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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.
Divestment of Queensland Exploration Permits
Many Peaks Minerals Limited (ASX:MPK) (Many Peaks or the Company) a gold and copper focused exploration company with flagship projects in Côte d’Ivoire, is pleased to announce the strategic divestment of its 80% ownership in two exploration permits in central Queensland (refer to ASX release dated 16 March 2022) pursuant to a sale agreement entered into with EMX Broken Hill Pty Ltd (EMXBH) (Sale Agreement). Concurrently, the Company also confirms that it will not be exercising its rights to execute an option to acquire a 100% interest in the Yarrol and Mt Steadman projects (Option Agreement) (refer to ASX release dated 2 May 2023).
Highlights
- Many Peaks executes binding agreement for sale of its 80% interest in exploration permits located in central Queensland
- Drilling campaign at Odienne Project completed with assay results pending for 1,069m of diamond core drilling and 7,741m of auger drilling
- Baga Project, in eastern Côte d’Ivoire, stream sediment sampling campaign is now completed with samples covering the 644km2 project area currently being shipped for analyses
The Company plans to focus efforts on continued exploration activity in Côte d’Ivoire where work continues at:
- the Odienne Project, where Many Peaks has recently completed an 8,810m drill campaign and awaiting results from both auger and initial diamond core drilling. Results from both drilling campaigns is anticipated to inform decisions on proposed follow-up drilling to commence as early as August this year;
- the Baga Gold Project, where within weeks of finalising an option agreement for a 2 year option period, the company has completed initial surface geochemistry programs with samples now in transit for assay; and
- at the Ferke Gold Project, where reconnaissance field work commences this week in support of drilling programmes planned for next quarter for follow-up on open gold mineralisation confirmed in drilling including diamond core intercepts assaying 47m @ 3.72g/t gold and 91.1m @ 2.02g/t gold from surface (refer to ASX release dated 26 March 2024).
Many Peaks’ Executive Chairman, Travis Schwertfeger commented:
“Our decision to divest the gold assets and terminate option agreements in Queensland allows us to reallocate resources to key projects in Côte d’Ivoire, where we see greater size and grade potential for mineralising systems and increased value creation for our shareholders.
The Birimian greenstone terranes in West Africa have demonstrated potential to host world-class gold deposits, and Cote d’Ivoire has proven to be a favourable jurisdiction for development and production.”
Click here for the full ASX Release
This article includes content from Many Peaks 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.
Warriedar Resources Limited (ASX: WA8) – Trading Halt
Description
The securities of Warriedar Resources Limited (‘WA8’) will be placed in trading halt at the request of WA8, pending it releasing an announcement. Unless ASX decides otherwise, the securities will remain in trading halt until the earlier of the commencement of normal trading on Tuesday, 30 July 2024 or when the announcement is released to the market.
Issued by
ASX Compliance
Click here for the full ASX Release
This article includes content from Warriedar 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.
Aurum Quarterly Report for the Period Ending 30 June 2024
Aurum Resources Limited (Aurum or the Company) (ASX: AUE) provides the following summary and Appendix 5B for the Quarter ended 30 June 2024.
HIGHLIGHTS
- Aurum’s planned 45,000m diamond drilling program for CY2024 continued during the quarter, with results reported from BD Targets 1 and 2. Results from BDT1 included:
- 59m @ 1.42 g/t Au from 68m inc. 13m @ 3.92 g/t Au (DSDD0010)
- 23m @ 1.36 g/t Au from 293m inc. 5m @ 3.32 g/t Au &
- 43m @ 0.96 g/t Au from 321m inc. 7m @ 1.73 g/t Au (DSDD0049)
- 9m @ 2.32 g/t Au from 109m inc. 1m @ 16.82 g/t Au &
- 90m @ 1.16 g/t Au from 143m inc. 51m @ 1.04 g/t Au and 35m @ 1.47 g/t Au (DSDD0050)
- 12.22m @ 14.56 g/t Au from 275m inc. 1m @ 163.42 g/t Au (DSDD0051)
- 69m @ 1.05 g/t Au from 195m inc. 12m @ 2.28 g/t Au (DSDD0060A)
- 10m @ 1.97 g/t Au from 131m inc. 2m @ 7.37 g/t Au (DSDD0057)
- Diamond drilling has now hit multiple +50 gold gram metre1 intercepts over 300m strike at BDT1
- Results from BDT2 included:
- 74m @ 1.00 g/t Au from 167m inc. 1m @ 24.73 g/t Au & 6m @ 3.31 g/t Au from 99m & 8m @ 1.51 g/t Au from 71m (DSDD0044)
- 33m @ 0.84 g/t Au from 146m inc. 1m @ 9.95 g/t Au (DSDD0046)
- 1m @ 10.01 g/t Au from 71m (DSDD0024)
- Aurum-owned fleet expanding to six diamond drill rigs with drilling capacity at ~10,000m per month in August 2024
- Aurum is targeting an initial Mineral Resource Estimate for Boundiali in late CY2024
- Boundiali preliminary metallurgical test work delivers gold recoveries up to 99% from oxide ore and more than 93% for samples grading 0.25g/t Au or higher2
- Aurum plans additional metallurgical to establish and optimise processing flowsheets
- Côte d’Ivoire’s Minister for the Ministry of Mine, Petroleum and Energy approved Aurum’s 80% ownership of the BD exploration permit.
