The hunt for Pilbara gold continues with gains for Korab and Marindi
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Pilbara gold fever shows no signs of faltering with Korab Resources picking up further prospective ground while Marindi Metals confirmed conglomerate gold potential at a project.
Korab purchased two more exploration licence applications in East Pilbara, adding to the seven it acquired earlier this month.
The stock (ASX:KOR) gained 11 per cent to close at 3c.
The applications cover 105 sq km, increasing Korab’s Pilbara interests to 315 sq km.
The projects cover the prospective Hardey formation and basalts identified in Geological Survey of Western Australia mapping and historical exploration reports.
Hardey and Mt Roe Basalt are volcanic rock formations in the Pilbara’s Fortescue Basin which are known to host Witwatersrand-style conglomerate gold and lithium.
The Witwatersrand Basin is South African geological formation that houses the world’s biggest known gold reserves, producing 2billion ounces or about half of gold ever mined.
Earlier this month, Korab picked up seven exploration licence applications covering 210 sq km with three of the licences near Karratha in the West Pilbara and remaining four licences located near Nullagine and Marble Bar in East Pilbara.
Korab has a market cap of $6.7 million.
Meanwhile, a recent field visit of Marindi’s Newman project — 400km south-east of Karratha — confirmed conglomerate rocks within the Hardey Formation.
Marindi (ASX:MZN) finished Tuesday 17 per cent higher at 1.4c.
Geologists had identified the Hardey Formation over 60 strike kilometres. Following the granting of Deadman’s Flat tenement earlier this month, the entire 60km of the prospective horizon is now granted tenure.
Marindi has a market cap of around $19 million.