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Gascoyne Resources Limited (“Gascoyne” or “Company”) (ASX: GCY) is pleased to report the latest assay results received from ongoing resource and exploration drilling at the Dalgaranga Gold Project in Western Australia.
Key Points:
- Analysis of pre-collar RC chips from deeper Diamond Tail drillholes targeting Never Never at depth continues to return anomalous assays from a new shallow “hangingwall” position further west of the Never Never Gold Deposit.
- DGRC1183 (RC Pre-collar) returned the following assays in a new location;
- 10.0m @ 12.15g/t gold from 237.0m, including 6.0m @ 19.53g/t (DGRC1183-PC)
- This result follows on from DGRC1187-PC which returned 4m @ 24.46g/t gold from 160m downhole in the same new prospect area (reported 16 May 2023)
- 10.0m @ 12.15g/t gold from 237.0m, including 6.0m @ 19.53g/t (DGRC1183-PC)
- Deeper infill. DGRC1185-DT has intercepted;
- 17.4m @ 12.28g/t gold from 488.16m, including 3.97m @ 18.88g/t, infilling the untested area up-plunge from DGRC1183-DT (previously reported) and well below the current resource envelope.
- 17.4m @ 12.28g/t gold from 488.16m, including 3.97m @ 18.88g/t, infilling the untested area up-plunge from DGRC1183-DT (previously reported) and well below the current resource envelope.
- DGDH033 testing the lowest point of Unclassified material (unreported) from the current Never Never MRE has returned good confirmatory widths and grades in this area;
- 13.0m @ 11.35g/t gold from 403.0m, including 5.94m @ 21.99g/t (DGDH033)
- 13.0m @ 11.35g/t gold from 403.0m, including 5.94m @ 21.99g/t (DGDH033)
- DGRC1194-DT testing beyond the edges of the deeper southern portion of the current MRE returned;
- 10.0m @ 7.50g/t gold from 355.0m, including 3.0m @ 11.93g/t (DGRC1194-DT)
- 10.0m @ 7.50g/t gold from 355.0m, including 3.0m @ 11.93g/t (DGRC1194-DT)
- DGRC1210 has intercepted mineralisation 80m further south of the current MRE envelope and down dip of the footwall Gilbey’s stratigraphic sequence.
- 7.0m @ 6.77g/t gold from 318.0m, including 3.0m @ 13.35g/t (DGRC1210)
- 7.0m @ 6.77g/t gold from 318.0m, including 3.0m @ 13.35g/t (DGRC1210)
- New deep mineralised intercept. DGRC1204-DT intercepted ~24m of strong Never Never- style mineralisation from 445.7m downhole, including visible gold at 453m downhole. Assays pending.
Drilling continues to provide further insights into the potential scale, significance, and growth upside of the rapidly emerging Never Never gold deposit at Dalgaranga, with the latest assays returning significant high-grade mineralisation 110 metres below the current Mineral Resource Estimate (“MRE”) boundary.
Gascoyne Managing Director and Chief Executive Officer, Simon Lawson, said: “This round of assays is targeting and testing the extremities of the Never Never Gold Deposit system. We are looking to ascertain where the edges of this new system are for the upcoming MRE update.
We have another deep mineralised intercept with visible gold well below the current resource in DGRC1204-DT, with significant infill results within the deeper part of our upcoming resource update in DGRC1185-DT, there continues to be good widths and grades outside the resource to the south in DGRC1210 and at depth in DGDH033 and DGRC1194-DT illustrating that this mineralised system appears to be improving with depth, and to top that another solid high-grade hit, 10m @ 12g/t gold in the pre-collar of DGRC1183-DT. The deepest drill-hole assayed so far at Never Never returned an incredible 29m @ 11.09g/t gold from over 400m downhole and now we get 10m @ 12g/t from 237m in the same hole.!
