
June 16, 2024
Sarama Resources Ltd. (“Sarama” or the “Company”) (ASX:SRR, TSX- V:SWA) is pleased to announce that it has signed a non-binding Memorandum of Understanding (“MOU”) with Cosmo Gold Limited (“Cosmo”) and Adelong Gold Limited (“Adelong”) to acquire rights to the Cosmo Newbery Project (the “Project”), located in Eastern Goldfields of Western Australia, which have historically been highly prospective.
The acquisition will be subject to completion of due diligence, execution of a definitive agreement and satisfaction of certain Conditions Precedent including but not limited to, shareholder and stock exchange approvals and assignment of land access agreements. The MOU contemplates that Sarama will acquire this interest through a combination of share and cash payments and tenement expenditure. The Key Commercial Terms and Conditions Precedent are set out in Schedule 1 to this news release.
PROJECT HIGHLIGHTS
- Located between Laverton and Gold Road Resources’ Gruyere gold mine
- One of the last effectively unexplored greenstone belts in Western Australia
- Land access impediments restricted modern exploration
- Land access obtained with Agreements in place with Traditional Owners and Ministerial Consent
About the Cosmo Newbery Project
The Project is comprised of 7 early-stage gold exploration properties located in the Eastern Goldfields of Western Australia. The Project is located approximately 85km northeast of Laverton and is readily accessible via the Great Central Road which services the Cosmo Newbery Community and the >7Moz Gruyere Gold Mine, 95km to the east.
Cosmo Newbery Project location
The Project is situated on one of the last unexplored greenstone belts in Western Australia and it has seen virtually no modern exploration or drilling of merit, with only soil sampling and limited RAB drilling being undertaken and no holes deeper than 32m vertically below surface. The Project tenure is contiguous and covers approximately 583km2 and the entire +50km extent of the greenstone belt (the “Cosmo Newbery Belt”).
The Cosmo Newbery Belt represents a large and prospective system with gold first being discovered in the area in the 1890’s. Multiple historical gold workings are documented within the Project area and work undertaken to date, has identified multiple exploration targets for follow up.
Click here for the full ASX Release
This article includes content from Sarama Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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20 May
Sarama Resources
Investor Insight
Sarama Resources offers a compelling investment opportunity driven by a +US$120 million fully-funded arbitration claim and two new belt-scale gold projects encompassing 1,000 km2 of the Cosmo Newbery and Jutson Rocks Greenstone Belts in Western Australia’s prolific Eastern Goldfields.
Overview
Sarama Resources (TSXV:SWA,ASX:SRR) is an Australian gold exploration and development company with two key value drivers: a fully funded, multi-million-dollar arbitration claim and two highly prospective gold projects in Western Australia’s Eastern Goldfields. Each of these presents significant standalone value, while together they offer strong upside and optionality for investors.
Sarama recently secured the Cosmo Newbery and Mt Venn Gold Projects, covering 580km² and 420km² respectively. These projects encompass the majority of the greenstone belts they are located within - regions historically underexplored but geologically similar to the nearby Dorothy Hills belt, host to Gold Fields’ +8Moz Gruyere Gold Mine. Both projects offer a compelling exploration opportunity in one of Australia’s most prolific gold provinces.
In parallel, Sarama is advancing a fully funded arbitration claim against the Government of Burkina Faso, seeking no less than US$120 million in damages. The claim is backed by a non-recourse loan facility, with leading international law firm Boies Schiller Flexner - renowned for securing large settlements - engaged to lead proceedings.
The Company is led by a highly experienced board and management team with a strong track record in gold discovery and development, including the +25Moz Kibali Gold Mine and the +3Moz Sanutura Gold Project.
Sarama’s Regional Exploration Strategy
Sarama’s regional strategy is centred on unlocking value across 1,000km² of contiguous, underexplored greenstone terrane in one of Australia’s most productive gold provinces. With 100% control of the Cosmo Gold Belt and a majority stake in Mt Venn, Sarama is strategically positioned between two of the region’s most prolific gold belts - Yamarna/Dorothy Hills to the east and Laverton to the west.
