Gold bonanza sends gold miner shares rocketing
Mining & Resources
A 10cm, 21-ounce gold nugget recovered by Magnetic Resources.
November has started with a gold bonanza, as nuggets and fruitful strikes sent four companies’ shares rocketing on Thursday.
Primary Gold (ASX:PGO) showed off 40 ounces of nuggets and Magnetic Resources (ASX:MAU) revealed a 10cm, 21-ounce nugget.
Middle Island Resources (ASX:MDI) and Millennium Minerals (ASX:MOY) told investors they had made superlative gold strikes.
Following Primary Gold’s 72 per cent boost in its Mt Bundy gold deposit, the miner says a prospector found 40 ounces of nuggets in an unexplored corner of the project (pictured below).
“Apart from Primary’s 2017 initial exploration program, drilling has not occurred in areas outside of the Toms Gully deposit for more than 20 years and the Company has now instigated a systematic exploration program to assess new potential,” managing director Garry Mills said.
Primary rose 14 per cent to 5.8c before cooling to 5.4c at 11.30am AEDT.
Meanwhile Magnetic umped 5.5c to rose 31.5c after unveiling some 50 ounces of gold nuggets at its Mertondale tenement in Western Australia’s goldfields.
One nugget (pictured above) measured 10cm by 5cm and weighed 21 ounces. The nuggets were found at depths of up to 2m.
Magnetic gets 15 per cent of the gross sale value of all minerals produced from the tenement, after recognising that turning “golden goose eggs”, as Barry Fitzgerald puts it, into a company-scale project would be difficult.
Meanwhile Middle Island rose 10 per cent to 2.3c after revealing positive results at the Wirraminna project next door to the WA Sandstone project where it increased its footprint in September.
Initial results came back with intercepts of 4m at 13.4 grams of gold per tonne, 1m at 17.8g/t, 1m at 12.1g/t and 1m at 10.8g/t at depths of up to 46m.
Over at Millennium in the Pilbara, management said they were onto “a series of exceptionally high-grade intercepts” from the Bartons area.
Those include intercepts at 11m at 21.5 grams of gold per tonne, 17m at 8.97g/t and and 12m at 2.70g/t.
Millennium said in October it’s on track to hit its full year production target of 75,000 to 80,000 ounces.
Millennium was up 6 per cent to 16.5c in Thursday morning trade.