Geopacific identifies known Woodlark mineralisation

Geopacific Resources (ASX:GPR) has identified known mineralisation and priority drill targets with potential to increase the existing 1.56 million ounce resource at the Woodlark Gold Project in Papua New Guinea. 

All of the new target areas are close to the current resources and the known mineralisation in each remains open and ‘largely’ untested. 

CEO James Fox says following on from the recently completed geological review, further assessment of the integrated geological database and new fieldwork has identified potential for near-surface gold mineral resources at Great Northern, Wayai Creek, and Little MacKenzie. 

“We will advance these prospects and work towards delivering an updated project feasibility mid-year to reflect the project de-risking outcomes, increased resource inventory, and strong gold price environment.”

Geopacific, which has a market capitalisation of $15.61 million, will be conducting field mapping over the next three months in areas that are considered favourable host lithology, complex magnetic responses, favourable structures, and anomalous geochemistry, each with the potential to host economic gold mineralisation. 

The new field mapping will aim to confirm existing data and support further testing through trenching and drilling. 

Geopacific notes of the four target areas, Great Northern and Wayai Creek host potential for new mineral resources to be estimated using existing data. 

At Little MacKenzie, a considerable gold mineralised footprint, more than 500m strike extent, has been delineated at surface through historic drilling, mapping, and trenching. 

Meanwhile, the Kamwak target lies over an untested geophysical corridor trending northeast and there is no known drilling over the area. 

Geopacific Resources is an Australian explorer primarily focused on developing its Woodlark project. As of 31 December 2023, the company had $2.145 million in cash and cash equivalents at hand, according to its latest quarterly report. 

Write to Aaliyah Rogan at Mining.com.au   

Images: Geopacific Resources
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Written By Aaliyah Rogan
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.

Kalgoorlie Gold Mining to follow-up on Pinjin targets 

Kalgoorlie Gold Mining (ASX:KAL) is preparing an upcoming drill program at its Pinjin Project in Western Australia, having defined numerous gold targets via extensive geophysical reinterpretation and targeting. 

A first-pass aircore drilling program is expected to begin shortly on the Wessex and Harbour Lights targets, designed to test geophysical and structural targets associated with gold mineralisation. 

At Harbour Lights, KalGold reports there is extensive gold mineralisation along strike on adjacent tenure. The target extends from the tenement boundary to 4.8km south.

Meanwhile at Wessex, there are extensive gold intercepts up to the tenement boundary near the Anglo Saxon Gold Mine. KalGold plans to drill along the tenement boundary anomaly to test the extent. 

Managing Director Matt Painter says the company has uncovered several parallel target zones within the Laverton Tectonic Zone and believes its approach will offer a chance to identify shallow gold accessible for open pit mining. 

“We are excited to recommence low-cost aircore programs very soon following a hot, stormy summer at Pinjin to test undrilled targets across a tenement boundary from historically and recently drilled mineralisation on Hawthorn Resources’ (ASX:HAW) Anglo Saxon ‘Trouser Legs’ Mining Lease.

“At Harbour Lights, recent intercepts reported by Hawthorn are located 200m north of KalGold’s tenements and will be followed up by testing along strike in the northernmost part of the 17km-long Harbour Lights-Kirgella trend.”

The company has also uncovered a series of targets throughout Pinjin that will be systematically explored. Harbour Lights and Wessex are the first to be tested that will begin to build on the work completed to date at Kirgella Gift and Providence. 

Kirgella Gift and Providence lie on the same trend as Harbour Lights and the T12 target. Although, east of Kirgella Gift are a series of target areas that are along strike from the Anglo mine and the Rebecca Gold Project. 

KalGold says these new target areas are yet to be explored on-ground by the company and have only been subject to cursory historic exploration. 

At Pinjin, the company aims to define shallow gold mineralisation for open pit mining to feed nearby gold mills. KalGold says this will be done by testing a variety of structural and geophysical targets throughout the area. 

Further, the company has submitted 2 new exploration licence applications within the Pinjin Mining Centre, E31/1377 and E31/1378. The targeting program conducted on Pinjin has not yet been conducted on these new applications. 

Kalgoorlie Gold Mining is a gold explorer with a large portfolio of projects in Western Australia. 

As of 31 December 2023, the company had about $1.48 million in cash and cash equivalents at hand, according to its latest financial report. 

Write to Aaliyah Rogan at Mining.com.au   

Images: Kalgoorlie Gold Mining
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Written By Aaliyah Rogan
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.

Carnavale Resources hits new gold at Kookynie

Carnavale Resources (ASX:CAV) has discovered new, shallow ‘high-grade’ gold within the Kookynie Project in Western Australia, which adds potential to increase the project’s resource. 

Carnavale, which has a market capitalisation of $17.11 million, says the new gold discovery at Tiptoe lies 200m northeast of the McTavish East prospect and provides scope to deliver increased resources with further drilling. 

Reverse circulation (RC) drilling results include 5m at 4.91 grams per tonne (g/t) gold from 87m, including 1m at 20.3g/t gold, in hole MERC118. 