Both projects share key geological signatures with nearby multi-million-ounce deposits and benefit from existing infrastructure and access. The Company’s exploration efforts will focus on high-priority targets across both belts, with systematic programs planned throughout 2025 to rapidly advance discovery.
Together, Cosmo Newbery and Mt Venn offer a rare opportunity to explore at scale in a region that has delivered some of the largest gold discoveries in recent decades - yet remains largely underexplored.
Company Highlights
- Sarama Resources is advancing two key value drivers: a fully funded, multi-million-dollar arbitration claim and two highly prospective belt-scale gold projects in Western Australia’s Eastern Goldfields.
- The flagship Cosmo Gold Project spans 580km², covering much of the underexplored Cosmo Newbery Greenstone Belt. Complementing this, Sarama holds an 80% interest in the 420km² Mt Venn Project, located just 40km from both its Cosmo Project and Goldfields +8Moz Gruyere Gold Mine. The region has remained largely under-explored due to historical access restrictions, leaving considerable untapped potential.
- The Company is also pursuing a fully funded arbitration claim seeking not less than US$120 million in damages from the Government of Burkina Faso. This claim, related to the Sanutura Project, is supported by a non-recourse funding facility covering all legal costs, with formal proceedings initiated in December 2024.
- Sarama is led by a seasoned team with all members having over 30 years’ experience each and a strong track record in gold discovery and development.
Key Projects
Cosmo Newbery Gold Project
The Cosmo Gold Project is a unique, underexplored, belt-scale gold opportunity in Western Australia's prolific Eastern Goldfields. Sarama holds the entire Cosmo Newbery Greenstone Belt under granted exploration licenses covering approximately 583km². The belt is one of the few remaining greenstone belts in Western Australia to have seen little to no modern exploration.
The project is located approximately 85 km northeast of Laverton and 95 km west of the +8Moz Gruyere Gold Mine, operated by Gold Fields and Gold Road. The surrounding region hosts several world-class gold systems, including the Yamarna and Dorothy Hills belts to the east (home to Gruyere, the 1Moz Golden Highway, and 300koz Gilmore deposits) and the Laverton Belt to the west, with over 35Moz in gold endowment and 12Moz of historic production.
Cosmo shares strong geological and structural similarities with these prolific belts. Key elements of orogenic gold systems are present, including:
- Archaean greenstone lithologies
- Crustal-scale shear zones
- Felsic intrusions
- Localised faulting and shearing
- Historic gold mineralisation and high-grade rock chips (up to 52 g/t Au)
Despite gold first being discovered here in the 1890s, the region has seen virtually no modern exploration or drilling, offering a unique opportunity to unlock value in a highly prospective setting.
Project Highlights
- Proven Gold Terrane: Located in a world-class gold province surrounded by major deposits
- Scale and Control: 100% control of the entire Cosmo-Newbery Belt, spanning +50 km of strike
- Underexplored: Minimal historical exploration; no modern drilling of merit
- Historic Potential: Early gold discoveries in the 1890s with artisanal workings still visible
- Strategic Location: Proximal to major gold operations including the Gruyere Gold Mine and multiple large scale mines in the Laverton gold belt
Mt Venn Gold Project
The Mt Venn Gold Project is a large-scale, underexplored gold exploration asset in Western Australia’s Eastern Goldfields, located approximately 40 km east of Sarama’s Cosmo Newbery Gold Project and 40 km west of the +8Moz Gruyere Gold Mine. Sarama holds an 80% interest in the project, which spans 420km² across a substantial portion of the Jutson Rocks Greenstone Belt - a geologically prospective system with gold first discovered in the 1890s.
Mt Venn shares many geological similarities with the Cosmo Project, and is viewed as a complementary, belt-scale exploration opportunity. The project comprises three contiguous exploration tenements and hosts a 35km gold corridor, defined by semi-continuous gold-in-soil anomalies, historic workings, and encouraging drill intercepts. Historic drilling has returned multiple results of merit, including intercepts up to 8.5 g/t Au, over a 4km trend at the Three Bears Prospect.
