News

Bellevue Gold has raised $26.5 million in a share placement at 30¢-a-share, a 7.7 per cent discount to its last price (reports The West Australian). The Steve Parsons-led company said the proceeds would be used to fund ongoing infill and resource extension drilling at its Bellevue gold project in WA, where it has inferred resources of 2.2 million ounces at 11.3 grams per tonne, and economic studies. Bellevue is scheduled to release its maiden indicated resource next quarter.

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Gold exploration success De Grey Mining has confirmed its expectation of becoming a producer by appointing mining engineer Glenn Jardine as its managing director (reports MiningNews). Jardine's fixed remuneration will total A$362,500 per annum, with both Simon Lill and Andy Beckwith continuing in their roles as chairman and technical director respectively.

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Efforts to alleviate the impact of the COVID-19 pandemic such as travel bans and other restrictions have led some resource companies, particularly those with operations overseas, to defer or suspend work. However, there are some companies that are going ahead with work to advance their projects.

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Perth broker Hartleys has adjusted its valuation of base metal developer Venturex Resources (ASX: VXR) following the COVID-19-induced share market collapse, but believes the likelihood of imminent Government approvals justifies a Speculative Buy recommendation for the stock once the market recovers. Hartleys resource analyst Paul Howard says the WA Environmental Protection Authority (EPA) has concluded its assessment of Venturex’s Sulphur Springs copper-zinc project and proceeded to consultation with the company on the implementation conditions.

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Plus, Alkane and Chalice tantalise investors with exploration trading halts, DGO ups its stake in De Grey as the Hemi gold find continues to grow, Bardoc PFS boasts strong margins and Apollo and Musgrave set for re-rating.

Gold has not been immune from the extreme volatility that has gripped commodity and equity markets alike since the COVID-19 panic got going on January 22, in US dollar-terms at any rate. But thanks to the collapse in the US exchange rate in the same period from US68c to US57c, the Aussie gold price has actually moved into record territory, having put on 17% to an amazing $2660/oz. Now that hasn’t mattered much when it comes to Aussie gold equities. They are being smashed along with the rest of the market.

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Volatility was the theme of last week’s edition of Prospector’s Diary, and boy did we all learn a lot about what that means this week

Volatility was the theme of last week’s edition of Prospector’s Diary, and boy did we all learn a lot about what that means this week, leading to the question of what’s next. In a word, drought, and the lessons investors can learn from farmers when they hit a dry patch. The first things farmers don’t do is panic because they know that in Australia drought is as natural as flood.

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Andrew Forrest’s Squadron Resources has spent a further A$3.2 million buying shares in nickel developer Mincor Resources (reports MiningNews).

Andrew Forrest’s Squadron Resources has spent a further A$3.2 million buying shares in nickel developer Mincor Resources (reports MiningNews). Another 6.1 million shares were acquired on-market on Thursday and Friday of last week. Squadron now holds nearly 47 million Mincor shares, or 13.8%, up from 12% last week and 8.5% last month. It takes Squadron's total spend on Mincor shares to about $17 million since December.

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Still basking in the glow of a $1.2 billion deal to snap up a half-share of Kalgoorlie’s Super Pit, Northern Star Resources boss Bill Beament’s stellar run of success continued last night when he was crowned WA Pinnacle Awards’ Business Leader of the Year

Still basking in the glow of a $1.2 billion deal to snap up a half-share of Kalgoorlie’s Super Pit, Northern Star Resources boss Bill Beament’s stellar run of success continued last night when he was crowned WA Pinnacle Awards’ Business Leader of the Year (reports The West Australian).

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