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February 10, 2025
Emerging gold discovery on E79’s tenement boundary with KalGold
West Australian-based explorer E79 Gold Mines Limited (ASX: E79) (‘E79 Gold’ or ‘the Company’) is pleased provide an update on exploration activities at the Laverton South Gold Project in Western Australia.
- Recent drilling by Kalgoorlie Gold Mining Ltd (KalGold) (ASX: KAL) on an adjoining tenement to E79 Gold’s Laverton South Project highlights a potential emerging gold discovery, called Lighthorse.
- Recently announced drilling results by KalGold have returned thick, shallow zones of gold mineralisation with results including1,2:
- 8m @ 2.29g/t Au from 60m (KGAC24045) – located ~40m from the E79 Gold/KalGold tenement boundary; and
- 17m @ 4.81g/t Au from 48m (KGAC24152) – ~550m from the E79 Gold/KalGold tenement boundary.
- Structural trends, host stratigraphy and drill targets strike towards E79 Gold-owned tenements, where there has been no drilling to date.
- Planning is underway for aircore drilling to drill test the newly identified targets on the E79 Gold tenure late in the March Quarter.
E79 Gold CEO, Ned Summerhayes, said:“The great work done by KalGold to make the greenfields Lighthorse gold discovery is very exciting for E79 Gold, with shallow intercepts of strong gold grades in drilling so close to our tenement boundary and the two main extensions to the mineralisation interpreted by KalGold both trending onto our tenure. There is no drilling on our side of the tenement boundary and, in light of this exciting breakthrough, we will move quickly to drill test these walk-up targets.”
Laverton South Projects
Lake Yindana (100%) and Pinjin (100%)
The Laverton South Project, with an area of 272km2, covers a southern portion of the Laverton Tectonic Zone (‘LTZ’) approximately 130km east-northeast of Kalgoorlie, within the major gold producing Archean Yilgarn Craton of Western Australia.
The LTZ is one of the world’s richest gold belts with more than 30 million ounces (‘Moz’) in historical production, reserves and resources and hosts numerous prolific deposits including Granny Smith (5.8Moz), Sunrise Dam (10.3Moz) and Wallaby (11.8Moz)3.
Neighbouring company, Kalgoorlie Gold Mining Ltd (ASX: KAL) (KalGold) has recently released significant assay results from drilling at an emerging greenfields gold discovery called Lighthorse, in a structure parallel to the LTZ.
The discovery sits to the west of KalGold’s Kirgella Gift/Providence deposits (2.34Mt @ 1.0g/t Au for 76,400 ounces4) and to the immediate east of E79 Gold’s tenure, see Figure 1).
The discovery holes at Lighthorse are interpreted by KalGold to define a zone of mineralisation up to 600m long and 200m wide under transported cover, which is open both at depth and along strike. This new ‘blind’ discovery sits between 40m and 550m east of E79 Gold’s Pinjin Project.
The main Lighthorse mineralised structure trends north-west into E79 Gold’s tenure, creating the North Target (see Figure 1), which sits in a zone of structural complexity with a structural offset and interpreted demagnetisation evident in the regional aeromagnetic data. There has been no historic drilling over the North Target in E79 Gold’s tenure.
A second cross-cutting mineralised structure strikes south-west, creating the South Target. The regional aeromagnetic data shows this south-west trending zone extending into the E79 Gold tenure, where again there has been no previous drilling in E79 Gold’s tenure.
Both of these targets will be the focus of an upcoming aircore (AC) program at the Laverton South Project, planned for the end of the March Quarter.
Click here for the full ASX Release
This article includes content from E79 Gold Mines 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.
18h
Willem Middelkoop: Gold to Benefit as Chaos Rises, Silver's Path to US$100
Willem Middelkoop, founder of Commodity Discovery Fund, shared his thoughts on the commodities space, saying that an "era of shortages" is arriving.
He believes that will propel prices up from today's rock-bottom levels, creating investment opportunities.
Middelkoop also discussed geopolitics, looking at recent moves from the Trump administration.
Watch the interview above for more of his thoughts on those topics.
You can also click here to view the Investing News Network's Prospectors & Developers Association of Canada convention playlist on YouTube.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
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18h
Chen Lin: Gold, Silver, Critical Minerals — Where I'm Investing in 2025
Chen Lin of Lin Asset Management told the Investing News Network where he's investing in 2025, mentioning gold, silver and critical minerals.
