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Update on acquisition of Deferred Assets
Warriedar Resources Limited (ASX: WA8) (Warriedar or the Company) provides an update on the Deferred Assets arrangement announced to the ASX on 28 November 2022.
The Company acquired subsidiary DC Mines Pty Ltd (DC Mines) in February 20231 . DC Mines had acquired the Golden Range and Fields Find Projects from Minjar Gold Pty Ltd (Minjar) in 2022. Under the 2022 Asset Sale Agreement between Minjar and DC Mines, completion of the acquisition of four tenements the subject of the acquisition (E59/1324-I, M59/386-I, M59/387-I and M59/425-I (Deferred Assets)), was deferred pending the satisfaction or waiver of certain conditions precedent related to consents or approvals from third parties.
The date for satisfaction of the conditions precedent has now passed and the Asset Sale Agreement has been terminated with respect to the Deferred Assets.
The Deferred Assets included an existing JORC-compliant Mineral Resource of 4.0 Mt at 1.0 g/t Au for 129.8 koz Au (Mt Mulgine). The Company’s Mineral Resource table has been updated to reflect this change and is provided below.
Warriedar Managing Director and CEO, Amanda Buckingham, commented:
“We are resolutely focussed on our strategy to rapidly build high-grade Mineral Resources within the ‘Golden Corridor’ at Golden Range. This is a 25km long trend hosting 6 known gold deposits, 18 historic shallow open pits and an existing Mineral Resource of 736koz gold – and which comprises the great majority of the existing Mineral Resources defined at our Golden Range Project. Mt Mulgine does not form part of the Golden Corridor and was not a focus area for our growth drilling activities.”
Engage with this announcement at the Warriedar InvestorHub
This announcement has been authorised for release by: Amanda Buckingham, Managing Director.
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.
Continued Delivery of High Grade Antimony Mineralisation at Ricciardo
Warriedar Resources Limited (ASX: WA8) (Warriedar or the Company) provides an update on its initial review of the antimony (Sb) potential at the Ricciardo deposit, located within its Golden Range Project in the Murchison region of Western Australia.
HIGHLIGHTS:
- Review of the antimony (Sb) potential at Ricciardo is complete with drillhole assay data confirming Sb mineralisation of significant thickness and grade exists below both the Ardmore pit (previously identified) and the Copse-Silverstone pits (newly identified), representing a potential combined strike length of approx. 1km.
- Multiple significant Sb intervals have been identified (reviewing both historic and WA8 drill hole assays), in addition to results recently released (* indicated below):
- Most of the Sb mineralisation appears to be located above the main gold zone, a distinct metallurgical positive for future processing and economic potential. Similarly to the gold mineralisation, the Sb zones remain wide open at depth.
- Only 11% of historical drill samples at Ricciardo were assayed for Sb. Retained pulp samples from historical holes are currently being tested with pXRF, with those favourable for significant Sb set to undergo laboratory multi element assay.
- An approx. 100kg high-grade sample of antimony mineralisation from Ricciardo has also been dispatched for scoping-level metallurgical testwork.
Warriedar Managing Director and CEO, Amanda Buckingham, commented:
“Following the recent high grade antimony intersections at Ricciardo, our initial review of the broader antimony potential has delivered further promise. An exceptionally high-grade antimony interval, as well as a much wider intersection, are now able to be placed in greater context. This context is a broader volume of antimony, not yet well-defined but with existing drilling showing serious scale and grade potential.
“Importantly, the high-grade antimony appears relatively discrete from higher-grade gold mineralisation, an excellent metallurgical outcome. While it remains early days, we are cautiously optimistic and have commenced initial metallurgical testing for potential processing and antimony recovery.
“While we are excited about this emerging opportunity at Ricciardo, I want to emphasise however that pursuit of this opportunity will be in parallel with our growth-focussed gold drilling at Golden Range, which remains our current core focus.”
Figure 1: The Golden Range and Fields Find Projects, with proximate mines, mills and projects.
Key Ricciardo context
The Ricciardo gold system spans a strike length of approximately 2.3km, with very limited drilling having been undertaken below 100m depth. Ricciardo possesses a current Mineral Resource Estimate (MRE) of 8.7 Mt @ 1.7 g/t Au for 476 koz gold.1
Historical gold mining operations at Ricciardo were primarily focused on the oxide material, with the transition and primary sulphides mineralisation not systematically explored. Antimony was not a focus of previous exploration, with only about 11% of historic drill holes assayed for antimony.
The gold and antimony mineralisation at Ricciardo is predominantly hosted within intensely altered and deformed ultramafic units. The high-grade antimony-dominant mineralisation occurred later than the main gold events and generally sits above the high-grade gold mineralisation.
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.
Further Strong Extensional Diamond Drill Results from Ricciardo
Warriedar Resources Limited (ASX: WA8) (Warriedar or the Company) provides further assay results from its Golden Range Project, located in the Murchison region of Western Australia.
HIGHLIGHTS:
- All residual assay results received from the recent 2,701m (27 holes) diamond drilling program at Ricciardo.
- Drilling underneath the Silverstone pit confirms the identified high-grade shoot continues at depth and at better than previously modelled grades:
- 13.7m @ 3.27 g/t Au and 0.36% Sb (4.04 g/t AuEq) from 253.3m, inc.
1.2m @ 9.00 g/t Au and 0.00% Sb (9.00 g/t AuEq) from 264.85m (RDRC046) - 22.6m @ 2.11 g/t Au and 0.29% Sb (2.71 g/t AuEq) from 294m, inc.
3m @ 7.22 g/t Au and 0.02 % Sb (7.26 g/t AuEq) from 312m (RDRC044)
- 13.7m @ 3.27 g/t Au and 0.36% Sb (4.04 g/t AuEq) from 253.3m, inc.
- Drilling from the Eastern Creek area, located at the southern end of Ricciardo, confirms down dip continuity with increasing grade and width at depth:
- 7.0m @ 2.54 g/t Au and 0.24% Sb (3.05 g/t AuEq) from 170m (RDRC060)
- 25.0m @ 1.23 g/t Au and 0.17% Sb (1.60 g/t AuEq) from 232m, inc.
