News

Pantoro Limited (ASX: PNR) has reported significant high-grade gold intersections at the Scotia Mining Centre, part of the company's 100%-owned Norseman Gold Project in Western Australia. The latest grade control drilling results and ore development activities indicate further resource expansion potential beyond the current Ore Reserve​.

Key Highlights:

• 83 new grade control holes completed, confirming wide, high-grade gold mineralisation.
• Exceptional drill results, including:
  • 16.51m @ 12.09 g/t Au, including 4.6m @ 17.51 g/t Au and 4.55m @ 20.06 g/t Au
  • 10.4m @ 7.82 g/t Au, including 6.90m @ 9.5 g/t Au
  • 5.50m @ 18.85 g/t Au
  • 4.51m @ 23.57 g/t Au, including 3.35m @ 29.49 g/t Au
  • 0.33m @ 143.08 g/t Au
• Development confirms additional mineralisation outside the current Ore Reserve, potentially expanding the mine plan.

Scotia on Track for Production Ramp-Up

Pantoro’s Managing Director, Paul Cmrlec, emphasised the strong growth potential at Scotia:
"Scotia continues to demonstrate its potential as a long-life, large-scale underground mine. We are transitioning from a development-driven operation to full-scale production, with steady-state mining targeted by the end of March 2025."

The company is ramping up production with stope drilling underway to build adequate drilled stocks for upcoming mining phases. A fourth development jumbo is set to arrive on-site in early March to accelerate underground access development​.

Strategic Growth Plans

• Extensional exploration to continue as underground drilling platforms become available.
• Ongoing surface and underground drilling to further define and expand the Scotia deposit.
• Infrastructure upgrades to support higher production capacity, aiming to exceed 200,000 ounces per annum across Norseman.

With the latest drilling results confirming the high-grade nature and continuity of mineralisation, Pantoro is positioning Scotia as a cornerstone asset in its long-term growth strategy.

Zenith Minerals Limited (ASX: ZNC) has commenced its next phase of drilling at the Dulcie Far North (DFN) Gold Project in Western Australia, marking another milestone in the company's growth-focused exploration strategy​.

Key Highlights:

• 35-hole Reverse Circulation (RC) drilling program underway, targeting footwall lodes and high-potential northern extensions.
• Recent 40% increase in Inferred Mineral Resource at DFN, growing from 150,000oz @ 1.3 g/t Au (3.6Mt) to 210,000oz @ 1.3 g/t Au (5.1Mt)​.
• Multiple new regional gold targets identified within the broader Split Rocks tenure.
• Strategic development pathways being explored, including toll treatment or standalone production.

Zenith’s Managing Director, Andrew Smith, highlighted the significance of the program:
"The 40% increase in our Inferred Mineral Resource is a testament to the quality of the DFN system. This next phase of drilling will focus on unlocking further upside as we progress towards development."

Expanding Resource and Development Pathway

The drill rigs are now turning at DFN, with a focus on:

• Resource expansion through step-out drilling targeting northern shear zones.
• Improved classification of mineralisation, upgrading Inferred ounces for potential mine development.
• Strategic exploration across Zenith’s 100%-owned tenure, defining new gold targets.

Zenith’s drilling contractor, Red Rock Drilling, has been engaged for the program, ensuring continuity and operational efficiency​.

The Path Ahead

With strong infrastructure access and nearby processing options, Zenith continues to evaluate development opportunities, including:

• Ongoing surface sampling and field mapping to refine regional targets.
• Scoping study underway to assess mining and processing pathways.
• Additional metallurgical testing and mine scenario evaluations to de-risk future production​.

With drilling results expected in Q2 2025, Zenith remains well-positioned to unlock the full potential of DFN and strengthen its gold portfolio in the Yilgarn Craton.

Aurum Resources Limited (ASX: AUE) has announced a maiden independent JORC Mineral Resource Estimate (MRE) of 1.59 million ounces of gold for its Boundiali Gold Project in Côte d’Ivoire, West Africa. This significant milestone comes just 12 months after acquiring the permits and establishing joint venture partnerships.

Key Resource Highlights:

• Total Resource: 50.9 million tonnes at 1.0 g/t Au for 1,590,000 ounces
• Breakdown by Deposit:
  • BST: 11.0 Mt at 1.0 g/t Au for 360,000 ounces
  • BDT1: 11.9 Mt at 0.9 g/t Au for 340,000 ounces
  • BDT2: 16.3 Mt at 0.8 g/t Au for 440,000 ounces
  • BMT1: 7.5 Mt at 1.2 g/t Au for 300,000 ounces
  • BMT3: 4.2 Mt at 1.1 g/t Au for 150,000 ounces

The MRE is based on data from 480 drill holes, totaling nearly 74,000 meters of drilling. Notably, gold mineralization remains open along strike and down dip at all deposits, indicating potential for further resource expansion.