To add to the growing high-grade Never Never system and the nearby high-grade prospects being discovered, the Company is drilling the deepest hole yet into Never Never targeting 550-600 metres down-plunge to test the depth extension. The Company is also drilling several high-priority high-grade targets in the near vicinity of Never Never and will provide an update as that work progresses. The exploration team is not resting on the Never Never discovery, but looking to take what has been learned and test other high-grade opportunities in and around the Dalgaranga mill as quickly as possible.”
Never Never is a new high-grade gold deposit which strikes and plunges to the west-south-west. The deposit was discovered while following up wide, high-grade drill intercepts from the earlier Gilbey’s North extension discovery immediately north of the Gilbey’s open pit at Dalgaranga. Due to the high-grade and apparent scale of Never Never, this deposit now represents the foundation of the Company’s new operating and growth plan.
Never Never is distinct from the Gilbey’s North discovery due to considerable differences in tenor, thickness of mineralisation, mineralogy, scale, orientation and host structure/rock-type. Despite these differences, due to the close spatial association of the two deposits, the Never Never and Gilbey’s North deposits are collectively known as the “Never Never Gold Deposit”.
Never Never is much higher grade than any of the previously defined ore bodies at Dalgaranga and appears to be far more structural, fold and/or shear-hosted as opposed to the more stratigraphic/shale- associated historically defined Gilbey’s series of gold deposits.
On 23 January 2023 Gascoyne released an updated Never Never Gold Deposit Mineral Resource Estimate of 303,100 ounces @ 4.64g/t gold (comprising 1.0Mt @ 2.45g/t for 86,500oz Au “Open Pit” (>0.5g/t Au) and 0.93Mt @ 7.22g/t for 216,600oz Au “Underground” (>2.0g/t Au)).
Figure 1: Long-section of the Never Never Gold Deposit with current resource estimation blocks (coloured by block grade).
Please Note: Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations.
Click here for the full ASX Release
This article includes content from Gascoyne 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.
What Was the Highest Price for Gold?
Gold market gurus from Lynette Zang to Chris Blasi to Jordan Roy-Byrne have shared eye-popping predictions on the gold price that would intrigue any investor — gold bug or not.
Some have posited that the gold price may rise as high as US$4,000 or US$5,000 per ounce, and there are those who believe that US$10,000 gold or even US$40,000 gold could become a reality.
These impressive price predictions have investors wondering, what is gold's all-time high (ATH)?
In the past year, gold has reached new all-time highs dozens of times. Find out what has driven it to these levels, plus how the gold price has moved historically and what has impacted its performance in recent years.
In this article
How is gold traded?
Before discovering what the highest gold price ever was, it’s worth looking at how the precious metal is traded. Knowing the mechanics behind gold's historical moves can help illuminate why and how its price changes.
Gold bullion is traded in dollars and cents per ounce, with activity taking place worldwide at all hours, resulting in a live price. Investors trade gold in major commodities markets such as New York, London, Tokyo and Hong Kong.
London is seen as the center of physical precious metals trading, including for silver. The COMEX division of the New York Mercantile Exchange is home to most paper trading.
There are many popular ways to invest in gold. The first is through purchasing gold bullion products such as bullion bars, bullion coins and rounds. Physical gold is sold on the spot market, meaning that buyers pay a specific price per ounce for the metal and then have it delivered or stored in a secure facility. In some parts of the world, such as India, buying gold in the form of jewelry is the largest and most traditional route to investing in gold.
Another path to gold investment is paper trading, which is done through the gold futures market. Participants enter into gold futures contracts for the delivery of gold in the future at an agreed-upon price.
In such contracts, two positions can be taken: a long position under which delivery of the metal is accepted or a short position to provide delivery of the metal. Paper trading as a means to invest in gold can provide investors with the flexibility to liquidate assets that aren’t available to those who possess physical gold bullion.
One significant long-term advantage of trading in the paper market is that investors can benefit from gold’s safe-haven status without needing to store it. Furthermore, gold futures trading can offer more financial leverage in that it requires less capital than trading in the physical market. Investors can also purchase physical gold via the futures market, but the process is complicated and lengthy and comes with a large investment and additional costs.