6.8m @ 2.37 g/t Au and 0.37% Sb (3.16 g/t AuEq) from 250.2m (RDRC059)
- Update of Ricciardo Mineral Resource Estimate (MRE) on track for Q4 2024.
- Aircore drilling program now in progress at the Golden Range Project targeting an underexplored section at the southern end of the 70-km long shear.
- Further growth-focussed Reverse Circulation (RC) drilling of the ‘Golden Corridor’ scheduled to commence in November.
Warriedar Managing Director and CEO, Amanda Buckingham, commented:
“This final set of diamond results from the recent Ricciardo drilling have really put a bow on the whole program for us. The broad-based extensional success delivered by this drilling is both real and exciting. The fact that these results are being delivered at what are still relatively shallow down-dip depths, and in such proximity to excellent surrounding infrastructure, also delivers excellent potential for the economic character of the anticipated resource additions at Ricciardo. It is my firm belief that we are just getting started in terms of the opportunity at Ricciardo, let alone within the larger ‘Golden Corridor’ and along the broader mineralised shear.”
Key Ricciardo context
The Ricciardo gold system is located within Warriedar’s flagship Golden Range Project in the Murchison region of Western Australia (refer Figures 1 and 2).
Ricciardo spans a strike length of approximately 2.3km, with very limited drilling having been undertaken below 100m depth. It possesses a current MRE of 8.7 Mt @ 1.7 g/t Au for 476 koz gold. 1 Importantly, historical mining operations at Ricciardo were primarily focused on oxide material, with the transition and primary sulphides mineralisation not systematically explored.
Figure 1: The Golden Range and Fields Find Projects, with proximate mines, mills and projects.
Figure 2: The ‘Golden Corridor’ within the Golden Range Project. The image on the right is gravity over shaded residualmagnetic RTP.
The most recent phase of RC and diamond drilling of Ricciardo has concluded. This release reports on the assays from the final 11 holes of the diamond program. These holes were predominantly located in the southern part of the Ricciardo deposit, focusing on down-dip extension where no previous drilling had been undertaken (refer Table 1 and Figure 3 for drill collar and relevant section locations).
All 11 holes returned significant intersections, delivering a further round of meaningful extensional success from the recent program (refer Table 2). All results are set to be incorporated into an update of the Ricciardo MRE, which remains on track for completion during Q4 2024.
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.
Further Step-Out Gold Success and High-Grade Antimony Discovery
Warriedar Resources Limited (ASX: WA8) (Warriedar or the Company) provides further assay results from its Golden Range Project, located in the Murchison region of Western Australia. The results reported in this release are for a further 6 of the 27 diamond holes drilled in the current program at Ricciardo (6 holes for 1,102m), as well as 2 diamond tails drilled at M1 and Austin (2 holes for 259m). Results for the first 14 diamond holes of the current program were previously reported (refer WA8 ASX releases dated 3 July 2024, 19 July 2024 and 2 August 2024).
HIGHLIGHTS:
- Assay results received for a further 1,102m of diamond drilling at Ricciardo.
- Extremely high-grade antimony (Sb) intersected in multiple holes below the Ardmore pit, including in RDRC067 above the main zone of high-grade gold mineralisation:
- 12.7m @ 4.98% Sb and 0.36 g/t Au (10.92 g/t AuEq*) from 229.2m
incl. 1.85m @ 28.50% Sb and 0.45 g/t Au (60.94 g/t AuEq) from 238.25m
- 12.7m @ 4.98% Sb and 0.36 g/t Au (10.92 g/t AuEq*) from 229.2m
- A wide zone of antimony mineralisation was encountered in hole RDRC001:
- 34m @ 1.0% Sb and 0.59 g/t Au (2.72 g/t AuEq) from 158.80m
- This newly identified and exceptionally high-grade Sb zone, along with the broader antimony potential at Ricciardo, demands prompt follow-up and evaluation.
- Further high-grade gold extension delivered below the Ardmore pit:
- 18m @ 3.41 g/t Au and 0.27% Sb (3.97 g/t AuEq) from 276m (RDRC048B) incl. 4.5m @ 9.90 g/t Au and 0.01% Sb (9.93 g/t AuEq) from 286.5m
- 1m @ 28.31 g/t Au and 2.18% Sb (32.92 g/t AuEq) from 286m (NMRC005)
- 42.6m @ 1.08 g/t Au and 0.05% Sb (1.17 g/t AuEq) from 253.38m (RDRC067)
- ‘Golden Corridor’ diamond drilling now complete, with 31 holes drilled for 3,300m.
- All residual diamond assays expected to be received by late September, with update of the Ricciardo Mineral Resource targeted for Q4 2024.
- Further growth-focussed RC drilling of the ‘Golden Corridor’ scheduled for H2 2024, as well as planned aircore drilling along select parts of the regional shear.
Warriedar Managing Director and CEO, Amanda Buckingham, commented:
“The results for these holes successfully demonstrate further extensional high-grade gold, and for the first time very high-grade antimony zones below the Ardmore pit area.
Given the relative absence of assaying for antimony in historical drilling at Golden Range, we are cautiously optimistic on the potential that might exist here. Moreover, the apparent zonation in RDRC067 is also highly encouraging for any future antimony development potential.
I want to emphasise however that pursuit of this opportunity will be in parallel with our growth-focussed gold drilling at Golden Range, which remains our current core focus.”
* Refer to page 8 of this release for full gold equivalent (AuEq) calculation methodology.
Figure 1: The Golden Range and Fields Find Projects, with proximate mines, mills and projects.
Key Ricciardo context
The Ricciardo gold system spans a strike length of approximately 2.3km, with very limited drilling having been undertaken below 100m depth. Ricciardo possesses a current MRE of 8.7 Mt @ 1.7 g/t Au for 476 koz gold.1 Historical mining operations at Ricciardo were primarily focused on oxide material, with the transition and primary sulphides mineralisation not systematically explored.
