PRECIOUS METALS

Gateway looking for Flametree to flower on its Gidgee gold ground

New zone of oxide gold being targeted

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Headling assays from Julias were 4m at 8.3 grams per tonne gold from 56m and from Flametree 3m at 5.4gpt gold from 51m.

Results from subsequent RC drilling are awaited.

Meanwhile a new phase of RC drilling is also imminent as Gateway works on growing the existing 449,000oz resource inventory.

The resource grew 87% last year.

The Kerry Harmanis-backed company started the current quarter with A$5.2 milion cash.

As well as continuing to establish its standalone bona fides, the general broader area Gateway is operating in looks to have consolidation possibilities given the presences of other explorers such as Alto Minerals, Horizon Gold and Rox Resource, as well as Murchison miners Ramelius Resources and Westgold Resources.

Still, market traction is proving difficult to come by in the case of Gateway.

Shares in the junior were unchanged 1.05c, capitalising Gateway at $24 million.

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