Geologically, Mt Venn is highly prospective, featuring:
- Archaean greenstone lithologies
- A major regional shear zone running the full 50km length of the belt (1–3 km wide)
- Favourable structural and lithological settings for orogenic gold mineralisation
Despite early discoveries, the project will benefit from a systematic, project-wide approach to exploration and offers substantial discovery potential in a proven gold district.
Project Highlights
- Proven Gold Terrane: Covers a significant part of the Jutson Rocks Greenstone Belt in a region known for major gold discoveries
- Contiguous Tenure: 420km² across three tenements, including a 35km anomalous gold corridor
- Geological Potential: Hosts a large regional shear zone with associated gold mineralisation and strong structural controls
- Historic Workings: Gold discovered in the 1890s; limited systematic follow-up exploration
- Drill-Ready Targets: Historical drilling includes intercepts up to 8.5 g/t Au at the Three Bears Prospect
- Strategic Location: Positioned 40 km from Gruyere (+8Moz), 20 km from the 1Moz Golden Highway deposit, and 40 km from Sarama’s Cosmo Gold Project
Management Team
Andrew Dinning – Executive Chairman
Andrew Dinning is a founder and the Executive Chairman of Sarama Resources. Dinning has over 35 years of experience in the international mining arena and has worked in Australia, the Democratic Republic of Congo, West Africa, the UK and Russia. He has extensive mine management, operations and capital markets experience and has spent most of his career in the gold sector.
Dinning was a Director and President of the Democratic Republic of Congo-based Moto Goldmines Ltd from 2005 to 2009. He oversaw the development of the company's Moto Gold Project (Kibali Gold) from two million to more than 22 million ounces of gold. Dinning took the project from exploration to pre-development. The Moto Gold project was later taken over by Randgold Resources and AngloGold Ashanti for $600 million in October 2009.
Dinning has an MBA, a First-Class Mine Managers Certificate in Western Australia and South Australia and a Bachelor of Engineering in Mining degree.
John (Jack) Hamilton - Vice-president of Exploration
Jack Hamilton is a founder and the Vice President of Exploration at Sarama Resources. Hamilton has 35 years of experience as a professional geologist. Hamilton has worked around the world for international resource companies. Before Sarama, he was the exploration manager for Moto Goldmines in the Democratic Republic of Congo. At Moto Goldmines, he led the team that discovered the main deposits and resource at the world-class Moto Gold Project (now Kibali Gold) which has a resource of more than 22 million ounces.
Hamilton specializes in precious metal exploration in Birimian, Archean and Proterozoic greenstone belts. He has worked and consulted in West, Central and East Africa for the past 30 years with various companies, including Barrick Gold Corporation, Echo Bay Mines, Etruscan Resources Inc, Anglo American, Geo Services International and Moto Goldmines. Whilst at Moto Goldmines, he led the exploration team that took the Moto gold deposit from discovery to bankable feasibility. The Moto gold deposit was later sold to Randgold Resources and AngloGold Ashanti in October 2009.
Paul Schmiede - Vice-president of Corporate Development
Paul Schmiede is a major shareholder and the Vice President of Corporate Development at Sarama Resources. He is a mining engineer with over 30 years of experience in mining and exploration. Before joining Sarama Resources in 2010, Schmiede was Vice President of Operations and Project Development at Moto Goldmines. At Moto Goldmines, he managed the pre-feasibility, bankable and definitive feasibility study for the more than 22 million-ounce Democratic Republic of Congo-based Moto Gold Project (now Kibali Gold). Whilst at Moto Goldmines, he also managed the in-country environment, community studies and pre-construction activities. Before joining Moto Goldmines, he held senior operational and management positions with Goldfields and WMC Resources. At these companies, Schmiede was responsible for underground and open-pit operations as well as project development and planning.
Schmiede holds a first-class mine managers certificate in Western Australia and a Bachelor of Engineering in Mining degree. He is also a fellow of the Australasian Institute of Mining and Metallurgy.
Lui Evangelista - Chief Financial Officer
Lui Evangelista is Sarama's chief financial officer with 35 years of experience in accounting, finance and corporate governance with public companies. He has more than 20 years of experience in the mining industry - 10 years of which have been at the operational and corporate level with companies operating in Francophone Africa.