Due to the limited number of multi-element assays from historical drill holes at Ricciardo, other mineral potential (outside of gold) has also not been properly evaluated historically.
Figure 2: The ‘Golden Corridor’ within the Golden Range Project. The image on the right is gravity over shaded residual magnetic RTP.
The gold mineralisation at Ricciardo is predominantly hosted with intensified altered and deformed ultramafic units. It is important to note that the newly identified antimony-dominant mineralisation identified in RDRC067 (discussed below) sits above high-grade gold mineralisation in the same area, and may overprint the earlier gold mineralisation in some areas.
High-grade antimony zone discovery below the Ardmore pit
RDRC067 was designed to drill south to north along strike to better understand the structural controls within the Ricciardo deposit and assess the continuity of the ultramafic unit (Figure 3). All previous drill holes (by Warriedar and previous explorers) have been drilled eastward perpendicular to the known mineralised structure. RDRC067 was considered an important hole by the Warriedar technical team in order to confirm there are no additional structural controls and to provide further confidence in the geological model.
Figure 3: Plan view of Ricciardo deposit with current cross section locations annotated. The holes drilled in Q2/Q3 as part of the current program are highlighted in red. Additional holes are also outlined but not presented in below cross sections.
Unexpectedly, RDRC067 intersected significant high-grade antimony mineralisation from 229.2m to 241.9m downhole, returning 12.7m @ 4.98% Sb and 0.36 g/t Au (10.92 g/t AuEq) (Figure 4). Above this high-grade antimony zone, another significant zone was also identified from 183m to 198.1m downhole, returning 15.1m @ 1.42% Sb and 0.42 g/t Au (3.42 g/t AuEq) (Figure 4).
The antimony zones intersected by RDRC067 are interpreted to correlate with a lower grade antimony zone intersected in RDRC038 and RDRC049 (Figure 4). Encouragingly, drillhole RDRC001 returned a wide zone of antimony mineralisation: 34m @ 1.0% Sb and 0.59 g/t Au (2.72 g/t AuEq). Further work is required to determine the geometry and extent of the antimony mineralisation.
RDRC067 concluded at 296.96m downhole depth, within the gold mineralisation domain, as the target depth of the hole had been reached. As RDRC067 is not drilled perpendicular to the Mougooderra Shear, which is the main control of the mineralisation, it is important to note that the intersected thickness does not reflect the true thickness of the mineralisation.
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.
Infill Drilling of Ricciardo Deposit Delivers Significant Gold Mineralisation
Warriedar Resources Limited (ASX: WA8) (Warriedar or the Company) is pleased to provide an update on drilling progress and assay results from its Golden Range Project, located in the Murchison region of Western Australia (Figure 1).
HIGHLIGHTS:
- Assay results for a further two (2) diamond tails at Ricciardo confirm a 77m wide (not true width) mineralisation zone 180m down-dip of the current Resource beneath the Ardmore pit, including a high-grade shoot.
- Significant gold intervals include:
- 7.2m @ 4.51 g/t Au from 232.8m, incl. 3m @ 9.03 g/t Au from 234m
- 10.5m @ 1.53 g/t Au from 218.8m
- 3.9m @ 3.35 g/t Au from 218.8m
- 23.2m @ 1.60 g/t Au from 270.8m
- Mineralisation in this area is structurally complex, extends to a vertical depth of ~ 460m and remains open.
- Ricciardo sits in the middle of the 25km-long ‘Golden Corridor’ at Golden Range, which hosts six (6) discrete deposits (18 historic pits) that are all open at depth and possess immediate growth potential.
- Current diamond drilling program (now extended to 3,000m) at Ricciardo and M1 set to be completed in mid-August, with all assays expected by late-September.
- Update of the Ricciardo MRE is targeted for Q4 2024.
- Further growth-focussed drilling of the ‘Golden Corridor’ scheduled for H2 2024.
The results for these two (2) holes again demonstrate wide infill of the broader Ricciardo deposit at depth, further validating the outstanding Mineral Resource Estimate (MRE) growth potential that exists at Ricciardo and along the broader ‘Golden Corridor’ trend (refer Figure 2).
Warriedar Managing Director and CEO, Amanda Buckingham, commented:
“The outcomes of these two diamond tails are significant, given that they represented substantial depth step-outs under the shallow Ardmore pit. A 77m wide mineralised zone (downhole) with a central high-grade shoot (4.51 g/t), 180m below the MRE is a great result. We don’t fully understand the structural geometry here yet, but we are delighted that the deeper part of hole 49 validates the drill results from a previous explorer – confirming the deposit extends to about 460m vertical depth and retains some good grade (3.19 g/t). Excellent progress.
We continue to drill ahead at Ricciardo as part of the current diamond program, with follow-up growth drilling activities in planning for the remainder of H2 2024.”
Figure 1: The Golden Range and Fields Find Projects. Mines and projects within trucking distance of the Warriedar tenure are shown.
Ricciardo deposit
The Ricciardo gold system spans a strike length of approximately 2.3km, with very limited drilling having been undertaken below 100m depth. Ricciardo possesses a current MRE of 8.7 Mt @ 1.7 g/t Au for 476 koz gold.1 The oxide material at Ricciardo has been mined by previous operators.
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.
A$4.0M Placement to Fund Growth Focused Exploration
Warriedar Resources Limited (ASX: WA8) (Warriedar or the Company) is pleased to advise that it has received firm commitments to raise A$4.0 million (before costs) via a placement of approximately 70.7 million fully paid ordinary shares (New Shares) at an issue price of A$0.057 per share (Placement).
HIGHLIGHTS:
- Firm commitments received for a A$4.0 million placement to sophisticated and institutional investors at an issue price of A$0.057 per share.
- Strong support received from both new investors and existing shareholders.
- Placement proceeds complement the upcoming receipt of A$2 million from recently announced sale of non-core Golden Range camp facility. Together with existing cash of A$3.6 million (as of 30 June 2024), Warriedar will have a strong cash position of approximately A$9.6 million post settlement of the Placement.
- Warriedar is well-funded to execute on growth-focussed exploration activities across its highly prospective Murchison tenure in Western Australia.
