News

Great Boulder Resources has identified two significant gold targets through a recent soil geochemistry program at the Side Well Gold Project in Western Australia.

At Side Well South, one target spans 2.4km and features an Ironbark-style structure with peak gold values of 75 parts per billion (ppb). The other target is a 1.4km-long anomaly with bismuth and molybdenum.

The company, with a market capitalization of $33.96 million, noted that both targets are near the historic Golden Bracelet Mine, which historically produced over 1,000 ounces of gold at 27 grams per tonne.

Managing Director Andrew Paterson highlighted that surface sampling data confirmed the mineralization continues south through the tenements and the known hydrothermal system, extending over 18km of strike.

“At Side Well South, we’ve identified two new targets collectively spanning 3.8km of strike,” Paterson said. “This expands the known mineral system with the same pathfinder fingerprints as our earlier discoveries to the north. The surface anomalism has been getting stronger as we move south, so we’re excited to find these new targets and keen to drill them as soon as possible.”

Great Boulder has scheduled a heritage survey at Side Well South starting on July 22, with aircore drilling set to commence once heritage approval is received.

Additionally, the company plans to conduct further aircore drilling to explore the potential of the Polelle Gold Project after confirming strong pathfinder anomalism. The recent aircore drilling program consisted of 45 holes over 1,764 meters, targeting areas in the northwest and eastern sides of the project. The bottom-of-hole multi-element assays revealed pathfinder anomalism, with antimony values ranging from 11 parts per million (ppm) to 55ppm at Lordy Bore, and up to 12ppm antimony, accompanied by elevated levels of arsenic, copper, bismuth, tellurium, molybdenum, and lead near Bassett Bore.

Paterson noted that four lines of drilling in two areas at Polelle were completed based on heritage surveys conducted in 2022. “Unfortunately, that meant the program wasn’t optimal in terms of our priority targets, but we confirmed very high levels of antimony and other pathfinders in both locations,” he said. “Antimony is one of our key pathfinder elements for orogenic gold deposits, and it confirms we’re inside the mineralised system.”

He added that both aircore and reverse circulation drilling will be conducted to test various targets at Mulga Bill North. “The second half of the year is going to be extremely busy, and we anticipate a lot of good news in the months ahead,” Paterson said.

Great Boulder is currently exploring Polelle in Meekatharra, Western Australia, under an agreement with Castle Minerals (ASX

), giving Great Boulder an option to acquire 75% of the project. The company also received a $558,000 research and development rebate in early July, ensuring continued funding for ongoing exploration.

Great Boulder Resources is a mineral exploration company with a portfolio of promising gold and base metal assets in Western Australia.

Bellevue Gold has exceeded the midpoint of its June quarter guidance for the 2023-24 financial year (FY24) due to a continuous production ramp-up.

The Bellevue Gold Project delivered a robust quarter with 42,705 ounces (oz) of gold produced, an increase from the March quarter's 37,338 oz. This production has generated $41 million in free cash flow, a notable achievement given that commercial production was only declared in May.

For the second half of FY24, total gold production reached 80,043 oz, surpassing the company's guidance range of 75,000-85,000 oz.

"It was a successful quarter in which we ramped up production in line with our plan, met guidance, and generated strong free cash flow," said Bellevue Managing Director Darren Stralow. "Underground tonnes increased in line with the plan, and the processing plant is performing strongly. We are now well into the expansion study, which aims to leverage our current infrastructure and unlock the full value of the Bellevue asset."

Bellevue Gold is continuing its expansion studies to explore the project's potential by expanding the plant beyond its current capacity of one million tonnes per annum. A scoping study is already underway, focusing on expanding the plant to 1.5 million tonnes per annum (Mtpa) and assessing the capital requirements for non-processing infrastructure. This study is expected to be completed in the first half of the 2024-25 financial year.

Additionally, Bellevue announced that it is on track to achieve its goal of net-zero greenhouse gas emissions for the Bellevue Project by 2026, thanks to investments in thermal and wind power technologies.

Ardea Resources Limited (Ardea or the Company) is pleased to announce the commencement of the Kalgoorlie Nickel Project (KNP) - Goongarrie Hub Definitive Feasibility Study (DFS) on 1 May 2024. Integral to the DFS is the Infill Drill program, which has already begun (see Figure 1).

