
December 11, 2024
Dundas Minerals Limited (ASX: DUN) (“Dundas Minerals”, “Dundas” or “the Company”) is pleased to announce highly encouraging first pass assay results from its recently completed drilling campaign within Mining Lease M 24/974 (‘’Rockland’’), at the Windanya Gold Project.
Highlights
- Assays received from first-pass 23-hole RC drill programme at “Rockland” (M 24/974)
- Discovery of new zone of gold mineralisation between the historic Milford and Windanya North gold prospects, within granted Mining Lease M 24/974
- Gold mineralisation now extends over ~1km along strike
- Best intercepts include:
- 12m @ 1.9g/t gold from 72m, incl 4m @ 3.0g/t from 80m (24RKRC015)
- 16m @ 1.5g/t gold from 68m, incl 4m @ 2.7g/t from 76m (24RKRC005)
- 8m @ 1.8g/t gold from 108m, incl 4m @ 2.7g/t from 112m (24RKRC013)
- 4m @ 1.7g/t gold from 48m (24RKRC019)
- 4m @ 1.5g/t gold from 128m (24RKRC022)
- Previous drilling was mostly limited to 50 metres, and undertaken 25 – 35 years ago
- Planning of a follow-up drill program to target extensions of the 1km long gold trend
- Dundas is also expecting assay results in January 2025, from recently completed drilling at the Baden-Powell gold deposit
Dundas is actively exploring for gold at the Windanya and Baden- Powell projects, located adjacent to the Goldfields Highway ~60km north of Kalgoorlie, Western Australia, and ~15km north of the Paddington gold mill.
Rockland – Drilling Program / Assay Results
All assay results have been received from the 23 hole reverse circulation (RC) drilling program of 3,954 metres, that was completed within the Rockland granted mining lease in October 2024. 11 of the 23 holes drilled returned gold assays above 1.0g/t, from 4m composite samples (Appendix: Table 1).
Commenting on the first pass drill campaign, Dundas managing director Shane Volk said: ‘’This is an excellent start from first pass drilling at a project that Dundas acquired an option on only a few months ago. Most of the previous drilling at the project was limited to 50 metres, and undertaken 25-35 years ago when the gold price was below US$500 an ounce.
Results from this first pass program have exceeded expectations. Importantly for the Company, as we seek to grow the size of the gold mineralisation at the Windanya project area, is that Rockland gold mineralisation is within a granted ML located very close to the Goldfields Highway (5km), Kalgoorlie (60km) and multiple operating gold mills, including Paddington (15km).’’
The best assay results from the drill program are:
- 12m @ 1.9g/t gold from 72m, incl 4m @ 3.0 g/t (80-84m): 24RKRC015
- 16m @ 1.5g/t gold from 68m, incl 4m @ 2.7 g/t (76-80m): 24RKRC005
- 8m @ 1.8g/t gold from 108m, incl 4m @ 2.7 g/t (112-116m): 24RKRC013
- 8m @ 1.1g/t gold from 122m: 24RKRC007
- 4m @ 1.7g/t gold from 48m: 24RKRC019
- 4m @ 1.5g/t gold from 128m: 24RKRC022
- 12m @ 1.0g/t gold from 68m: 24RKRC012
Holes were drilled on broad, nominal 150m spaced sections to test mineralisation previously identified in shallow historic RAB and RC drilling, mostly at the Milford and Windanya North gold prospects. Importantly a new mineralised zone has been discovered between these prospects, highlighting a ~1km long gold mineralised trend along the entire length of the ML, and possibly extending north to the Aquarius gold prospect (Figure 1). Mineralisation comprises an oxide supergene zone in the deeply weathered mafic host lithologies, above a series of stacked structures dipping shallowly to the east in the transitional to fresh rock. As illustrated in Figure 1, gold mineralisation is interpreted as trending north – south, which is consistent with the regional trend.
Background – Windanya Gold Project (incl. Rockland)
On 8 October 2024, Dundas Minerals announced that it had executed an exclusive 12 -month option to acquire 100% of granted mining lease (ML) M24/974 (Rockland).
