Resources Top 5: Gold discovery sees Kalgoorlie Gold Mining take the spoils with +250pc gain

Kalgoorlie Gold Mining up 250% on WA gold find
New World Resources on track to start Antler construction in the second half of this year
Apollo Minerals started drilling at its Salanie gold project in Gabon earlier this week

Your standout small cap resources stocks for Friday, February 7, 2025.

Kalgoorlie Gold Mining (ASX:KAL)

Gold has been enjoying a jolly good time on rampant market uncertainty, so it is no surprise that making a fantastic greenfields gold discovery has shares in Kalgoorlie Gold Mining screaming all the way to the top on impressive volumes.

And it is not hard to see why.

Drilling at the prospect on the company’s Pinjin site – to be renamed Lighthorse – in Western Australia’s Eastern Goldfields region returned thick intersections of extensive gold mineralisation including a top result of 17m grading 4.81g/t gold that includes a higher grade intersection of 8m at 9.21g/t.

To date, KAL has defined a primary gold target with a strike of 600m and width of up to 200m that runs parallel to the Laverton Tectonic Zone.

The target is open to the northwest and southeast while crosscutting structures extend over 800m and are open to the northeast.

Altogether, Lighthorse has a larger footprint than either the company’s Kirgella Gift or Providence deposits.

KAL is fast-tracking a priority follow-up drill program for March 2025 to help define the system’s full extent.

“This is what we’ve been chasing at Pinjin. Our systematic approach to exploration has paid off. Thick, high-grade gold mineralisation at Lighthorse is located just 1 km west of our Kirgella Gift deposit, beneath transported cover in an area of zero outcrop,” managing director Matt Painter said.

It’s location is intriguing, especially its proximity to Ramelius Resources’ (ASX:RMS) Rebecca project, where the acquisitive and cashed-up gold miner is set to reach FID this year.

New World Resources (ASX:NWC)

New World Resources is on track to start construction activities at its Antler copper asset in the second half of the year after its Mine Plan of Operations received a Determination of Adequacy by the US Bureau of Land Management.

That has put Antler on a 12-month timeline for full approval with the BLM now requiring an Environmental Assessment (EA) to be completed as part of the Federal permitting process.

The EA will evaluate the potential environmental, cultural and social impacts of proposed mining activities and will be conducted under the National Environmental Policy Act (NEPA) to ensure that the project aligns with Federal environmental standards.

NWC expects to finalise Arizona state permits throughout the course of 2025, allowing construction activities to kick off in the second half of this year, permitting completion in early 2026 and shipping of concentrate to start in 2027.

A July 2024 pre-feasibility study outlined a US$298 million operation at Antler could produce 30,100 tonnes per annum of copper equivalent at C1 costs of just US12c per pound after co-product credits over 12.2 years.

The study generated a post-tax net present value of US$498 million and an internal rate of return of 30.3%.

Apollo Minerals (ASX:AON) and E79 Gold Mines (ASX:E79)

(Up on no news)

While Apollo Minerals had no news out today, it did announce the start of Phase 2 drilling at its Salanie gold project in Gabon earlier this week.

This followed up its 2024 drill program, which returned results such as 11.7m at 4.3g/t gold from 9.6m as well as visible gold in quartz veining with assays of up to 124g/t gold within a 12km prospective greenstone belt.

Adding to that, the company’s shortfall offer which successful raised $2m was cornerstoned by a strategic investment from Capital DI and its supporters.

This funding places the company in a strong position to accelerate exploration activities at Salanie.

Meanwhile, E79 is also up on no news, though rock chip sampling in the December 2024 quarter returned high-grade assays of up to 11.95% copper, 2.3g/t gold and 9.09% bismuth from the MH Gossan at its Mountain Home project in the NT.

It also received approval for a mine management plan for the project and submitted a cultural heritage application.

Chief executive officer Ned Summerhayes said that while the high bismuth assays with gold were rare in the McArthur Basin, they are characteristic of the iron-oxide copper-gold mineralisation event at Tennant Creek about 400km to the southwest.

True North Copper (ASX:TNC)

(Up on no news)

True North Copper emerged from a period in voluntary administration on January 13 after a recapitalisation that left it funded to progress its goal of extending the mineral inventory of both the Mt Oxide and Cloncurry copper projects.

While the company had progressed mining at its Cloncurry project prior to its entering voluntary administration in October 2024, it has paused preparations to carry out a revised business strategy focused on definition drilling of several high-priority targets, including near-mine pit opportunities to grow resources, expand the mine life and optimise the previous mine plan.

While mobilisation of the drill program progresses, the company expects to carry out a targeted geophysics induced polarisation survey early in the current quarter.

At Mt Oxide, the company’s IP surveying uncovered multiple new geophysical targets similar to the Vero deposit.

These are now being tested by rock chip sampling, which seeks to identify anomalous copper and pathfinder element trends on the structures and further refine and prioritise drill targeting.

An extensive exploration program will commence at Mt Oxide in Q4 FY2025, once weather permits, targeting the discovery of near-surface, open-pittable deposits with similar characteristics to Vero.

At Stockhead, we tell it like it is. While New World Resources is a Stockhead advertiser, it did not sponsor this article.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.