Aside from those options, market participants can invest in gold through exchange-traded funds (ETFs). Investing in a gold ETF is similar to trading a gold stock on an exchange, and there are numerous gold ETF options to choose from depending on your preference. For instance, some ETFs focus solely on physical gold bullion, while others focus on gold futures contracts. Other gold ETFs center on gold-mining stocks or follow the gold spot price.
It is important to understand that you will not own any physical gold when investing in an ETF — in general, even a gold ETF that tracks physical gold cannot be redeemed for tangible metal.
Gold has an interesting relationship with the stock market. The two often move in sync during “risk-on periods” when investors are bullish. On the flip side, they tend to become inversely correlated in times of volatility.
According to the World Gold Council, gold's ability to decouple from the stock market during periods of stress makes it “unique amongst most hedges in the marketplace.” It is often during these times that gold outperforms the stock market. For that reason, it is often used as a portfolio diversifier to hedge against uncertainty.
There are a variety of options for investing in gold stocks, including gold-mining stocks on the TSX and ASX, gold juniors, precious metals royalty companies and gold stocks that pay dividends.
What was the highest gold price ever?
The gold price peaked at US$3,685.34, its all-time high, during trading on September 15, 2025.
What drove it to this new ATH? Gold reached its new highest price the day before the September US Federal Reserve meeting at which an interest rate cut is widely expected.
On September 12, the prior trading day, the release of US consumer price index (CPI) data for August showed the overall inflation rose to 2.9 percent on an annual basis and 0.4 percent over July. Weak jobs data the week before further fueled expectations of a rate cut at the upcoming US Fed meeting.
While gold's fresh ATH came on September 15, the week before, gold's record breaking run officially surpassed its inflation adjusted all-time high of US$850 per ounce set in January 1980.
It has set multiple news highs in the preceding weeks amid significant uncertainty in the US and global economies and surging gold ETF purchases.
One key driver came on August 29, when a US federal appeals court ruled that US President Donald Trump's "Liberation Day" tariffs, announced in April, are illegal, stating that only Congress has the power to enact widespread tariffs. The Trump administration is expected to appeal the ruling, which will go into effect on October 14.
Bond market turmoil in the US and abroad on September 2 also provided tailwinds for the gold price.
Why is the gold price setting new highs in 2025?
Gold's record-setting activity extends beyond the last two weeks as well.
Increased economic and geopolitical turmoil caused by the Trump administration has been a tailwind for gold this year, as well as a weakening US dollar, sticky inflation in the country and increased safe-haven gold demand.
Since coming into office in late January, Trump has threatened or enacted tariffs on many countries, including blanket tariffs on longtime US allies Canada and Mexico and tariffs on the EU.
Trump has also implemented 25 percent tariffs on all steel and aluminum imports.
The gold price set a string of new highs in the month of April amid high market volatility as markets reacted to tariff decisions from Trump and the escalating trade war between the US and China. By April 11, Trump had raised US tariffs on Chinese imports to 145 percent and China had raised its tariffs on US products to 125 percent. Trump has reiterated that the US may need to go through a period of economic pain to enter a new "golden age" of economic prosperity.
Falling markets and a declining US dollar have supported gold too, as well as increased buying from China. Elon Musk's call to audit the gold holdings in Fort Knox has also brought attention to the yellow metal.
What factors have driven the gold price in the last five years?
Despite these recent runs, gold has seen its share of both peaks and troughs over the last decade. After remaining rangebound between US$1,100 and US$1,300 from 2014 to early 2019, gold pushed above US$1,500 in the second half of 2019 on a softer US dollar, rising geopolitical issues and a slowdown in economic growth.
Gold’s first breach of the significant US$2,000 price level in mid-2020 was due in large part to economic uncertainty caused by the COVID-19 pandemic. To break through that barrier and reach what was then a record high, the yellow metal added more than US$500, or 32 percent, to its value in the first eight months of 2020.