CEO Humphrey Hale says work is underway to establish a maiden resource, as well as a mining option study at McTavish East. 

“These new shallow high-grade gold results in fresh rock represent (a) new target and provide exciting new resource targets along strike from the bonanza style mineralisation at McTavish East. 

“Exploration continues with the recently completed aircore program targeting additional high-grade structural gold targets at Kookynie.”

Privately held Cube Consulting of West Perth has been commissioned to conduct an initial Mineral Resource Estimate (MRE) for the McTavish East prospect and initial Scoping Economic Studies into potential open pit and underground mining scenarios. 

Carnavale expects the studies results to be released in Q2 2024. 

Today (2 April 2024), Carnavale’s share price had increased 20% to $0.006 as of 12:15pm AEDT. 

The company notes additional metallurgical testwork is underway to simulate processing plant recoveries for McTavish East. 

The testwork is designed to evaluate gold recoveries and reagent consumption from the prospect’s mineralisation that would be expected from a commercial carbon in leach/carbon in pulp (CIL/CIP) gold processing plant. 

Carnavale says the exploration potential to discover repeats of the ‘high-grade’ McTavish East mineralisation within the tenement package at Kookynie remains high with major structural targets uncovered from an aeromagnetic survey and geochemistry. 

The Kookynie Gold Project sits 60km south of Leonora and 150km north of Kalgoorlie in the Yilgarn Craton of Western Australia, covering a 50km-square area. 

Carnavale Resources is a Western Australian-based mineral explorer focused on gold, nickel, platinum group elements, and strategic minerals. 

Write to Aaliyah Rogan at Mining.com.au   

Images: Carnavale Resources
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Written By Aaliyah Rogan
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.

Getting sexy back: A gold quarterly perspective

Is gold getting its sexy back? 

Following a strong year for the precious metal in 2023 in terms of pricing, industry analysts began pondering whether 2024 will follow suit.

Last year the mysteries of the precious metal became evident when despite the spot price breaching $3,000 gold continued losing much of its allure to many investors. Global investment demand was the lowest since 2014, largely due to global gold ETFs registering its third consecutive year of net negative tonnage demand.

The start of 2024 has been no different but as industry executives polled by Mining.com.au explain, the gaze of investors seems to be returning to the precious metal. Or perhaps it never left.

The gold price historically is one of the most mysterious commodities to try and forecast,” Great Boulder Resources (ASX:GBR) Managing Director Andrew Paterson declares. 

“We were all coming back to work in January thinking that the momentum that started to develop in December would kick on into a positive first quarter for 2024. In February, that really started to dissipate.” 

To start the quarter, the gold price hit US$2,005 as of 17 January 2024 before slightly declining to US$1,992 on 13 February, as reported by Trading Economics.

The Perth Mint General Manager of Commercial Development Cameron Alexander says when gold retracts the market often finds another gear “and we are inundated with requests for stock”. 

“The price pullback was a clear buy signal across Asia and we saw a strong demand for bullion from key markets in the region as a result.”

In a wide-ranging interview with Mining.com.au in October 2023, Paterson describes how gold no longer being sexy, having lost investors’ interest and fallen out of favour for the likes of battery metals. 

So, is the yellow metal at least still in vogue?

One indication of the market’s status is production volumes. The World Gold Council reports total supply in 2023 increased by 3% year-on-year, the second successive year of modest increases. Annual production of 3,644 tonnes was the highest since 2018 as major production disruptions were generally absent.

The Perth Mint in Western Australia in February 2024 sold 47,086 troy ounces of gold in minted products, which is down from 52,241 troy ounces sold February last year further illustrating gold’s mysteriousness. 

Bringing sexy back

Paterson suggests while the sector is mysterious indeed gold seldom ever loses its allure for long –“I think it’s definitely getting its sexy back!”

On 7 March, gold’s lustre shone through as the spot price broke a new record at about $3,259 per ounce. It is continuing to reach new heights and at the time of writing was sitting at about $3,331, according to the ABC Bullion.

While views may differ on its current attractiveness as an investment, one thing few can dispute is that as far as metals go gold indeed ages quite well.

Hamelin Gold (ASX:HMG) Managing Director Peter Bewick reminisces walking the streets of Kalgoorlie watching the ticker slide across the top of the Palace Hotel and people dancing in the streets when the price reached $400 per ounce. 

“Now we’re seeing an absolutely eye watering AUD gold price at close to $3,300. It certainly seems like the trend is moving in the direction that it was looking like last year and it’s just now catching up.”

The last time the price was $400 was back in 2004 — the same year Facebook was founded.

The Perth Mint’s Alexander explains this fresh record price paired with the USD spot price increasing 6% is driven by strong retail demand and central bank buying. 

“Gold in Australian dollars has also reached an all-time high with spot gold also up 9% since the beginning of the year. The year-to-date average is up 14% year-on-year.”

This is nothing new to MineLife Founding Director and Senior Resource Analyst Gavin Wendt. He tells this news service there’s really been no surprises with what is happening in the market particularly in terms of pricing.

