Kingston Resources has upgraded the resource for its Misima project in Papua New Guinea ahead of the start of a prefeasibility study (reports MiningNews).
The resource now stands at 105 million tonnes at 0.93 grams per tonne gold for 3.21 million ounces of gold and 18.2Moz of silver.
Contained gold is up 15%, while silver is up 30%.
The increase was the result of drilling, as well as a drop in the cut-off grade to 0.4gpt gold from 0.5gpt and a higher gold price of US$1700 an ounce.
Last month’s call by Bank of America (BofA) analysts that gold could storm higher over the next 18 months to $US3,000 ($4,678) an ounce is not looking so far-fetched after all, much to the delight of the gold bugs (reports Barry FitzGerald on Stockhead).
Kin Mining believes recent drill results from its pre-development Cardinia gold project near Leonora “continue to highlight the potential to identify strong zones of new mineralisation” (reports MiningNews).
While assays reported today weren't exactly headline grabbers - 7m at 2.44 grams per tonne from 117m - the company said the RC drilling confirmed continuity of shallow mineralisation over a 500m strike, with results from both this RC work and other aircore testing expected over coming weeks.
Beijing | Electric car maker Tesla plans to introduce a new low-cost, long-life battery in its Model 3 sedan in China this year or early next year that it expects will bring the cost of electric vehicles in line with petrol models, and allow EV batteries to have second and third lives in the electric power grid (reports Reuters).
Some of the high-profile blunders in the gold development space have created an opportunity for investors
Some of the high-profile blunders in the gold development space have created an opportunity for investors, according to Perennial Value Management portfolio manager Sam Berridge (reports MiningNews).
Speaking as part of the NWR Virtual Resources Conference last week, Berridge said the global economic situation was good for gold, which in turn would lift equities.
While the producers have enjoyed strong gains - Evolution Mining and Saracen Mineral Holdings closed at near records yesterday - some of the developers had lagged.
RareX could be on the hunt for a McPhillamys look-alike in the Lachlan Fold Belt after it was returned full ownership of the Orange East gold project (reports Stockhead)
RareX could be on the hunt for a McPhillamys look-alike in the Lachlan Fold Belt after it was returned full ownership of the Orange East gold project (reports Stockhead).
Orange East is just 15km along strike from Regis Resources’ 2-million-ounce McPhillamys project that is currently in the final stages of permitting ahead of a potential final investment decision.
Australia could overtake China to become the world’s largest gold producer next year, but the title may be short-lived if more discoveries aren’t made (reports MiningNews)
Australia could overtake China to become the world’s largest gold producer next year, but the title may be short-lived if more discoveries aren’t made (reports MiningNews).
According to S&P Global Market Intelligence, 2010-19 represented a decade of underperformance for gold discoveries, not just in Australia, but globally.
Its annual analysis of major gold discoveries identified 278 deposits discovered globally over the decade containing 2.19 billion ounces of gold in reserves, resources and past production, about half of which are yet to be developed.
Gateway Mining has restarted field work at its Gidgee gold project in Western Australia as part of its aim to unlock what managing director Peter Langworthy describes as a “forgotten” greenstone belt (reports MiningNews).
The Goldfields project has an existing resource of 240,000 ounces at 2.2 grams per tonne gold across two deposits.
However, the 700sq.km project has seen limited exploration since the early 2000s after producing 150,000oz between 1988 and 1992.
The project was acquired by Gateway in 2018 and consolidated for the first time.