Gold price chart, August 31, 2020, to September 1, 2025.
Chart via the Investing News Network.
The gold price surpassed that level again in early 2022 as Russia's invasion of Ukraine collided with rising inflation around the world, increasing the allure of safe-haven assets and pulling the yellow metal up to a price of US$2,074.60 on March 8. However, it fell throughout the rest of 2022, dropping below US$1,650 in October.
Although it didn't quite reach the level of volatility as the previous year, the gold price experienced drastic price changes in 2023 on the back of banking instability, high interest rates and the breakout of war in the Middle East.
After central bank buying pushed the gold price up to the US$1,950.17 mark by the end of January, the Fed's 0.25 percent rate hike on February 1 sparked a retreat as the dollar and treasury yields saw gains. The precious metal went on to fall to its lowest price level of the year at US$1,809.87 on February 23.
The banking crisis that hit the US in early March caused a domino effect through the global financial system and led to the mid-March collapse of Credit Suisse, Switzerland’s second-largest bank. The gold price had jumped to US$1,989.13 by March 15. The continued fallout in the global banking system throughout the second quarter of the year allowed gold to break above US$2,000 on April 3, and go on to flirt with a near-record high of US$2,049.92 on May 3.
Those gains were tempered by the Fed’s ongoing rate hikes and improvements in the banking sector, resulting in a downward trend in the gold price throughout the remainder of the second quarter and throughout Q3. By October 4, gold had fallen to a low of US$1,820.01 and analysts expected the precious metal to drop below US$1,800.
That was before the October 7 attacks by Hamas on Israel ignited legitimate fears of a much larger conflict erupting in the Middle East. Reacting to those fears, and to rising expectations that the Fed would begin to reverse course on interest rates, gold broke through the important psychological level of US$2,000 and closed at US$2,007.08 on October 27. As the fighting intensified, gold reached a then-new high of US$2,152.30 in intraday trading on December 3.
That robust momentum in the spot gold price continued into 2024, chasing new highs on fears of a looming US recession, the promise of Fed rate cuts on the horizon, the worsening conflict in the Middle East and the tumultuous US presidential election year. By mid-March, gold was pushing up against the US$2,200 level.
That record-setting momentum continued into the second quarter of 2024, when gold broke through US$2,400 in mid-April on strong central bank buying, sovereign debt concerns in China and investors expecting the Fed to start cutting interest rates. The precious metal went on to hit US$2,450.05 on May 20.
Throughout the summer, the hits kept on coming.
The global macro environment was highly bullish for gold leading up to the US election. Following the failed assassination attempt on Trump and a statement about coming rate cuts by Fed Chair Jerome Powell, the gold spot price hit a then new all-time high on July 16 at US$2,469.30. One week later, news that then-President Joe Biden would not seek re-election and would instead pass the baton to Vice President Kamala Harris eased some of the tension in the stock market and strengthened the US dollar. This also pushed the price of gold down to US$2,387.99 on July 22, 2024.
However, the bullish factors supporting gold remained in play, and the spot price for gold went on to breach US$2,500 on August 2 that year on a less-than-stellar US jobs report; it closed just above the US$2,440 level. A few weeks later, gold pushed past US$2,500 once again on August 16, closing above that level for the first time ever after the US Department of Commerce released data showing a fifth consecutive monthly decrease in a row for homebuilding.
The news that the Chinese government issued new gold import quotas to banks in the country following a two month pause also helped fuel the gold price rally. Central bank gold buying has been a significant tailwind for the gold price this year, and China's central bank has been one of the strongest buyers.
Market watchers expected the Fed to cut interest rates by a quarter point at its September 2024 meeting, but news on September 12 that the regulators were still deciding between the expected cut or a larger half-point cut led the gold price on a rally that carried through into the next day, bringing the metal near US$2,600.
At the September 18 Fed meeting, the committee ultimately made the decision to cut rates by half a point, news that sent gold even higher. By September 20, it had moved above US$2,600 and was holding above US$2,620.