“Everything we expected to happen with respect to gold in 2024 is happening, but perhaps even faster than we thought. We expected gold prices to reach record highs during 2024 above $2,100 per ounce, but the trajectory of gold’s ascent has really surprised me.”

Pacgold Drillcores

Long overdue attention

It appears not all investors have lost interest in the allure of gold.

On 26 March 2024, specialist mining investment vehicle Lion Selection Group (ASX:LSX) invested $2.75 million into several gold companies, Brightstar Resources (ASX:BTR), Sunshine Metals (ASX:SHN), and Koonenberry Gold (ASX:KNB). 

Lion says gold continues to demonstrate its strength while the prices of many other commodities have been weakening. As such, it is actively assessing gold investment opportunities.

“In combination with declining liquidity in the equity market over recent years the prices of microcapitalisation miners and explorers as a group have fallen materially, which has increased the purchasing power of Lion’s available cash, and the flow of opportunities to Lion has also increased,” the company says.

“Lion places greatest emphasis on projects that have strong growth and development prospects coupled with people that have high levels of capability and integrity.”

Paterson notes Lion’s investment rationale highlights why gold’s current return to investors’ gaze is two-fold. 

“One is that gold is touching all time highs and so that is getting some long overdue attention. Then the second aspect is also in the context of a lot of other commodities being in the toilet. So it’s kind of a contract.”

Commodities such as lithium have seen better months, as previously reported. The battery metal has fallen out of favour with the market during H2 2023 — mainly due to oversupplied markets in Asia fuelled by the adoption of electric vehicles. 

This news service reported in December 2023 the price of lithium carbonate had plummeted more than 81.23% since the start of 2023. 

The Perth Mint’s Alexander explains core inflation data in the US is forecasted to simmer down, which could potentially weigh on the US dollar and further boost the gold price.

“The expected pivot by the Federal Reserve from aggressively raising interest rates to actually lowering them is expected to kick off in the coming months and this is likely to boost the argument for holding gold as borrowing costs will decline.”

Match made in heaven

The current market appears to be pointing towards gold’s allure returning amid a parade of mining companies keeping the yellow metals in vogue.

Brightstar Resources, which has a market capitalisation of $37.92 million, recently reported a total gold doré pour weighing 119kg from its Selkirk joint venture within the Menzies Gold Project in Western Australia. 

Brightstar has finalised its gold pours, totalling to 430.7kg of doré, which equates to about $13.982 million. 

Brightstar recently launched an off-market takeover bid for privately held Linden Gold Alliance, which Lion Selection Group says “will be transformational for Brightstar.”

Alexander says this deal is just part of an M&A trend that is “likely to continue as mid-tier producers in particular look to expand by adding additional resources from nearby assets that will boost output and extend mine life”.

On the flipside, Spartan Resources (ASX:SPR) is making ‘significant’ advancements and exploration discoveries, which has caught the eye of some in the sector.

Hamelin Gold’s Bewick is one. He says Spartan made a discovery literally in the shadow of the headframe and are now completely absolutely market darling status.

“They’re building their company to being a $600 million company, from being in administration. So, grade and discoveries are being rewarded.”

Spartan’s share price has climbed over the past year. In March 2023, it was trading at around $0.105. Just one year later, as of 18 March 2024 it was sitting at $0.580. 

These are just but a few examples. Market sentiment is the current attitude or mood of investors regarding a stock, an industry, or the entire financial market.

Often emotion drives the market and changes in prices occur for a plethora of reasons beyond what a fundamental analysis would deduce.

An undesirable sentiment

Bewick explains that his Hamelin Gold benefits in sentiment, but as the company is not producing and therefore “not digging the stuff up out of the ground” it’s a different mindset among some investors.

“So if the sentiment is still cautious and volatile, commodity prices don’t make things a lot easier. That volatility can actually work against us, even if it is a general trend upwards, volatility is not good for changing sentiment towards the commodity.”

As such, Bewick validates Lion Selection Group’s investment rationale, saying there is ‘very little’ market interest from investors and corporates on companies with early stage assets. 

“The exploration industry does lag behind the sort of reaction in commodities which then leads to reaction in repricing producers. You won’t see a change in sentiment in the gold explorers, until the rerating and recognition of the producers happens … and how long is a piece of string? Market sentiment is a weird thing.”

Wendt adds there is a dominant theme within the gold sector amid the mysteriousness and weirdness, and that is equity valuations continuing to lag behind the increase in underlying gold prices. 

“Investors are still sitting on the sidelines to some degree in the gold sector, perhaps waiting to take the plunge in a more meaningful way in 2024.”

Record high gold prices therefore are not great for the financial markets globally. But what it means for the gold industry and certainly those that are exploring is, one would think it would respond to a change in sentiment for investment in gold. 

“For companies like Hamelin, we’re not seeing any inflow of interest into the stock whatsoever. Investment communities are talking gold and looking for that next gold discovery story to be a part of, but they are all looking cautiously from the sidelines.”

Hamelin Gold’s share price has remained relatively unchanged throughout Q1 2024, as at the beginning of January its share price was trading at $0.075 and is now sitting at $0.072, as of 26 March.  

