News - Fitzgerald Articles

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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Plus, whispers that Newmont is drilling two deep holes in NSW porphyry country fires up interest in neighbour DevEx while initial drilling at PolarX’s potential company-makers offers much encouragement

Veteran geologist Peter Langworthy has been promising to turn Gateway (GML) into a player in WA’s Murchison region ever since he arrived as MD at the former sleepy gold explorer. Langworthy has now started to deliver on the promise. Gateway has just announced a maiden resource estimate for the Whistler and Montague deposits at its  historic Gidgee project in WA of 3.4mt at 2.2g/t for 240,000oz of gold. It is a good start for the lightly-capitalised Gateway ($25m at 1.9c a share).

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Plus, Red 5 poised for promotion to the next league of ASX gold producers. And Macquarie sees short-term bullish catalysts for commodities.

Stavely Minerals (ASX:SVY) has added a stunning second leg to its big-time copper hunt in the shadows of the Grampian Ranges in western Victoria, with the first hole in a new shallow-focussed drilling program assaying up to 40% copper. The spectacular hit was made at the Thursday’s Gossan prospect, with the diamond drill hole specifically targeting shallow and structurally controlled mineralisation within the Ultramafic Contact Fault (UCF).

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Spotlight turns to Alkane’s highly leveraged neighbours DevEx and Alice Queen

Alkane’s (ASX:ALK) big porphyry gold-copper hit at its Boda prospect in NSW’s central west continues to be the talk of mining investor circles. The 502m intersection grading 0.48g/t gold and 0.2% copper has seen Alkane’s share price climb almost 80% to 67.5c since it was announced on September 9. Alkane said the drilling results provided “clear evidence of Cadia-style mineralisation and grade over hundreds of metres”,

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Saracen seen as a shining example of the silver lining in recent gold sell-off. Plus, a raft of juniors are on the potentially-lucrative porphyry trail, including Hot Chili, PolarX, Sunstone, Stavely and DevEx.

It has taken the retreat in the gold price to below $US1500/oz to see a return of value among the gold producers. While the gold price was on the rise to $US1550/oz, investors were happy to chase the producers higher notwithstanding warnings that share prices had got well ahead of fundamental value, creating a value trap should gold’s upwards trajectory be reversed.

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Spare a thought for Wesfarmers’ boss Robb Scott. To the surprise of no one, shareholders in Scott’s $776 million lithium takeover target, Kidman Resources, voted overwhelming yesterday to accept the $1.90-a-share bid Scott lobbed back on May 2.

Spare a thought for Wesfarmers’ boss Robb Scott. To the surprise of no one, shareholders in Scott’s $776 million lithium takeover target, Kidman Resources, voted overwhelming yesterday to accept the $1.90-a-share bid Scott lobbed back on May 2. It really was a case of “as well they might”.  The ASX lithium sector has been beaten up badly since the bid was announced.

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Sandfire chief says this longer-term outlook means now is the time to get set for the next cycle. Plus, African minister’s appearance at local conference fuels hopes that its Mining Right is imminent.

Copper producers are rightly feeling a bit glum, most of them anyway. Prices for the bellwether of global economic activity have slipped in recent months to an uninspiring $US2.56/lb. That compares with the average price for the first half of the calendar year of $US2.80/lb and the 2018 calendar year average of $US2.96/lb. As noted recently by BHP’s VP of markets analysis and economics, Huw McKay, copper is being heavily influenced by the whipsawing of expectations with respect to the US–China trade confrontation.

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The Big Australian’s success is also good news for nearby tiddler Investigator Resources. Plus, NSW copper producer Aeris Resources hits back at market doubters with some exceptional drilling results.

If a junior exploration company had said it, it would have been dismissed as a bit of hype. But in the case in question, it was BHP boss Andrew Mackenzie, a scientist of note, as him being a fellow of London’s Royal Society (think Darwin and Einstein) tells you. Speaking after the release of BHP’s 2019 profit this week, Mackenzie got a little excited when talking about the group’s Oak Dam discovery in South Australia’s Gawler Craton.

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