In October 2024, gold first breached the US$2,700 level and continued to higher on a variety of factors, including further rate cuts and economic data anticipation, the escalating conflict in the Middle East between Israel and Hezbollah, and economic stimulus in China — not to mention the very close race between the US presidential candidates.
While the gold price fell following Trump's win in early November and largely held under US$2,700 through the end of the year, it began trending upward in 2025 to the new all-time high discussed earlier in the article.
What's next for the gold price?
What's next for the gold price is never an easy call to make. There are many factors to consider, but some of the most prevalent long-term drivers include economic expansion, market risk, opportunity cost and momentum.
Economic expansion is one of the primary gold price contributors as it facilitates demand growth in several categories, including jewelry, technology and investment. As the World Gold Council explains, “This is particularly true in developing economies where gold is often used as a luxury item and a means to preserve wealth.”
Market risk is also a prime catalyst for gold values as investors view the precious metal as the “ultimate safe haven,” and a hedge against currency depreciation, inflation and other systemic risks.
Going forward, in addition to the Fed, inflation and geopolitical events, experts will be looking for cues from factors like supply and demand. In terms of supply, the world’s five top gold producers are China, Australia, Russia, Canada and the US. The consensus in the gold market is that major miners have not spent enough on gold exploration in recent years. Gold mine production has fallen from around 3,200 to 3,300 metric tons (MT) each year between 2018 and 2020 to around 3,000 to 3,100 MT each year between 2021 and 2023.
On the demand side, China and India are the biggest buyers of physical gold, and are in a perpetual fight for the title of world’s largest gold consumer. That said, it's worth noting that the last few years have brought a big rebound in central bank gold buying, which dropped to a record low in 2020, but reached a 55 year high of 1,136 MT in 2022.
World Gold Council data shows 2024 central bank gold purchases came to 1,044.6 MT, marking the third year in a row above 1,000 MT. In H1 2025, the organization says gold purchases from central banks reached 415.1 MT.
“I expect the Fed’s rate-cutting cycle to be good for gold, but central bank buying has been and remains a major factor," Lobo Tiggre, CEO of IndependentSpeculator.com, told the Investing News Network (INN) at the start of Q4 2024.
David Barrett, CEO of the UK division of global brokerage firm EBC Financial Group, is also keeping an eye on central bank purchases of gold. “I still see the global central bank buying as the main driver — as it has been over the last 15 years,” the expert said in an email to INN. "This demand removes supply from the market. They are the ultimate buy-and-hold participants and they have been buying massive amounts."
In addition to central bank moves, analysts are also watching escalating tensions in the Middle East, a weakening US dollar, declining bond yields and further interest rate cuts as factors that could push gold higher as investors look to secure their portfolios. “When it comes to outside factors that affect the market, it’s just tailwind after tailwind after tailwind. So I don’t really see the trend changing,” said Eric Coffin of Hard Rock Analyst.
Randy Smallwood of Wheaton Precious Metals (TSX:WPM,NYSE:WPM) told INN in March 2025 that gold is seeing support from many factors, including central bank buying, nervousness around the US dollar and stronger institutional interest. Smallwood is seeing an influx of fund managers wanting to learn about precious metals.
Joe Cavatoni, senior market strategist, Americas, at the World Gold Council, believes that market risk and uncertainty surrounding tariffs and continued demand from central banks are the main drivers of gold.
"Market risk in particular is a key strategic driver for the gold price and performance," Cavatoni told INN in a July 2025 interview. "Think strategically when you think about gold, and keep that allocation in mind."
Check out more of INN's interviews to find out what experts have said about the gold price during its 2025 bull run and where it could go next.
Should you beware of gold price manipulation?
It’s important for investors to be aware that gold price manipulation is a hot topic in the industry.
In 2011, when gold hit what was then a record high, it dropped swiftly in just a few short years. This decline after three years of impressive gains led many in the gold sector to cry foul and point to manipulation.
Early in 2015, 10 banks were hit in a US probe on precious metals manipulation.
