Base metals: Mincor hones its nickel focus, but hits 7,610g/t gold in the process
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Mincor Resources (ASX:MCR) is going all in on nickel following a strategic review of its operations, but not before making a bonanza grade gold find.
The junior explorer has decided to wind down mining operations at its Widgiemooltha gold project in Western Australia and place the mine on the sale block, along with its other gold projects.
But at the same time, Mincor revealed that it had landed a 7,610 gram-per-tonne (g/t) hit of gold at its Cassini nickel project.
There’s no actual definition of ‘bonanza’ by the way – it’s just a way to describe speccy gold grades.
In fact, there’s no official definition for high-grade either, but it’s generally accepted an orebody above 5g/t meets that criteria.
Here’s what a gold hit of 1.45m at 1,045g/t from 416m looks like, including a “spectacular” interval of 0.21m at 7,610g/t:
Still, Mincor is selling its gold projects.
“Mincor believes there are substantial optimisation opportunities at [Widgiemooltha gold operations] for a focused gold company, while there are also significant resource extension and regional exploration opportunities, as demonstrated by the stand-out gold intersection reported at Cassini today, which is part of the greater Widgiemooltha Dome project area,” the company said.
Mining will stop at Widgiemooltha from August 1, but Mincor expects to process two parcels of ore of between 80,000 to 90,000 ounces in August and September under a short-term agreement with the Lakewood processing facility in Kalgoorlie.
Cassini Resources (ASX:CZI) has completed the acquisition of an 80 per cent interest in the Yarawindah Brook nickel, copper, cobalt, platinum group elements project in Western Australia. The company said it undertook an airborne electromagnetic survey over the project early last year and identified numerous conductors “worthy of further investigation”.
PolarX (ASX:PXX) has launched a $4.3m capital raising to fund its 2019 exploration programs at the Zackly and Caribou Dome copper prospects at the Alaska Range project. The rights issue is being done at 8c per share – a 17 per cent discount to the closing price of PolarX shares on June 6.