Aggressive Exploration and Development Plans: Aurum is committed to accelerating the development of the Boundiali project with the following initiatives:

• Drilling Campaign: A 100,000-meter drilling program is planned for 2025, utilizing six self-owned diamond rigs to drive resource growth.
• Metallurgical Testing: Preliminary tests have demonstrated excellent gold recoveries exceeding 95% using conventional gravity and carbon-in-leach (CIL) processing methods.
• Pre-Feasibility Study (PFS): Scheduled for completion by the end of 2025, the PFS will assess the project's economic viability and development pathway.

Managing Director Dr. Caigen Wang expressed confidence in the project's potential:

"This aggressive exploration campaign has rapidly defined a significant gold resource. We anticipate further resource growth in 2025 through continued exploration focused on expanding existing deposits and testing new targets within the Boundiali project area."

With approximately $23 million in available funds as of December 2024, Aurum is well-positioned to support its intensive exploration and development efforts.

For more information, visit Aurum Resources' official website.

Meeka Metals Limited (ASX: MEK) has announced further high-grade gold intersections at its St Anne’s deposit, part of the Murchison Gold Project, with drilling confirming significant mineralisation open to the north.

Key Highlights:

• Outstanding Gold Assays:
  • 16m @ 9.45g/t Au from 45m, including 7m @ 19.90g/t Au (24SAGC043)
  • 17m @ 7.27g/t Au from 48m, including 6m @ 18.93g/t Au (24SAGC067)
  • 23m @ 2.30g/t Au from 34m, including 2m @ 13.11g/t Au (24SAGC070)
  • 8m @ 5.65g/t Au from 65m, including 2m @ 18.55g/t Au (24SAGC080)
• New High-Grade Zone Identified:
  • Drilling to the north has intersected 8m @ 11.83g/t Au from 51m, including 6m @ 15.28g/t Au, suggesting the mineralisation remains open.
• Turnberry Deposit Continues to Deliver:
  • 3m @ 31.60g/t Au from 99m (24TBRC002)
  • 29m @ 2.09g/t Au from 102m, including 1m @ 37.20g/t Au (24TBGC037)

Path to Production

Meeka Metals is rapidly advancing its Murchison Gold Project, with open-pit mining set to commence in March 2025 and first ore delivery to the processing plant expected in April. The 20km haul road and process plant upgrades are well underway, with commissioning planned for June.

Meeka’s Managing Director, Tim Davidson, commented:
"The latest assays confirm St Anne’s as a high-grade open-pit opportunity and highlight the expansion potential. We are on track to commence mining in March, marking a major step toward first gold production."

With ongoing exploration success and a clear production timeline, Meeka Metals is positioning itself as a significant gold producer in Western Australia.

E79 Gold Mines Limited (ASX: E79) has identified multiple high-priority drill targets west of Kalgoorlie Gold Mining Limited’s (ASX: KAL) emerging Lighthorse gold discovery in Western Australia. The company’s latest high-resolution magnetic data review has highlighted significant structural complexity within its tenements, presenting exciting exploration potential.

Key Highlights:

• New Drill Targets: Geophysical data reveals structural offsets, demagnetised zones, and fault networks, indicating possible gold-hosting structures west of the Lighthorse discovery.
• Proximity to Major Discovery: Recent drilling by KalGold, just 50–550m from E79’s tenure, returned strong gold intercepts, including 17m at 4.81 g/t Au and 8m at 2.29 g/t Au.
• Upcoming Drilling Program: An air-core drill rig has been booked, with first-pass drilling scheduled to commence within the next few weeks.

E79 Gold CEO, Ned Summerhayes, stated:
"Given KalGold’s promising Lighthorse discovery so close to our boundary, we’ve accelerated exploration. Our high-resolution magnetics have pinpointed several compelling targets, and we’re eager to start drilling shortly."

Strategic Positioning in a Prolific Gold Belt

E79 Gold’s Laverton South Gold Projects, covering 272km², lie within the Laverton Tectonic Zone—home to 30Moz of historic gold production. This region hosts world-class deposits such as Granny Smith (5.8Moz), Sunrise Dam (10.3Moz), and Wallaby (11.8Moz).

