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Morning News Bites – Aug 4

In today’s morning news bites:

Sharemarket has risen 6000 points at open. Wesfarmers announces Bunnings stores in Melbourne metro region will be closed for in-store retail, however trade will remain open while Target, Kmart and Officeworks will be unable to service customers in-store. The Reserve Bank meets today to discuss interest rates.

  • Saracen reports a record increases in reserves of 3.7Moz at 30 June 2020, up 12% from 3.3Moz at 30 June 2019 (an increase of 400,000oz despite 396,000oz depletion). The further increase in reserves strengthens Saracen’s position as a substantial, long-life, low-cost gold miner with 100% of its production from Western Australia. Managing Director Raleigh Finlayson said, “To grow Reserves by 400,000oz in a year despite depletion is a strong result. These ounces are made much more valuable by the fact that they are all in Western Australia and within very close proximity to existing processing facilities. These robust reserves ensure we have long-term, sustainable production in what is almost certainly the best place in the world to be a gold miner.”

  • Renascor has identified multiple drill-ready gold targets at its Carnding Project in South Australia’s Central Gawler Craton. Shallow Gold Drill Intercepts of up to 16 g/t in Central Gawler Craton Highlights, targets include the Soyuz Prospect, where previous drilling intersected shallow gold, with highlights including: 7m @ 5.14g/t Au from 26m to end of hole, including 2m @ 16.42 g/t Au from 30m1 and 6m @ 4.94g/t Au from 14m.
  • The 250-hole auger drilling program has been completed at its Twin Hills Gold Project in the Goldfields of Western Australia, according to eMetals. Drilling has tested almost 2 kilometres of strike of prospective shear zone south of the historical Twin Hills Gold Mine which has recorded historical production of 1,100 tonnes of ore at an average grade of 23.6 g/t and an historical resource of 17,541 tonnes at a grade of 20.86 g/t. Director Mathew Walker was pleased with the progress, saying “Twin Hills is an exciting exploration Project with over 5 kilometers of prospective strike length adjacent to two excised historical high grade gold mines. We are delighted that the recent auger geochemical program has validated our structural modelling and provide us with multiple ready to drill targets.”
  • According to Gladiator Resources, the previously delayed drilling program at the Marymia Gold Project has now been completed. A total of 31 AC holes for 1,922m have been completed, with composite samples to be couriered to Intertek Laboratories for gold analysis. Results are anticipated within the month and will be reported as soon as possible.
  • Apollo Consolidated provide an update on the progress of drilling at its Lake Rebecca Gold Project located 150km east of Kalgoorlie in Western Australia. Exploration, infill, and extensional drilling at the Duchess deposit delivers strong true-width mineralisation zones, with highlights of: 5m @ 6.98g/t Au incl. 1m @ 31.48g/t Au and 7m @ 3.90g/t Au.

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