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![Iceni Gold Limited](https://investingnews.com/media-library/iceni-gold-limited.png?id=52191951&width=1200&height=800)
Spectacular Vein Gold Discovery Expands Christmas Gift Shear
Iceni Gold Limited (ASX: ICL)(Iceni or the Company) is pleased to provide an exploration update on the recent work conducted on the 14 Mile Well Gold Project.
Highlights
- Additional fieldwork at the Christmas Gift prospect in the Everleigh Well area has exposed multiple spectacular gold bearing quartz veinlets within a narrow, sheared basalt-interflow sediment contact.
- Previous high-grade rock chip assay results returned from the outcropping gold bearing veinlets included:
- 18,207g/t Au,18,179g/t Au,16,776g/t Au,16,659g/t Au,14,780g/t Au
- The structure has now been exposed over an approximately 20m strike length that is open and has advanced the geological model to provide a priority drill target, in addition to providing a focus for the greater Everleigh area.
- Gold collected by prospectors from a crushed bulk sample of ore bearing rock, including the quartz veinlets from the sample trench, has produced a 9.5oz gold doré bar.
- A multi-hole diamond drill program to evaluate the down dip position of the Christmas Gift shear is well advanced, with site prep completed and drilling to commence in the June Quarter.
Figure 1 Selection of gold* bearing quartz vein samples collected from the sample trench over the Christmas Gift shear. *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.
Commenting on the sampling results, Managing Director Wade Johnson said:
“The shallow excavation and sampling activities at Christmas Gift exposing the rich gold bearing quartz veinlets within the shear zone is an exciting development for the Company. The additional fieldwork has improved our knowledge of the host structure, that has advanced our understanding to further explore the Christmas Gift structure, but also provides a geological model that we can apply elsewhere in the Everleigh Well area. The strike length of the structure is open, drill sites have been prepared and we are looking forward to commencing drilling shortly to evaluate the down dip extent of the structure and rapidly advance this priority target”.
Christmas Gift Prospect
Christmas Gift is located within the Everleigh Well Target area (“Everleigh”), that is central to the 14 Mile Well Project. The Everleigh area formed part of the historic Redcastle gold mining centre, renowned for its prolific gold nugget finds, which was discovered in 1894. Everleigh also contains a number of historical prospecting pits, shafts and shallow workings in additional numerous alluvial gold workings distributed over a wide area.
The Christmas Gift Prospect is located at one of the historical workings and where sampling by the Company during 2023 confirmed the presence of the narrow high-grade quartz vein with abundant visible gold (ASX release 8 June 2023).
Recent exploration work by the Company to better expose the gold bearing lithological unit has resulted in the discovery of further spectacular narrow quartz veinlets containing visible gold, and that has greatly enhanced the understanding of controls on the gold bearing structure. This work involved the excavation of a small sampling trench (approximately 10 metres long by 1 metre deep) along the trend, which improved the visibility of the Christmas Gift structure (Figure 2) which trends approximately northwest and dips 55 degrees to the northeast.
This work has exposed the true nature and width of the gold bearing shear zone and has confirmed the prospectivity of the target. The Christmas Gift shear zone within the trench has an average width of between 0.8 metre and 1.0 metre, bounded by massive basalt.
The sheared zone is centred over the contact between basalt and a thin (<0.25m) altered sedimentary interflow. Importantly, reconnaissance mapping by the Company has highlighted small subcropping highly oxidised sedimentary rocks along strike ~75m to the northwest that provides support that the shear structure has a greater extent than previously thought.
The exposed slightly weathered basalt unit is strongly deformed (sheared) and contains the narrow (<5cm) gold bearing quartz veinlets and selvages of the pyrite altered interflow sediment. This structure contains the previous and newly discovered quartz veinlets which have had abundant gold observed within them (Figures 4, 5 & 7). The veinlets are conformable with the shear zone and are semi discontinuous along strike.
Several rock chip samples were collected from the excavated structure to test the different lithologies, including the quartz veinlets within the main Christmas Gift shear zone and the surrounding massive basalt host. The results from these samples are still pending.
Sampling work completed by prospectors over the mineralised shear zone produced approximately 9.5 oz of gold doré from ~101.3 kg of material collected from the sampling trench. This bulk sample comprised a selection of gold bearing quartz veinlets (~1.3kg) and a mixture of sheared basalt and altered interflow sediments (~100kg) that contain thin quartz gold veinlets. This bulk sample is considered a good representation of the grade of the structure.
