Gold has peaked over the US$2000/oz mark recently and looks to stay there
Strickland Metals may just have WA’s next big gold discovery on it hands
Dalaroo sold off all its lithium assets to concentrate on its high-grade Au Goodbody deposit
Our Gold Digger column wraps all the news driving ASX stocks with exposure to precious metals.
Gold ‘benefits’ from economic disaster and the fallout of war.
When the US pulled out of Afghanistan gold jumped in the ensuing chaos. We then basically had a two-week holiday before Russia-Ukraine kicked off again. Now it’s Israel and Palestine.
Alongside a weakening USD and the sense that Central Banks are about to stop hikes rates, it is one of the leading factors pushing it back near all-time highs.
Bullion recently broke the significant $US2,000/oz barrier and is sitting at an attractive $US2,041/oz. Silver has also pushed above US$25/oz for the first time since July.
Perhaps another reason why the hugely followed VanEck Gold Miners ETF , which holds 51 gold securities, is killing it lately, surging 16% in October after early year dips to be up 11% overall YTD – decent numbers indeed.
Won’t be long before a slew of mediocre lithium and rare earths explorers pivot back to precious metals, we reckon.
How did ASX precious metals miners perform this week?
STK has been on a tear the last couple of months after showing us the enormous potential of its Marwari gold project through exploration work.
The cashed up explorer only recently sold its Millrose gold project to Northern Star Resources (ASX:NST) for a whopping $61m, yet went straight back into exploration and is making discovery upon discovery in WA’s prolific Yandal Greenstone Belt.
Step-out AC drilling has now demonstrated that Marwari doesn’t just extend at depths, it also extends (at least) southwards for 400m.
Notable intersections include:
16m @ 0.5g/t gold from 32m including 4m @ 1.3g/t gold and 4m @ 5.1g/t gold from 60m; and
64m @ 0.3g/t gold from 16m including 8m @ 1g/g gold and 10m @ 1.5g/t gold from 92m.
There’s likely more news on its way as its stock price seems only to have one direction at the moment – UP.
Talk about being in the right place at the right time. The $3.35m junior has picked up $500,000 in cash and $500,000 in shares by selling its LCT rights for its Lyons River project in WA’s Gascoyne to Delta Lithium (ASX:DLI) .
That’s because it wants the extra cash to focus on the high-grade gold it’s struck at Goodbody just a few kilometres down the road from Delta’s Yinnetharra discovery.
DAL soared ~80% in early trade today, settling to a 44% rise by the afternoon on the back of the selling-off of its LCT mineral rights.
Gold-bearing quartz veins were samples at a now defined >200m strike at the Goodbody West area.
“Our Goodbody gold prospect presents itself as a compelling drill target with high-grade results of up to 6.25g/t Au in an overall 6km strike length gold anomalous zone,” DAL MD James Croser says.
GSR is hitting the books to review the potential of its Phillips Find and Burbanks gold projects in WA’s Goldfields region where at the latter, the explorer recently proved up bonanza Au grades of up to 1.55m @20.4g/t below the existing resource.
The historical 444,600oz Burbanks already has a granted mining lease, giving it the ability to quickly get into production once it settles on an economic plan to move forward.
Up to 66 holes have been identified to have the potential to intercept modelled ore lodes based off recent analysis.
“The recent open-pit optimisation work at Burbanks highlights the potential for a high-grade starter pit within the existing permitted footprint, with early discussions already underway with potential mining and processing partners,” GSR MD Chris Hansen says.
“Outside of the current mining optimisation program, the company has recently completed a detailed lithologic and petrographic review serving to identify up to 66 drill holes which may intercept previously modelled ore lodes.
“To put this resampling campaign into context, the typical ~10,000m drill campaigns previously completed by the company usually results in 30-40 holes being drilled.
“Importantly, the resampling does not require any further drilling, merely low-cost re-logging and sampling.”
Meanwhile, Phillips Find has resource of 732,960t @ 2.3g/t for 54,567oz Au that is either adjacent to, or below the historical open pits, with GSR conducting pit optimisation work.
While Strickland Metals and Greenstone Resources are Stockhead advertisers, they did not sponsor this article.
share
Link copied to clipboard
SUBSCRIBE
Get the latest Stockhead news delivered free to your inbox.
It's free. Unsubscribe whenever you want.
By proceeding, you confirm you understand that we handle personal information in accordance with our Privacy Policy.
Get the latest Stockhead news delivered free to your inbox
For investors, getting access to the right information is critical.
Stockhead’s daily newsletters make things simple: Markets coverage, company profiles and industry insights from Australia’s best business journalists – all collated and delivered straight to your inbox every day.
Markets coverage, company profiles and industry insights from Australia’s best business journalists – all collated and delivered straight to your inbox every day.
It’s free. Unsubscribe anytime.
By proceeding, you confirm you understand that we handle personal information in accordance with our Privacy Policy.
I want the news:
Hear it first
Get the latest Stockhead news delivered free to your inbox.
Thanks! You’re subscribed, Stockhead news is coming your way soon.