- Ongoing Reverse Circulation (RC) and diamond drilling of the 25km long ‘Golden Corridor’ scheduled through H2 CY2024.
- Updated Mineral Resource Estimate (MRE) for flagship Ricciardo deposit (Golden Range Project) targeted for Q4 CY2024.
- The Company’s current JORC MRE at Golden Range is 15.2Mt @ 1.7 g/t Au for 816Koz of contained gold (of which 412Koz is in the Measured and Indicated classifications)
The ongoing diamond tails drilling program at the Ricciardo and M1 deposits was recently expanded to 2,500m following the initial high-grade extensional successes reported from this drilling (refer WA8 ASX releases dated 19 July 2024 and 3 July 2024). Ricciardo and M1 both sit within the 25km-long ‘Golden Corridor’ at Golden Range, which hosts six discrete deposits (18 historic pits) that are all open at depth and possess immediate growth potential.
Warriedar Managing Director and CEO, Amanda Buckingham, commented:
“I would like to thank existing shareholders for their support as well as the range of new, high-quality investors that are set to enter the Warriedar register through the placement. We are now positioned to aggressively build on the emerging opportunity at our flagship Golden Range Project. We have a multitude of walk-up extensional targets to drill, with a focus on growing our resource base in the Murchison via the addition of high-quality, high- grade gold ounces.”
Placement Details
Warriedar will issue approximately 70.7 million New Shares under the Placement at an issue price of A$0.057 per share. This represents an 18.6% discount to Warriedar’s last closing price of A$0.07 per share on Thursday 25 July 2024.
The Placement will take place in a single tranche pursuant to the Company’s available placement capacity under ASX Listing Rule 7.1. New Shares issued under the Placement will rank equally with the Company’s existing fully paid ordinary shares on issue.
Settlement of New Shares is expected to occur on Monday 5 August 2024, with allotment to occur on Tuesday 6 August 2024.
Bell Potter Securities Limited (Bell Potter), Canaccord Genuity (Australia) Limited (Canaccord) and Argonaut Securities Pty Ltd (Argonaut) acted as Joint Lead Managers and Bookrunners to the Placement.
Use of Proceeds
Proceeds from the Placement are to fund further growth-focussed exploration drilling of Warriedar’s key project in the Murchison region of Western Australia, Golden Range.
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.
Exceptional Drilling Results Returned from Hyperion Gold Deposit
Prodigy Gold NL (ASX: PRX) (“Prodigy Gold” or the “Company”) is excited to announce the receipt of all results for the Reverse Circulation (“RC”) drilling program completed during September at the Hyperion Gold Deposit (“Hyperion”), which forms part of the Company’s strategically important Tanami North Project in the Northern Territory (Figure 1).
HIGHLIGHTS
- Exceptional results returned from the Reverse Circulation drilling campaign completed at the Hyperion Gold Deposit.
- Intercepts received include highlights:
- Hyperion Lode
- 25m @ 2.2g/t Au from 66m in hole HYRC24001
- 33m @ 2.6g/t Au from 49m in hole HYRC24017A
- Tethys Lode
- 10m @ 15.9g/t Au from 177m in hole HYRC24004
- 30m @ 2.9g/t Au from 31m in hole HYRC24006
- 13m @ 4.1g/t Au from 26m in hole HYRC24013
- Suess Lode
- 4m @ 7.7g/t Au from 87m in hole HYRC24004
- Hyperion Lode
- Two holes drilled down dip for metallurgical testwork, yielded intercepts:
- 99m @ 2.7g/t Au from 33m in hole HYRC24005 from the Hyperion Lode
- 53m @ 2.9g/t Au from 49m in hole HYRC24009 from the Tethys Lode
The results received are from the 17 hole, 1,770 metre RC program completed at Hyperion1 covering the Hyperion, Tethys and Seuss Lodes, yielding a series of significant intercepts demonstrating a greater than 30 gram metre interval (grade times width) based on a 0.5g/t gold cut-off, including:
- 25 metres @ 2.2g/t Au from 66m in hole HYRC24001 (Estimated True Width – “ETW” 24.1m)
- 15 metres @ 3.1g/t Au from 152m in hole HYRC24003 (ETW 13.2m)
- 15 metres @ 2.1g/t Au from 48m in hole HYRC24004 (ETW 7.9m)
- 4 metres @ 7.7g/t Au from 87m in hole HYRC24004 (ETW 2.8m)
- 10 metres @ 15.9g/t Au from 177m in hole HYRC24004 (ETW 9.4m)
- 30 metres @ 2.9g/t Au from 31m in hole HYRC24006 (ETW 19.0m)
- 17 metres @ 2.9g/t Au from 67m in hole HYRC24011 (ETW 14.4m)
- 15 metres @ 2.2g/t Au from 50m in hole HYRC24012 (ETW 11.7m)
- 13 metres @ 4.1g/t Au from 26m in hole HYRC24013 (ETW 10.9m)
- 26 metres @ 1.6g/t Au from 41m in hole HYRC24016 (ETW 25.4m) and
- 33 metres @ 2.6g/t Au from 49m in hole HYRC24017A (ETW of 29.9m)
The results show that all holes intersected a reportable mineralised interval, with the majority of the reported results at grades above the estimated grade of the recently released Hyperion Mineral Resource. These new results will now be used to update the Hyperion Mineral Resource, which currently comprises an Indicated and Inferred Mineral Resource of 8.64Mt @ 1.5g/t Au for 407,000 ounces at a reporting cut-off grade of 0.6g/t Au2.
Drilling was also completed at the Brokenwood, Pandora and Tregony North Prospects for which the Company is still awaiting results.
Hyperion is located in the highly prospective, but underexplored area situated between the 1.1Moz Groundrush Gold Deposit and the 94Koz Crusade Gold Deposit3, both of which form part of the neighboring Central Tanami Project (Northern Star Resources Ltd (ASX:NST)/Tanami Gold NL (ASX:TAM)). Hyperion is also located around 25kms to the south of Prodigy Gold’s wholly owned 64Koz Tregony Gold Deposit4 (Figure 2). Hyperion and Tregony are key pillars of Prodigy Gold’s project portfolio and the focus of the Company’s current exploration activities.