The primary objective of the Infill Drill program is to upgrade the nickel-cobalt laterite resources to the Measured Mineral Resource category for the initial five-year open pits. This program entails 888 Reverse Circulation (RC) drill holes covering a total of 51,745 meters, spaced at 40x40 meters as recommended by SRK to enhance the definition of Measured Mineral Resources.

Kennedy Drilling, renowned for their extensive experience in drilling nickel-cobalt laterite deposits within the Goongarrie Hub, is executing the Infill Drill program. RC drilling activities have commenced at the Big Four nickel-cobalt deposit, with plans to drill 16,215 meters. Currently, one RC rig is operational, and additional rigs are scheduled to join the site by September 2024.

Ardea’s wholly owned subsidiary, Kalgoorlie Nickel Pty Ltd (KNPL), along with selected contract geologists, are overseeing the program. Additional support staff, including a newly appointed HSE Manager, are being recruited to assist in the smooth execution of operations.

The entire Infill RC drill program across the Goongarrie Hub is projected for completion by the end of CY2024. Results from these drills will contribute to an updated Mineral Resource Estimate (Measured category) for the initial five-year open pits, bolstering confidence in the existing nickel laterite resources, particularly during the payback period.

As part of the DFS, further drill programs are planned for geotechnical assessments and hydrogeological testing. Additionally, diamond core drilling will be conducted to provide metallurgical samples at bench scale and validate historical RC results. The commencement of these programs is contingent upon receiving approvals (programs of work) from DEMIRS and finalizing the drill design.

Gold producer Calidus Resources has announced the initial mineral resource estimate for the Nullagine gold project, with 65% categorized as measured and indicated.

Located in the Mosquito Creek Basin within the Archaean Pilbara Craton of Western Australia, the Nullagine gold project now boasts a mineral resource of 6.9 million tonnes (Mt) at 2.15 grams per tonne (g/t) of gold (Au), totaling 475,114 ounces (oz). Of this, 4.1Mt at 2.33g/t Au, amounting to 307,497oz, falls under the measured and indicated category.

This resource estimate will be integrated into an upcoming feasibility study for the Golden Eagle mill, situated approximately 9km south of Nullagine.

“We are excited to release an initial maiden resource at Nullagine, which forms the basis for a study on the restart of the Golden Eagle mill, which has a nameplate capacity of 1.8Mtpa (million tonnes per annum), on a campaign basis,” said Calidus Managing Director Dave Reeves.

“Any production from Nullagine will significantly enhance Calidus’ overall production profile and generate substantial free cash flow, as there is no hedging in place for any of these ounces.

“We anticipate releasing a feasibility study in the September 2024 quarter, with production targeted to commence no later than Q1 2025.”

In addition to the Golden Eagle mill, the Nullagine site includes existing infrastructure such as a 230-person accommodation village, a 10-megawatt power station, administration buildings, workshops, warehouses, a laboratory, a communications network, water supply, and storage and tailings facilities.

Calidus acquired Nullagine in December 2023 from Novo Resources. The company also acquired Novo’s Blue Spec gold-antimony project in 2020 and the remaining tenements at the Warrawoona gold project in 2021, both located in Western Australia.

Spartan Resources Limited is excited to provide an update on the exploration activities at its fully owned Dalgaranga Gold Project in the Murchison region of Western Australia. This release highlights new assay results from recent surface drilling at the high-grade Pepper Gold Prospect and the adjacent and expanding Never Never Gold Deposit.

Simon Lawson, Managing Director and Chief Executive Officer of Spartan, commented: "The parent hole to the recently reported deepest intercept at Pepper, which yielded 25.24m at 16.66g/t gold (DGRC1431-DT-W1), has once again surpassed expectations. The new deeper intercept returned an impressive 30.79m at 12.12g/t gold (DGRC1431-DT). These holes, spaced approximately 50m apart, demonstrate the continuity of thick, high-grade gold mineralisation at this exciting and growing prospect.