Rockland is strategically situated between Dundas’ Aquarius and Scorpio gold prosects (Figure 1), where on 6 February 2024, Dundas announced high grade gold intercepts from an initial drilling program, including: Aquarius (3m @ 10.2 g/t from 109m; 2m @ 6.5g/t from 70m); and Scorpio (2m@ 3.2 g/t from 9m; 1m @ 6.5g/t from 49m).
The area comprising the Rockland ML has been subject to historic shallow drilling during the 1980s, which was mostly to a maximum depth of 50m (RAB). Also, a series of RAB holes to a maximum depth of ~90m was drilled in the early 2000s, plus 12 RC holes at the Windanya North prospect. More recently the current tenement owner drilled 3 RC holes at depths between 140m and 173m, also at Windanya North. However, the drilling just completed by Dundas Minerals is the first to systematically test for gold mineralisation at Rockland to depths beyond 50m.
Assay results from the Rockland drilling reported in this announcement are from 4 metre composite samples, a cost effective sampling technique commonly used during first-pass exploration drilling. The technique involves taking equal portions of four consecutive 1 metre samples, which are combined to create a single sample for assay. Where gold grades of 0.1g/t or higher were returned from the composite, the Company has submitted the individual 1 metre samples for gold assay (50g Fire assay). Results from these assays are expected in late January 2025, and will provide more definitive and detailed data. Only 2 of the 23 holes drilled (24RKRC002 and 24RKRC003) reported no gold grades above the 0.1g/t threshold with 4 metre composite samples.
Baden-Powell Gold Deposit
Further to the Company’s announcement on 24 November 2024, the 15 hole RC drilling program at the Baden-Powell gold deposit (Figure 2) was completed on 9 December 2024. Assays results from the program are also expected in late January 2025.
Click here for the full ASX Release
This article includes content from Dundas Minerals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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OPINION — Goldenomics 101: Follow the Money
This opinion piece was submitted to the Investing News Network (INN) by Darren Brady Nelson, who is an external contributor. INN believes it may be of interest to readers and has copy edited the material to ensure adherence to the company’s style guide; however, INN does not guarantee the accuracy or thoroughness of the information reported by external contributors. The opinions expressed by external contributors do not reflect the opinions of INN and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
By Darren Brady Nelson
As an economist, I, perhaps somewhat sadly, have many economist friends. One of them recently alerted me to a post on X that was even a shock to me in the toxic 2020s. That being: “Almost all political donations by Fed employees go to one party. The Fed is already politicized.”
The post had a link to the data supporting this assertion, which was published at OpenSecrets. They are a “501(c)3” devoted to: “tracking money in US politics and its effect on elections and public policy.” Their theme is appropriately “Follow the Money,” as it is for this story.
Political money contributions, since 2016, from those at the Fed, range between 92 to 93 percent for Democrats and 8 to 9 percent for Republicans. As Public Choice economics teaches, it is crucial to “Follow the Money” in politics. Austrian and Chicago schools of economics teach the same for gold.
Gold pricing 101
Gold pricing is often characterized as being driven by “fear and uncertainty,” at least in the short run, including geopolitical fears like war and economic uncertainties such as recession. It is also typically recognized to be an “inflation hedge,” in the long run anyway.
Gold is an asset with a price determined in a 24/7/365 global auction, most often quoted per troy ounce, in the world’s reserve currency of US dollars. New supply plays an unusually small role compared to almost all other commodities, goods or services. Thus, highest bid wins.
Perhaps none of these things about gold, and its price, are new nor surprising. But what might be, despite the end of the gold standard in 1971 and legalization of gold investment in 1974, is that gold is still a shadow currency to fiat ones, especially US dollar, in the "always run."
The annual gold price from 1960 to 2024 is displayed below, as sourced from the World Bank. Rises include: late 1970s; late 2000s; and mid 2020s. Slides include: early 1980s; late 1990s; and early 2010s. Overall growth was: Sum 555 percent; Ave 8.7 percent; Max 98 percent; Min -24 percent; and CAGR 6.8 percent.Money supply 101
Gold is the inflation hedge, precisely because it is shadow currency. Money supply is the inflation source, precisely because it is fiat currency. As Chicago economist Milton Friedman wrote in Money Mischief (1994): “In the modern world, inflation is a printing-press phenomenon.”
