Gold Digger: When it comes to gold deposits, how big is big?
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This week, explorers were rewarded for savvy project acquisitions. Discoveries were made. And Russia unveiled the world’s biggest gold deposit by reserves.
The undeveloped Sukhoi Log deposit in Siberia, pictured below, is a monster.
Project owner Polyus estimates the deposit has 67Moz in ‘resources’, on top of 40Moz ounces of economically mineable ‘reserves’.
Typically, reserves are commercially recoverable using existing tech, while resources haven’t been drilled enough to be considered commercially viable yet.
Development costs could reach $US2.5 billion for a ~1.6 million ounces per year operation. Construction is due to kick off in 2023.
On the domestic front, there’s plenty of explorers looking for a Sukhoi Log of their own, although ~100Moz is a bit ambitious. (Probably.)
This week 96 ASX gold stocks went up, 90 went down, and 24 didn’t move.
Here’s how 210 ASX-listed gold stocks performed October 19 – October 23 [intraday].
Scroll or swipe to reveal table. Click headings to sort. Best viewed on a laptop:
Resources & Energy Group’s (ASX:REZ) Gigante Grande prospect is living up to its name.
New hits like 20m at 5g/t gold show that Gigante Grande could host “a very large mineralised system”, says the explorer, which is up +190 per cent for the week to its highest point since March 2018.
Nova Minerals’ (ASX:NVA) 3.3Moz Estelle gold camp is about to get a whole lot bigger.
The Alaskan explorer has defined a bunch of new “high priority” drilling targets within the RPM prospect where rock chips assayed up to 291 grams per tonne gold.
“RPM is presenting surface features indicative of a much larger footprint for resource delineation than first thought,” Nova boss Christopher Gerteisen says.
“The team is confident in growing the pipeline of Tier 1 assets within the project area.
“The commencement of drilling at RPM is scheduled for 2021 and marks the start of Nova’s next growth phase.”
South African explorer West Wits Mining (ASX:WWI) has added another 700,000oz of gold to the Witwatersrand Basin Project (WBP) resource.
That’s a monstrous 4.37 million gold ounces all up as West Wits heads towards development and first production.
“4.37Moz at a robust grade of 3.88g/t gold further solidifies the fact that we have a substantial project at the WBP,” West Wits boss Jac van Heerden says.
The ~$90m market cap stock is now up +983 per cent over the past 12 months. Almost a ten-bagger.
And Pilbara explorer Thor Mining (ASX:THR) is picking up visible gold in stream sediment sample panning as it narrows down targets for drill testing at the Ragged Range project.
13 of the 54 stream sediment sites had visible gold in panning. It looks like this:
The stock is up +50 per cent in early trade for a cumulative +188 per cent gain over the past 12 months.