A similar situation applies to Great Boulder, in which the company’s share price was sitting at $0.066 on 8 January and is now trading at $0.056 as of 26 March. 

Paterson describes it like this: “The sentiment for explorers has been very much in the toilet as well.”

He says Australia is most likely in a ‘technical recession’ and as a result investors are unable to buy shares at the moment. Yet, if the current surge in the gold price is sustained, Paterson says that investor sentiment should begin to peak. 

“As soon as it starts to flow it’ll really take off, because there is still money in the investor space and people are looking for the best place to put it. I think there will be a bit of FOMO development in the market and people will be looking for the next best thing.”

What’s next for gold?

Industry leaders and experts are unsure of what investors could be chasing as the second quarter approaches. Yes, gold may have brought its sexy back, but Paterson compares the next quarter for gold to the chicken and egg situation. 

“As soon as people start putting money back into, particularly the junior gold space, then those companies will start investing that money into the ground, regions, communities, and there will be a flow and economic benefits from that. And that creates its own momentum.”

The Perth Mint’s Alexander says given the current geo-political and economic environment remain supportive for an elevated gold price, the nation’s official bullion expects investment demand in the sector to remain ‘strong’ through 2024 and going into 2025. 

“Ongoing global conflicts have heightened geopolitical risks, boosting demand for safe haven investments and this should remain a feature of the market into the foreseeable future.”

Similarly, Saxo Head of Commodity Strategy Ole Sloth Hansen notes without a notable uptick in demand from investors in ETFs to pick up the baton from hedge funds (which will soon reach their desired level of exposure), gold may yet hit a plateau followed by a period of nervous trading, as recent established longs may reduce exposure.

“Overall, we maintain our US$2,300 target, with the technical picture potentially pointing to an even higher level around US$2,500.”

MineLife’s Gavin Wendt reiterates the views held by most in that while at times gold may lose its allure it will always be in vogue.

“Gold has been on a very strong price run for the past 20 years, so there is no reason why its upward trajectory won’t continue, especially as central banks remain strong buyers.”

There are no crystal balls that can forecast what’s going to happen in the gold space or ASX-listed precious metals explorers. One thing that is looking likely is that gold is very much bringing sexy back. 

Write to Aaliyah Rogan at Mining.com.au   

Images: Great Boulder Resources, Lion Gold & Pacgold
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Written By Aaliyah Rogan
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.

Antipa discovers ‘large’ gold target within Paterson

Antipa Minerals (ASX:AZY) has identified a ‘very large’ aircore gold and pathfinder anomaly within its Paterson Farm-in Project in Western Australia, amid completing 6,600m of the planned 9,000m drill program. 

The recently discovered AL01 anomaly lies 17km north of Antipa’s 1.5-million-ounce Minyari gold-copper-silver resource. 

Antipa, which has a market capitalisation of $53.75 million, says the latest aircore drilling results have expanded the AL01 target to a 5km-long meta-sediment-hosted gold and pathfinder anomaly. 

Managing Director Roger Mason says once combined with the upcoming drill program at the existing PP-GRAV02 and PP-GRAV01 targets and the planned upcoming program at Tim’s Dome, there is ‘significant’ exploration upside set to be unlocked close to Antipa’s Minyari resource. 

To date, 3,668m of aircore, 1,423m of reverse circulation (RC), and 1,492m of diamond drilling results have been received. 

Some of the more notable aircore intersections along the AL01 anomaly include 14m at 0.14 grams per tonne (g/t) gold from 65m, including 4m at 0.28g/t gold. 

These assays, along with the upcoming drilling assays, are anticipated to inform the planning for the remainder of Antipa’s 2024 exploration programs. 

Antipa is conducting a maiden diamond drilling program at the two PP targets next month, fully funded by its farm-in partner IGO (ASX:IGO), while at the nearby Wilki Farm-in Project, a heritage survey is planned to be conducted during Q1-Q2 2024. 

The heritage survey clears the path for drill testing at the extensive 3km-long and 1.5km-wide Parklands gold and pathfinder anomaly, which sits 10km from Telfer. 

The exploration program will be operated by Newmont (ASX:NEM) and will include 450m of RC or diamond drilling. 

Antipa Minerals is a mineral explorer focused on discovering gold-copper deposits in the ‘highly prospective’ Paterson Province of Western Australia. 

As of 31 December 2023, the company had about $6.320 million cash and cash equivalents, according to its latest interim financial report. 

Write to Aaliyah Rogan at Mining.com.au   

Images: Antipa Minerals
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Written By Aaliyah Rogan
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.

Enegex pegs more ground at Rocky Ridge

Enegex (ASX:ENX) has been granted a new exploration licence covering the Rocky Ridge prospect, as part of the Perenjori Project in Western Australia. 

The 53.6km-square licence is considered to be an area of ‘significant’ gold anomalism.

Enegex, which has a market capitalisation of $7 million, sees ‘excellent’ potential for exploration to reveal new bedrock gold mineralisation at the prospect and plans to begin initial on-ground evaluation in the coming weeks. 