In his view, the mining industry is returning to exciting times after a long bear market.
Watch the interview above for more from Lin on those topics.
You can also click here to view the Investing News Network's Prospectors & Developers Association of Canada convention playlist on YouTube.
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
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18h
Will Trump Bring Back the Gold Standard?
The gold standard hasn’t been used in the US since the 1970s, but during Donald Trump's first term from 2017 to 2021 there was some speculation that he could bring it back.
Rumors that the gold standard could be reinstated during Trump’s presidency centered largely on positive comments he made about the idea. Notably, he suggested that it would be “wonderful” to bring back the gold standard, and a number of his advisors were of the same mind — Judy Shelton, John Allison and others supported the concept.
Now that Trump is back in the White House, some are again wondering if he will return the country to the gold standard. Speaking on his War Room podcast back in December 2023, Steve Bannon, Trump's former chief strategist, said he believes the president could ditch the US Federal Reserve and bring back the gold standard in his second term in office.
More recently, the Heritage Foundation included a whole chapter on the Federal Reserve in its Project 2025 (a proposed blueprint for Trump's second term), and mentioned the option of eliminating the Federal Reserve to make way for a return to the gold standard.
While Trump has publicly disavowed Project 2025, its creators say he is privately supportive of the initiative, and he has implemented many of their suggestions. Additionally, the chapter's author, Paul Winfree, is a former member of Trump's 2016 transition team and 2017 administration.
Since re-entering office, Trump has also shown interest in the physical gold stored in Fort Knox, Kentucky. The president and Elon Musk have repeatedly questioned whether some of the gold may have been stolen, and Musk has suggested an audit of the 147 million ounces of gold stored in the vault. It remains to be seen whether the audit will take place, but it has added an extra unknown to the gold space.
Read on to learn what the gold standard is, why it ended, what Trump has said about bringing back the gold standard — and what could happen if a gold-backed currency ever comes into play again.
In this article
- What is the gold standard?
- When was the gold standard introduced?
- What countries are on the gold standard today?
- Why was the gold standard abandoned?
- What is the US dollar backed by?
- What has Trump said about the gold standard?
- What does Project 2025 say about the gold standard?
- Would it be feasible for the US to return to the gold standard?
- Is there enough gold to return to the gold standard?
- What would happen if the US returned to the gold standard?
What is the gold standard?
What is the gold standard and how does it work? Put simply, the gold standard is a monetary system in which the value of a country’s currency is directly linked to the yellow metal. Countries using the gold standard set a fixed price at which to buy and sell gold to determine the value of the nation’s currency.
For example, if the US went back to the gold standard and set the price of gold at US$1,000 per ounce, the value of the dollar would be 1/1000th of an ounce of gold. This would offer reliable price stability.
Under the gold standard, transactions no longer have to be done with heavy gold bullion or gold coins. The gold standard also increases the trust needed for successful global trade — the idea is that paper currency has value that is tied to something real. The goal is to prevent inflation as well as deflation, and to help promote a stable monetary environment.
When was the gold standard introduced?
The gold standard was first introduced in Germany in 1871, and by 1900 most developed nations, including the US, were using it. The system remained popular for decades, with governments worldwide working together to make it successful, but when World War I broke out it became difficult to maintain. Changing political alliances, higher debt and other factors led to a widespread lack of confidence in the gold standard.
What countries are on the gold standard today?
Currently, no countries use the gold standard. Decades ago, governments abandoned the gold standard in favor of fiat monetary systems. However, countries around the world do still hold gold reserves in their central banks. The Fed is the central bank of the US, and as of February 2025 its gold reserves came to 8,133.46 metric tons.
Why was the gold standard abandoned?
The demise of the gold standard began as World War II was ending. At this time, the leading western powers met to develop the Bretton Woods agreement, which became the framework for the global currency markets until 1971.
The Bretton Woods agreement was born at the UN Monetary and Financial Conference, held in Bretton Woods, New Hampshire, in July 1944. Currencies were pegged to the price of gold, and the US dollar was seen as a reserve currency linked to the price of gold. This meant all national currencies were valued in relation to the US dollar since it had become the dominant reserve currency. Despite efforts from governments at the time, the Bretton Woods agreement led to overvaluation of the US dollar, which caused concerns over exchange rates and their ties to the price of gold.