The material was collected from along the 10m sample trench and is an estimation* (~2,912.4g/t) of the potential grade of the mineralisation. The ore bearing material from the shear zone was crushed, dollied and panned to recover gold to produce the ~9.5oz gold doré bar (Figure 6).
Click here for the full ASX Release
This article includes content from Iceni Gold, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Aurum Resources: Game-changing Gold Exploration at Prolific Côte d’Ivoire, West Africa
Aurum Resources (ASX:AUE) offers a compelling value proposition by primarily focusing on gold through its flagship Boundiali gold project located in Côte d’Ivoire, West Africa. Côte d'Ivoire's gold mining sector is experiencing significant growth and development as its political, legal, tax and operational risk metricsout performs most developing countries in the world.
The Boundiali gold project in Cote d’Ivoire is located within the Boundiali Greenstone Belt, which hosts Resolute’s Syama gold operation (11.5 Moz) and the Tabakoroni deposit (1 Moz) in Mali. Neighbouring assets also include Barrick’s Tongon mine (5 Moz) and Montage Gold’s Kone project (4.5 Moz).
The Boundiali gold project comprises four contiguous granted licenses: PR0808 (80 percent interest), PR0893 (80 to 88 percent interest), PR414 (100 percent interest), and PR283 (70 percent interest).
Company Highlights
- Aurum Resources is a precious metals company with exploration prospects in the same greenstone belt as the Syama (11.5 Moz), Sissingué (1.0 Moz), Tongon (5.0 Moz) and Kone Gold (4.5 Moz) deposits of West Africa.
- Upcoming catalysts include a maiden mineral resource estimate expected to be completed by the end of 2024. The company believes mineralization is open at depth and along strike and highlights the existence of numerous gold mineralization targets within the large land holding of Aurum’s Boundiali Gold Project.
- Aurum operates its own drill rigs, allowing the company to significantly reduce its exploration costs relative to peers.
- Management has a track record of creating value for shareholders from exploration through to project development, mine construction and gold production.
- Strong leverage to increasing gold prices that will benefit from a declining interest rate environment and rising global geopolitical risk factors.
- Well funded for greater than 12 months and over 100,000 metres diamond drilling programs and metallurgical study
This Aurum Resources profile is part of a paid investor education campaign.*
Click here to connect with Aurum Resources (ASX:AUE) to receive an Investor Presentation
Quarterly Activities Report for the Period Ended 30 June 2024
Summary:
Exploration / Growth
- High-grade assays from the 952koz Never Never Gold Deposit including the deepest-ever result from the Dalgaranga Project:
- 12.54m @ 14.32g/t gold from 570.91m, incl. 2.52m @ 67.49g/t (DGRC1430- DT)
- 13.75m @ 10.08g/t gold from 667.00m, incl. 3.00m @ 38.10g/t (DGRC1429- DT)
- 12.80m @ 8.13g/t gold from 603.00m, incl. 1.00m @ 96.47g/t (DGDH055)
- 10.50m @ 7.95g/t gold from 1,042.50m (DGDH064) – deepest “project” assay
- 11.60m @ 15.10g/t gold from 861.40m (DGDH068)
- 19.67m @ 19.43g/t gold from 765.33m, incl. 3.74m @ 62.98g/t (DGDH066)
- 10.14m @ 11.26g/t gold from 966.6m, incl. 0.77m @ 126.45g/t (DGDH064- W1)
- Assays from significant new high-grade gold discovery at the Pepper Prospect, immediately south of Never Never, including:
- 17.52m @ 15.86g/t gold from 522.0m, incl. 9.22m @ 27.89g/t (DGRC1432- DT)
- 11.28m @ 5.94g/t gold from 585.72m (DGDH069)
- 14.73m @ 11.42g/t gold from 553.73m, incl. 4.37m @ 36.80g/t (DGDH070)
- 17.67m @ 6.58g/t gold from 561.85m, incl. 7.53m @ 11.93g/t (DGDH069- W1)
- 25.24m @ 16.66g/t gold (uncut) from 616.41m (DGRC1431-DT-W1), incl:
- 5.21m @ 18.74g/t, 4.65m @ 52.46g/t and 5.44m @ 12.39g/t gold in three separate high grade sub-intervals within the overall high-grade drill intercept.