There are multiple money supply measures, such as M0, M1, M2 and M3. M1 includes paper and coin currency held by the general public as well as liquid bank deposits (e.g. checking accounts). M3 includes M1, plus less liquid bank deposits (e.g. savings accounts) as well as “repos.”
Austrian economist Robert Murphy details in Understanding Money Mechanics (2021) just how the Fed’s printing, Treasury bonds and bank loans create US money supply, through open market operations. Since 2008 and 2020, the Fed has expanded to buying and selling just about anything.
Speaking on behalf of the Fed, and all major central banks, the Bank of England wrote in Money Creation in the Modern Economy (2014): “(B)ank lending creates deposits. At that moment, new money is created. (This is) ‘fountain pen money,’ created at the stroke of bankers’ pens(.)”
Annual M1 and M3 money supply from 1960 to 2024 are displayed below, as sourced from the OECD. M3 starts to take off from the mid 1990s. Both blast off in the early 2020s, M1 in part due to redefinition. Combined growth was: Sum 533 percent; Ave 8.3 percent; Max 126 percent; Min -6.4 percent; and CAGR 7.4 percent.
Gold inflation 101
Christian economist Gary North points out in Honest Money (2011) that businesses have three choices in the face of money inflation: A) profit deflation; B) price inflation; C) quality shrinkflation. Investors have a fourth: D) gold inflation. A, B, and C are all bad options. D is good.
The chart below shows cumulative annual growth of gold versus M1 and M3. Gold performs and protects against both M1 and M3 from 1974 to 2019, even in 2001, but not against M1 from 2020 to 2024. In 2019, gold had a 150 percent lead on M1 and 92 percent on M3. By 2022, it shrunk to -110 percent and 80 percent.
Cumulative yearly growth (percent).
Sources: OECD and World Bank.
A 2020 regression study found: “When the Federal Reserve increases money supply by 1%, gold prices increase by 0.94%.” A 2023 academic paper: “Confirms a long-term relationship between gold price and US M2.” Note that M1’s 2021 redefinition has now made it nearly identical to M1.
Period yearly change (percent).
Sources: OECD and World Bank.
However, the authors of Austrian School for Investors (2015) wrote: “Gold does not correlate with the rate of inflation as such, but with the rate of change of the inflation rate. In order to buttress this hypothesis, we calculated the regression depicted in (the chart below).”
Source: Austrian School for Investors: Austrian Investing between Inflation and Deflation.
In conclusion, as per my Wokenomics 101 (2023) ghost blog, money inflation by: “increasing demand puts upward pressure on price and quantity and downward pressure on quality.” That puts upward pressure on: nominal CPI and GDP statistics; as well as real gold investment and price.
Inflation doesn’t harm all. It helps some. They are the “Bootleggers and Baptists,” as Public Choice economist Bruce Yandle dubbed them in 1983. Bootleggers are crony capitalists, politicians and bureaucrats whose inflated revenue outpaces costs. Baptists are the “useful idiots.”
Thus, “Follow the Money” back to the “inflationistas” of: Big Business; Big Government; and Big Banks. All gain supernormal profits from easy money: one, making more money; two, collecting more money; and three, creating more money. Also, “Follow the Money” when it comes to gold.
And, sadly, there is one policy that is always bipartisan; print more money. But, gladly, gold will always win.
About Darren Brady Nelson
Darren Brady Nelson is chief economist with Fisher Liberty Gold and policy advisor to The Heartland Institute. He previously was economic advisor to Australian Senator Malcolm Roberts. He authored the Ten Principles of Regulation and Reform, and the CPI-X approach to budget cuts.
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This Pacgold profile is part of a paid investor education campaign.*
Click here to connect with Pacgold (ASX:PGO) to receive an Investor Presentation
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Miramar Resources Limited (ASX:M2R, “Miramar” or “the Company”) is pleased to announce that the first RC drill hole at the 8 Mile target has intersected high-grade gold and ended in mineralisation.