The company is also progressing exploration at its Mountain Home IOCG Copper-Gold Project in the Northern Territory, with rock chip assays up to 45.5% copper and 11.75 g/t gold. Drilling at Mountain Home is planned for the upcoming dry season.

With strong gold targets identified and drilling set to commence soon, E79 Gold is positioning itself for potential new discoveries in one of Australia’s most prospective gold belts.

Matsa Resources Limited (ASX:MAT) has announced the successful completion of its Feasibility Study (FS) for the Devon Pit Gold Mine, delivering a pre-tax cash flow surplus of A$59.8 million at a gold price of A$4,250 per ounce. The study confirms a robust financial outlook for the project, which is expected to commence production by late Q1 or early Q2 2025 under a planned profit-share arrangement (Matsa 80% / Contractor 20%).

Key Highlights:

• Production Outlook: 340,000 tonnes at 4.6 g/t gold, producing 50,000 ounces of contained gold.
• Strong Margins: Projected all-in costs of A$2,829/oz, with potential free cash flow increasing to A$73.4M at a gold price of A$4,550/oz.
• Minimal Capex: Low upfront capital requirement of A$3 million, with key infrastructure such as haul roads and accommodation already in place.
• Operational Readiness: The project is fully permitted and mine-ready, with mining, processing, and financing arrangements in the final stages.

Matsa’s Executive Chairman, Paul Poli, expressed confidence in the project’s potential:
"The Feasibility Study confirms Devon as a high-margin gold project. With the rising gold price and a mine-ready operation, this presents a compelling value opportunity for our shareholders. Devon’s projected returns are significantly higher than our current market capitalisation, reinforcing Matsa’s position as undervalued in the market."

The company is also conducting extensional drilling to the north of the Devon Pit, which could further enhance the mine’s resource base and increase gold production. Mining will commence with a 100-tonne excavator and 85-tonne rigid haul trucks, scaling up operations as production ramps up.

Matsa is in advanced discussions to secure third-party processing arrangements, either through a toll-treatment agreement or an ore purchase contract. A financing facility of up to A$15 million is also being negotiated to support the early stages of development.

With a high-grade resource of 488,000 tonnes at 5.2 g/t for 82,000 ounces of gold, the Devon Pit Gold Mine is set to become a key contributor to Matsa’s Lake Carey Gold Project.

Pantoro Limited (ASX:PNR) has reported outstanding initial drilling results from its Southern Mainfield growth program at the Norseman Gold Project, confirming high-grade gold mineralisation across multiple ore-bearing structures.

Drilling in the Butterfly area has delivered exceptional intersections, including a bonanza gold hit of 3 metres at 485.43 g/t Au, with 1 metre at a staggering 1,420 g/t Au in the Mararoa Reef. Additional strong results include:

• Mararoa Reef: 3m @ 26.63 g/t Au (inc. 1m @ 68.4 g/t Au), 5m @ 8.61 g/t Au
• NW Structures: 2m @ 15.44 g/t Au, 2m @ 9.49 g/t Au
• Royal Standard Reef: 1m @ 12.6 g/t Au, 1.7m @ 18.66 g/t Au, 0.4m @ 37.4 g/t Au
• Pascoe’s Cross Link: 2m @ 41.6 g/t Au (inc. 1m @ 82.5 g/t Au)

With over 5,000 metres of diamond drilling completed, Pantoro’s program is progressing rapidly, targeting at least two additional high-grade underground mines in the medium term.

Pantoro Managing Director Paul Cmrlec highlighted the significance of these results, stating:
"These initial results mark an important step in advancing our understanding and development of multiple structures in the Southern Mainfield. The proximity of these structures to existing infrastructure provides a clear pathway for future underground development and production."

Drilling remains ongoing across all key lodes, with approximately 60% of the first-phase drilling program now complete. Pantoro continues to expand its underground mining potential at Norseman, reinforcing its long-term vision for the project.

Greatland Gold has celebrated its first gold pour at the Telfer gold-copper mine, a pivotal achievement in the company’s journey.

The milestone occurred on December 4, shortly after Greatland finalized its acquisition of Telfer and the adjacent Havieron project from Newmont.

Before the acquisition, operations at Telfer were scaled back to a single 10-million-tonne-per-annum (Mtpa) processing train to preserve ore for Greatland’s use post-acquisition. Following the transaction, the company resumed dual-train processing, significantly enhancing capacity.

Greatland has inherited between 30.5 and 34.5 million tonnes of stockpiles, including approximately 11.5 million tonnes of high-grade ore. Mining continues in the west dome open pit and the main dome underground areas.