- 30.79m @ 12.12g/t gold from 647.67m, incl. 3.47m @ 92.19g/t (DGRC1431- DT)
- Further positive assays from West Winds and Sly Fox:
- 28.65m @ 4.25g/t gold from 458.00m, incl. 4.60m @ 18.30g/t (DGRC1446- DT)
- 23.60m @ 2.45g/t gold from 457.40m, incl. 7.00m @ 4.07g/t (DGRC1408-DT)
- 24.00m @ 1.58g/t gold from 250.00m, incl. 7.00m @ 3.24g/t (DGRC1436)
- Updated Mineral Resource Estimates for Never Never and Sly Fox, as well as maiden standalone MRE’s for the Four Pillars, West Winds and Pepper Gold Prospects due for imminent release.
- Development of the underground exploration drill drive awarded to Barminco with commencement in Q3 2024. Finalisation of approvals and support activities well in train. The decline will provide underground drill platforms to more effectively define existing deeper resources, explore for further high-grade targets and shoots, and provide critical underground infrastructure as Spartan develops its future mine plan.
Care and Maintenance (Dalgaranga)
- Mining and processing operations remained on care and maintenance, with scheduling of ongoing care and maintenance activities underway to maintain the process plant and associated site infrastructure.
Corporate
- Successful $80.0 million capital raising completed, comprising a $69.0 million Placement and Accelerated Institutional Entitlement Offer and an $11.0 million Retail Entitlement Offer.
- Mr Hansjoerg Plaggemars resigned as a Non-Executive Director, effective 30 June 2024.
- Mr David Coyne was re-appointed as an Executive Director and Joint Company Secretary, effective 1 August 2024.
- Total cash and listed company investments at 30 June 2024 of $93.8 million.
Spartan Managing Director and CEO, Mr Simon Lawson, commented:
“It’s been another huge quarter for Spartan, with a new high-grade gold discovery at the Pepper Prospect, further outstanding intercepts from across our existing deposits – including our deepest project assay to date from Never Never, which graded almost eight grams per tonne more than 1km down-hole – and a landmark $80 million capital raising that will enable us to substantially ramp-up exploration and development activities.
“Our drilling throughout the Quarter has continued to reinforce our ability to deliver high-grade ounces in front of Dalgaranga’s existing infrastructure.
“The new Pepper discovery has provided plenty of excitement for our geology team, delivering a new zone of high-grade Never Never-style mineralisation in between the existing Never Never and Four Pillars deposits, with the discovery hole returning an intercept of 17.52m grading 15.86g/t gold, including 9.22m grading 27.89g/t.
“Since first announcing the discovery in mid-April, we have had a drill rig continuously turning at Pepper, with the Company on-track to deliver a maiden Mineral Resource Estimate for the deposit as part of our scheduled mid-year Resource update for Dalgaranga. This Resource update will also include inaugural estimates for the Four Pillars and West Winds deposits, as well as updates for both Never Never and Sly Fox.
“All of the drill results reported during the Quarter were returned from steeply-dipping deposits along a single, 800m-long stratigraphic horizon, with planning now complete for the development of an exploration drill drive to provide underground drill platforms to better target this zone. We expect to be in a position to commence construction of this drill drive during the September Quarter, positioning the Company for plenty of exciting drilling in the second half of the year.
“Development of this drill drive, as well as our ongoing exploration and development programs, will be underpinned by the highly successful $80 million capital raising completed during the Quarter. This raising was well supported both by institutional and retail investors and I would like to sincerely thank all shareholders who participated.”
Click here for the full ASX Release
This article includes content from Spartan 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.
Rich Checkan: Gold Still "Dirt Cheap" at All-time Highs, Buy Now if You Haven't
The gold price remains historically high, but for Rich Checkan, president and CEO of Asset Strategies International, the yellow metal is still "dirt cheap."
He urged those who haven't made allocations to gold and silver yet to consider buying now.
"We're heading into the doldrums, we're kind of consolidating here. China's off the market ... so the prices are low here — at all time-highs, the prices are low. And because western investors aren't buying coins and bars, the premiums are low," Checkan explained. "You've got the perfect storm here of low prices, low premiums — take advantage of it."