The company adds the grant further ‘strengthens’ its strategic tenure position in the West Yilgarn metals province of Western Australia, where it continues to secure and test ‘high-value’ gold and copper targets. 

While the orientation and style of mineralised structures at Rocky Ridge remains to be determined, the wide distribution of near-surface and oxide gold mineralisation points to exploration potential along the broader Rocky Ridge anomalous trend. 

Further, the Three Springs Project remains under exploration licence application and is anticipated to be granted in the coming months. 

Enegex says the application covers promising aeromagnetic features that are unexplored for gold beyond a local auger sampling grid that returned spot gold results to 151 parts per billion gold. 

This application has several priority gold targets for follow-up auger sampling, and subject to landowner consents, exploration activity is planned shortly after grant. 

Enegex is an Australian-based mineral explorer in the prospective West Yilgarn province of Western Australia. 

Write to Aaliyah Rogan at Mining.com.au   

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Written By Aaliyah Rogan
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.

Mountain of gold as Menzies pour wraps up

Brightstar Resources (ASX:BTR) has finalised its gold pours from ore processing at the Selkirk joint venture (JV), within the Menzies Gold Project in Western Australia, totalling to 430.7 kilograms of gold doré.

The $37.92 million market capitalisation company reports a total unreconciled gold production of 8,049.6 ounces of gold from 43 gold doré bars was produced — which equates to about $26.642 million at the current gold price of $3,309.80. 

Brightstar says this exceeds the modelled JV budget for Selkirk and highlights the quality of its Menzies project. 

The company notes a total of 5,546 ounces of gold has been sold to the Perth Mint after refining at an average realised sale price of $3,306 per ounce. 

Final reconciliations of the gold-in-circuit are underway between Brightstar’s independent metallurgists and Genesis Minerals (ASX:GMD). The company is finalising the total JV costs and expects it to be about $12-13 million. 

As Mining.com.au reported, Brightstar completed the maiden gold pour on 8 March 2024. 

Managing Director Alex Rovira says the company is continuing to focus on building itself into a gold producer and is looking forward to announcing the reconciled 50% profit share value attributable to Brightstar. 

“We are pleased to announce that gold processing of our Selkirk Mining JV material has safely and successfully concluded by the team at Genesis Minerals’ Gwalia operation. 

Their assistance, along with JT Metallurgists acting on behalf of the JV, has seen the successful processing of ore from the Menzies Gold Project into doré bars poured at record high AUD gold prices. 

In parallel with the finalisation of gold-in-circuit calculations, which is expected to occur shortly, we are also finalising the JV accounts and making provisions for rehabilitation and waste dump seeding to achieve best practice environmental outcomes.”

The company’s share price increased 6.25% to $0.017 as of 11am AEDT today (21 March 2024). 

Brightstar Resources is a Perth-based gold explorer and developer focused on becoming a gold producer. 

As of 31 December 2023, the company had $4.817 million cash and cash equivalents at hand, according to its latest quarterly report. 

Write to Aaliyah Rogan at Mining.com.au   

Images: Brightstar Resources
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Written By Aaliyah Rogan
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.

New Dawn as funding bolsters Torque exploration

Torque Metals (ASX:TOR) has secured $4.25 million in equity, which will be put towards exploration at its New Dawn Lithium and Paris Gold projects in Western Australia. 

The raise comes as the company begins gearing up at its Penzance Project situated 30km east of Widgiemooltha, WA, with drill programs set to begin imminently at both its New Dawn
Lithium Project and the Paris Gold Project.

The $22.95 million market capitalisation is focusing on expanding the exploration footprint at New Dawn and to follow-up on ‘high-grade’ results at the Paris project. Torque is also focusing on delivering a maiden Mineral Resource Estimate (MRE) for New Dawn, as well as establishing a MRE and exploration target for the Paris project. 

Managing Director Cristian Moreno says the company has made ‘great strides’ on New Dawn and continues building the confidence in the project as it presents a ‘great’ development opportunity. 

“Our core objectives right now are to test more widely across the mining licences where a number of pegmatites present new drill targets. Infill drilling around the known mineralisation will assist in the conversion of our exploration target to a JORC MRE. 

In parallel, I am delighted that the company has sufficient funding to get back to our high-grade Paris Gold Project. 

Our first ever round of diamond drilling at Paris last year returned a bonanza intersection of 1.2m @ 185 grams per tonne gold, within a broader intercept of 35m @ 14.12g/t Au from 157.85m. We look forward to realising the great upside along this vast gold-rich corridor.”

This new funding comes in the form of a heavily oversubscribed share placement of $3.75 million, and a drill for equity commitment for up to $500,000 from privately held Topdrill. 

Torque received firm commitments for a share placement to raise $3.75 million through the issue of 28.85 million shares at $0.13 per fully paid ordinary share, representing a 13% discount to the last closing share price of $0.15. 

Euroz Hartleys and Evolution Capital acted as joint lead managers to the placement. 

Investors will receive one attaching unlisted option for every 2 new shares issued pursuant to the placement. The options will be exercisable at $0.25 each, with an expiry date of 7 May 2026. 

