Trek completes acquisition of Pilbara projects as gold starts climbing again
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Gold is revving up for another tilt at $US2,000 ($2,798.66) an ounce after diving earlier this week as investors took profit.
Spot gold is currently trading at $US1,959.55 an ounce with the US dollar slipping back following a lack of progress on stimulus negotiations.
The strong gold price has been the catalyst for further acquisitions and an exploration frenzy.
Trek Metals (ASX:TKM) has now completed the acquisition of ACME Pilbara, giving it full ownership of two prospective gold projects in the red-hot Pilbara region of WA.
The 154sqkm Pincunah gold and copper project has returned results of 10m at 5.9 grams per tonne (g/t) gold from surface and 7m at 6.2g/t from surface from historical drilling at the Carlindi and Carlindi North prospects.
Wide intersections at the historical Valley of Gossans nickel prospect also require follow-up as they are hosted in sulphide-altered felsic porphyry intrusions, similar to the host rocks at De Grey Mining’s (ASX:DEG) Hemi discovery.
Trek’s other project, Jimblebar, covers 111sqkm about 50km east of Newman and covers a 2km strike of the old Jimblebar gold field.
“The exciting thing about both these projects is that they have had very little exploration in recent years, and yet contain highly prospective structures and numerous drill targets,” executive director John Young said.
“We are really excited about the opportunity to get on the ground this month to begin field investigations and start the process of target ranking for our maiden drill program.”
Meanwhile, Middle Island Resources (ASX:MDI) has upgraded resources at its Two Mile Hill open pit by 13 per cent to 1.25 million tonnes at 1.36g/t, or 55,000oz of contained gold, most of it (95 per cent) in the higher confidence indicated category.
Indicated resources have enough information on geology and grade continuity to support mine planning.
The upgrade, which follows last week’s Shillington resource upgrade, takes total resources at the Sandstone project up to 657,500oz.
Middle Island said this did not include the five new satellite discoveries where resource definition drilling was being finalised.
Over in Uganda, Jervois Mining (ASX:JRV) is gearing up to restart drilling at its Kilembe area properties after securing final environmental approvals to drill the CC copper-gold target.
The company has mobilised to site and expects to kick off the initial 1,000m of core drilling within a fortnight.
It plans to test targets where it recovered high-grade rock chip samples at surface that were also coincidental with gold-in-soil anomalies.
Drilling will also test an interpreted structural feature defined from ground magnetics that is coincident with surface rock chip and soil samples.