Watch the interview above for more from Checkan on gold and silver.
You can also click here to view the Investing News Network's Rule Symposium playlist on YouTube. Recorded presentations from the Rule Symposium are available here.
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.
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.
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Dana Samuelson: Never More Bullish on Gold, Silver Can Easily Break Higher
Dana Samuelson of American Gold Exchange discussed his outlook for gold and silver prices in both the short and long term, and mentioned which physical products he recommends investors look into.
"I wouldn't be surprised to see silver make a US$5 or US$10 move from here very quickly, especially if gold can break a little above its all-time high," he explained on the sidelines of the the Rule Symposium.
He was speaking a week before gold did exactly that. Samuelson added, "If gold makes a run at a new high and gets into the US$2,500 (per ounce) range, I think silver could be US$45, US$50 (per ounce) very quickly."
Watch the interview above for more from Samuelson on gold and silver, as well as platinum and palladium
You can also click here to view the Investing News Network's Rule Symposium playlist on YouTube. Recorded presentations from the Rule Symposium are available here.
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.
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.
Affiliate Disclosure: The Investing News Network may earn commission from qualifying purchases or actions made through the links or advertisements on this page.
Quarterly Activities Report for the Period Ended 30 June 2024
Warriedar Resources Limited (ASX: WA8) (Warriedar or the Company) is pleased to report on its activities for the quarter ended 30 June 2024.
HIGHLIGHTS
Golden Range and Fields Find Projects, Western Australia
- Remaining nine (9) assay results from Phase 1 2024 RC drilling at Ricciardo returned significant intervals of high-grade gold mineralisation, including:
- 8m @ 11.40 g/t Au from 166m (RDRC041), including
- 3m @ 22.38 g/t Au from 167m
- 8m @ 2.63 g/t Au from 160m (RDRC034)
- 4m @ 14.49 g/t Au from 188m (RDRC039), ending in mineralisation
- 12m @ 1.91 g/t Au from 74m (RDRC040), ending in mineralisation
- 8m @ 11.40 g/t Au from 166m (RDRC041), including
- Diamond drilling program, for 29 holes and approximately 2,500m, commenced at Ricciardo and M1. Results returned after the June quarter end for the first twelve (12) diamond tails (for 770m) intersected significant gold mineralisation, including:
- 19m @ 4.94 g/t Au from 188m (RDRC039 DD) (includes contiguous final RC result of 4m @ 14.49 g/t from 188m)
- 8.9m @ 8.93 g/t Au from 156m (M1RC191 DD), including
- 2m @ 23.83 g/t from 158m
- 12m @ 6.98 g/t Au from 110m (RDRC040 DD), including
- 3m @ 22.12 g/t Au from 112m
- 16m @ 2.30 g/t Au from 243m (RDRC055 DD), including
- 6m @ 3.13 g/t Au from 252m
- 17m @ 2.38 g/t Au from 264m (RDRC055 DD) including
- m @ 4.03 g/t Au from 273m
- Results to date at Ricciardo substantially increased the known extent of the high-grade shoots beneath the historic Silverstone and Ardmore pits; confirm the presence of a (new) high-grade shoot below the Eastern Creek pit; and expand the mineralised deposit area below the Silverstone and Silverstone South area.
- Results for the first Resource infill diamond hole at M1 returned significantly higher grade than expected, confirming the high-grade extension potential at this deposit.
- Phase 2 2024 RC drilling program at Ricciardo and M1, for 25 holes and approximately 5,024m is complete. A large proportion of these RC meters are ‘pre-collars’ for the diamond tails.
- The diamond drilling program, the first at Ricciardo and M1 in over 10 years, is still ongoing and expected to be completed by mid-August.
Big Springs Project, Nevada
- Proposed Plan of Operation (PoO) application continues to progress.
Corporate
- Asset Sale Agreement pertaining to the acquisition of non-core tenements E59/1324-I, M59/386-I, M59/387-I and M59/425-I (Deferred Assets) terminated, with the date for satisfaction of required conditions precedent passing.
- Cash of A$3.6 million as at 30 June 2024 and zero debt (excluding typical trade creditor balances).