The company directors have collectively committed to subscribe to $65,000 to the placement, subject to shareholder approval at a general meeting scheduled to be held in early May 2024. 

Moreno says Topdrill shares the company’s optimism for the ‘great’ upside that could be unlocked through drilling at New Dawn and Paris. 

Torque entered into a drill for equity agreement with Topdrill, which allows the company to satisfy up to 100% of drilling costs invoiced by Topdrill by the issue of ordinary shares in Torque up to $500,000. 

The issue price will be referenced to the volume weighted average price for the 5 days prior to the date of invoice and will be subject to a voluntary 6-month escrow period. 

The company plans to split drilling across both projects. 

Torque Metals is a smart explorer focused on gold, lithium, and nickel in Western Australia. 

Write to Aaliyah Rogan at Mining.com.au   

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Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.

New Legacy with Mt Carrington acquisition

Legacy Minerals (ASX:LGM) has finalised the acquisition of the Mt Carrington Project for $190,000 from privately held White Rock Minerals, which delisted from the Australian Securities Exchange (ASX) on 18 March 2024. 

The $13.18 million market capitalisation company is currently compiling and interpreting historical data, including historical assays and geophysical surveys at the project. 

Results from this work will determine the next steps which may include reconnaissance fieldwork, tenement wide geophysics, and diamond drilling. 

Legacy has also secured exploration licence EL9616, namely the Drake Copper-Gold Project.

Both projects contain a combined resource of 356,000 ounces of gold and 23.315 million ounces of silver, which equates to an acquisition cost of $0.53 per ounce of gold.

Chief Executive Officer (CEO) and Managing Director Christopher Byrne says the gold-silver-copper potential is proven in drilling with ‘significant’ historical grades up to 70.4 grams per tonne gold, 1,778g/t Ag, 7.26% Cu, and 19.5% Zn, across multiple prospects. 

“The Drake Project covers over 350km-square of highly prospective ground and is interpreted to be analogous in both mineralisation character and geological setting to the world-class, 20Moz Au Porgera Gold Field. 

More broadly, the company is in a strong position with potential discovery successes across multiple upcoming drilling campaigns in 2024 on our own projects and through our partnerships with Newmont (ASX:NEM), S2 Resources (ASX:S2R), and Earth AI.”

The company says, White Rock lodged applications with the New South Wales government in July 2023, for the surrender of all mining leases at Mt Carrington. Upon completing the mining leases relinquishment, the rights to the mineral resources will be held by Legacy through the granting of the exploration licence applications. 

Legacy will also focus on its on ground exploration activities in the near term at the Black Range Project. 

The Drake project sits within the New England Fold Belt and covers a 150km-square area. 

Legacy Minerals is a gold, copper, and base metals focused explorer with assets and has several projects across Australia. 

As of 31 December 2023, the company had $1.601 million cash and cash equivalents at hand, according to its latest quarterly report. 

Write to Aaliyah Rogan at Mining.com.au   

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Written By Aaliyah Rogan
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.

Bellevue Gold bolsters early production plan

Bellevue Gold (ASX:BGL) has uncovered an ‘extremely high-grade’ shoot via infill drilling which bolsters the early production plan at the Deacon Main area, as part of its namesake project in Western Australia. 

Managing Director Darren Stralow says with infill results significantly outperforming the resource estimate in the area, this ‘high-grade’ ore will supplement the early mine plan and ensure strong grades and solid production results occur as it ramps up to full-scale production. 

“While this area has the potential to provide upside to the near-term mine plan, we’re also excited about the multiple analogous targets along the Deacon Shear which we can target with further underground drilling as drill platforms become available.”

The $2 billion market capitalisation company is planning more drilling to target analogous ‘high-grade’ shoots as the mine is developed and drill platforms become available. 

An additional underground drill rig is currently being mobilised to allow immediate infill drilling to follow-up these targets. 

Bellevue reports drilling delivered assays of up to 374 grams per tonne gold, which shows the grade of this new shoot will exceed the resource estimate in the area. 

Stralow says the results replicate what the Bellevue Mine was historically known for, which is a ‘very high-grade’ gold contained in short strike structures. 

The company says this ore shoot represents a ‘significant’ accumulation of metal in a short strike length. By mid-March development had started to cut the central ‘high-grade’ zone on the 1018 level. 

Further, the shoot is reportedly similar to the high pyrrhotite ore shoots mined historically at the nearby Bellevue lode and is characterised by exceptional grade and continuity and remains open down plunge. 

The Deacon Shear is host to a contained 1.4Moz of gold in the current global Mineral Resource Estimate (MRE) made up of the Deacon Main, Deacon North and Marceline work areas. 

Deacon Main is one of the new areas discovered by Bellevue Gold in 2019 and forms a large component of the current Bellevue Mine plan. The orebody is situated 400m in the footwall of the historic Bellevue Mine lode with an analogous mineralisation style to the very high-grade ore shoots historically exploited where some 800,000 ounces was mined at 13g/t gold between 1987-1997. 