Evidence provided by Deutsche Bank (NYSE:DB) showed “smoking gun” proof that UBS Group (NYSE:UBS), HSBC Holdings (NYSE:HSBC), the Bank of Nova Scotia (TSX:BNS,NYSE:BNS and other firms were involved in rigging gold and silver rates in the market from 2007 to 2013. Not long after, the long-running London gold fix was replaced by the LBMA gold price in a bid to increase gold price transparency. The twice-a-day process, operated by the ICE Benchmark Administration, still involves a variety of banks collaborating to set the gold price, but the system is now electronic.
Still, manipulation has by no means been eradicated, as a 2020 fine on JPMorgan Chase & Co. (NYSE:JPM) shows. The next year, chat logs were released in a spoofing trial for two former precious metals traders from the Bank of America's (NYSE:BAC) Merrill Lynch unit. They show a trader bragging about how easy it is to manipulate the gold price.
Gold market participants have consistently spoken out about manipulation. In mid-2020, Chris Marcus, founder of Arcadia Economics and author of the book “The Big Silver Short,” said that when gold fell back below the US$2,000 mark after hitting close to US$2,070, he saw similarities to what happened with the gold price in 2011.
Marcus has been following the gold and silver markets with a focus specifically on price manipulation for nearly a decade. His advice? “Trust your gut. I believe we’re witnessing the ultimate ’emperor’s really naked’ moment. This isn’t complex financial analysis. Sometimes I think of it as the greatest hypnotic thought experiment in history.”
Investor takeaway
While we have the answer to what the highest gold price ever is as of now, it remains to be seen how high gold can climb, and if the precious metal can reach as high as US$5,000, US$10,000 or even US$40,000.
Even so, many market participants believe gold is a must have in any investment profile, and there is little doubt investors will continue to see gold price action making headlines this year and beyond.
This is an updated version of an article first published by the Investing News Network in 2020.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Lauren Kelly, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
High-Grade Gold Confirmed at Bronzewing South
- Partial results received from the diamond tail of drill-hole BWSRC081 with the visible gold zone returning 15.5g/t Au over 0.48m from 416.5m. This high- grade zone is reported within a broader intercept of:
- 8.95m at 1.32g/t Au from 414m, including:
- 0.48m at 15.5g/t Au from 416.5m; and
- 0.55m at 3.52g/t Au from 422.4m.
- 8.95m at 1.32g/t Au from 414m, including:
- Follow-up drilling along strike from these intercepts is scheduled to commence in the coming days to define the extent of the south-trending zone of gold mineralisation with a diamond tail of drill-hole BWSRCD086.
- Drill results indicate the inadequacy of historical air-core drill testing with a significant search space now open on the boundary with the historical Bronzewing Mining Lease.
- Diamond drilling at the Central Target, located ~1.7km to the south of the Eastern Target and within the same structural corridor, has encountered zones of intense locally massive quartz veining associated with brecciation below historical Hammer gold drilling anomalies of:
- 20m at 1.5g/t Au from 120m in drill-hole BWSRC0037, including:
- 8m at 2.4g/t Au from 120m; and
- 4m at 3.9g/t Au from 120m.1
- 20m at 1.5g/t Au from 120m in drill-hole BWSRC0037, including:
- Assay results from the remaining program will be progressively released in the coming weeks.
Figure 1. Photo of massive quartz carbonate veining intersected in drill-hole BWSRCD082 diamond tail at Hammer’s Central Target Zone (213m to 221.5m).
Hammer’s Managing Director, Daniel Thomas, said:
“The confirmation of high-grade gold mineralisation at Bronzewing South is a significant step in our search for an economically viable gold target at our Yandal Gold Project. High-grade mineralisation can be traced with multiple intercepts to the north of our project area, with the mineralised structure interpreted to extend for hundreds of metres.
“We will now look to test this structure approximately 100m further south on our project area. We are very much looking forward to follow-up drilling at the Eastern Target, as we enter a zone without any previous drilling coverage.