CORPORATE
- Aurum received firm commitments for a $17M Share Placement in two tranches, with first tranche completed; additional Share Purchase Plan raised $744,1003 with flexibility to place shortfall subject to approval from shareholders’ meeting to be held on 6 August 2024
- Aurum announced a strategic partnership agreement to earn up to a 70% interest in exploration tenement PR283, to be renamed Boundiali North (BN)
- Aurum appointed Mark Strizek as Executive Director to guide exploration and development of the Company’s Boundiali Gold Project in Côte d’Ivoire, West Africa
- Aurum appointed Yao N’Kanza (Fred) as Country Manager to expedite project and business development initiatives in Côte d’Ivoire, while progressing field exploration at Boundiali.
- Aurum successfully completed 3,500m diamond drilling at a gold project site owned by Turaco Gold Limited (“Turaco”) and to the satisfaction of Turaco for the purchase by Plusor Global Pty Ltd for a 35% shareholding in DS Resources Joint Venture Company Sarl which owns 100% interest in the BD exploration permit (TCG, ASX, 7/11/2023).
- Aurum had cash available $10.8 million in bank at the end of June 2024 with $9.46 million to be received from Tranche 2 of the $17M capital raise subject to approval from shareholders’ meeting to be held on 6 August 2024.
Click here for the full ASX Release
This article includes content from Aurum 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.
Boorara Ore Reserve Supports Development
Horizon Minerals Limited (ASX: HRZ) (“Horizon” or the “Company”) is pleased to announce the results of the Boorara Ore Reserve Study (“ORS” or “Study”). The proposed mining project is 100% owned and is located 15km east of Kalgoorlie-Boulder, adjacent to the Super Pit in the heart of the Western Australian goldfields (Figure 1).
- Independent JORC (2012) Ore Reserve for Boorara completed by AMC Consultants shows a financially viable project highlighted by the following:
- Open pit mine design producing 1.24Mt at a fully diluted grade of 1.24g/t Au for 49.5koz over an approximate 14 month mine life
- Ore Sale Agreement (OSA) at 92.5% metallurgical recovery produces 45.8koz recovered
- Project generates $19.9M in free cash flow (after capital) at a gold price of A$3,300/oz
- Boorara is fully permitted with all statutory approvals in place
- Mining and haulage contracts well advanced
- Binding OSA has been executed with Paddington Gold Pty Ltd (Paddington), a wholly owned subsidiary of Norton Gold Fields Ltd for treatment of Boorara ore
- Development decision expected imminently along with commencement of mining in the current September 2024
Commenting on the Ore Reserve, Managing Director and CEO Mr Grant Haywood said:
“We are very pleased that the independent Ore Reserve has validated our initial work that allows us to move forward with mining at Boorara and bring strong cashflows into Horizon. Our contract negotiations are well advanced and are the final key milestone outstanding in relation to bringing this asset into production.
Horizon has strong optionality within its large resource book of projects, which we aim to develop in conjunction, and following, development of Boorara to be a sustainable gold producer and generate more cash in this strong gold price environmental for the foreseeable future.”
Click here for the full ASX Release
This article includes content from Horizon 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.
WCG Report: Demand for Gold Bars, Coins Higher Under Democrat Leadership
A recent report by the World Gold Council (WGC) noted that US gold bar and coin demand has been higher on average during Democratic presidencies.
The data, which draws from the last 37 years, shows that monthly demand in the first year following a Democratic win averages 79,000 ounces of gold, while the average following a Republican win is 32,500 gold ounces.
The WGC report suggests that retail investors' demand for gold bars and coins is partly driven by their perceptions of economic policies when a Democrat is in office.
These views include the likelihood of administrations to implement policies that could lead to economic instability or higher inflation, prompting them to seek the safety of tangible assets like gold.
However, this does not necessarily mean gold prices follow the same trend. While the report notes a possible correlation, this behavior is not uniformly observed in other types of gold investments, such as ETFs or central bank purchases, showing the complexity of predicting gold prices based on political outcomes alone.
Instead, the report emphasizes the enduring role of geopolitical risk in gold's performance.
A 100 basis point rise in the Geopolitical Risk (GPR) Index has an approximate 2.5 percent positive impact on gold's return, according to WGC data, reinforcing gold's status as a safe haven during times of elevated geopolitical tension.
The GPR Index is constructed using automated text analysis of national and international newspapers, counting the number of articles discussing geopolitical tensions, wars and other forms of political unrest.
The index provides a quantitative measure of geopolitical risk, allowing investors to gauge how such events might influence asset prices, including gold.
