News

Gold producer Red 5 (ASX:RED) has reached an option agreement to acquire the Cables and Mission gold deposits from private vendor Andrew Paterson

Gold producer Red 5 (ASX:RED) has reached an option agreement to acquire the Cables and Mission gold deposits from private vendor Andrew Paterson that could increase resources and extend mine life at its Darlot mining operation in Western Australia’s Eastern Goldfields region (reports Stockhead). The Cables and Mission deposits are just 10km from Darlot and were last reported by Leopard Resources in 2014 to host outdated JORC 2004 resources of 185,000 ounces of gold.

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Sunstone Metals says the latest results from its Limon prospect in Ecuador indicate it’s close to a gold-copper porphyry centre (reports MiningNews). The latest Limon drilling returned 40m at 0.1 grams per tonne gold, 0.12% copper and 19 parts per million molybdenum from 863m from downhole. Sunstone said the result indicated drilling was within the outer halo of a mineralised porphyry gold-copper system of significant scale. "The trend is our friend," Sunstone managing director Malcolm Norris told the Resources Rising Stars Summer Series in Sydney.

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Kalgoorlie is arguably Australia’s premier gold town and the region around it has delivered a rich endowment of the precious metal over the course of the country’s longest-running gold rush, which shows no sign of stopping anytime soon (reports Stockhead). Torian Resources’ (ASX:TNR) latest drilling results certainly lend credence to the belief that there is still more gold to be found in the region with top assays of up to 46 grams per tonne (g/t) gold at its Credo Well project.

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Hedley Widdup believes the events of 2019 are setting mining stocks up for another strong run (reports MiningNews). Despite this year feeling like another tough one for many, it has delivered a number of discoveries. "Discoveries are exciting because they come from nowhere," Widdup told the Resources Rising Stars Summer Series in Sydney today. "2019 has seen a number of discoveries come to market - some still have a question mark over them."

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It’s not easy being a lithium enthusiast when the price of the material has dropped by 65 per cent in less than two years and the share-prices of mining stocks exposed to the battery metal have fallen further, and in some case the business has simply collapsed (reports Tim Treadgold on Stockhead). But that negative view of lithium is poised to change in the new year with early signs of a bottom forming in the market thanks to a revival in demand for electric vehicles (EV) in a market other than China, which has been the lithium driver, until now.

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Goyder aims to be Goldilocks with not-too-early, not-too-late development of Kathleen Valley. Plus, Centaurus awaits first assays from Brazilian nickel sulphide project.

STOP PRESS: Legend Mining (LEG) has gone into a trading halt pending the release of assay results from the third hole in its current drilling campaign at its Area D prospect, part of its broader Rockford project in WA’s Fraser Range. The Perth gossip was that it has made a nickel-copper “discovery”, though there was no fix on the size of the intersection or the grade of the mineralisation, presumably because the hit had only been made in recent days.

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The pace of gold deals accelerated this week, but not everyone was happy as some prices started to looked stretched.

The pace of gold deals accelerated this week, but not everyone was happy as some prices started to looked stretched. Evolution led the way among Australian-listed stocks with the $US475 million acquisition of the Red Lake complex in Ontario from US gold major, Newmont. Investors liked the move, lifting Evolution’s share-price by 8c to $3.96. There were fewer smiles when Kirkland Lake, a Canadian company which has an Australian listing and owns the high-grade Fosterville mine in Victoria trundled out a $US3.7 billion all-shares merger with fellow Canadian Detour Gold.

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Gold bugs have always struck me as paranoid (reports The Financial Times). You have to really believe the sky is falling in order to hoard physical bars in a digital age. So, it’s rather worrying that some investors and central bankers are talking up gold. The Dutch Central Bank recently argued in an article that if there were to be a major monetary reset, “gold stock can serve as a basis” to rebuild the global monetary system. “Gold bolsters confidence in the stability of the central bank’s balance sheet and creates a sense of security.”

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