Evangelista held the positions of group financial controller and acting CFO at Anvil Mining which operated 3 mines in the DRC. He was an integral part of the senior management team that saw Anvil's market capitalization grow from C$100 million in 2005 to C$1.3 billion upon takeover by Minmetals in 2012.
Evangelista holds a Bachelor of Business in Accounting degree, a graduate diploma in business administration and a graduate diploma in applied corporate governance.
Simon Jackson - Non-executive Director
Simon Jackson is a founder, shareholder and non-executive chairman of Sarama Resources. Jackson is a Chartered Accountant with over 30 years of experience in the mining sector. He is the Chairman of Predictive Discovery and Non-Executive Director of African gold producer Resolute Mining. He has previously held senior management positions at Red Back Mining, Orca Gold and Beadell Resources.
Jackson specializes in M&A, public equity capital markets, management and corporate finance. His career has included corporate transactions in Canada, Australia, Africa and Indonesia. He holds a Bachelor of Commerce degree from the University of Western Australia and is a fellow of the Institute of Chartered Accountants in Australia.
Adrian Byass - Non-executive Director
Adrian Byass has more than 30 years of experience in the mining industry. He has focused his career on the economic development of mineral resources. He is skilled in economic and resource geology. Byass has experience ranging from production in gold and nickel mines to the evaluation and development of mining projects with listed and unlisted entities in multiple countries. He has also held executive and non-executive board roles on both ASX and AIM-listed companies.
Byass presently operates in a corporate and market-focused capacity on a national and international basis. He has board-level experience in mine development, capital raising and M&A in Australia and on overseas stock exchanges. Byass has played key roles in a range of exploration and mining projects in Australia, Africa, North America and Europe. These projects were based on a suite of commodities including gold, base and specialty metals.
He holds a Bachelor of Science in Geology and a Bachelor of Economics. Byass is a member of the Australian Institute of Geoscientists, a fellow of the Society of Economic Geology and a competent person for the reporting of mineral resources (JORC 2012).
Michael Bohm - Non-executive Director
Michael Bohm is a seasoned director and mining engineer in the resources industry. His career spans roles as a mining engineer, mine manager, study manager, project manager, project director, and managing director.
He has been directly involved in the development of multiple mines in the gold, nickel, and diamond industries, and made significant contributions to Ramelius Resources during its formative years. This experience is particularly important as Sarama is currently in the process of rebuilding its operations in the Eastern Goldfields region of Western Australia.
He is a current director of ASX-listed Riedel Resources and has previously been a director of ASX listed Perseus Mining, Ramelius Resources, Mincor Resources NL and Cygnus Metals.
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Promising new gold projects in Western Australia, plus a large fully funded arbitration claim.
09 July
Completion of Tranche 1 Equity Placement & Cleansing Notice
29 June
A$2.7m Equity Placement to Fund Laverton Drilling Campaign
09 June
Sarama Outlines Extensive Gold Trends at Cosmo Gold Project
13 May
Q1 2025 Management's Discussion and Analysis
28s
WGC: Gold Keeps Climbing, Future Hinges on Economic and Geopolitical Crossroads
Gold has notched an extraordinary first half of 2025, climbing 26 percent in US dollar terms and setting 26 new all-time highs — but the rally now faces a murky and fragile second act shaped by inflation, monetary policy, and unresolved global tensions, according to the World Gold Council’s (WGC) recent mid-year report.
Investors around the globe turned to gold as both a tactical hedge and a strategic store of value, pushing trading volumes to an all-time high of US$329 billion per day in the first six months of the year.
The WGC’s mid-year outlook suggests the precious metal’s momentum could continue, but with significant caveats. Under current consensus forecasts, gold is likely to remain rangebound in the second half, potentially rising another 0 to 5 percent.
However, sharp deviations in macro conditions — particularly those involving stagflation, recession, or worsening geopolitical risks — could lift gold by an additional 10 percent to 15 percent before year-end.
A record-breaking first half
Gold’s 26 percent gain in H1 made it one of 2025’s top-performing major assets. The yellow metal benefited from a rare combination of global factors: a declining US dollar — which had its worst start to a year since 1973 — muted Treasury yields, and a sharp uptick in geopolitical tensions, many linked to US trade policies and regional flashpoints.
