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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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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First signs of lithium hitting the bottom after a torrid year of falling prices could be seen in market commentary this week with leading investment banks hinting that a lithium rebound could be on the way.

First signs of lithium hitting the bottom after a torrid year of falling prices could be seen in market commentary this week with leading investment banks hinting that a lithium rebound could be on the way. J.P. Morgan was first to suggest that it might be time to take a fresh look at lithium stocks, followed by Morgan Stanley, which said a tour of Chile’s lithium industry revealed some ongoing uncertainty but that “downside risk is becoming more limited”.

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Northern Star Resources had a weaker than expected quarter of gold production, but executive chairman Bill Beament said the outlook was “extremely bright on all fronts”

Northern Star Resources had a weaker than expected quarter of gold production, but executive chairman Bill Beament said the outlook was “extremely bright on all fronts” (reports MiningNews). After a strong June quarter that saw Northern Star produce 226,028 ounces of gold, September quarter output dropped to 188,175oz. All-in sustaining costs rose from A$1238 an ounce to $1493/oz. At Pogo in Alaska, production dropped from 45,594oz to 29,468oz, while AISC rose to $2798/oz from $1724/oz.

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A successful strategy in recent times for investors has been to follow ASX-listed explorers looking to revive old and forgotten high-grade goldfields in WA

A successful strategy in recent times for investors has been to follow ASX-listed explorers looking to revive old and forgotten high-grade goldfields in WA (reports Barry FitzGerald on Stockhead).

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Plus, success for Stavely and Alkane spark renewed interest in Eastern States exploration, talk suggests European Cobalt may be heading for Aussie gold and Meteoric poised to deliver eagerly-awaited assays on its Brazilian gold play.

A diamond being the ultimate item of discretsionary expenditure, there should be no surprise that diamond prices have been down in the dumps. Fears of global economic recession overlain with the threat of trade wars is not exactly conducive to buoyant demand and pricing for the sparklers. It is why the few listed diamond producers that exist around the world have being doing it tough on the share price front.

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