EXPLORATION & DEVELOPMENT

Discoveries boost WA gold players

MILLENNIUM Minerals has received a “spectacular” hit in its near-mine exploration program, while near-term producers Gascoyne Resources and Blackham Resources announced new discoveries today.

Kristie Batten
Discoveries boost WA gold players

Millennium today continued its run of good news, confirming a new high-grade discovery at the Anne de Vidia prospect, only 9km from its flagship Nullagine plant in the Pilbara.

New results included 8m at 6.84 grams per tonne gold, including 3m at 15.08gpt gold; 3m at 24.49gpt gold, including 1m at 67gpt gold; 7m at 5.03gpt gold, including 1m at 30.9gpt gold; and 12m at 2.2gpt gold, including 1m at 12.5gpt gold.

The current resource drilling program at Anne de Vidia is around 60% complete, with a maiden figure due out next month.

Drilling at the adjacent Castlemaine deposit returned 8m at 9.89gpt gold, including 6m at 12.49gpt gold, while known mineralisation at the Otways and Roscoes Reward deposits was also extended.

Millennium has stepped up exploration at Nullagine to extend the mine life.

Also confirming a new discovery today was Gascoyne, with 1m resampling results from the Hendricks project at Dalgaranga returning individual 1m sample assays of up to 21.1gpt gold.

The discovery hole returned 12m at 2.2gpt gold from 35m, including 2m at 11.3gpt gold; and 12m at 0.8gpt gold, including 2m at 2.8gpt gold.

The discovery, only 3km east of the Gilbeys pit, is open along strike and at depth.

An updated resource for another Dalgaranga deposit, Golden Wings, is due within days.

Finally, Blackham has discovered two new lodes at its Matilda project.

The new M6 North shoot returned 20m at 1.81gpt gold from 22m; 7m at 4.71gpt gold from 42m, including 2m at 11.9gpt gold; and 5m at 4.04gpt gold from 15m; while M10 East delivered 9m at 2.78gpt gold from 19m; and 3m at 2.62gpt gold from 50m.

Aircore sterilisation drilling of the planned waste dump discovered a new mineralised structure, with results including 16m at 0.61gpt gold from 32m.

Blackham is set to release the definitive feasibility study for Matilda this week, while updated reserves are also due.

All three companies have enjoyed strong share prices rises so far in 2016 due to steady positive news flow and positive sentiment towards Australian dollar gold miners.

Shares in Millennium are up by more than 150% since the end of 2015 to a two-year high of A10.5c today, compared with a capital raising price of 4c in December.

Gascoyne shares are nearly up 120% so far this year to levels not seen since 2013. They closed 6% higher at 23.5c today.

Blackham hit 50c earlier this month, more than double its 2015 closing price, but closed today at 44.5c.

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