Gold: Here are Monday’s 3 biggest gold finds (so far)
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Kingwest is one of two companies to recently tie up the historic high-grade Menzies gold field in WA.
The explorer’s 15km long Menzies Gold Project (MGP), acquired in July, produced 643,200oz at 22.5 grams per tonne (g/t) between 1895 and 1943 and another 145,000oz at 2.6g/t from open pits between 1995 and 1999.
Anything above 5g/t is generally considered high grade; so 22g/t is fantastic.
Today, Kingwest announced the discovery of a ‘blind’ gold lode parallel to the historic Princess May lode – which was mined to 600 vertical metres back in the day.
Results included 2.28m at 17.87g/t gold, about 100m from surface:
And because old mine records are limited and modern drilling coverage is “very poor” there could be many secrets still to find underneath this mining centre.
“There were only 20 drill holes to greater than 200m depth in the entire +10km strike of the MGP prior to 2019,” Kingswest says.
“Kingwest considers that depth potential persists across the project at the other high-grade lodes.”
The explorer — up about 5.5 per cent over the past 12 months – was unchanged in morning trade.
Twenty Seven Co is hitting shallow, high-grade gold at its Rover gold project – in the same neighbourhood as high profile discoveries made by gold darling Spectrum Metals (ASX:SPX) and nickel-focused St George Mining (ASX:SGQ).
The former cobalt focused explorer says an ongoing drilling at the Creasy 1 prospect has just returned high grades like 3m at 20.1g/t gold, 51m from surface.
Twenty Seven Co chief exec Ian Warland calls the results “transformative”. The market agreed, sending the stock up 20 per cent in morning trade.
“The geology team’s efforts in identifying priority gold drill targets at the Creasy 1 prospect has delivered an outstanding result that well exceeds expectations,” he says.
And Alchemy Resources could be on the verge of a big discovery at the Karonie gold project, near Breaker Resources’ (ASX:BRB) 1moz Bombora deposit and Silver Lake Resources’ (ASX:SLR) Aldiss mining centre in the Eastern Goldfields of WA.
Drilling at the Parmelia prospect intersected 26m at 1.6g/t gold from 83m. At Taupo, Alchemy hit 10m at 1.8g/t gold from 68m.
Old drilling was wide spaced and shallow, the company says, which was “not adequate” to identify primary mineralisation within the plunging gold shoots common in the region.
“The Parmelia and Taupo results have highlighted the importance of closer spaced drilling along the Aldiss mining trend and has made us realise how poorly drill tested this entire area is,” Alchemy managing director Leigh Ryan says.
“We’re looking forward to the next phase of RC drilling at both these prospects and hope to identify some high-grade plunging shoots similar to those at Silver Lake’s Tank South prospect.”
The explorer was up 10 per cent in morning trade.