Another round of outstanding drilling results fires up De Grey and its leading shareholder DGO Gold while Kairos reminds investors it has a gold project just down the road
The Pilbara Craton’s ranking as a gold province has long suffered in comparisons with the Yilgarn down south.
Its 8 million-ounce gold endowment compared with the Yilgarn’s 200Moz says as much, even if the Pilbara has all the same ingredients that has made the Yilgarn one of the world’s great gold regions.
But things are stirring in the Pilbara, ignoring for the time being the over-promotion in 2017/18 of its Witwatersrand conglomerate gold potential.
Northern Star, Orecorp, Silver Lake, Bellevue, Saracen and Red 5: A six-pack of the best from the sector
The old saying about gold loving a crisis has never been more true, and while that’s easy to see thanks to the turmoil triggered by fear of the China coronavirus, it is less easy to understand why gold has surged and retreated several times in recent weeks.
No-one can claim to know the reason for each upward and downward move in the gold price; the metal is exposed to so many forces that any one of them could be the driver at a particular time.
Kairos Minerals delivered a timely 230,500oz increase to resources at its own Pilbara gold project today
With all eyes again on the Pilbara’s gold potential as De Grey Mining prepares to reveal the scale of a potential new major discovery at Hemi, and with the gold price back over US$1600 per ounce, Kairos Minerals delivered a timely 230,500oz increase to resources at its own Pilbara gold project today (reports MiningNews).
Drilling by Gateway Mining (ASX: GML) at its flagship Gidgee gold project in Western Australia has identified four new regional gold corridors outside of the main Montague Granodiorite trend which hosts its existing gold resources (reports Small Caps).
Recent air-core drilling has intersected 5m at 10.4g/t gold from 52m at the Flametree prospect, with the mineralisation remaining open in all directions.
A regional assessment and geological review identified the highly-prospective corridors over a cumulative strike length of approximately 20km.
Upgrades to gold price assumptions have resulted in big target price increases for Australian gold miners (reports MiningNews).
Argonaut Securities lifted its 2020 average gold price forecast from US$1400 an ounce to $1575/oz and its long-term price from $1300/oz to $1425/oz.
Canaccord Genuity is much more bullish, lifting its 2020 forecast by 9.1% to $1682/oz and its long-term target by 9.6% to $1787/oz.
Both firms boosted price targets for ASX-listed producers, in line with the higher forecasts.
Saracen is an Australian based gold producer that, following the acquisition of 50% of The Super Pit, owns three gold producing centres all within a 300km radius of Kalgoorlie in the mining friendly jurisdiction of Western Australia
Saracen is an Australian based gold producer that, following the acquisition of 50% of The Super Pit, owns three gold producing centres all within a 300km radius of Kalgoorlie in the mining friendly jurisdiction of Western Australia (reports NovaPort Capital’s Mitch Ryan on Livewire).
The exploration spotlight swings back on to Stavely Minerals (ASX:SVY) in coming days with the expected release of latest drill results from its Thursday’s Gossan copper-gold discovery in the Stavely volcanic belt in western Victoria (reports Barry FitzGerald on Stockhead).