"The Never Never Gold Deposit also continues to deliver impressive results, with a new thick and consistently high-grade intercept of 19.67m at 19.43g/t gold (DGDH066) within the Inferred area of the existing Mineral Resource Estimate. This nearly 400 gram-meter result supports our goal of converting Inferred ounces to the higher-confidence Indicated category by infilling this part of the existing MRE.

"These intercepts from Pepper and Never Never are our fifth and sixth best-ever drilled at Dalgaranga, highlighting the potential of this mineral system to deliver exceptional results with continued drilling. Additionally, hole DGDH072-W2 returned a lower-grade but still respectable intercept of 11.45m at 2.05g/t gold, indicating potential grade variability around the 800m below surface level, similar to the 450m below surface level 'flexure zone.' We have several assays pending for this area, and we anticipate gaining more insights as results return.

"We are confident that the Never Never Gold Deposit is already established as our premier high-grade gold asset, with Pepper rapidly emerging as a remarkable new high-grade deposit adjacent to our planned underground mining infrastructure. Together, these two deposits will form the core of any future mining operations."

It's been an eventful week for Silver Lake and Red 5 Resources, as the Supreme Court of New South Wales has approved their merger bid.

Yesterday, the Supreme Court issued orders approving a scheme of arrangement under which Red 5 will acquire 100% of Silver Lake shares.

Silver Lake plans to lodge an office copy of the Court’s orders with the Australian Securities and Investments Commission today, making the scheme legally effective.

Once the scheme is implemented, Silver Lake will delist from the ASX, and new Red 5 shares will begin trading on June 20.

Silver Lake shareholders endorsed the merger earlier this week.

The merger will create a diversified mid-tier gold company, producing approximately 445,000 ounces per year, establishing the combined entity as a prominent mid-tier company.

In September 2023, Silver Lake acquired 11% of Red 5’s shares. Now, Silver Lake shareholders will receive 3.434 Red 5 shares for every Silver Lake share they hold.

In a presentation announcing the merger, both companies stated it would “provide Red 5 and Silver Lake shareholders with the opportunity to participate in a stronger combined group, delivering benefits not available on a standalone basis.”

The merged group’s management team will be led by Luke Tonkin from Silver Lake as managing director and chief executive officer. He will be supported by Richard Hay from Red 5 as chief operating officer and Struan Richards from Silver Lake as chief financial officer.

Upon finalizing the merger, the company will own four gold projects: King of the Hills (KOTH), Deflector, and Mount Monger in WA, and Sugar Zone in Ontario, Canada.

Spartan Resources has reported its "deepest intercept to date" at the newly discovered Pepper prospect within the Dalgaranga gold project in Western Australia.

The Pepper discovery was announced by Spartan in April, described as "a new high-grade gold lode" located about 90 meters south of the Never Never gold deposit.

The initial Pepper discovery intercept measured 17.52 meters at 15.86 grams per tonne (g/t) of gold, including 9.22 meters at 27.89g/t of gold. This intercept displayed mineralization typical of the Never Never deposit, with similar grades and mineralogical characteristics.

Recently, Pepper has recorded an intercept of 25.24 meters at 16.66g/t, including three high-grade sub-intervals: 5.21 meters at 18.74g/t, 4.65 meters at 52.46g/t, and 5.44 meters at 12.39g/t of gold within the overall high-grade drill intercept.

Spartan stated that this new intercept confirms that high-grade gold mineralization extends more than 115 meters down-plunge.

"Just weeks after its discovery in April 2024, Pepper is already emerging as a significant new high-grade ore system immediately adjacent to our flagship deposit, the 0.95Moz Never Never gold deposit, discovered in 2022," said Spartan's managing director and chief executive officer, Simon Lawson.

"This latest drill intercept in DGRC1431-DT-W1 of 25.24 meters at 16.66g/t gold is the best and deepest Pepper drill intercept to date, and at 420.5 gram x meters, it is the fourth best intercept ever recorded at the Dalgaranga gold project, Never Never included."

A maiden mineral resource estimate for the Pepper prospect is expected to be completed as part of the scheduled mid-year resource update for Dalgaranga.

Spartan will continue drilling throughout the remainder of 2024, focusing primarily on expanding Never Never’s underground resource.

