News - Fitzgerald Articles

The junior gold exploration space was in need of a tonic in the wake of the recent wobbles in the gold price.

The junior gold exploration space was in need of a tonic in the wake of the recent wobbles in the gold price. And thanks to some spectacular results in the latest drilling by De Grey Mining (DEG), which is 16 per cent-owned by DGO Gold (DGO) from the Crow zone at its Hemi gold discovery in the Pilbara, the required tonic has arrived on cue. A thick and high-grade intersection of 64m grading 13.4g/t gold from 141, including 19m at 42g/t from 170m, got the pulses racing again, with De Grey itself rising 11% to 98.5c for a market cap of $1.05 billion.

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With the price defying analysts’ predictions of a sharp drop and BHP saying this week that it no longer expects “an abrupt step down”, juniors such as Fenix and Strike are feeling investors’ love. Plus, Chalice’s nickel-copper find attracts international attention.

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But while the argument rages, gold explorers such as Firefly and Kalamazoo prepare for potentially company-making drilling programs. Plus, Orion secures vital water licence, paving way for a strategic partner to come into its copper-zinc project.

It takes a brave person to call an end to gold’s run to record levels in nominal terms. But when the small and big financial papers start writing up calls for gold to hit $US3,000 from its current $US2,040/oz, you’ve got to start wondering. Using a safety in numbers approach, Macquarie’s “gold commodity desk strategy team’’ has been one of the few to urge caution. “Gold has pushed through the $US2,000/oz barrier which we believe to be an overshoot move, raising the risk of a sharp correction,” the desk penned this week.

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Plus, its Fosterville frustration as tensions mount over Victoria’s tardy bureaucracy, Hugh Morgan’s gold float starts rattling the can and Chalice’s gold cup runneth over.

There is nothing like a game-changing discovery to fire-up interest in a region’s potential to host another one. That’s what has happened in the Pilbara, where investor interest in its gold potential has long suffered in comparison with the Yilgarn down south. But De Grey changed all that late last year with its intrusion-related Hemi discovery about 80km south of Port Hedland.

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Plus, Auteco has plenty to Pickle Crow about with its Canadian project looking set to burst through the 1Moz barrier this year.

Congratulations to Elon Musk for steering Tesla to its fourth quarterly profit in a row, positioning it for inclusion in the Standard & Poor’s 500 index with all the market-weighting implications that brings. And thanks to our own Sam Riggall, CEO of the ASX-listed Clean TeQ Holdings (CLQ), for forwarding on some interesting nickel comments Musk made during his overnight earnings call. Asked what was Tesla’s biggest constraint at the moment, Musk responded: “It’s all about nickel.’’

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Calidus is trading at just a fraction of the valuation being applied to gold producers – but it stands to close the gap as it begins construction of its Warrawoona mine.

The stampede by investors into junior gold developers in the wake of $US1,800/oz ($A2,585) gold is a sight to behold. Massive over-subscriptions to equity raisings by juniors looking to add momentum to their development push has become the order of the day. And little wonder too. Apart from what a decent discovery can do, the transition from would-be developer to producer is the biggest value uplift a junior (or investor) can pretty much bank.

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The dash to throw wads of cash at the likes of Bellevue Gold and Mincor shows investors now want to have their cake and eat it when it comes to resource growth and the march towards production.

A willing equity market is stepping up to fund an explosion in dual exploration and development strategies by ASX mine developers. It is a key theme to emerge from the strong recovery in mining equities from the COVID-19 induced lows of March and makes for a more dynamic newsflow as developers head towards final investment decisions. In the past, a developer would release its definitive feasibility study and then set out to secure a debt/equity package to fund the project without much happening in between.

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Its Misima project in PNG is seen as the main game, but Kingston could find some easy pickings in white-hot WA gold country. Plus, Centaurus’ nickel success shows we were right to name it as the pick of the bunch at last year’s Diggers & Dealers

Kingston (ASX:KSN) is adding WA gold newsflow to its story while pushing on with development planning for its now wholly-owned 3.2 million ounce Misima gold project in PNG, one of the biggest gold resources held by a junior in the ASX space. The WA gold leg is Kingston’s Livingstone gold project near Meekatharra where previous drilling returned good grade shallow oxide mineralisation, and where a recent structural review pointed to the potential for large-scale primary gold mineralisation in bedrock at depth.

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