News

A soil sampling program by DiscovEx Resources (ASX: DCX) has produced what the company calls an “exceptional” gold target at its recently acquired ground at Edjudina in Western Australia (reports Small Caps).

DiscovEx has added an 80% interest in two tenements to the project, with the previous owner Gateway Mining (ASX: GML) retaining a 20% free carried interest until the decision to mine. Geochemical sampling at the Spartan prospect identified an anomalous gold trend over 1.3km, with values up to 50 parts per billion. There were also high tenor returns up to 100ppb (or 0.1 grams per tonne) gold. The prospective anomaly remains open to the north east. DiscovEx says additional sampling will continue over coming months and drilling approvals are in progress.

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Chalice Mining has highlighted the underground potential of its Julimar project 70km north-east of Perth, with recent drilling at its famed Gonneville polymetallic deposit revealing mineralisation continuing at depth (reports The West Australian).

The company on Monday reported sulphide mineralisation had been extended up to 400m below the limit of the Gonneville resource pit shell, indicating the potential for material growth into a future underground resource category.

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With open pit and underground mining underway on schedule at its flagship King of the Hills redevelopment in Western Australia, Red 5 is now describing the first gold pour as “imminent” (reports MiningNews).

The company, which has been relying on its aging Darlot mill for the better part of a year, said this morning the KOTH development was progressing within budget and on schedule, and its major risks were now the labour shortages that have plagued the industry for the past two years, and the unpredictable impacts of COVID-19 disruptions. Managing director Mark Williams, said creating the first gold bar was "just weeks away", with mining humming along well, the crushing circuit running, and the new 4.7 million tonne mill in the commissioning phase.

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Minerals 260 boss David Richards says the gold and copper hits the Liontown Resources spin-out company is getting at its Moora project shows how much of WA’s mineral wealth is yet to be discovered (reports The West Australian).

The company is continuing an aggressive drilling campaign at Moora, where is has a 1068sqkm footprint including the neighbouring Koojan joint venture project where it can earn 51 per cent by spending $4 million over five years.

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A series of “outstanding” high-grade hits at Stavely Minerals’ namesake copper-gold project in western Victoria have paved the way for an initial mineral resource this quarter (reports Small Caps).

Intervals grading up to 7.17% copper, 30.6 grams per tonne gold and 52g/t silver at the project’s Cayley Lode were returned from a diamond drilling program designed to test the south-easterly plunge of mineralisation below the low angle structure. They included the deepest intercepts seen to date at the prospect.

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Labyrinth’s strategy to convert the existing foreign resource at its namesake project to JORC standards has received a leg-up with drilling returning some impressive high-grade golds (reports Stockhead).

Notably, the assays such as 7.5m grading 7.01 grams per tonne (g/t) gold from 213m including 0.5m at 62.51g/t gold consistently confirm or exceed historical mineralised intervals that were used for the 2010 NI43-101 estimate of 479,000oz of contained gold. Drilling also intersected the Talus lode with results such as 3.7m at 4.75g/t gold from 23m exceeding historical lode widths.

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Battery and technology metals led the way up in another short trading week which saw the Australian stock market bump against an all-time high while a number of potentially interesting discoveries and curious value gaps emerged.

Star of the show was Petratherm, a stock which once made headlines as a geothermal (hot water) energy explorer, but stormed back on Wednesday with a high-grade rare earth discovery which lifted the company’s share price up by 12c (225%) to 17c, before easing to 15c for a 10c gain over three days.

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BHP has joined rival Rio Tinto in citing COVID absenteeism for a 10 per cent drop in quarterly iron ore shipments from its key Pilbara operations (reports The West Australian).

The mining giant produced 66.7 million tonnes in the three months to the end of March, down from 73.9mt in the previous quarter. However, the figure was in line with production in the previous corresponding period and in line with year-to-date output of 211mt.

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