"Owning high-grade resources close to relatively new processing infrastructure is a great formula and the foundation behind many highly successful and resilient producers, past and present," Lawson said.

"What differentiates our opportunity—the Spartan story—is that we are generating excitement, momentum, and value by drilling and actively growing our high-grade gold resources through continuous discovery, right in front of our existing infrastructure."

Ramelius Resources is considering a merger with Westgold Resources and has submitted an application to the Australian Government Takeovers Panel.

According to the Australian Financial Review, no sitting panel has been appointed and no decision to conduct proceedings has been made yet. Ramelius head Mark Zeptner initiated merger discussions a few months ago, but Westgold declined as it is currently in talks to merge with Canada-based Karora Resources.

The panel's media release stated, "On 14 November 2023, Ramelius and Westgold entered into a mutual confidentiality deed which included a mutual standstill for a period of 12 months ending on 14 November 2024."

Westgold announced on 8 April 2024 that it had entered into an agreement with Karora to acquire 100 percent of Karora via a Canadian plan of arrangement.

Westgold's managing director and CEO, Wayne Bramwell, said the merger with Karora would create a new mining powerhouse, combining Beta Hunt with Big Bell, the emerging Bluebird, and the iconic Great Fingall mine under one Australian management team.

The news of the potential Ramelius–Westgold merger comes amidst a busy period for mergers and acquisitions. Recently, BHP made three takeover bids for Anglo American but chose to walk away after Anglo rejected its latest offer, which valued each Anglo share at 0.8860 BHP shares, totaling $74 billion.

Gold Road Resources chairman, Tim Netscher, praised the company’s safe and profitable year, celebrating over 1,000 days without a lost-time injury at the Gruyere gold mine in Western Australia.

Speaking at Gold Road’s annual general meeting, Netscher noted that despite facing complex and uncertain times in 2023, Gruyere continued to operate effectively, leading to record gold sales of 161,472 ounces.

“These sales generated record earnings before interest, taxes, depreciation, and amortisation of $250.1 million,” Netscher said. “Record free cash flow generation of $140.2 million allowed us to continue making two dividend payments to shareholders during the year – the third consecutive year of interim and final dividends.”

Netscher also commended the company’s handling of sustained adverse weather events in the Goldfields region of WA in 2023.

“I must commend all parties for the professional management of operations at Gruyere earlier this year when the north-eastern Goldfields area was hit by significant and sustained rain in March. This forced the temporary cessation of open pit mining activities and the closure of access routes to Gruyere,” he said.

“The team’s performance in safely ramping down operations and then resuming to record mining rates following the rain was a tremendous achievement. I am confident that this team will successfully catch up on the production lost during this event, making me optimistic about achieving our annual production guidance.”

Additionally, 2023 marked a decade since Gold Road discovered the Gruyere deposit, and in April, Gruyere produced its one-millionth ounce of gold.

AngloGold Ashanti has wrapped up its first quarter of 2024, marking consistent gold production despite challenges.

Despite heavy rains and flooding in Western Australia in March, the miner reported a 2 percent year-on-year increase in gold production for the first quarter. The Tropicana gold mine area received an unprecedented 350mm of rain over 72 hours, nearly 50 percent above its average annual rainfall. This led to restricted mining from open pits until surface water could be cleared through pumping and evaporation. Fortunately, there were no safety incidents, and the mine infrastructure remained intact.

Despite the adverse weather's impact, production dropped by about 15,000 ounces, with AngloGold closing the quarter at 581,000 ounces compared to 572,000 ounces in 2023. The company anticipates peak gold production in the fourth quarter of 2024.

Alberto Calderon, AngloGold's CEO, expressed satisfaction with the year's outset, highlighting strong safety performance and overall portfolio success. Operations in Brazil saw improved performance, particularly in production control and stability. Geita and Kibali also performed well, while Obuasi's ramp-up progressed as planned.

In safety achievements, AngloGold recorded no fatalities at its mines for the eleventh consecutive quarter. The company's total recordable injury frequency rate for the first quarter of 2024 stood at 1.08 injuries per million hours worked, notably lower than the International Council on Metals & Minerals' most recent average of 2.66 injuries in 2022.