Metals: Today’s top 5 most important gold and copper hits (so far)
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Drilling results, if they’re good enough, can move the dial on any explorer’s share price – no matter the commodity. (Although it really does help if it’s gold right now.)
Today’s potential needle-movers come from Tietto, Tanga, Xanadu Mines, Golden Rim, and De Grey.
Yet more wide, shallow, and high-grade gold from Tietto’s 2.2-million-ounce (and growing) Abujar project in Côte d’Ivoire.
Hits like 6m at 17.52 grams per tonne (g/t) gold from 34m at the AG South deposit sit outside this resource and could provide “low strip feedstock for a future gold operation”, the company says.
Tietto – the ASX’s #8 best performing explorer in 2019 – now has multiple rigs turning at four targets ahead of an Abujar resource update in Q3 this year.
In Burkina Faso, Golden Rim has hit shallow high-grade gold just north of its existing 1.4 million-ounce Kouri resource area.
Highlights include 18m at 3.4g/t gold, just 54m from surface.
This drilling confirms the gold lodes that comprise the resource extend for a further 550m and remain open, managing director Craig Mackay says.
Results of a big drilling campaign will all go towards a resource update, pencilled in for the June 2020 quarter.
Mongolian explorer Xanadu has made a new discovery at the Kharmagtai porphyry copper and gold project, about 120km from Rio Tinto’s mammoth Oyu Tolgoi development.
This new 117m drilling intersection includes a higher grade 62.8m portion grading 1.16 per cent copper and 1.04g/t gold, 607m from surface.
These results confirm Kharmagtai as one of the most promising copper-gold projects globally, chief exec Dr Andrew Stewart says.
“These outstanding results support Xanadu’s interpretations that the porphyry-breccia complex at Kharmagtai has the potential to be a significant copper-gold system with similarities to other very strongly mineralised tourmaline breccia deposits globally.”
De Grey’s shares have been heading north ever since it revealed a new gold discovery at the Hemi prospect, part of the 1.7moz Mallina project in the Pilbara, back in mid-February.
The stock is currently up an incredible 380 per cent over that time – probably because the scale and grade of the mineralisation defined to date at Hemi “is larger than all the other gold deposits De Grey has defined to date”, the company says.
New drilling results have extended sulphide rich mineralisation in the ‘Brolga’ zone – which is now 200m wide, 160m long, 150m deep and ‘open’ in all directions.
Tanga has hit a 21m-wide zone of sulphide mineralisation at the early stage Hagenhof copper project in Namibia.
This intersection — 150m southwest of drilling which intersected significant copper at the Main Gossan target — has now confirmed a mineralised zone of over 300m of strike, remaining open at depth to the southwest.
Results are expected to be available by the end of March, the company says.