“Greatland’s first-ever gold production at Telfer is a remarkable milestone and a testament to our team’s efforts,” said managing director Shaun Day. “Resuming dual-train processing operations in line with our Telfer mine plan further underscores our operational readiness.

“With a robust gold price and significant ore stockpiles, this is an outstanding time to own the Telfer mine.”

To manage price risks, Greatland has implemented a 150,000-ounce gold hedging program, securing downside protection while maintaining upside exposure to gold price movements. The program includes quarterly gold-put options with an average strike price of $3,905.17 per ounce, spread across 2025 as follows:

• March 31, 2025: 33,996 ounces
• June 30, 2025: 46,302 ounces
• September 30, 2025: 38,910 ounces
• December 31, 2025: 30,792 ounces

Telfer is projected to produce approximately 426,000 ounces of gold equivalent at an all-in sustaining cost (AISC) of $US1,454/oz ($2,265) over a 15-month period starting from late September, when Newmont restarted processing operations.

The 11.5 million tonnes of run-of-mine (ROM) high-grade stockpiles already mined will reduce costs and de-risk Greatland’s initial production phase at Telfer. An additional 20 million tonnes of low-grade stockpiles remain available for future processing.

Horizon Minerals has reached a key operational milestone with the first ore delivery from its Boorara gold project in Western Australia, set to be processed at Norton Gold Fields’ nearby Paddington mill this month.

The initial stockpile of 54,380 tonnes of ore has undergone assaying and metallurgical test work, with an expected grade of 0.8 grams per tonne (g/t) of gold. Horizon anticipates that grades will improve as mining progresses in the coming months.

“It’s very satisfying to transport our first ore from Boorara, with first revenue expected shortly,” said Horizon managing director and CEO Grant Haywood. “This achievement comes despite challenges such as the tight labour market during the ramp-up phase and some inclement weather. Our team is now fully staffed and making excellent progress, and we look forward to steady gold production from Boorara.”

Mining at Boorara is planned to continue for 14 months, with processing extending over a 19-month period. The company expects to pour its first gold at Paddington mill in October under an ore sale agreement, which is projected to generate $30 million in free cash flow at a gold price of $3,600 per ounce.

The agreement specifies that within five days of delivering the first ore to the Paddington run-of-mine pad, Paddington will pay Horizon 50% of the gross revenue, less estimated processing costs based on the determined grade of each stockpile. After the full treatment of the stockpile, a final payment will be made to Horizon based on the determined grade, moisture, and metallurgical recovery, less agreed processing costs.

Horizon approved Boorara’s development in late July, which includes mining four open pits containing 1.24 million tonnes of ore at 1.24 g/t gold, yielding an estimated 49,500 ounces.

In addition to Boorara, Horizon’s Phillips Find project is progressing well and is expected to deliver its first ore to the Greenfields mill in February 2025.

Earlier this year, Horizon announced plans to merge with Poseidon Nickel to create a new mid-cap gold producer, targeting an annual production of 100,000 ounces in Western Australia.

Black Cat Syndicate has achieved significant milestones in the refurbishment of its Paulsens gold mine in Western Australia, targeting its first gold pour in December 2024.

Key Achievements:

• Commissioning Progress:

  • The dry commissioning of the crushing circuit is complete, with wet commissioning now underway to build a low-grade crushed stockpile.
  • Installation of critical infrastructure, including Knelson gravity concentrators, a 415-volt switchboard, and 880 KVA generators, has been finalized, marking key milestones in the refurbishment timeline.

• Infrastructure Upgrades:

  • Completion of a new oxygen storage tank and the connection of CIP circuit pipework.
  • Repairs and upgrades to the power station’s fuel systems and the tailings storage facility (TSF) have been finalized, ensuring readiness for operations.

“All refurbishment activities have been completed on time, within budget, and with no safety incidents,” said Black Cat managing director Gareth Solly. “Our focus now shifts to finalizing dry and wet commissioning as we approach first gold later this month.”

Path to Production

The commissioning process will scale up from low-grade material to high-grade ore, culminating in the first gold pour. Concurrently, selective mining and preparations for a fully mechanized fleet remain on schedule.

Future Plans

Black Cat is preparing for an accelerated exploration program in 2025, with plans to expand near-mine drilling at Paulsens and exploration at Kal East. This strategy aligns with the company’s vision for long-term growth and enhanced production.

“Refurbishment at Paulsens marks a significant step forward, and we are excited about the growth opportunities ahead,” Solly said. “Our comprehensive plan positions Black Cat Syndicate for a strong operational and exploration performance in 2025 and beyond.”