These factors created fertile ground for strong inflows into exchange-traded funds (ETFs), over-the-counter (OTC) markets, and futures.
Gold ETF holdings surged by 397 metric tons in the first half — the highest since August 2022 — bringing total holdings to 3,616 tonnes and pushing total assets under management to $383 billion, a 41 percent increase from the start of the year.
Central banks, too, continued to buy gold, albeit at a moderated pace compared to the record-setting quarters of 2022 and 2023. Although net purchases have slowed, they remain significantly above the pre-2022 average of 500–600 metric tons annually.
Why investors piled in
According to the WGC’s Gold Return Attribution Model (GRAM), three key drivers contributed to gold’s H1 surge: risk and uncertainty, opportunity cost, and momentum.
Investor demand stemming from heightened geopolitical and financial risks contributed approximately 4 percent of gold’s return, with half of that explained by a measurable increase in the Geopolitical Risk Index.
A further 7 percent of the return was attributed to changes in opportunity cost, primarily due to the weakening dollar and low bond yields, which made non-interest-bearing gold relatively more attractive.
Lastly, momentum effects, including continued ETF inflows and trend-following investment behavior, added another 5 percent, supporting the metal’s climb through positive feedback loops.
Altogether, these macro and market-based dynamics explained around 16 percentage points of gold’s 26 percent performance in the first six months of the year.
The outlook: Three scenarios for H2
While gold’s fundamentals remain supportive, analysts are cautious about expecting a repeat performance in H2. The WGC outlines three macroeconomic paths that could shape gold’s direction in the second half.
In the base case, moderate global growth and inflation settling near 5 percent could keep real yields subdued, especially if the US Federal Reserve cuts rates by 50 basis points in the fourth quarter.
This environment would likely support gold prices modestly, with forecasts pointing to gains of up to 5 percent. Continued interest from ETF and OTC investors could offset softer consumer demand and increased recycling, both of which may act as speed bumps for further upside.
The bull case envisions a sharp rise in gold if economic conditions worsen — either through stagflation or a full-blown recession.
A flight to safety could trigger renewed ETF inflows, central bank diversification away from the dollar, and heavier positioning in COMEX futures. Under this stress-driven rally, gold could surge another 10 to 15 percent in H2, echoing the strong performance seen during previous crises like 2008 and the early pandemic years.
On the flip side, a more stable geopolitical and macroeconomic environment, such as a resolution to major global conflicts or normalization in trade, would dampen demand for gold. In this bear case, stronger yields and renewed investor appetite for risk assets could pull gold down by as much as 12 to 17 percent.
No matter the outcome, gold continues to serve as a resilient portfolio hedge. Its strong showing in the first half of 2025 reaffirmed its utility in volatile markets, particularly as traditional safe havens like US Treasuries struggle to deliver.
Even if jewelry and retail demand sees pressure, structural support could come from institutional players — including reports that Chinese insurers are quietly upping their gold allocations.
For now, gold may consolidate. But should conditions turn, the metal still has plenty of room to move, in either direction.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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12h
High-Grade Gold Discovery in First 8 Mile Drill Hole
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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18h
Pacgold
Investor Insight
Pacgold is one of Australia’s most compelling gold exploration opportunities, backed by a strong technical team, offering investors exposure to a large-scale, underexplored gold system with significant resource growth potential.
Overview
Pacgold (ASX:PGO) is an Australian gold exploration company focused on the systematic advancement of the Alice River gold project in Northern Queensland. The company is led by a technically driven and highly experienced team of geologists and mining professionals, with demonstrated success in exploration, resource development and capital markets.
Pacgold team on site at Alice River gold project
With a dominant land position in the region, Pacgold holds 377 sq km of exploration permits and eight mining leases across the prospective Alice River Fault Zone (ARFZ). This structure is interpreted as part of a large-scale intrusion-related gold system, with characteristics analogous to major global deposits such as Fort Knox (USA) and Hemi (Western Australia).
