Golden Mile: 130 Years of Gold Mining in WA's Kalgoorlie Region
Astral Resources: finding an upside when gold reserves are going down
When Irish prospector Patrick ‘Paddy’ Hannan made his famous gold discovery in 1893, even the wildest imaginations could not have foretold what that moment would really come to mean.
In the years since, Kalgoorlie’s ‘Golden Mile’ has produced an estimated 60 million ounces of gold, worth an eye-watering $170 billion, and cemented the region as perhaps the most prolific gold mining jurisdiction in the world.
But it’s one of those unpalatable yet unsurprising facts that 130 years of continuous production has taken its toll. The mining operations that have populated Kalgoorlie and its surrounding areas for so long are simply not what they used to be. And while the rate of gold production is still going strong, there are concerns about the extent to which producers are able to maintain their reserves.
Argonaut Resources to raise $4.1 million for uranium exploration in South Australia and NT
Junior explorer Argonaut Resources (ASX:ARE) is set to raise roughly $4.1 million through a placement and entitlement offer to progress exploration across its uranium tenements in South Australia and the Northern Territory.
Under the placement, the company will issue about 954.3 million new shares at $0.0005 per share to sophisticated and professional investors to raise $477,000. Argonaut is also seeking shareholder approval for a consolidation of its capital, resulting in one share held for every 100 pre-consolidation shares held.
Following this consolidation, Argonaut intends to complete a fully underwritten entitlement offer at the same price as the placement, and on a post-consolidation basis of $0.05 per share. This entitlement offer will be made on a 1 for 1 basis to raise about $3.65 million.
Alchemy Resources defines new pegmatite zones through geochemical logging at Karonie Lithium-Gold Project
Australian explorer Alchemy Resources (ASX:ALY) has defined new zones of pegmatites through geological logging at its wholly owned Karonie Lithium-Gold Project in Western Australia.
The company says the new pegmatites were defined in drillholes at Taupo North, with multiple zones of up to 186m downhole. At Pecan, zones of pegmatites have been observed down-dip of the lepidolite and spodumene outcrops discovered last month up to 75m downhole.
Alchemy reports the pegmatites in both areas are interpreted to extend at least 100m vertically from surface and remain open with varying widths from 1m to 5m. Follow-up is planned with work underway.
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