- First RC hole at 8 Mile discovers high-grade gold and ends in mineralisation
- 8 Mile gold mineralisation extends 75m north of tenement boundary
The 8 Mile target is located within the Gidji JV Project (“Gidji” or “the Project”), approximately 15 kilometres north of Kalgoorlie and surrounded by multiple gold mining and processing operations, including Northern Star Resources Limited’s (“NST”) Kalgoorlie gold operations (Figure 1).
The 8 Mile Target is located immediately adjacent to NST’s “8-Mile Dam” gold deposit which, according to the most recent publicly available data, contains an estimated 7Mt @ 1.4g/t Au for 313,977 ounces1.
A limited number of fast-tracked results from the first RC hole, GJRC029, show a wide zone of gold mineralisation with a similar tenor to 8 Mile Dam (18m @ 0.94g/t Au from 480m including 1m @ 6.04g/t Au), approximately 75m north of the tenement boundary, and ended in mineralisation (3m @ 0.52g/t Au).
The Company is awaiting assay results from the remainder of the hole which are expected in 2-3 weeks.
Miramar’s Executive Chairman, Mr Allan Kelly, said the Company was excited to see gold mineralisation continuing onto Miramar’s ground for a significant distance.
“This is the first time we have discovered significant gold mineralisation on our side of the fence, even though the drill hole didn’t end up exactly where we planned it to. The flip side of this is that we have extended the strike of gold mineralisation for over 100m on to our tenements,” he said.
“We’ve also demonstrated a relationship between the IP anomalism and gold mineralisation, which makes the other IP anomalies we have outlined at Gidji even more prospective,” he said.
Figure 1. The Gidji JV Project and 8-Mile Dam in relation to Kalgoorlie and surrounding deposits.
GJRC029 aimed to test an Induced Polarisation (IP) anomaly on the tenement boundary interpreted to represent the sulphide-rich gold mineralisation seen at the neighbouring 8 Mile Dam Deposit.
GJRC029 was collared approximately 10m north of the tenement boundary and mirrored MPGD008, a diamond hole drilled down-dip approximately 40m south of the tenement boundary by KCGM in 2013 and which intersected significant gold mineralisation related to the 8 Mile mafic unit.
Unfortunately, GJRC029 deviated significantly from the planned azimuth and, as a result, by the time the hole was terminated at the target depth of 504m, the drill trace ended up approximately 75m north of the tenement boundary (Figure 2). Despite this, the hole intersected a thick section of the steep westerly- dipping and highly altered 8 Mile mafic unit with widespread sulphide mineralisation, including disseminated magnetite and coarse-grained arsenopyrite, pyrrhotite and chalcopyrite, similar to the 8 Mile Dam Deposit (Figure 3).
Based on visual logging of RC drill chips, handheld portable XRF results and magnetic susceptibility measurements, samples from the bottom 56m of the hole were sent for priority analysis by fire assay at Bureau Veritas in Kalgoorlie.
The results from these initial samples confirm the relationship between the gold mineralisation and sulphides, and a relationship between the best gold mineralisation and coincident magnetic anomalism and elevated Arsenic as measured by handheld portable XRF. The first results also confirm that the IP anomaly is associated with potentially significant gold mineralisation, whilst the significant deviation of GJRC029 away from the planned target increases the potential strike length of gold mineralisation on Miramar’s ground.
Significant results are listed in Table 1, with assay results from the remainder of the hole expected in coming weeks.
The initial RC drilling programme, which also tested two other IP targets, is nearing completion and results will be reported once received and compiled.
Once all assays are received, the Company will plan further RC and/or diamond drill holes including to test the dip and strike extent of the mineralisation intersected in GJRC029.
The Company advises that the WA Department of Mines, Petroleum and Exploration (DMPE) has extended the main Gidji JV tenement, E26/214, for a further five years, and will now expire in March 2030.
Click here for the full ASX Release
This article includes content from Miramar 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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