By 1971, US President Richard Nixon had called for a temporary suspension of the dollar’s convertibility. Countries were then free to choose any exchange agreement, except the price of gold. In 1973, foreign governments let currencies float; this put an end to Bretton Woods, and the gold standard was ousted.
What is the US dollar backed by?
Since the 1970s, most countries have run on a system of fiat money, which is government-issued money that is not backed by a commodity. The US dollar is fiat money, which means it is backed by the government, but not by any physical asset.
The value of money is set by supply and demand for paper money, as well as supply and demand for other goods and services in the economy. The prices for those goods and services, including gold and silver, can fluctuate based on market conditions.
What has Trump said about the gold standard?
While it’s perhaps not common knowledge, Trump has long been a fan of gold.
In fact, as Sean Williams of the Motley Fool has pointed out, Trump has been interested in gold since at least the 1970s, when private ownership of gold bullion became legal again. He reportedly invested in gold aggressively at that time, buying the precious metal at about US$185 and selling it between US$780 and US$790.
Since then, Trump has specifically praised the gold standard. In an oft-quoted 2015 GQ interview that covers topics from marijuana to man buns, Trump said, “Bringing back the gold standard would be very hard to do, but boy, would it be wonderful. We’d have a standard on which to base our money.”
In a separate interview that year, he said, “We used to have a very, very solid country because it was based on a gold standard.”
According to Politico’s Danny Vinik, “(Trump has) surrounded himself with a number of advisors who hold extreme, even fringe ideas about monetary policy. … At least six … have spoken favorably about the gold standard.” Shelton and Allison, mentioned above, are not alone. Others include Ben Carson and David Malpass. The last two, Rebekah and Robert Mercer, eventually distanced themselves from Trump, but had a strong influence before that.
Emphasizing how unusual Trump’s support for the international gold standard is, Joseph Gagnon, a senior fellow at the Peterson Institute for International Economics, told the news outlet, “(It) seems like nothing that’s happened since the Great Depression.” Gagnon, who has also worked for the Fed, added, “You have to go back to Herbert Hoover.”
Back in 2017, Politico also quoted libertarian Ron Paul, another gold standard supporter, as saying, “We’re in a better position than we’ve ever been in my lifetime as far as talking about serious changes to the monetary system and talking about gold.”
What does Project 2025 say about the gold standard?
In its chapter on the Federal Reserve, Project 2025 discusses the pros and cons of a return to the gold standard or other commodity-backed monetary system. The chapter's author, Paul Winfree, weighs several monetary reform options, listing the gold standard as the second most effective option "against inflation and boom-and-bust recessionary cycles."
Project 2025 aims to severely reduce the current powers of the Federal Reserve, including its ability to purchase federal debt and other financial assets as well as bail out big financial institutions. Winfree also proposes removing maximizing employment from the Fed’s mandate.
The document offers several paths to a potential gold standard, including gold-convertible treasury instruments or a parallel fiat dollar and gold standard system to make a transition easier. However, Winfree writes, "We have good reasons to worry that central banks and the gold standard are fundamentally incompatible—as the disastrous experience of the Western nations on their 'managed gold standards' between World War I and World War II showed."
On the more extreme end, the policy playbook also explores dismantling the Federal Reserve in favor of the gold standard alone. In the view of Project 2025, this would reduce the risk of inflation because there would be no central bank to print money and bail-out the banks. On the other hand, Winfree states that the two-year election system means they should be cautious about causing too much disruption to financial markets and the economy.
While the Trump Administration 2.0 has yet to implement any of the Project 2025 recommendations on the Federal Reserve discussed above, the president did sign an Executive Order in mid-February that would give the Executive Branch oversight and control of regulatory agencies like the Fed. However, the order does provide an exemption for the central bank’s ability to set interest rates.
Would it be feasible for the US to return to the gold standard?
Trump’s first term as president passed without a return to the gold standard, and the consensus seems to be that it’s highly unlikely that this event will come to pass — even with him at the helm once again.
Even many ardent supporters of the system recognize that going back to it could create trouble.
As per the Motley Fool’s Williams, economists largely agree that moving to a lower-key version of the gold standard in 1933 was “a big reason why the US emerged from the Great Depression,” and a return would be a mistake.
