Marindi finds new ‘exposed’ gold target as Pilbara nugget rush revival continues
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Marindi Metals has discovered a new conglomerate gold target sticking out of the ground at its Bellary Dome project in Western Australia’s Pilbara.
The discovery was made in the north of the Bellary Dome project about 2km away from earlier discoveries.
A geologist who previously worked for Novo Resources and well known WA prospector Mark Creasy spent three weeks “mapping” the conglomerate outcrops.
Conglomerate gold refers to nuggets hosted in rock containing rounded grey quartz pebbles and other minerals.
Marindi (ASX:MZN) told investors the shallow and continuous nature of the gold-bearing sequences extend across a much wider area than previously thought.
The news continues the recent flurry of announcements from various Pilbara players as last year’s gold rush appears to be again gaining traction.
While Marindi boss Simon Lawson says the company’s news was just well timed, he said the timing of the announcements by other players was no coincidence.
“I think that’s partially a strategic move from quite a few of the players in the area,” he told Stockhead.
“We just happen to have the timing for this guy doing the mapping and the assays come back for us to put this news out in this time period.
“But I do know of two particular conferences that have a focus on people looking at the conglomerate gold thematic.”
Mr Lawson was referring to the Precious Metals Summit being held in Beaver Creek, Colorado this week and the Denver Gold Forum that follows.
“That’s the forum that Novo used to I suppose start this crazy assault on the markets with their conglomerate videos last year and then they followed that up with Denver Gold, which was only a couple of days later down at Colorado Springs,” Mr Lawson said.
“I was there at that time. I saw that happen. I know what the thinking is. I’ve made some really good connections there and the people I talk to there are saying that it’s never really gone away.
“There’s just been a lot of movement in the background and everybody shut down for the field season essentially.
“We now move into these two conferences and then we move into a very open field season whereby lots of activity is happening in these areas. So I see a lot of heat coming back into this particular part of the market.”
Marindi had been trying to sell its Bellary Dome project to Canada’s Pacton Gold in a cash and scrip deal worth over $C10 million, but the deal fell through.
Mr Lawson said Marindi has now gone back to basics and has others interested in the project.
“Obviously with our Pacton discussions not ending in the way that either party would have probably preferred we saw a bit of feedback from that and we’ve done a bit of thinking and we’ve really gone back to grass roots,” he said.
“We’ve worked on various aspects of this project — the geology but also behind the scenes in a corporate sense there’s some agreements there that we’ve been talking to various people about just to make sure that people understand the landscape if they were to come in and get involved in this project
“And there are plenty of people who want to get involved.”