The objectives of the reported Hyperion RC drilling program were to:
- infill areas of the Hyperion Resource that require closer spaced drilling to improve confidence in the recently updated Mineral Resource estimate for the Deposit
- re-drill several historical Air Core (“AC”) holes so that these results can be used in future resource estimations
- complete two holes drilling down dip of the known mineralisation to provide samples for metallurgical benchscale testwork from other areas of the Hyperion Deposit. Previous metallurgical testing was completed only on samples from the Suess Lode5.
Management Commentary
Prodigy Gold Managing Director, Mark Edwards said:
“The drilling completed in 2024 highlights the reason why Prodigy Gold views Hyperion as one of the key projects for the Company. These results support the current company strategy focusing on our Tanami North project area and remaining committed to expanding our Mineral Resource inventory through organic growth. These new results will also provide the Company with additional technical information, such as the recovery characteristics of the mineralisation of other lodes at Hyperion through further metallurgical testwork.
While two holes drilled targeted mineralisation down dip of the Hyperion and Tethys Lodes to provide samples for metallurgical testwork, they also provided the Company with confidence in the style of mineralisation at Hyperion. The holes have provided information regarding the down dip continuity of mineralisation, which will be used to assist with the updating of the Hyperion resource estimate.
With drilling now complete for the current field season the results will be used to assist with the planning of further drilling for the 2025 field season, which will definitely include follow-up drilling close to hole HYRC24004 that intersected 10m of mineralisation at close to half an ounce of gold per tonne (15.9g/t Au). This is an outstanding result and demonstrates the overall potential of the Hyperion Deposit and the nearby areas.”
Figure 1 Project location in the Tanami Region
Hyperion 2024 RC Resource Drilling Programs
The Hyperion Deposit is located on EL9250, which is 100% owned by Australian Tenement Holdings, a wholly owned subsidiary of Prodigy Gold. The project is approximately 150km southwest of Lajamanu in the Tanami Region of the Northern Territory (Figure 1).
The Hyperion Deposit was actively explored by Zapopan NL between 1989 and 1995 with RAB, RC and DD drilling completed. Further exploration was undertaken by Otter Gold NL in 2002 and then Newmont Exploration between 2003 and 2005 before the project was purchased by Prodigy Gold in 2009. The Company has been active on the project since 2011.
Click here for the full ASX Release
This article includes content from Prodigy Gold NL, 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.
$850,000 Capital Raise to Accelerate the Pearl Copper Project
Golden Mile Resources Limited (“Golden Mile”; “the Company”; ASX: “G88”) is pleased to announce it has received firm commitments to raise $616,000 (before costs) from institutional and sophisticated investors and a further $234,000 from the Board of Directors and Management of Golden Mile Resources (subject to shareholder approval).
The Placement was strongly received from institutional and sophisticated investors.
HIGHLIGHTS
- Golden Mile has received firm commitments totalling $616,000 (before costs) via a Placement to institutional and sophisticated investors.
- The Board of Directors and Management have committed to subscribe for $234,000 in addition to the Placement, subject to shareholder approval.
- Golden Mile is well funded to deliver the maiden drill programme at the Pearl Copper Project, located in Arizona, USA.
Firm commitments have been received to raise $616,000 through the issue of 61,600,000 new, fully paid ordinary shares (“Shares”), at an issue price of $0.010 per Share (“Placement”). In addition, the Board of Directors and Management have committed to subscribe to a further $234,000 of Shares at an issue price of $0.010 per Share, subject to approval by shareholders (“Subscription”). The price of $0.010 per Share represents a discount of 23% to the 5-day VWAP of $0.013.
Shares issued through the Placement will utilise the Company’s existing capacity under ASX listing rule 7.1 and Shares issued under the Subscription will be subject to shareholder approval.
Sanlam Private Wealth Pty Limited (“Sanlam”) were the lead managers for the Placement. The Company will pay Sanlam a 6% capital raise fee and, subject to receipt of shareholder approval, issue Sanlam 12 million unlisted options with an exercise price of $0.02 expiring three (3) years from date of issue.
Shares issued under the Placement and Subscription will receive one (1) unlisted option for every 2 (two) Shares, subject to receipt of shareholder approval, with an exercise price of $0.02 expiring three (3) years from date of issue.
The Company is proposing to hold a shareholders’ meeting in December 2024 to seek approval for the issue of the options to Sanlam, the options to the Placement and Subscription participants and the Shares the subject of the Subscription.
Golden Mile’s Managing Director Damon Dormer commented: “These funds will allow the Company to accelerate its maiden drilling programme at the Pearl Copper Project targeting our priority 1, Odyssey prospect.”
Click here for the full ASX Release
This article includes content from Golden Mile 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.
September 2024 Quarterly Activities Report and Appendix 5B
Flynn Gold Limited (ASX: FG1, “Flynn” or “the Company”) is pleased to report on its activities for the quarter ending 30 September 2024.