Access to the Deacon Main orebody was established in October 2023 with the top 1058 development level completed and with stoping currently underway. The decline advance has also allowed for the development of the 1038 levels and accompanying drill access for grade control drilling which has allowed the first close spaced drilling of the deposit on 20m x 10m and 10m x 10m centres. 

Infill drilling and the southern development headings have encountered a high sulphide/grade ore shoot, shallowly plunging to the southwest which was not previously defined in the 40m x 40m drill spacing. The company says this ore shoot is analogous to the Bellevue Lode ore shoots mined in the historic mine, with up to 8m true width of massive to semi massive pyrrhotite and abundant visible gold. 

To date the new ore shoot has been defined over 45m of strike and 90m of plunge, averages 4m of true width at 52g/t gold (uncut) and with high-grade mineralisation remaining open down plunge. Bellevue says of note is the area of infill drilling the recent results significantly overperforms the MRE used for mine planning.

Bellevue Gold is a gold-focused explorer and developer, currently developing its namesake project that lies 40km northwest of Leinster in the Goldfields region of Western Australia.

As of 31 December 2023, the company had $44.218 million cash and cash equivalents at hand, according to its latest quarterly report. 

Write to Aaliyah Rogan at Mining.com.au   

Images: Bellevue Gold 
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Written By Aaliyah Rogan
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.

Ora Gold continues demonstrating ‘high-grade’ mineralisation

Ora Gold (ASX:OAU) continues to demonstrate ‘high-grade’ mineralisation from a recently conducted reverse circulation (RC) drill program at the Crown Prince prospect in Western Australia. 

The Southeastern Zone mineralisation is open along strike to the north and down dip, with mineralisation persisting below 200m. The company’s current round of drilling is focused on delineating higher grade zones and extensions to known mineralisation.

Scout drilling at Abbots and Lydia prospects is also being undertaken ahead of more substantial RC drilling at these deposits.

Chief Executive Officer (CEO) Alex Passmore says: “We are very pleased with the initial assay results from Ora’s RC drilling program targeting growth at Southeastern Zone which continues to demonstrate high-grade gold mineralisation at depth. 

We look forward to following up with further drilling which is focused on adding to the known strike and depth extent of Crown Prince.”

Ora, which has a market capitalisation of $34.44 million, has received initial assay results from the program, with the ‘best’ intersection recorded in hole OGGRC662 intersecting 15m @ 9.91 grams per tonne gold from 88m, including 2m @ 54.17g/t Au from 100m and 5m @ 6.60g/t Au from 31m. 

Ora Gold’s share price had also spiked 16.66% 11am AEDT today (18 March 2024) to $0.007. 

The company says hole OGGRC662 targeted depth extensions of the eastern area of the Southeastern Zone mineralisation. The intersection sits just within the resource block model and is likely to result in a grade uplift and strike extensions when incorporated into future models. 

Ora plans to continue interpreting the results as they come to hand. 

The Crown Prince prospect sits within Ora’s Garden Gully Gold Project in Western Australia. The Crown Prince prospect is considered a key growth area for gold resources. 

Ora Gold is a Western Australian gold explorer that holds a ‘substantial’ package of tenements in the Murchison goldfield near Meekatharra. 

As of 31 December 2023, the company had $4.296 million cash and cash equivalents at hand, according to its latest quarterly report. 

Write to Aaliyah Rogan at Mining.com.au   

Images: Ora Gold 
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Written By Aaliyah Rogan
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.

Black Cat progresses Paulsens funding package

Black Cat Syndicate (ASX:BC8) has replaced its $60 million funding package to restart its Paulsens Gold Operation in Western Australia.

The $72.25 million market capitalisation company has entered into agreements with Sundy Service Group (HK:09608) in which Sundy will provide $45 million to restart Paulsens. Of this $9 million has already been provided with a further $6 million expected in May 2024. 

Subject to shareholder and regulatory approvals, Sundy will become a 40% shareholder in the company.

Richlink Capital is acting as financial advisor to Black Cat including the restructuring of the funding package. Richlink is a diversified financial services and investment management group with offices in Beijing, Shenzhen, Xiamen, Hong Kong, and Sydney. 

Managing Director Gareth Solly says this funding, which is on the same terms as its previously announced funding package, facilitates the restart of Paulsens in a ‘high’ gold price environment.

“The convertible note funds are already being applied to ordering long lead time items and the processing facility refurbishment. Regular updates will continue to be provided on our progress.

In the meantime, the parties are confident that the required regulatory approvals can be accelerated given that considerable progress has already been made on that front. 

With activity ramping up at Paulsens and a clear plan on funding now in sight, this is an exciting time for Black Cat.”

The aforementioned funding package was subsequently varied in February 2024 including equity placements of $36 million with Fuyang Mingjin New Energy Development Co and Southeast Mingqing Supply Chain (Fuyang) in equal proportions.  

It also includes a secured debt facility to the tune of $15 million provided by Mingjin and unsecured convertible notes worth $9 million with Sundy. Funds from the unsecured convertible notes have been received.  

The company notes preliminary discussions with potential debt providers ensure confidence that such a facility will be available. 

