gold mine, which has produced 13,000 oz FY24 YTD. The bid values Linden at $23.7 million.
- The company’s latest game plan involves the development of two mining hubs, Laverton and Menzies, with the sequential development of three open pits and four underground gold mines. The total pre-production cost will be $34 million. Peak gold production will be 91,000 oz in 2026 and 98,000 oz in 2027. The Laverton mill can be refurbished to a 500,000 tpa capacity for just under $20 million, but with some softer rock blending it could get up to 600,000 to 700,000 tpa. Once the mill is up and running again it will be in a good position to accept third-party ore, but more likely it will prefer to acquire ore positions of 50,000 to 100,000 oz that may become available.
- With Brightstar, the share price will move less on speculation and more on delivery. The share price is still at modest levels now, and firmly in an uptrend. Brightstar stands out from the pack of smaller companies talking about being beneficiaries of consolidation by being the agitator. Initially, it is already having its ore being toll treated in the Gwalia mill. The next step will be the recommissioning of its Laverton mill.
For the full analyst report, click here.
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