News - Fitzgerald Articles

Spotlight turns to Alkane’s highly leveraged neighbours DevEx and Alice Queen

Alkane’s (ASX:ALK) big porphyry gold-copper hit at its Boda prospect in NSW’s central west continues to be the talk of mining investor circles. The 502m intersection grading 0.48g/t gold and 0.2% copper has seen Alkane’s share price climb almost 80% to 67.5c since it was announced on September 9. Alkane said the drilling results provided “clear evidence of Cadia-style mineralisation and grade over hundreds of metres”,

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Saracen seen as a shining example of the silver lining in recent gold sell-off. Plus, a raft of juniors are on the potentially-lucrative porphyry trail, including Hot Chili, PolarX, Sunstone, Stavely and DevEx.

It has taken the retreat in the gold price to below $US1500/oz to see a return of value among the gold producers. While the gold price was on the rise to $US1550/oz, investors were happy to chase the producers higher notwithstanding warnings that share prices had got well ahead of fundamental value, creating a value trap should gold’s upwards trajectory be reversed.

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Spare a thought for Wesfarmers’ boss Robb Scott. To the surprise of no one, shareholders in Scott’s $776 million lithium takeover target, Kidman Resources, voted overwhelming yesterday to accept the $1.90-a-share bid Scott lobbed back on May 2.

Spare a thought for Wesfarmers’ boss Robb Scott. To the surprise of no one, shareholders in Scott’s $776 million lithium takeover target, Kidman Resources, voted overwhelming yesterday to accept the $1.90-a-share bid Scott lobbed back on May 2. It really was a case of “as well they might”.  The ASX lithium sector has been beaten up badly since the bid was announced.

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Sandfire chief says this longer-term outlook means now is the time to get set for the next cycle. Plus, African minister’s appearance at local conference fuels hopes that its Mining Right is imminent.

Copper producers are rightly feeling a bit glum, most of them anyway. Prices for the bellwether of global economic activity have slipped in recent months to an uninspiring $US2.56/lb. That compares with the average price for the first half of the calendar year of $US2.80/lb and the 2018 calendar year average of $US2.96/lb. As noted recently by BHP’s VP of markets analysis and economics, Huw McKay, copper is being heavily influenced by the whipsawing of expectations with respect to the US–China trade confrontation.

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The Big Australian’s success is also good news for nearby tiddler Investigator Resources. Plus, NSW copper producer Aeris Resources hits back at market doubters with some exceptional drilling results.

If a junior exploration company had said it, it would have been dismissed as a bit of hype. But in the case in question, it was BHP boss Andrew Mackenzie, a scientist of note, as him being a fellow of London’s Royal Society (think Darwin and Einstein) tells you. Speaking after the release of BHP’s 2019 profit this week, Mackenzie got a little excited when talking about the group’s Oak Dam discovery in South Australia’s Gawler Craton.

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More EVs and more nickel in each of them will drive nickel demand through the roof, says the head of BHP’s Nickel West arm

More EVs and more nickel in each of them will drive nickel demand through the roof, says the head of BHP’s Nickel West arm. His forecast is great news for those juniors with large nickel deposits awaiting development, such as the Jaguar project just acquired by Centaurus from Brazilian giant Vale. Plus, Venturex’s $100m debt deal sets it up to become one of the few ASX-listed copper producers. The display of oomph at last week’s Diggers & Dealers conference in Kalgoorlie was not restricted to the gold stocks.

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Plus, run-away gold price should fuel the urge to merge in junior land

After some PC issues were sorted out, Kalgoorlie’s Palace pub got back to its bustling self in the final days of the Diggers & Dealers bash. And as yesterday became today for the eclectic mix of well-watered miners and money-types, the rumour mill went in to over drive. Sorting out the factual from the nonsense, and then trying to remember which was which as the sun dawned  on another day under Kalgoorlie’s big blue sky, required some effort.

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Plus, $4m Tanga Resources dangles visible copper with assays pending

Plus, $4m Tanga Resources dangles visible copper with assays pending The Misima gold mine on its namesake island in PNG was one of the world’s great gold mines in its day. Between 1989 and 2004, its average annual production was 230,000oz at an average life of mine cost of $US218 an oz. The closure decision by the previous owner, Canada’s since-taken over Placer Dome, was made at a time of sub-$US300 an oz gold prices, would you believe.

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