This is the take of Kevin Bahr, chief analyst of the Center for Business and Economic Insight. "History has shown that the gold standard was highly ineffective in dealing with inflation and economic downturns. Although the gold standard can limit the printing of money which could cause inflation, the printing of money is not always the reason that inflation occurs," explains Bahr. "Inflationary pressures caused by World War I resulted from supply shortages and the ramp-up in demand for certain products and resources caused by the war effort. Simply having a fixed money supply tied to gold didn’t solve the problems; consequently, countries bailed from the gold standard to gain more control over monetary policy and inflationary pressures."
Bahr also states that the gold standard would not have prevented the most recent bout of inflation that followed the global COVID pandemic. Quite the opposite, in fact. "Rather, the lack of a gold standard helped countries deal with the effects of inflation. The gold standard could have exacerbated the inflationary problem by preventing any central bank actions," he wrote.
But if Trump or a future president did decide to go through with it, what would it take?
According to Kimberly Amadeo at the Balance, due to trade, money supply and the global economy, the rest of the world would need to go back to the gold standard as well. Why? Because otherwise the countries that use the US dollar could stand with their hands out asking for their dollars to be exchanged for gold — including debtors like China and Japan, to which the US owes a large chunk of its multitrillion-dollar national debt.
Is there enough gold to return to the gold standard?
The fact that the US doesn’t have enough gold in its reserves to pay back all its debt poses a huge roadblock to returning to the gold standard. The country would have to exponentially replenish its gold reserves in advance of any return to the gold standard.
"The United States holds around 261.5 million troy ounces of gold, valued at approximately $489 billion. The total US money supply exceeds $20 trillion, necessitating about 272,430 metric tons of gold at current market prices," explained Ron Dewitt, Director of Business Development at the Gold Information Network, in a June 2024 LinkedIn post.
"The supply remains insufficient, even including global gold stocks, which total around 212,582 metric tons."
In addition, it's understood that returning to the gold standard would require the price of gold to be set much higher than it is currently. What would the price of gold need to be worth if the US returned to the gold standard? Financial analyst and investment banker Jim Rickards has calculated the gold price would need to jump up to at least US$27,000 an ounce.
That means the US dollar would be severely devalued, causing inflation, and since global trade uses the US dollar as a reserve currency, it would grind to a halt. Conversely, returning to the gold standard at a low gold price would cause deflation.
What would silver be worth if the US returned to the gold standard? It's not a guarantee that silver would follow in gold's footsteps if a gold standard was re-established due to its many industrial and technological applications. While silver has a long history as a precious metal and played an important role as currency for much of human history, its value today is intrinsically linked to that demand as well.
What would happen if the US returned to the gold standard?
Returning to the gold standard would have a huge impact on all levels of the US economy and make it impossible for the Fed to offer fiscal stimulus. After all, if the US had to have enough gold reserves to exchange for dollars on an as-needed basis, the Fed’s ability to print paper currency would be incredibly limited.
Supporters believe that could be the perfect way to get the US out of debt, but it could also cause problems during times of economic crisis. It’s important to remember that because 70 percent of the US economy is based on consumer spending, if inflation rose due to the gold price rising, then a lot of consumers would cut spending.
That would then affect the stock market as well, which could very well lead to a recession or worse without the ability of the government to soften that blow via money supply. "Transitioning to a gold standard during an economic crisis would severely limit monetary policy options and could lead to economic instability," Dewitt warned.
For that reason, a return to the gold standard would also expose the US economy to the yellow metal’s sometimes dramatic fluctuations — while some think that gold would offer greater price stability, it’s no secret that it’s been volatile in the past. Looking back past the metal’s recent stability, it dropped quite steeply from 2011 to 2016.
Moreover, speaking to Congress on this issue in 2019, Fed Chair Jerome Powell warned against a return to the gold standard.
“You’ve assigned us the job of two direct, real economy objectives: maximum employment, stable prices. If you assigned us (to) stabilize the dollar price of gold, monetary policy could do that, but the other things would fluctuate, and we wouldn’t care,” Powell said. “There have been plenty of times in fairly recent history where the price of gold has sent a signal that would be quite negative for either of those goals.”
As can be seen, returning to the gold standard would be a complex ordeal with pros and cons. The likelihood of the US bringing back the gold standard is slim, but no doubt the question will continue to be up for debate under future presidents.
This is an updated version of an article first published by the Investing News Network in 2017.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
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19h
Heliostar Metals Eyes 2028 Gold Production at Flagship Ana Paula Project
Heliostar Metals (TSXV:HSTR,OTCQX:HSTXF,FWB:RGG1) President and CEO Charles Funk highlighted progress on drilling at the firm's flagship Ana Paula project in Mexico.
