News

Red 5 has achieved its goal of joining the ranks of Australia’s gold producers, with first gold poured at its King of the Hills operation north of Leonora on Sunday (reports The West Australian).

The company told the ASX on Monday the first smelt delivered two gold dore bars weighing 1588 ounces. Red 5 managing director Mark Williams said the first gold pour marked a huge milestone for the company and its shareholders. “It marks the beginning of a new era for Red 5, with the new 4.7Mtpa King of the Hills processing plant set to become a highly efficient production hub,” he said.

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With 4,390m of drilling wrapped up, Labyrinth says the underground drilling program is approaching completion and a maiden resource is on track for the September quarter (reports Stockhead).

The maiden underground diamond drilling program consists of around 5,000m across 17 holes targeting the known resource to enable conversion of the NI43-101 Resource compiled in 2010 to JORC classification. Assays are pending for 8 holes, with 6 expected to be received in the next two weeks and the final hole in the initial program underway – and since mid-February, around 16 holes have been completed for 4,389.5m.

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It’s the most enduring thematic of our times, and now investors can get exposure at a significantly lower price thanks to the recent impact of rising rates and global strife.

Lithium stocks already showing first signs of recovery while Boss prepares for FID as uranium outlook charges up.   The global decarbonisation thematic is none too worried about the shakedown in equity markets over China’s slowdown and the impact of rising inflation/interest rates in the major economies. The thematic is alive and well. And it’s here to stay for decades to come as governments and companies alike combine forces to rein in global carbon emissions from the (renewable and sustainable) electrification of everything.

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Bill Beament’s Develop has entered into an agreement to acquire Premium Mining & Civil and Premium Mining Personnel (reports MiningNews).

The company entered into a letter of intent to acquire the businesses for A$7.46 million less net debt, to be satisfied by $300,000 in cash and the balance in Develop shares. The Premium Group is controlled by Paul Allison though Beament is a minority shareholder of Premium Mining Personnel and will receive roughly 10% of the total consideration. No up-front cash consideration will be payable to Beament. The deal will require shareholder approval once a formal agreement is signed.

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Buy the dip theory took hold among Australian investors earlier week as they helped the all-ordinaries index claw back 200 of the 700 points lost since early April but by Thursday they discovered the meaning of “dead cat bounce”.

The net result was a week which ended not far from where it started, still down 600 points on a month ago. Adding to concern that the market is struggling to overcome multiple negative forces that include rising interest rates, higher inflation and shortages caused by the Ukraine war is Saturday’s Federal election and the prospect of a new, and less business-friendly Australian Government, on Monday.

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The maiden diamond drill hole at Catalyst Metals (51%) and Navarre Minerals’ (49%) Lawry prospect, within Victoria’s prolific Bendigo Zone, has delivered a stunning high-grade intercept (reports MiningNews).

The hole, designed to follow-up to significant broad zones of gold mineralisation in earlier reconnaissance aircore drilling, delivered the partners 12.9m at 33.1 grams per tonne gold from 66.4m, including a peak 0.5m at 831gpt. There were three thin zones at depth, including 1m at 2.5gpt from 153m. There could be additional mineralisation, however core loss was noted while drilling through sections of oxidised and broken quartz breccia.

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Plus, Chalice stablemate Minerals 260 hunting for a Julimar of its own.

The junior explorers have been down in the mouth of late as the big switch to risk-off in equity markets takes its toll on their share prices. Given the on-going supportive backdrop of historically high commodity prices, the painful sell-off in the juniors has been something to behold. But among the gloom, the explorers can be relied on to serve up a reminder every now and then that impressive exploration results will win out over broader market weakness each and every time.

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One decent discovery was not enough to totally wash away the negative sentiment that pervaded most sections of the Australian stock market this week, though Galileo Mining’s palladium strike near Norseman in WA went some way to improving the overall mood.

The highly encouraging 33 metre drill hit assaying 2 grams per tonne of three metals (palladium, platinum and gold), plus useful grades of copper and nickel from a depth of 144m triggered a spectacular surge in Galileo’s share price, which rose by 41c (192%) to 62c. News of the find reverberated around the world, fast becoming a talking point at the Mining Indaba conference in Cape Town and sparking interest among stockbrokers in London, from where this week’s edition of Prospector’s Diary is being filed.

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