News

Sipa Resources (ASX:SRI) has expanded the footprint of the Obelisk discovery at its Paterson North copper-gold project

Sipa Resources (ASX:SRI) has expanded the footprint of the Obelisk discovery at its Paterson North copper-gold project in WA by at least 200m to the northeast (reports Stockhead). The company said this was based on visual observations and portable XRF readings that returned results of up to 0.9 per cent copper along with anomalous tungsten, bismuth and molybdenum. Portable XRF results provide a picture of what has been discovered, but results that differ from the final assay results.

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25th October 2019

Red 5 finally owns its Darlot mine free and clear having just paid the final A$5 million in deferred consideration to seller Gold Fields, two years after it agreed to buy the mine and reposition itself as a Western Australia-focussed gold miner (reports MiningNews). The payment comes as the company continues to generate a healthy cashflow from Darlot and King of the Hills in the Eastern Goldfields, with the company holding $40 million in cash and bullion at the end of September, up from $25 million at mid-year.

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PolarX (ASX:PXX) has uncovered evidence that the Mars prospect within its Alaska Range project could host a very large mineralised system after its first hole intersected more than 400m of porphyry‐style veins and ended in mineralisation (reports Stockhead). Significantly, the veins contained visible iron, copper and molybdenum sulphides from near surface to the end of hole. The company added there is a notable increase in visible copper and molybdenum sulphide abundance from a depth of about 321m to the end of hole at 417m.

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25th October 2019

DevEx Resources (ASX:DEV) has kicked off a drilling program at its Bogong copper-gold project in NSW to follow up on historical copper intercepts of up to 54.9m at 1.1 per cent copper from just 6.1m and 9.2m at 2 per cent copper from 39.6m (reports Stockhead). Drilling will also test a new induced polarisation anomaly beneath these historical hits.

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Junior gold developer Genesis Minerals (ASX: GMD) could be on the radar of several bigger gold miners for either toll-treatment or M&A opportunities, as consolidation activity continues to hot up in the junior gold space (reports Stockhead). That’s the view of leading Perth-based resource analyst James Wilson from Argonaut Securities, who says the strategic location, grade and exploration upside of the company’s flagship 760,000oz Ulysses deposit near Leonora in WA make it an “appealing” M&A target.

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25th October 2019

Millennium Minerals has convinced its major shareholder, IMC Group, to grant a A$7.5 million extension to May‘s $20 million loan facility to provide a buffer as it seeks to overcome delays leading to lower than expected production and further development of its Nullagine old project (reports MiningNews). However, delays in the approvals for the Crow and Condor pit extensions the high-grade Golden Gate mining centre mean 2019 guidance was revised down from 80,000-90,000oz to 70,000-75,000oz last month.

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25th October 2019

Matterhorn Asset Management founder and managing partner Egon von Greyerz says the current “mess in the world” is unsustainable, which is good news for gold (reports MiningNews). Matterhorn owns the world's largest private gold vault in Switzerland. Von Greyerz prefaced his keynote presentation to the Gold and Alternative Investments Conference in Sydney today by saying he wasn't a gold bug. "I'm not a gold bug, I just measure risk," he said. "I think we're looking at the greatest risk ever in history."

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Plus, Canterbury holds its breath ahead of Queensland copper assays and Strandline’s big WA mineral sands project on track to secure funding from the Government’s Northern Australia Infrastructure Facility.

Demand for stock in Stavely Minerals’ (SVY) $19.6 million placement at a $1 a share in the wake of its high-grade copper hits at the Thursday’s Gossan project in Western Victoria was a staggering $100 million. Hits like 32m at 5.9% copper and individual assays of up to 40% copper have obviously fired up interest in the discovery, with Stavely only stopping at $19.6m because that was the threshold for proceeding without the need for shareholder approval.

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