Highlights
Exploration – Golden Ridge Project, NE Tasmania
- Multiple gold-bearing quartz veins successfully intercepted in diamond drilling at the new Trafalgar North vein zone discovery. Two drill holes completed at Trafalgar North, with best mineralised intercepts including:
TFDD019
- 4.8m @ 4.0g/t Au from 165.6m; including:
- 0.4m @ 17.9g/t Au from 166.9m, and
- 0.4m @ 24.0g/t Au from 170.0m
- 0.3m @ 25.1g/t Au from 440.5m
TFDD020
- 3.05m @ 4.9g/t Au from 53.1m including
- 0.35m @ 40.0g/t Au
- 2.7m @ 4.1g/t Au from 115.4m, including
- 0.35m @ 26.6g/t Au
- Gold mineralisation at Trafalgar North confirmed from surface to over 150m depth and open in all directions
- New in-situ gold vein system discovered during surface sampling and trenching programs at the Grenadier Prospect
- Flynn Gold to receive up to $140,000 to co-fund drilling under the Tasmanian Government’s Exploration Drilling Grant Initiative (EDGI)
Exploration – Other Projects, NE Tasmania
- New Exploration Licence Application submitted over 40km2 of highly prospective exploration tenure surrounding the historic Beaconsfield Gold Mine
- Exploration landholding in NE Tasmania reduced by 457km2 (30%) to approximately 1,020km2, reducing holding costs significantly
Corporate
- The Company’s cash position at 30 September 2024 was $1.83 million
- An At-The-Market Subscription Agreement signed with Dolphin Corporate Investments, providing Flynn with up to $2,000,000 of standby equity capital over the next three years
JOIN FLYNN GOLD’S INTERACTIVE INVESTOR HUB
to receive announcements and updates and to interact with the Company by asking questions or making comments which our team will respond to where possible
- For further information or to post questions go to the Flynn Gold Investor Hub at https://investorhub.flynngold.com.au/link/qy1Aly
Flynn is an Australian mineral exploration company with a portfolio of 100% owned exploration projects in Tasmania and Western Australia (see Figure 1).
The Company has eight 100% owned tenements in north-east Tasmania which are highly prospective for gold as well as tin/tungsten. The Company also holds the Henty zinc-lead-silver project on Tasmania’s mineral-rich west coast and the Firetower gold and battery metals project located in north-western Tasmania.
Flynn has also established a portfolio of gold-lithium exploration assets in the Pilbara and Yilgarn regions of Western Australia. In addition, Flynn holds a binding Option Agreement to acquire two exploration licences at Parker Dome (Forrestania), Western Australia.
Click here for the full ASX Release
This article includes content from Flynn 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.
5 Best-performing Gold Stocks on the TSX in 2024
With gains of nearly 30 percent in 2024, gold has outpaced many other investments since the start of 2024.
The final high of Q3 was set on September 26, when the gold price hit US$2,682.79 per ounce. This was partly driven by the US Federal Reserve’s decision to slash 50 basis points from its benchmark rate following its meeting on September 17 and 18. The move bolstered investor sentiment across precious metals markets.
In addition to the Fed factor, gold has also been buoyed throughout the year by high levels of central bank gold purchases, particularly out of Asia, alongside rising tensions in the Middle-East that have sent investors looking for safe-haven assets amidst geopolitical uncertainty.
1. Perpetua Resources (TSX:PPTA)
Year-to-date gain: 203.3 percent
Market cap: C$794.22 million
Share price: C$12.86
Perpetua Resources is advancing its Stibnite gold-antimony project in Central Idaho, US, which has received strong support from the US government. The project is nearing a construction decision, which is expected next year.
The Stibnite project lies within a historic mining district that hosted large-scale operations dating back to the early 1900s. Perpetua is working to reclaim the historic Yellow Pine and Hangar flat open pit mines, while also reprocessing historic tailings and restoring streams and fish migration routes on the site.
In the company’s November 2020 feasibility study, it reported an after-tax net present value of US$1.9 billion based on an average gold price of US$1,850 per ounce, providing for an internal rate of return of 27.7 percent and a payback period of 2.5 years. It also indicated a total gold recovery of 4.28 million ounces of gold over a 15 year lifespan of the mine with an annual recovery of 301,000 ounces.
The site also hosts significant amounts of antimony, which is classed as a critical mineral, with measured and indicated quantities of 205.89 million pounds. This has allowed the company to secure funding from the US government under the Defense Production Act, with the most recent US$34.6 million being awarded on February 12.
Perpetua spent much of 2024 awaiting a critical decision from the United States Forest Service (USFS) on the authorization of its mining plan. This came in early September, when the USFS issued a draft record of decision authorizing the gold project and completed the final environmental impact assessment. The final Record of Decision is expected by the end of the year.
Shares in Perpetua reached a year-to-date high of C$13.61 on September 25.
2. Jaguar Mining (TSX:JAG)
Year-to-date gain: 191.16 percent
Market cap: C$413.73 million
Share price: C$5.27
Jaguar Mining is a mining and development company that owns several gold-mining complexes near the city of Belo Horizonte in Minas Gerais, Brazil.
Jaguar’s MTL complex hosts the Turmalina mine and a processing plant. According to the company’s Q3 production update released on October 10, the mine site produced 6,479 ounces of gold, a decrease from the 8,529 ounces produced in the same quarter of 2023.
In addition to mining operations, the MTL complex is home to the advanced stage Faina exploration project. A December 2023 mineral resource estimate from the project pegged measured and indicated resources at 1.43 million metric tons of ore with an average grade of 5.08 grams per metric ton (g/t) gold for 233,000 ounces of contained gold. Inferred resources stand at an additional 232,000 ounces of gold from ore grading 5.09 g/t.
In Jaguar’s management and discussion analysis on August 7, the company reported it is accelerating development at Faina to define its ore structures. Ore taken from the site during the second quarter was processed by the Turmalina plant, and gold recovery exceeded expectations at 414 ounces. The company said production from stoping should gradually increase through the start of 2025 to 15,000 metric tons per month, before reaching full capacity of 25,000 metric tons in 2026.
The company’s other producing mining operation is the Caete complex, which includes the Pilar gold mine and the Caete processing plant. Production for Q3 saw the mine deliver 10,433 ounces for the quarter, an increase from the 8,787 ounces produced in Q3 2023.
Jaguar announced on September 5 that it had progressed on access development at the Pilar mine’s BA zone in the first half of the year, with 374 meters completed across five sub-levels. Processing the 30,547 metric tons of ore feed generated from those activities in H1 resulted in 4,032 ounces of gold at an average grade of 4.64 g/t.
Shares in Jaguar mining reached a year-to-date high of C$5.69 on September 23, alongside a surge in the gold price.
3. Orvana Minerals (TSX:ORV)
Year-to-date gain: 156.25 percent
Market cap: C$51.23 million
Share price: C$0.41
Orvana Minerals is a gold, silver and copper miner with assets in Spain and Bolivia.
