News

Explorer Chalice Gold Mines provided a rare bright spot in an otherwise dour market today after announcing a nickel-copper discovery at its Julimar project 70km north-east of Perth (reports The West Australian).

Explorer Chalice Gold Mines provided a rare bright spot in an otherwise dour market today after announcing a nickel-copper discovery at its Julimar project 70km north-east of Perth (reports The West Australian).

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Earlier this week, explorer Chalice Gold Mines (ASX:CHN) unveiled a spectacular high-grade nickel-copper-palladium intercept at the greenfields Julimar project near Perth in WA (reports Stockhead). Initial comparisons are being made to Sirius Resources’ legendary Nova nickel discovery.

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The definitive feasibility study for Mincor Resources’ Kambalda restart has confirmed the economic viability of the proposed operation (reports MiningNews). Capital costs are estimated to be A$68 million for a five-year operation to produce about 14,000 tonnes of nickel per annum at unit costs of $3.36 per pound (US$2.35/lb) and all-in sustaining costs of $4.47/lb (US$3.13/lb). Nickel production is expected to peak at over 16,000tpa in FY23 and FY24.

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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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Bellevue Gold is evaluating the potential to establish high-grade starter open pits to generate early cashflow ahead of an underground operation

Bellevue Gold is evaluating the potential to establish high-grade starter open pits to generate early cashflow ahead of an underground operation (reports MiningNews). The company has completed a 94,000m infill drilling program on 40m by 20m and 40m by 40m grids at its namesake project near Leinster in Western Australia. That will pave the way for the release of a maiden indicated resource during the June quarter. The project already has an inferred resource of 2.2 million ounces at 11.3 grams per tonne gold.

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Bardoc Gold (ASX:BDC) says the location of its namesake ~3-million-ounce gold project on the doorstep of Kalgoorlie gives it some big competitive advantages as it charts a course to become one of the region’s biggest new mid-tier producers over the next two years (reports Stockhead).

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