The company continues to expand the property's high-grade resource and is advancing toward a feasibility study. It is aiming to subsequently commence production by 2028.
19h
McEwen Mining Inc. to Become 5.9% Strategic Shareholder in Canadian Gold Corp. to Advance Tartan Mine Exploration & Development Plan
Canadian Gold Corp. (TSXV: CGC) ("Canadian Gold" or the "Company") is pleased to announce that it has entered into an agreement where it will issue 8,823,529 charity flow-through shares (the "Charity FT Shares") at a price of $0.28 per Charity FT Share and 2,941,176 common share units (the "Share Units") at a price of $0.17 per Share Unit for aggregate gross proceeds to the Company of approximately $3 million (the "Offering"). The Offering will be conducted on a non-brokered private placement basis. McEwen Mining Inc. (TSX: MUX) (NYSE: MUX) has agreed to participate in the Offering as a strategic investor. Upon closing of the Offering, McEwen Mining will own 5.9% of Canadian Gold's outstanding shares and 7.1% on a partially diluted basis. Post-financing, Rob McEwen, McEwen Mining's Chairman and Chief Owner, will own 32% of Canadian Gold's outstanding shares.
"We are honored to welcome McEwen Mining Inc. as a strategic shareholder. Their investment represents a significant validation and endorsement of the results of our ongoing exploration efforts at Tartan. We have a shared vision to aggressively advance toward the goal of restarting the Tartan Mine. We look forward to putting this investment to work immediately to expand and quantify the resource on the Main Zone and South Zone, plus do follow up drilling at our recently discovered third parallel zone to the south of the South Zone." - Michael Swistun, CFA, President & CEO
Each Share Unit will consist of one non-flow-through common share of the Company (the "Common Shares") and one whole common share purchase warrant (the "Share Warrant") that will entitle McEwen Mining to acquire one Common Share of the Company for an exercise price of $0.22 per Common Share for 12 months from the closing of the Offering.
The Charity FT Shares will qualify as "flow-through shares" for the purposes of the Income Tax Act (Canada).
The Company will use the gross proceeds from the issue and sale of the Charity FT Shares to incur eligible "Canadian exploration expenses" that qualify as "flow-through mining expenditures" as both terms are defined in the Income Tax Act (Canada) (the "Qualifying Expenditures") on or before December 31, 2026. All Qualifying Expenditures will be renounced in favour of the subscribers effective December 31, 2025. The Company will indemnify subscribers for any taxes payable as a result of a failure to renounce Qualifying Expenditures, or in the event of a reduction by the tax authorities in the amount of expenses renounced by the Company.
The Company intends to use the aggregate proceeds from the Offering to:
- Target the deeper extensions of the Main Zone, which remains open. Limited drilling in this area has returned 12.0 gpt gold over 8.0 metres and 12.7 gpt gold over 3.4 metres.
- Drill the Main Zone's Western Flank where recent step-out drilling has intercepted 11.6 gpt gold over 5.6 metres and 7.1 gpt gold over 6.0 metres.
- Drill the Main Zone's Eastern Flank, which returned 9.7 gpt gold over 4.2 metres.
- Drill the South Zone's potentially important depth extension where the first drill hole recently returned 6.1 gpt gold over 6.0 metres and newly discovered South Zone Hanging Wall Zone that has returned 29.1 gpt gold over 5.9 metres and 8.4 gpt gold over 2.0 metres.
- Help advance development studies at the Tartan Mine.
The Charity FT Shares and Share Units issued pursuant to the Offering will have a hold period of four months and one day. The Offering is expected to close on or about March 31, 2025, and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX-V.
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 U.S. state security laws, and may not be offered or sold in the United States without registration under the U.S. Securities Act and all applicable state securities laws or compliance with requirements of an applicable exemption therefrom. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Qualified Person
The scientific and technical information disclosed in this news release was reviewed and approved by Wesley Whymark, P. Geo., Consulting Geologist for the Company, and a Qualified Person as defined under National Instrument 43-101.
For Further Information, Please Contact:
Michael Swistun, CFA
President & CEO
Canadian Gold Corp.
(204) 232-1373
info@canadiangoldcorp.com
About Canadian Gold Corp.