Its principal asset is the OroValle operation in Northern Spain. The site consists of the El Valle Boinas underground mine and El Valle processing plant, as well as the Carles open pit and underground mines, which are currently on care and maintenance.
The company also owns the Don Mario District in Eastern Bolivia. Mining operations at the site were suspended in 2019 following the depletion of resources. Since then the company has been working to raise capital to finance a plant expansion to begin treatment of ore stockpiles.
In the company’s consolidated financial results for Q2 released on August 12, it noted that it had completed 80 percent placement of its bond program units, raising US$37.7 million toward restarting operations at Don Mario. The company said it expected construction on the plant expansion to begin before the end of 2024.
The announcement also detailed the production of 10,832 ounces of gold from OroValle during the quarter, and revised full year gold production guidance to 37,000 to 39,000 ounces.
Shares in Orvana reached a year-to-date high of C$0.43 on September 19.
4. G2 Goldfields (TSX:GTWO)
Year-to-date gain: 130.67 percent
Market cap: C$406.196 million
Share price: C$1.73
G2 Goldfields is a gold exploration and development company that is working to advance projects in South America and West Africa. Company founders were previously involved in the financing and development of the Aurora gold mine in Guyana, the country’s largest gold mine, for Guyana Goldfields, before Zijin Mining (OTC Pink:ZIJMF,SHA:601899) acquired the latter company in 2020. The company graduated to the TSX from the TSXV in April.
G2’s flagship Oko-Aremu gold project is located in Guyana’s Cuyuni mining district. The company released an updated mineral resource estimate for the combined Oko Main Zone and Ghanie Zone in April, with an increase of 320 percent in indicated gold resources to 922,000 ounces and a 69 percent increase in total contained gold to 2 million ounces. G2 said the maiden resource estimate for Ghanie is a step toward realizing the scale of the Oko gold system.
On September 10, G2 announced it had entered into an agreement to acquire exploration rights to a 30,000 acre land package within the Oko-Aremu district, which brought its land holdings for the project to 58,000 acres. The new properties are composed of three sets of permits and host multiple historic gold occurrences, but have not been subject to modern exploration methods. G2 is working to fast-track drilling on several targets in the area.
The company is performing a drill program using five diamond drills with the objective of expanding mineral resources at Oko. In the most recent update from the project on October 15, the company reported it had discovered multiple new gold zones, including the Eastern Ghanie zone. One of the drill holes in the release included an interval of 3 meters grading 18.8 g/t gold, as well as an interval of 23 meters grading 4.4 g/t gold, including 9 meters grading 8.5 g/t.
Shares in G2 Goldfields reached a year-to-date high of C$1.95 on September 15.
5. Calibre Mining (TSX:CXB)
Year-to-date gain: 105.88 percent
Market cap: C$2.044 billion
Share price: C$2.80
Calibre Mining is a gold mining and development company that owns several producing assets in Nicaragua as well as the Pan gold mine in the US. Additionally, it is constructing the Valentine gold mine in Canada, which it acquired through a merger with Marathon Gold in November 2023.
Between its El Limon, Libertad and Eastern Borosi properties in Nicaragua, the company owns seven producing mines, two mills with a total capacity of 2.75 million metric tons per annum and several exploration targets. In the US, its Pan gold mine is located along Nevada’s Eureka gold trend.
According to the company’s second quarter consolidated results released on August 12, Calibre produced 120,521 ounces of gold during the first half of the year, down from the 134,526 ounces produced in H1 2023. The company attributed the decline to a geotechnical issue at the Limon Norte open pit.
The release also noted that construction at the Valentine gold project in Newfoundland, Canada, was 77 percent complete, on track for gold production to begin in Q2 2025. Calibre said that it had received Federal approval for the development of the additional Berry open pit mine at Valentine.
Once complete, the mine is expected to produce 195,000 ounces of gold per year, drawing from a combined 3.96 million ounce measured and indicated mineral resource.
Shares in Calibre reached a year-to-date high of C$2.86 on October 10.
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Securities Disclosure: I, Dean Belder, own shares of Calibre Mining.
The Price of Gold: How Market Dynamics Impact the Mining Sector
In the ever-evolving landscape of global finance, gold continues to shine as a beacon of stability and value.
The precious metal's enduring appeal has led to a sustained period of strong prices, creating ripple effects throughout the mining and exploration sector.
This article delves into the current state of the gold market and examines how the upward trend in the gold price is reshaping the industry landscape.
Current state of the gold market
Gold prices have been on an upward trajectory, reflecting its status as a safe-haven asset amid economic uncertainty. According to the World Gold Council, the annual average gold price reached new heights in 2023, bolstered by increased investment demand, particularly from central banks.
While gold demand, excluding over-the-counter transactions, showed a slight decrease compared to a robust 2022, total demand, including OTC markets, hit a record 4,899 metric tons in 2023.
Several factors contribute to the strong gold price:
- Global economic conditions: Economic indicators such as inflation, interest rates, and currency strength significantly impact gold prices. As inflation rises globally, investors tend to gravitate towards gold as a hedge.
- Investor behavior: The trend of investors considering gold a safe haven during periods of instability has strengthened. Increased buying activity in the face of economic downturns, coupled with a cautious outlook on traditional investment avenues, drive demand for gold.
- Geopolitical tensions: Unrest and military conflicts create uncertainty in global markets, pushing investors towards gold as a protective measure.
- Supply and demand dynamics: Supply constraints also impact prices, as mines face challenges in production and increased operational costs in a high-price environment.
Impact on gold mining companies
The strong gold price significantly influences gold companies in several ways:
- Profitability: Higher gold prices lead to increased profit margins for gold mining companies. When gold prices surged to record highs, companies experienced enhanced revenues due to the higher selling price per ounce, improving their profitability. Recent analyses reported that the average gold price was around $1,798 per ounce in 2021, which was 21 percent higher than the typical incentive price of $1,500 per ounce required for new gold projects.
- Investment in exploration: The favorable pricing conditions have led to a notable rise in exploration activities. In 2021, the overall gold exploration budget reached approximately $6.2 billion, marking a 42 percent increase year-over-year. This increase was primarily attributed to the availability of substantial cash reserves resulting from high gold prices, encouraging mining companies to allocate more funds towards exploration activities.