“The team is encouraged by the observations in recent drilling at the Central Target and the potential for this corridor to be connected to the Eastern Target drilling some 1.7km to the north. This corridor is largely untested below the ineffectual air-core drilling and, with a prominent shear zone interpreted to connect these targets, it is of high interest to the team in our search for a significant gold discovery.”
Figure 2. Plan view of the Bronzewing South tenement EPM36/854, showing Bronzewing orebodies on Northern Star Resources mining lease, historical Hammer RC drilling intercepts and the structural corridor of interest containing Hammer’s Central and Eastern Target Zones (refer to ASX announcement 9 November 2020).
Click here for the full ASX Release
This article includes content from Hammer Metals, 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.
Prince Silver
Investor Insight
With a strong asset foundation, a clean capital structure and an experienced technical team, Prince Silver is well-positioned to capitalize on the current macro tailwinds in the silver and manganese markets.
Overview
Prince Silver (CSE:PRNC,OTC:HWTNF) is a Vancouver-based exploration company focused on unlocking value at the Prince silver project in southeastern Nevada. In July 2025, the company completed a transformational acquisition of Stampede Metals Corporation and subsequently rebranded from Hawthorn Resources to Prince Silver Corp. The flagship asset is a district-scale, past-producing silver-gold-zinc-manganese carbonate replacement system, historically mined for silver and base metals through the early to mid-1900s.
Aerial view of the Prince silver project
Fully funded and technically refreshed, the company’s immediate objective is to validate and expand upon the 129 historic drill holes (over 16,600 m) completed on the property and convert the large JORC-compliant exploration target into a maiden NI 43-101 mineral resource. The upcoming drill program, expected to begin in early Sept 2025, is designed to validate legacy data, step out along mineralized trends, and establish continuity across the deposit's multiple mantos, veins and breccia zones. The company will also initiate metallurgical test work, geophysical refinement and updated geological modeling to support a modern pit-constrained resource and longer-term development plan.
Company Highlights
- Flagship project: 100 percent ownership of the historic Prince silver mine in Lincoln County, Nevada, an open, near-surface silver-gold-zinc carbonate replacement deposit with a 25 to 43 Mt exploration target and strong historic grades.
- The company’s second project, Stampede Gap, is about 15 km north west of the Prince mine. Stampede Gap is a large porphyry copper-gold-molybdenum with an extensive alteration zone that presents a deep seated exploration target.
- Clean corporate reset: Hawthorn Resources completed the Stampede Metals acquisition and re-listed as Prince Silver Corp. on July 11, 2025, issuing 15 million shares for the acquisition and raising ~C$4 million in gross proceeds to fund drilling.
- Fully funded summer drill program: ~6,500-m reverse-circulation set to begin early Sept 2025 to validate historic holes and step out along strike/dip to expand known mineralization and potential resources. .
- Tight share structure: 45.9 million shares outstanding post-financing; Stampede shareholders voluntarily locked-up for 12 months.
- Experienced, hands-on leadership: President Ralph Shearing, plus new directors Robert Wrixon and Darrell Rader, add mine-building, corporate and capital-markets depth to the company’s leadership team.
Key Project
Prince Silver Project
The Prince silver project is a large-scale, polymetallic carbonate replacement deposit (CRD) located just west of Pioche, a historic mining district in southeastern Nevada. The project hosts a structurally and stratigraphically controlled system of silver-rich mantos, breccias and fissure veins emplaced along northeast-trending faults within the Cambrian Pioche Shale. Historical underground production between 1912 and 1949 totaled approximately 1.12 million tons (Mt) at average grades of 100 grams per ton (g/t) silver, 4.5 percent zinc, 2.8 percent lead, and 10 percent manganese, predominantly from shallow workings in the Main and Ridge Zones.
