Yesterday, the RIU Resources Investor Roadshow came to Melbourne.
Multiple junior resource companies were there to showcase their projects, ambitions, and the teams behind them.
One theme that came through, if somewhat unintentionally, is that Australia has a forgotten gold province. It’s called Victoria.
Investors don’t generally think of Victoria when it comes to gold. Most of the big names on the ASX are located in the storied regions of Western Australia.
Victoria has a rich gold-mining history dating back to the 19th century. Even today there are producing high-grade mines such as at Stawell and Fosterville.
The Minerals Council of Australia wants to see more investment in Victorian mining projects to drive regional job growth, growing communities as well as taxes and royalties.
The RIU event yesterday showed that there are plenty of fresh prospects.
One company exploring in the region is Amara Minerals (ASX:AM3). Managing Director Ian Holland highlighted similarities between Amara’s Comet discovery and nearby Fosterville’s famously gold-endowed Swan Zone.
Investor interest in the company’s projects is also heightened because there is evidence of antimony — a key critical mineral.
North Stawell Minerals (ASX:NSM) also presented. Its projects are located in the same geographic zone as the Stawell Gold Mine, which has produced 5 million ounces and is Victoria’s fourth-largest goldfield.
Any possible repeat of this mineralisation is an “attractive target”, according to Executive Director Bill Reid. He added that North Stawell has compiled historic and new drilling data, representing a total investment of $27 million. The company is using the Stawell gold bodies as a model for what else could be hidden in the region and how to find it.
Novo Resources (ASX:NVO) is also hunting for gold, and unashamedly hunting in greenfield territories, looking for a tier-one asset. Its Belltopper Gold Project in Victoria is the most advanced and looks highly prospective. A drilling campaign here will run in the last quarter of the year.
Aureka (ASX:AKA) is also close to Stawell and Fosterville. Management says that the flagship Irvine Gold Project has potential to get to a million ounces. Upcoming diamond drilling will be an important step forward for the company.
The company will be seeking to replicate Southern Cross Gold’s (ASX:SX2) success. It listed on the ASX as a pure explorer in 2022 with a valuation of less than $50 million and has since advanced its Victorian assets towards production, reaching nearly $2 billion in value.
Opportunity remains.
A rising gold market lately has taken the Australian dollar gold price back above $6,500 per ounce.
The high price is creating strong incentives for exploration and development teams to accelerate activity.
If they deliver encouraging results, capital markets are well positioned to support projects through to production.
Write to Callum Newman at Mining.com.au
Images: Unsplash