- Production levels: A rise in gold prices typically incentivizes companies to boost production levels to maximize profits. Gold mining firms respond to elevated prices by increasing their output, ramping up existing operations, and even considering the reopening of previously closed mines.
Strategies for leveraging high gold prices
Gold mining and exploration companies employ various strategies to capitalize on high gold prices:
- Increased exploration budgets: Companies significantly increase their exploration budgets when gold prices are high. This trend indicates that companies are willing to invest more in finding new gold deposits when prices are favorable, anticipating better returns.
- Capital investment in new projects: Companies often allocate substantial resources to advance new projects that might have been shelved earlier. For instance, US GoldMining (NASDAQ:USGO) is focusing on the Whistler gold-copper project in Alaska, demonstrating heightened activity in project development and feasibility studies.
- Utilizing technology: Companies are adopting new technologies such as automated drilling and AI-driven resource estimation to optimize extraction processes and lower operational expenditures, thus maximizing their profit margins when gold prices are high.
- Diversification strategies: Firms are diversifying their portfolios to mitigate risks associated with market volatility. This includes exploring different geographic areas or investing in complementary resource sectors.
- Strategic partnerships and joint ventures: To maximize exploration potential without bearing all associated costs, gold companies often form partnerships or joint ventures. This collaborative approach allows them to share financial burdens and benefit from pooled expertise.
- Focus on ESG and sustainable practices: Companies focusing on sustainable practices and responsible mining can differentiate themselves and attract more investment. This attention to ESG not only aligns with market demands but can also secure licenses to operate in various jurisdictions.
Notable junior gold exploration and mining companies
One company making significant strides in the current market is Horizon Minerals (ASX:HRZ).
This junior gold exploration and mining company is strategically focused on its gold projects in the rich mining regions of Western Australia, particularly in the Kalgoorlie-Coolgardie area.
Horizon's recent merger with Greenstone Resources aims to create an emerging mid-tier gold producer, leveraging combined total global JORC resources of approximately 1.8 million ounces of gold.
Horizon's strategy to expedite the path to gold production by advancing its exploration activities and optimizing its project portfolio demonstrates how junior companies are adapting to increased market conditions. The company is poised to attract investments and enhance its operational capabilities, which can ultimately lead to increased production and profitability in a market that is favorably inclined toward gold due to ongoing global economic uncertainties.
Key takeaways
The strong gold price environment presents a golden opportunity for mining and exploration companies, as well as investors. As the global economic landscape continues to evolve, the gold market remains a critical area for investors to watch. The strategies employed by companies in response to high gold prices will likely shape the industry's future, potentially leading to new discoveries, increased production, and innovative approaches to sustainable mining practices.
This INNSpired article is sponsored by Horizon Minerals (ASX:HRZ). This INNSpired article provides information which was sourced by the Investing News Network (INN) and approved by Horizon Mineralsin order to help investors learn more about the company. Horizon Mineralsis a client of INN. The company’s campaign fees pay for INN to create and update this INNSpired article.
This INNSpired article was written according to INN editorial standards to educate investors.
INN does not provide investment advice and the information on this profile should not be considered a recommendation to buy or sell any security. INN does not endorse or recommend the business, products, services or securities of any company profiled.
The information contained here is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. Readers should conduct their own research for all information publicly available concerning the company. Prior to making any investment decision, it is recommended that readers consult directly with Horizon Mineralsand seek advice from a qualified investment advisor.
Koonenberry to Expand New South Wales Position with Gold and Copper Projects
Koonenberry Gold (ASX:KNB) is adding "highly prospective" gold and copper assets in New South Wales to its exploration portfolio via two separate transactions, the company said on October 17.
It will acquire the Enmore gold project from Global Uranium and Enrichment (ASX:GUE,OTCQB:GUELF), and the Lachlan projects through the acquisition of the entire issued capital of private company Gilmore Metals.
The company said in a press release that it sees the purchases as transformative — they will expand its land holdings to 4,410 square kilometres, giving it one of New South Wales' most significant portfolios.
Koonenberry has received firm commitments from the investment community to raise AU$4.5 million, with support from major shareholder Lion Selection Group (ASX:LSX) and incoming funds from Lowell Resources (ASX:LRT).
“With a concurrent capital raising … the company will be in a very strong position to fund its planned activities. We believe this portfolio of 100 percent-owned and free carried projects are extremely value-accretive for shareholders and have outstanding potential to yield a significant discovery,” said Dan Power, the firm's managing director.
Enmore is located 20 kilometres south of Larvotto Resources' (ASX:LRV) gold-antimony mine, and shares similar geology and prospectivity. It is located in the New England Fold Belt and has orogenic gold mineralisation.
On its website, Global Uranium and Enrichment notes that it completed 10 reverse-circulation drill holes at Enmore's Sunnyside and Bora prospects in 2021, returning "significant gold values" from all of them.
This exploration work led to a 2022 diamond drill campaign, during which the company says that it demonstrated Enmore's potential as an emerging high-grade gold project.
Koonenberry plans to drill at Enmore in the near future, and will look to test Sunnyside’s high-grade shoot potential. Other planned work will include relogging and resampling of historical drill core and additional surface sampling.
The company may also look at doing electrical geophysics to focus additional drilling.
The Lachlan projects are made up of 10 exploration licences that are “highly prospective” for porphyry copper-gold, epithermal gold and orogenic gold systems. The combined area of the properties stands at 1,766 square kilometres, giving Koonenberry leverage in terms of land position to compete with major and junior exploration companies.
Koonenberry is currently prioritising multiple pre-defined targets and prospects at the Lachlan projects in order to move toward readiness for drilling. The properties are in the Lachlan Fold Belt, and next steps will likely include reconnaissance field work, geochemical surveys and additional geophysical work and drilling.
The company is also working at its Koonenberry project, which it says is "highly prospective" for Victorian-style orogenic gold deposits. The asset is also located in New South Wales, with approvals for drill testing anticipated soon.
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
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