The company has validated its model through drilling success at the Central Zone, culminating in a maiden mineral resource of 474,000 oz of gold. This comprises both open pit and underground components, with resource grades averaging 1.2 grams per ton (g/t) gold, and zones open in all directions. Less than five percent of the strike length has been tested, and much of the prospective corridor is obscured by thin sand cover, highlighting strong potential for blind discoveries.
With extensive infrastructure already in place, including an airstrip, accommodation camp and road access within 100 km, Pacgold is positioned to rapidly scale exploration and accelerate resource growth. The 2025 campaign, which includes more than 10,000 metres of RC drilling and new IP surveys, aims to unlock the full regional potential of the ARFZ.
Company Highlights
- District-scale Discovery Potential: Pacgold controls more than 377 sq km of tenure and more than 30 km of strike length across the Alice River Fault Zone (ARFZ), a fertile, underexplored structural corridor in Northern Queensland.
- Maiden Resource: In May 2025, the company published a 474,000 oz gold mineral resource estimate (MRE), covering just five percent of the total strike, confirming high-grade mineralization and strong potential for expansion.
- Aggressive Exploration Strategy: More than 10,000 metres of RC drilling campaign is underway, complemented by air-core and diamond programs, aimed at growing the Central Zone resource and testing multiple regional targets.
- Attractive Valuation Entry: With a market capitalization of just ~AU$10 million and an EV of AU$8.5 million (as of Q1 2025), Pacgold provides a low-cost entry into a potentially Tier 1 gold system.
- Experienced Leadership: The board includes proven mine developers and discovery geologists with prior success at Chalice, AngloGold Ashanti, BHP and Sibanye-Stillwater.
Key Project
Alice River Gold Project
The Alice River gold project is a large-scale, greenstone-hosted gold system centred on the regional ARFZ, located in Northern Queensland. The project area comprises 377 sq km of contiguous tenure, including eight granted mining leases. Pacgold controls over 30 km of strike length along the ARFZ, a major crustal-scale structure that has only recently been systematically explored with modern techniques.
The deposit style is interpreted as an intrusion-related gold system, a highly attractive deposit type known for hosting long-life, large-tonnage gold mines. Examples include the Fort Knox gold mine in Alaska and the Hemi gold project in Western Australia. The Alice River system features sheeted quartz-sulfide veining, extensive sericite-altered zones, and strong IP chargeability responses coincident with surface gold anomalism.
Pacgold’s 2024 and 2025 drilling campaigns have focused on the Central Zone, which yielded the maiden MRE totaling 474,000 oz gold across both open pit and underground resources. The pit-constrained resource includes 10.6 Mt at 1.2 g/t gold (404,000 oz), with a further 1.5 Mt at 1.4 g/t gold (71,000 oz) defined for underground potential. High-grade zones remain open at depth and laterally, with drill spacing still relatively broad (~80 x 80 metres), leaving significant scope for resource expansion.
Beyond the Central Zone, the company has delineated multiple high-priority regional targets along the ARFZ. These include:
- White Lion: A compelling target with surface gold anomalism and a coincident IP chargeability anomaly. A gradient and dipole-dipole IP survey is being extended in Q2 2025, with drilling expected in Q4.
- Victoria and The Shadows: Emerging prospects to the south with limited historical drilling but strong geophysical responses.
- Posie and Southern Target Area: Additional areas along the southern ARFZ strike that exhibit strong structural preparation, geochemical responses and potential for concealed mineralization.
Drilling recommenced in April 2025, with RC drilling underway and air-core and diamond drilling scheduled through Q3 2025. The program aims to increase drill density in resource zones and test underexplored regional anomalies. Pacgold expects up to 15,000 metres of total drilling during the 2025 campaign, coupled with ongoing geophysical targeting, including IP and drone magnetics.
The project is fully permitted, with strong access and logistics, and is located in a low-risk jurisdiction with significant precedent for gold development. With limited historical exploration and clear mineralizing controls now defined, Alice River represents a transformative opportunity to uncover a Tier 1 discovery in an overlooked Australian belt.
Management Team
Matthew Boyes – Managing Director and CEO
Matthew Boyes is a geologist with over 28 years of international experience across mine geology, exploration, corporate leadership and capital markets. He has managed exploration teams and development projects across Western Australia, the Americas and Europe. His technical oversight and commercial strategy guide Pacgold’s resource growth and investor engagement.
