News

Bill Beament’s Develop Global has flagged a significant upgrade in the resource at its Sulphur Springs copper-zinc-silver project in the Pilbara following another batch of high-grade drilling intersections (reports The West Australian).

Develop unveiled a series of thick, high-grade intersections on Monday including 65.1 metres at 3.5 per cent copper equivalent from a $10m, 68-hole infill drilling program at the project near Marble Bar. The company said the results would feed into a resource upgrade next quarter for Sulphur Springs, which already hosts a resource of 13.8 million tonnes at 2.8 per cent copper equivalent including 9.4Mt in the indicated category. Mr Beament said the latest drilling results were even better than the company had anticipated.

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He’s back!

Bill Beament, the driving force behind the Northern Star Resources (ASX:NST) juggernaut which generated such exceptional returns for shareholders, is returning to the Resources Rising Stars (RRS) Gold Coast investor conference with his new company Develop Global (ASX:DVP) (reports Stockhead). Armed with two high-growth Australian battery metals projects and the mining contract for Bellevue Gold (ASX:BGL), Beament is heading to RRS next month to speak personally with investors.

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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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Nickel failed to dodge this week’s sector-wide mining sell-off, but with the battery metals and electric vehicle (EV) business model intact it could be the first commodity to recover (reports Tim Treadgold on Small Caps).

Strong demand is one of the reasons to feel confident that nickel will bounce back with the new market of EV batteries adding to the existing major use of the metal in the production of stainless steel. A second factor supporting most Australian nickel miners is that they’re producing top grade material, which is what EV battery makers want and which attracts a price premium over lower grade material produced in other countries, particularly Indonesia.

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Plus, newly-listed Maronan born with a polymetallic spoon in its mouth, Alicanto’s stunning silver-lead-zinc hit is almost 1oz-gold equivalent and Calidus set to pour first gold any minute.

Gina Rinehart is set to share in a Eureka! moment of sorts towards the back end of the year when Catalyst (CYL) releases a maiden resource estimate for its virgin Four Eagles gold discovery beneath Murray Basin sediments north of Bendigo. It is a Eureka! moment because the hunt for new gold deposits beneath cover to the north of where the 22 million ounce Bendigo goldfield “daylighted” has been going on for more than 10 years, without a resource estimate being made by Catalyst, or anyone else.

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Interest rates rose in the U.S. and Australia this week as expected, but so did the stock market, gold, copper, and most other commodities, which was unexpected, and perhaps an interesting case of premature enthusiasm.

What could have started with a period of excess caution in the lead up to the rate rises was quickly replaced by a global exhalation of “phew, that wasn’t so bad,” without many people looking a little further down the track at a river of rate rises to Christmas and beyond.

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Shares in Mincor Resources rose nearly 5 per cent after it revealed it would start generating cashflow in June under revised terms of its offtake agreement with Nickel West following the restart of its Kambalda nickel operations (reports The West Australi

The David Southam-led company revealed on Friday that ore delivered to Nickel West’s Kambalda concentrator by the end of next month would be converted to imputed concentrate production based on a grade recovery curve, resulting in first cashflow in June.

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7th - 8th Jun 2022

RRS 2022 Gold Coast Conference

We're delighted to be returning to the RACV Royal Pines Resort on the Gold Coast in 2022 for our 19th annual Resources Rising Stars Investor Conference.

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