Kin Mining (ASX: KIN) has received “significant” assay results from the Rangoon prospect revealing “extensive” gold mineralisation stretching southwards into an under-explored area (reports Small Caps).
Rangoon is part of the Eastern Corridor target which lies within Kin’s Cardinia gold project near Leonora in Western Australia.
The company says the new results further highlight potential for resource growth.
Intercepts include 32m at 2.98 grams per tonne gold intersected southeast of the historical Rangoon surface mining, including 12m at 5.62g/t and 12m at 2.25g/t.
Other assays came back with 15m at 3.03g/t, 7m at 2.77g/t and 4m at 6.19g/t gold, with mineralisation remaining open to the south and down-dip to the east.
Recession speculation flowing from a potentially rapid rise in interest rates dominated the top end of ASX resource stocks this week while at the bottom end, with the aid of a magnifying glass, a handful of winners could be found.
Biggest losers from the downbeat talk were the three major iron ore producers, BHP, Rio Tinto and Fortescue Metals, which were sold off as the iron ore price headed south.
BHP dropped $2.19 (5.2%) to $40.36. Rio Tinto fell by $5.31 (5%) to $102.38, while FMG was hit hardest, losing $1.50 (8%) to $17.26.
China’s slowing economy, caused in part by Covid lockdowns, was the primary reason for the steel-making material crashing back to US$112 a tonne, its lowest this year and half the price of 12-months ago.
Gascoyne has made a stellar intersection of 54m grading 6.55g/t gold at its Gilbey’s North discovery which is north of its operating Gilbey’s pit about 65km north-west of Mt Magnet, WA (reports Stockhead).
Gilbey’s North is located only 1 kilometre from the Dalgaranga process plant.
The result from a depth of 116m down-hole in DRGRC0971 includes a higher grade intersection of 12m grading 20.1g/t gold and is preceded by a shallower interval of 8m at 1.15g/t gold from 100m.
Follow-up drilling is continuing at Gilbey’s North with two reverse circulation rigs operating, although assay turn-around continues to be heavily impacted by industry-wide delays from staffing shortages with assays pending for more than 100 drill holes.
Bargain hunters rushed back into the stock market after this week’s well telegraphed rise of 0.75% in official U.S. interest rates, but whether they got a bargain is yet to be seen because the latest rate rise will not be the last in the cycle.
Better buying could lie ahead as the turmoil created by the co-called “bondcano” (a sharp
jump in interest rates) is supercharged by the Ukraine war and the price of oil, which are the
keys to a bruising outbreak of inflation.
Stavely Minerals has announced a “very robust” maiden resource for the Cayley Lode discovery in Victoria (reports MiningNews).
The initial resource is 9.3 million tonnes at 1.2% copper, 0.2 grams per tonne gold and 7.1gpt silver for 252 million pounds of contained copper, 65,000 ounces of gold and 2.1 million ounces of silver.
The estimate comprises 5.87Mt at 1.04% copper, 0.23gpt gold and 7gpt silver in the indicated category.
Almost three quarters of the contained copper in the resource is constrained in an open pit optimisation in the indicated category.
The resource includes an underground component of 1.7Mt at 1.8% copper, 0.2gpt gold and 6gpt silver.
Plus, Bellevue Gold set for juicy cashflow on low costs and 200,000oz a year, Inca gets pulses racing with some good-looking core from the NT and Josh Pitt’s $6m Traka works up its porphyry targets.
The primer for this year’s Resources Rising Stars two-day investor conference at Royal Pines on the Gold Coast was for the 650 investors and miners/explorers in attendance to “be on the right side of the BOOM”.
Strandline (STA) boss Luke Graham provided a road map to do just that, outlining a case in his understandably pumped day-one presentation for a major re-rating of the company as it approaches first production and cash flow from its $340 million Coburn mineral sands project in WA’s mid-west.
It’s not yet the hurricane forecast by Jamie Dimon but the first gusts of wind from a darkening global outlook started to buffet Australia this week, rattling investor confidence and waking interest in safe havens, including gold.
Dimon, chief executive of the big U.S. bank JP Morgan Chase, delivered his hurricane prediction earlier this month when warning that the combination of rising interest rates, war in Ukraine and oil, possibly heading up to a record US$175 a barrel, was an ominous combination.
On cue, Australia’s central bank followed with a bigger-then-expected 0.5% interest rate increase with a similar move tipped for next month.
Bellevue Gold has increased reserves at its $252 million namesake project near Leinster, and now expects a mine life of 10 years when commercial production starts in the second half of 2023 (reports The West Australian).
Bellevue told the ASX on Tuesday probable reserves had increased 29 per cent to 6.8 million tonnes at 6.1g/tonne for 1.34 million ounces of contained gold.
The company said this was an increase of 300,000 ounces on the stage two feasibility study, and meant the life of mine reserves and mineral inventory had risen to 1.85Moz, underpinning an increase in mine life to 10 years, up from eight years.
Bellevue said the reserve had been independently verified by leading mining consultant Entech, and were calculated at a conservative gold price of $1750/oz.