Caoilin Chestnutt – Non-executive Chair
A former head of business development at BHP and currently head of technical services at Thiess, Caoilin Chestnutt brings nearly 30 years of experience in global exploration strategy, M&A and deal structuring across multiple commodities. She is also deputy chair of Critical Minerals at the Queensland Exploration Council.
Michael Pitt – Non-executive Director
Michael Pitt is the co-founder of New Century Resources (ASX:NCZ), and former VP of business development at Sibanye-Stillwater (JSE:SSW). He currently leads development at Broken Hill Mines. His expertise in mine redevelopment and business strategy supports Pacgold’s long-term operational execution.
Richard Hacker – Non-executive Director
Former CFO and GM commercial at Chalice Mining (ASX:CHN), Richard Hacker played a key role in the Julimar discovery. He has held leadership roles at Liontown Resources and DevEx. Hacker contributes deep experience in financial oversight and strategic planning for discovery-stage companies.
Bruce Kendall – Non-executive Director
Bruce Kendall is an award-winning exploration geologist with over 30 years in exploration management at AngloGold Ashanti, Chalice Mining, Jabiru Metals and IGO. He was a key contributor to the Tropicana, Julimar and Coyote discoveries, and brings essential geological insight to Pacgold’s targeting and evaluation.
Geoff Lowe – Exploration Manager
As a Competent Person and seasoned exploration geologist, Geoff Lowe is responsible for executing Pacgold’s field campaigns. He has played a central role in resource modeling, target generation and drill program design for the Alice River project.
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16 July
Wide Gold Intercepts at Mt York Support Future Resource Growth
Three diamond drill rigs on site at 1.4Moz Mt York Gold Project, WA, with 56% of Stage 1 resource drilling complete; Results extend mineralisation along strike and at depth; good continuity of higher-grade shoots confirms new structural model
Kairos Minerals Ltd (ASX:KAI) (“KAI” or the “Company”) is pleased to announce results from the first 16 diamond holes drilled at its Mt York Gold Project in WA’s Pilbara, where current resources at the Main Trend sit at 1.4Moz Au. The results are from Gossan Hill (7 holes), Breccia Hill (5 holes) and Main Hill (4 holes) (Table 1), and are shown on drill plan (Figure 1) and long-section (Figure 2).
Highlights
- 36 holes for 10,025m completed at Mt York, ahead of schedule and on-budget; Stage 1 is an 80-hole, 18,000m resource expansion program
- Results for 16 holes received, with best intercepts including:
- 21m @ 1.87 g/t Au from 169m incl 9m @ 3.19 g/t Au (25MYDD009);
- 5m @ 4.26 g/t Au from 299m (25MYDD010);
- 34m @ 0.81 g/t Au from 242m incl 7m @ 2.66 g/t Au from 269m (25MYDD012);
- 24m @ 1.17 g/t Au from 222m incl 7m @ 2.62 g/t Au from 222m (25MYDD016);
- 48m @ 1.03 g/t Au from 227m incl 11m @ 3.38 g/t Au from 264m (25MYDD017).
- Higher-grade mineralisation consistently reported across Main Trend confirming and extending high-grade shoots at all prospects
- Encouraging first results likely to positively impact grades and widths of mineralisation for an updated resource estimate later in 2025
- Drilling accelerated with third diamond drill rig capable of low-angle drilling on site at the highly prospective but under-drilled Main Hill Prospect
Stage 1 drilling aims to boost gold resources at Mt York and test extensions of high- grade shoots ahead of a mineral resource estimate (MRE) update expected in 2H CY25. Stage 2 drilling later in the year or early 2026 aims to convert Inferred resources to higher confidence Indicated resources.
Kairos Managing Director Dr Peter Turner said: “The first results from Mt York continue to reinforce our belief in the potential scale of this project, and we are on track to deliver a new and much improved mineral resource estimate later in 2025 incorporating at least 18,000m of additional drilling results. We continue to ask ourselves ‘how big is the Mt York gold resource’ and will increase and expand Stage 1 drilling if we believe the mineralisation continues to be open which appears to be the case at the moment.