Black Cat Syndicate is a Western Australian gold producer encompassing a 3,485km-square area. 

Write to Aaliyah Rogan at Mining.com.au   

Images: Black Cat Syndicate
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Written By Aaliyah Rogan
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.

Aruma increases revenue amid ‘high-grade’ H2 results

Aruma Resources (ASX:AAJ) increased the total revenue and other income to about $1.204 million in the 6 months to 31 December 2023, according to its latest financial report. 

While the company’s total value of assets had also increased slightly in H2 2023 to more than $3.492  million, Aruma had incurred a slight after-tax loss of $206,710. 

As of 31 December, the company had just over $2.075 million cash and cash equivalents at hand. 

Subsequent to the reporting date, Aruma received about $1.146 million under the Research and Development (R&D) tax incentive scheme for 2023. 

During H2 2023, Aruma focused on the appraisal and exploration of its entire project portfolio. 

At the Salmon Gums Gold Project in Western Australia, drilling was conducted which delivered ‘high-grade’ gold results, as previously reported by Mining.com.au.

The company also continued systematic exploration work at its Saltwater Project, with soil sampling returned ‘high-grade’ rare earth element results, as well as highlighting multi-commodity prospectivity of the project. 

Further, a maiden surface sampling program was carried out at Carter Well in Western Australia. 

Aruma Resources is a minerals explorer focused on the discovery and development of its portfolio of prospective gold and lithium projects in Western Australia. 

Write to Aaliyah Rogan at Mining.com.au   

Images: Aruma Resources
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Written By Aaliyah Rogan
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.

Theta Gold Mines secures all mining approvals

Theta Gold Mines (ASX:TGM) reports that mining right (MR) 83, including the Beta, CDM, and Frankfort mines, is now fully permitted for mining. 

Chairman Bill Guy says upon completing a ‘major’ condition precedent for potential project financing the company previously announced, Theta can now confirm MR83 has obtained all permits. 

“The company will now focus on finalising funding packages and working with our selected EPC contractor to build the gold plant. This is a major development for Theta and paves the way for us to now commence mining operations.

As part of MR83 licence, Theta has proposed a robust ESG program to restore the hydrology of the local catchment. The river system is directly linked to the livelihood of over 20,000 farmer employees and the famous Kruger National Park. 

Currently, the river is facing severe pressure due to invasive species and poor land management practices. To restore the catchment and the river, Theta will collaborate with local industry and NGOs.”

During September 2023, the company had an objection lodged against its environmental approvals, as part of a 90-day public review period by one individual out of over 900 public and private members. 

This objection was rejected by the Department of Forest Fishery and Environment and all other related departments. The main condition imposed in lifting the objection was quarterly boreholder and downstream water testing. 

Theta, which has a market capitalisation of $85.38 million, says it has required approvals including atmospheric emissions licence, explosive licence for transport and usage, forest licence, environmental authorisation, water use licence, environmental rehabilitation guarantee in place, updated social and labour plan, and heritage record of decision. 

Theta Gold Mines is a gold developer focused on its prospective gold assets in a South African gold mining region. 

As of 31 December 2023, the company had US$634,000 cash and cash equivalents and US$1.97 million of unused finance facilities at hand, according to its latest quarterly report. 

Write to Aaliyah Rogan at Mining.com.au   

Images: Theta Gold Mines
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Written By Aaliyah Rogan
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.

Hamelin Gold’s big spend for Q2

Ahead of Q2 2024, Hamelin Gold (ASX:HMG) says traditionally the next quarter is a ‘big spend’ for the company as it gears up for a deep diamond drill program within its Sultan West prospect as part of the West Tanami Project in Western Australia. 

In a lengthy interview with Mining.com.au, Managing Director Peter Bewick says: “We’re looking to conduct the first deep drilling on our Sultan West Project, which is a new area previously unexplored and we generated a significant gold anomaly which was then followed up with some shallow drilling.

In this game you can change your business with one drill program.”

Upon generating new and ‘large-scale’ gold targets within its West Tanami Project, as previously reported, the $11.49 million market capitalisation company is right on the cusp of testing some ‘high priority’ targets and is preparing for a maiden deep drilling program. 

The company plans to begin the first deep drilling program on that target in the coming months. 

Once this program has begun, Hamelin’s Managing Director explains that the project will begin to get the metres in the ground and test the next targets that have been generated from previously conducted exploration work. 

“We do know that a greenfields gold discovery, certainly in the multimillion ounce range, would be one of the catalysts that changes the sentiment towards explorers and history of showing that any discovery then leads on to a real rush of excitement and energy into, not only that commodity, but that region. 

We do hope to be at the forefront of that and put a big dot on the map. That is our job for 2024.”

The West Tanami Project is a belt-scale greenfields opportunity covering a 2,277km-square area. 

Hamelin Gold is a gold-focused mineral resources explorer established to execute modern exploration work across its West Tanami project. 

Write to Aaliyah Rogan at Mining.com.au   

Images: Hamelin Gold 
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Written By Aaliyah Rogan
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.