Recent geopolitical incidents, such as the attempted assassination of former President Donald Trump and President Joe Biden's decision not to seek re-election, have had significant impacts on global financial markets.
The attempted assassination of Trump at a rally in Pennsylvania, where he sustained a minor wound, led to a surge in gold prices and Bitcoin prices over the following days.
This incident underscores how sudden geopolitical events can influence investor behavior and drive demand for safe-haven assets, even if the broader trend does not directly correlate with political party dynamics.
The WGC report concludes that while US presidential elections and the resulting administrations do impact investor perceptions and behaviors, these factors are part of a broader array of influences on gold prices. The increase in gold bar and coin demand during Democratic presidencies suggests that retail investors are reacting to perceived economic threats rather than the political party itself.
Thus, predicting gold prices based on political events alone is inherently complex, as investor behavior is influenced by a multitude of factors beyond just the party in power.
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.
Paris 2024 Olympic Medals Showcase History with Priceless Iron
As the world eagerly anticipates the Paris 2024 Olympic Games, which will take place from July 26 to August 11, the medals to be awarded to victorious athletes have garnered attention for their unique design and composition.
This year, the medals are not just a symbol of athletic achievement but also a piece of French history.
Each medal contains an 18 gram piece of original iron from the Eiffel Tower, the symbol of Paris, in the shape of a hexagon at the center — a nod to mainland France’s nickname "The Hexagon." Embossed lines radiating from the hexagon create a striking visual effect.
The Eiffel Tower, constructed in 1889, features a type of iron known as "puddle" iron. The puddling process was crucial in producing iron of nearly pure quality and exceptional strength by eliminating excess carbon from cast iron.
During the 20th century, some of this original material was removed from the tower during renovations and carefully preserved. In recognition of the games’ importance, the Société d’Exploitation de la Tour Eiffel has allowed these historic iron pieces to be repurposed into the Olympic medals.
“There was a huge amount done to try to bring together these precious metals — gold, silver and bronze — with the most precious metal in the Eiffel Tower, the jewel in the French crown,” Tony Estanguet, President of the Paris 2024 Organising Committee, said.
The reverse side of the medals combines the history of the Olympics with France's iconic landmark, depicting the Greek goddess of victory, Nike, against the backdrop of the Panathenaic Stadium in Athens and the Eiffel Tower.
The 2024 Olympic medals are designed by the French jewelry company Chaumet, marking the first time a jeweler has taken on this task for the Olympics. A total of 5,084 medals will be awarded during the Paris 2024 Olympics and Paralympics.
How much are the metals in a 2024 Olympic medal worth?
While the symbolic significance of an Olympic medal and the iron from the Eiffel Tower are both priceless, you may be wondering just how much the Olympic medals are worth based on the metals used to create them.
The prices of both gold and silver have performed strongly in 2024, with gold setting new all time highs earlier in July. Prices used for these calculations come from metal pricing on July 24 at 12:00 PM EDT, when the gold price was about US$2,400 and silver was about US$29.
First up is the Olympic gold medal, which is actually largely composed of pure silver with 6 grams of gold plating. The 2024 gold medal weighs 529 grams, including the 18 grams of iron, putting the silver content at 505 grams. Combined, the gold and silver metals content give the 2024 gold medal an intrinsic value of approximately US$932.
This year's silver medal weighs 525 grams, 507 grams of which is pure silver, resulting in the Olympic silver medal's metal content having a value of approximately US$471.
The bronze medal weighs in at 455 grams, composed of 415 grams of copper and 22 grams of zinc. With prices for both under US$5 per pound, the metals in the bronze medal hold minimal intrinsic value compared to the other two. However, they make up for it with their immense symbolic significance.
The historical context of Olympic medals
Olympic medals have evolved significantly since the modern Olympic games began in Athens, Greece, in 1896. Initially, winners received silver medals and olive branches, while second-place finishers were awarded bronze medals and laurel branches.
Since then, an estimated 36,600 medals have been awarded. However, the tradition of awarding gold, silver, and bronze medals did not begin until the 1904 St. Louis Olympics in the US.
Olympic medals have seen various designs and materials over the years. Early medals often featured Greek mythology, while modern designs have added motifs representing the host city's culture.
More recently, the Tokyo 2020 Olympics set a precedent for innovation by creating medals from recycled electronic devices, including 6.21 million cell phones, to emphasize sustainability.
This year, the Paris Olympics continue this legacy of innovation by incorporating historical elements into the medal design. In addition to the use of iron from the Eiffel Tower, the medals were crafted at the Monnaie de Paris, the French Mint, which is the same institution that minted the medals for the 1924 Paris Olympics, bringing a century-old tradition full circle.
This upcoming Olympics, each athlete will be vying not only for the glory and honor of their home countries, but also the opportunity to take home a piece of history in each medal that serves as a testament to their skill and determination.
“What’s impactful for this year will be having a part of the original Eiffel Tower metal, the iron, in these various medals, and so this is what we wanted to do, to infuse all these 2024 athletes with that metal,” Estanguet said.
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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