Canadian Gold Corp. is a Toronto-based mineral exploration and development company whose objective is to expand the high-grade gold resource at the past producing Tartan Mine, located in Flin Flon, Manitoba. The historic Tartan Mine currently has a 2017 indicated mineral resource estimate of 240,000 oz gold (1,180,000 tonnes at 6.32 g/t gold) and an inferred estimate of 37,000 oz gold (240,000 tonnes at 4.89 g/t gold). The Company also holds a 100% interest in greenfields exploration properties in Ontario and Quebec adjacent to some of Canada's largest gold mines and development projects, specifically, the Canadian Malartic Mine (QC), the Hemlo Mine (ON) and Hammond Reef Project (ON). The Company is 34% owned by Robert McEwen, who was the founder and CEO of Goldcorp and is Chairman and CEO of McEwen Mining.
CAUTION REGARDING FORWARD-LOOKING INFORMATION
This news release of the Company contains statements that constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Canadian Gold's actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements.
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11 March
Additional Targets Identified from Gravity Geophysics at Wagyu Project, Pilbara WA
New Age Exploration (ASX: NAE) (NAE or the Company) is pleased to announce the successful completion of additional geophysical surveys at its highly prospective Wagyu Gold Project in the Pilbara, WA. The Passive Seismic (Tromino) and Ground Gravity surveys were conducted across the dry Yule River bed, facilitating a deeper understanding of the geological structures and linking data from both sides of the project area.
HIGHLIGHTS
- Completion of Passive Seismic and Ground Gravity surveys across the dry Yule River bed at the Wagyu Gold Project in Pilbara, WA
- Several new gravity anomalies have now been identified, which may indicate the presence of more gold-mineralised intrusions, similar to those intersected in 2024 aircore drilling
- Enhanced geological connectivity established by linking data from the east and west sides of the tenement
- Both geophysics surveys were completed with “zero impact” on this culturally sensitive area
- This is the third ground gravity survey and the second passive seismic survey to take place at the Wagyu Project, with previous surveys outside the river completed in April and May 2024
- Additional targets 8 and 10 confirmed on east side of the project from gravity survey
- 3000m of Reverse Circulation Drilling to commence imminently
- The Wagyu Project is located in the Central Pilbara’s fast-emerging gold region, adjoining De Grey Mining (ASX:DEG) tenure containing its ~11.2Moz1 Hemi Gold deposit
The Wagyu Gold Project, located within a fast-emerging gold mineralised corridor, represents a highly prospective Gold opportunity ~9km within the same mineralised trend as De Grey Mining’s (ASX:DEG) Hemi Gold Deposit containing ~11.2 Moz1 (refer to Figure 1) in the Central Pilbara.
Figure 1: Location Map showing NAE’s Wagyu Gold Project (E47/2974) in the Gold Mineralisation Corridor shared with De Grey’s significant gold Mineral Resources, including Hemi, Mt Berghaus and Calvert.
The Hemi Gold Mineral Resource was last updated by De Grey Mining on 14 November 20241. The estimate is for 264Mt @ 1.3g/t Au for 11.2Moz, which can be broken down into 13Mt @ 1.4g/t for 0.6Moz, 149Mt @ 1.3g/t Au Indicated for 6.3 Moz, and 103Mt @ 1.3g/t Au for 4.3 Moz Inferred.
NAE confirms that it is not aware of any new information or data that materially affects the information included in De Grey’s reported Mineral Resources referenced in this market announcement. To NAE’s full knowledge, all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed.
NAE Executive Director Joshua Wellisch commented:
"The completion of these Geophysical Surveys and identification of new targets marks a pivotal step in our exploration efforts and stakeholder relations at Wagyu. With the support of the Kariyarra People, we have gathered data that links structures and anomalies across the tenement, providing a foundation of our geological understanding. We look forward to using these insights to unlock further potential at Wagyu in the lead up to the imminent 3000m RC Drill Programme.”
Geophysical Surveys and Geological Continuity
The Passive Seismic (Tromino) and Ground Gravity surveys at Wagyu have provided valuable data across the Yule River bed, enhancing the geological connectivity between the east and west portions of the tenement. The Passive Seismic survey, conducted at 200-meter intervals across nine lines, offers insights into bedrock continuity, while the Ground Gravity survey (Figure 4), with spacings of 200m x 200m and infill at 50m x 50m over specific targets, reveals density contrasts associated with mineralisation.
Click here for the full ASX Release
This article includes content from New Age Exploration 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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