Geological mapping, relogging and compilation of 129 historic drill holes (16,606 m) have defined a JORC exploration target ranging between 25 and 43 Mt, grading approximately 37 to 40 g/t silver, 1.5 percent zinc, and 0.8 percent lead. This target includes three dominant mineralized zones: Ridge, Main and Prince Extended. Mineralization is generally tabular, strataform and laterally continuous, with multiple stacked mantos and vein swarms, often associated with jasperoid, manganese-rich breccias and semi-massive to massive sulfides. The projects’ mineralization remains open along strike and at depth in all directions.
Historical drill results
Historical drill results showing mineralization at the Prince Silver Project is near surface and open in all directions of modelled mineralized horizons
Prince Silver’s 2025 Phase-1 drill program (~6,500 m of RC drilling) is designed to:
- Twin and validate historic pre 2012 high-grade underground and Churn drill hole intercepts.
- Extend mineralization into open gaps between and beyond the Ridge and Main zones.
- Test down-dip extensions and potential feeder structures below and along strike to previously drilled intervals.
A follow-up Phase-2 program (expected in 2026) would target resource expansion along the 2.5-km trend and scout new targets identified via geophysics and structural interpretation. In parallel, the company plans to conduct metallurgical testing to evaluate optimal processing options. Surface rights include 20 unpatented lode claims and 12 patented claims under lease option. The lease agreement includes nominal cash payments and a staged buyout option upon completion of a preliminary economic assessment. The project has good access via gravel roads, with power available on site, and is within 15 km of Pioche community infrastructure.
Overall, the Prince silver project offers district-scale upside within a known past producing metallogenic belt, with near-term drilling and a clear path to defining a large, pit-constrained and underground silver-equivalent resource in Nevada, one of the most mining-friendly jurisdictions in the world.
Other Projects
Stampede Gap Copper-Gold-Molybdenum Project
A large, early-stage porphyry target in Nevada featuring over 200 claims. Historical geophysics identified multiple IP-resistivity anomalies, and a single 700 m drill hole encountered extensive skarn alteration before terminating in mineralization. No current plans for exploration in 2025.
Broken Handle
A legacy polymetallic silver-lead-zinc project with limited historical data. Considered non-core for now; the company’s resources remain focused on advancing Prince Silver.
Management Team
Ralph Shearing – President and Director
Ralph Shearing is a professional geologist and mine developer with over 35 years in mineral exploration development and public company management. Since 1987, he has held senior executive positions with public junior mining and exploration companies, primarily with Luca Mining Corp., a company he founded in 1986 and successfully guided through the exploration, initial development and construction, and pre-production phases of the Tahuehueto mine, located in Durango, México. He currently acts as Qualified Person for Prince Silver’s technical disclosure.
Rob Scott – CFO
Rob Scott has more than 25 years of experience in accounting, corporate compliance, corporate finance, and merchant and commercial banking. He has played a key role in raising more than $200 million in equity financing. Scott has held senior executive and board positions with several TSX-V listed companies, including Great Bear Resources, ValOre Metals, Riverside Resources, Capitan Silver and First Helium.
Robert Wrixon – Director
Robert Wrixon is a seasoned executive and engineer with over 20 years’ experience across ASX- and LSE-listed mining companies. He holds a PhD in mineral engineering from UC Berkeley and brings deep technical, corporate development and M&A experience.
Darrell Rader – Director
Darrell Rader is the president and CEO of Minaurum Gold, a silver-focused explorer in Mexico, and a prominent figure in North American silver exploration. He has directly raised over $150 million for mineral exploration and development and has strong relationships with institutional investors and bankers. He founded Defiance Silver, a silver developer, and previously was the head of corporate development with silver miner IMPACT Silver. Rader holds a BBA in Finance from Simon Fraser University.
Neil MacRae – Independent Director
A veteran mining executive, Neil MacRae has more than two decades of experience in investor relations and has held various investor relations roles with companies such as First Majestic Silver, Sherwood Copper (merged with Capstone in 2008), Farallon Mining (sold to Nyrstar in 2011), and Santacruz Silver Mining. He provides strategic direction on corporate visibility and capital markets positioning.