We are seeing good widths of mineralisation in areas where the resource model is unguided and importantly, solid higher-grade gold intercepts within the lower-grade envelopes. From the previous 2023 resource, Mt York has more than 750,000 ounces of gold at 1.6 g/t Au and the current drilling is confirming that high-grade shoots are both horizontal within the system, but also likely to be extensive (>300m) along-strike in both footwall and hangingwall positions. This is great news.
We are drilling the western half of the large Main Hill Prospect where the mineralised banded iron formation (BIF) host rocks attain 100m in true thickness but where topographic challenges previously prevented drilling. With a suitable small-footprint rig now in place, we can see an assemblage of sulphide-bearing BIF in many drill holes in this area that is associated with free-milling gold mineralisation in other parts of the Main Trend.
With drilling scheduled to continue into September and possibly beyond, we look forward to releasing results as they become available.
We are confident Mt York will become one of the Pilbara’s (and Western Australia’s) largest undeveloped gold resources with clean metallurgy once drilling is complete.”
Drill Results
Results from the first 16 holes are shown in Table 1. The Stage 1 drill holes have been designed to test the grades and widths of mineralisation and purposely looking for extensions of higher-grade pods within the entire 3,000m-long Main Trend Gold Deposit. The positions of the drill holes and their results are shown on Figure 1 (plan view) & Figure 2 (long-section).
Holes 25MYDD007 to 25MYDD009 test gaps in the resource model at Breccia Hill and confirm multiple zones of mineralisation, where 25MYDD009 returned high-grade core of 9m @ 3.19 g/t Au from 176m. This confirms the extension of a high-grade pod of mineralisation some 75m away from historic drillhole KMYD040’s result of 10m @ 4.90 g/t Au from 257m1, that confirms that higher-grade mineralisation may well form significant, horizontal zones previously not recognised yet confirmed in recent structural interpretation.
Deeper drilling into the eastern side of Main Hill has infilled and extended mineralisation with holes 25MYDD010, 012, 014 and 017. Big gains in both mineralisation width and grade are captured in hole 25MYDD017 that intercepted multiple zones including 48m @ 1.03 g/t Au from 227m including a higher-grade zone of 11m @ 3.38 g/t Au from 264m. This extends a new zone of high-grade mineralisation on the footwall position and forms part of the horizontal-plunging, high-grade zone drilled >300m to the west in hole 25MYDD012 (7m @ 2.66 g/t Au from 269m) extending to 25MYDD010 (5m @ 4.26 g/t Au from 299m) (see Figure 2). Another 5 drillholes are planned to the west of these holes to test the extension of the high-grade mineralisation for a further 500m to the west (Figure 1).
The results of the mineralised intercepts are considered close to true widths as the mineralisation has been intercepted orthogonally.
A third diamond drill rig (DDH1 drill rig #83) capable of low-angle drilling has been sent to site to accelerate the program, especially at the poorly tested but prospective Main Hill Prospect. Historic drill results of 109m @ 2.09 g/t Au from 50m (MYD24A) entirely in banded iron formation (BIF) host rocks demonstrate the importance of this prospect. The mineralised banded iron formation (BIF) rocks are the thickest (~100m true thickness) in the area but due to the topographic and access challenges around the hill, the Main Hill target has, until now, been inaccessible for drill rigs.
Holes 25MYDD001-006 are largely testing the mineralised banded iron formation (BIF) on the extreme eastern end of the Main Trend at Gossan Hill.
Rig #83 is drilling the Main Hill Prospect extensively from both the northern and southern sides of the hill (see Photo 2) to truly understand the scale of the resource in this area. There is plenty of evidence that high-grade mineralisation exists at this prospect. Results for these holes (25MYDD023, 028, 031, 032, 033, 034 – see Figure 1 and 2 for location of holes) are awaited.
Further drill results are expected throughout July, August and September and will be released to the ASX once routine quality-assurance, quality-control (QAQC) checks have been completed.
Click here for the full ASX Release
This article includes content from Kairos 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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16 July
Drilling Commences at Leonora South Gold Targets
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