Outstanding Pilbara gold hits boost Millennium Minerals
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Gold miner Millennium Minerals gained 14 per cent in morning trade on news of another batch of strong exploration results from its Nullagine gold project in the Pilbara — reinforcing the region’s potential for the precious metal.
Perth-based Millennium (ASX:MOY) opened at 16c, up 14 per cent, before cooling slightly to 15c in Wednesday lunchtime trade.
The Pilbara in north western Australia is undergoing a gold nugget rush as a swag of junior explorers — and individuals — head to the region to search for gold nuggets.
Exploration at the Shearers deposit delivered broad, high-grade mineralised intercepts of 20 metres at 3.6 grams of gold per tonne from 124 metres. The result included 3 metres at 14.4 grams per tonne.
Other results included 8 metres at 5.7 grams of gold per tonne and 4 metres at 10.1 grams per tonne.
The intercepts support Millennium’s plan to cut back the Shearers open pit and confirms Nullagine’s potential at depth.
Millennium will now fast-track work at Shearers to assess its underground potential.
At its Yates prospect, rock chip sampling returned up to 16 grams of gold per tonne within a 2.5 km trend. The trend includes an outcropping quartz-veined shear zone that covers a 280m strike length and widths up to 5 metres.
The company hopes to begin drilling at Yates later this month.
Millennium CEO Peter Cash said the results provide strong support for the company’s plans to boost production and mine life at Nullagine.
Millennium is forecast to produce 75,000 to 80,000 ounces of gold from its Nullagine project this year.
The company had no debt and cash and bullion of $27.7 million at the end of June. It’s market cap is about $120 million.