Western Australian Projects
The Golden Range and Fields Find Projects (the Projects) are located approximately 350 km northeast of Perth and 260 km east-southeast of Geraldton (refer Figure 1). The total consolidated land package of the Projects is 788 km2, extending for over 70 km of strike from north to south and covering much of the central Yalgoo-Singleton and Warriedar Archean greenstone belts.
Total historical gold production from Golden Range and Fields Find was 350 koz, with the existing oxide plant placed on care and maintenance in August 2019.
The current JORC (2012) Mineral Resource estimate for Golden Range is 15.2 Mt at 1.7 g/t Au for 816 koz contained gold (of which 412 koz at 1.7 g/t Au sits in the Measured and Indicated classifications). For further Mineral Resource estimate details, refer to ASX release dated 28 November 2022.
Click here for the full ASX Release
This article includes content from Warriedar 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.
Development Contract for Underground Exploration Drill Drive Awarded to Barminco
New drill drive to provide underground drill platforms to in-fill and extend existing deposits and identify new high-grade shoots
Spartan Resources Limited (“Spartan” or “Company”) (ASX: SPR) is pleased to announce that it has awarded the contract for the development of an underground exploration drill drive at its 100%-owned Dalgaranga Gold Project (“DGP”), located in the Murchison region of Western Australia, to specialist underground mining services contractor, Barminco Limited, a wholly owned subsidiary of the ASX-listed global diversified mining services company Perenti Limited (ASX: PRN).
Highlights:
- Development contract for the underground exploration drill drive at the Dalgaranga Gold Project awarded to Barminco Limited.
- The contract, which is valued at ~$18.3 million, provides for 2,350m of development to deliver twin decline access for the establishment of underground drilling platforms to in- fill and extend mineralisation within the Never Never, Pepper, Four Pillars and West Winds areas.
- The drill drive has also been designed to support future mine production activities.
- All regulatory mining approvals are now in place and all major support services have been engaged to facilitate the commencement of construction in the current quarter.
- Surface exploration drilling at Dalgaranga will shortly re-commence, with rigs arriving on site later this month.
Figure 1: Long Section of the Never Never Gold Deposit and the Pepper, Four Pillars and West Winds Gold Prospects looking east. Proposed exploration drill drive design in black.
The contract, which is valued at ~$18.3 million including an allowance for fuel and contingencies, provides for 2,350m of development to deliver twin decline access for the establishment of underground drilling platforms to in-fill and extend mineralisation across the Never Never, Pepper, Four Pillars and West Winds deposits.
All of these steeply-plunging, high-grade gold zones are located along a single 800m-long, semi- continuously mineralised north-south stratigraphic horizon (see Figure 1). The exploration drill drive has been designed to run parallel and adjacent to this horizon to provide underground drill platforms to more effectively define these existing deposits and prospects, as well as explore for further high-grade shoots and provide critical underground infrastructure as Spartan develops its future mine plan.
Construction of the drill drive is on-track to commence in the September Quarter, with all regulatory mining approvals and support services in place. In addition, the Company has established an experienced on- site project team to manage and oversee the development and construction process. Establishment of the drill drive, and an initial underground drilling programme, is fully funded from the Company’s existing cash reserves.
Management Comment
Spartan Managing Director and Chief Executive Officer, Simon Lawson, said: “We are delighted to have Barminco on board to complete the construction of this new drill drive, which represents a very exciting initiative that will enable us to drill from platforms located right alongside our high-grade deposits and targets. This will provide for cheaper, more accurate and quicker drilling to continue to accelerate our Resource growth and conversion to Ore Reserves.
“All of the high-grade deposits and prospects discovered at Dalgaranga over the past two years remain open at depth – with mineralisation at the Never Never deposit now defined to beyond 1km below surface – and we’re very excited to get the underground rigs in place to help determine just how deep this high- grade mineralisation extends.
“Importantly, the drill drive is being constructed using the same dimensions as a standard underground mine development, ensuring it can be incorporated into our infrastructure planning for the future re- commencement of mining operations.
“Construction of the drill drive is set to kick-off later this Quarter and is expected to take approximately 10 months to complete. In addition, we will also shortly re-commence surface drilling programs, targeting the Pepper, Four Pillars, West Winds and other near-surface anomalies, ensuring plenty of exciting news- flow for shareholders in the months ahead.”
Click here for the full ASX Release
This article includes content from Spartan 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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