Morning News Bites – October 7

Morning News Bites for October 7

De Grey (DEG) Releases Infill Drill Results.

Commenting on encouraging drill results at the Hemi Gold Discovery, De Grey Technical Director Andy Beckwith said:

“The plunging high grade zone at Aquila continues to grow to the west and downdip toward Falcon. Mineralisation at Aquila and Crow has been intersected to approximately 500 vertical metres and remains open.”

 The Hemi Gold Discovery is located approximately 60km south of Port Hedland in Western Australia.

The Aquila and Crow zones are located adjacent and to the north of the large Brolga intrusion at Hemi.

The infill drilling program will continue over the coming months at all the Hemi zones to enable a robust resource estimate targeting a high level of JORC 2012 Indicated category resources. The initial Hemi resource estimate is planned for the middle of 2021.

Black Cat Acquires More Projects.

Black Cat Syndicate (BC8) has entered into a binding agreement to acquire the Trojan, Slate Dam and Clinker Hill gold projects from Aruma Resources , subject to the satisfaction of certain conditions.

Black Cat’s Managing Director, Gareth Solly, said: This acquisition accelerates Black Cats move towards a target of more than 1Moz of Resources. The Trojan deposit has strong synergies to our Fingals Gold Project, presents a near-term mining opportunity with 115,000oz in Resource on a granted mining lease and will become part of our larger Fingals Gold Project. The acquisition increases our total Resources to 826,000oz.”

The Trojan deposit is located 65km SE of Kalgoorlie on mining lease M25/0104. The deposit sits just 15km (via the all-weather Trans-access road) east of the preferred site for Black Cat’s planned processing facility.

Great Northern Minerals Confirms Significant Drill Results

Great Northern Minerals (GNM) has released the final one metre resplit samples (BRRC1012 to BRRC1033) from the Reverse Circulation (‘RC’) drilling programme at the Company’s Big Rush Gold Project in Northern Queensland.

The total recent drilling at Big Rush comprised 22 RC holes for 3,634 metres spread over approximately 900 metres of strike underneath the southern, central and northern previously mined shallow open pits.

GNM Managing Director, Cameron Mclean said when releasing the results: The one metre results have confirmed the potential for very high grades to extend to significant vertical depth, particulary underneath the Central Pit. Results from underneath the Northern Pit are pointing to excellent further potential in this area and the planned deeper diamond drilling program which is about to commence is designed to test for extensions of the higher grade gold results.”

Victory Mines Confirms Commencement of Drilling Program

Victory Mines Limited (VIC) has announced that drilling has commenced at the Company’s Bonaparte Project in the Kimberley region of Western Australia.

Victory is conducting a 10 hole drilling program which will include twinning historical drill holes with modern drilling methods and sampling techniques. Drilling is expected to be completed and assays returned to the company for interpretation by late November 2020.

Down Hole Electromagnetic Magnetic (DHEM) tools will be used to help determine the presence and orientation of primary sulphide conductors. The DHEM survey is scheduled for the second quarter of 2021 following the end of the wet season.

Gold – What Goes Up Must Come Down

Gold has continued its roller coaster ride with a significant drop in price over night.  After hitting $1920USD yesterday during trade, this morning it opened about $1877USD.  The drop is attributed to US President Trump calling off talks with the Democrats about any stimulus package for the nation.  At time of writing gold was trading at $2642AUD.

With the US elections about a month away the next few weeks could see more volatility in the sector as the price fluctuates on predictions of the outcome.

Gold stocks on the ASX are down and it has taken back a little of the large gains from yesterday that Northern Star and Saracen experienced after the announcement of the two companies merging to form a B$16.1AUD company.