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Morning News Bites – Aug 5

Todays morning news bites –

Gold is continuing to break records with a new high, it is now trading at over $2024US/oz. Virgin announce cuts to 3000 staff as they plan to adapt to “a new world”. The QLD borders officially close to NSW.

Loads of ore, like in the CAT 793 are potentially more attractive after the jump in gold overnight.
  • As uncertainty surrounding the global economy increases, so does the price of Gold, smashing it’s previous record that was made only last week of over $1954US/oz, it is now trading at over $2024US/oz ($2824AUD).
  • Meteoric Resources announce the mobilisation of the Palm Springs site. The 6,500m Stage 1 drilling program, which will consist of both RC and Diamond drilling, has been designed to confirm and extend the known high grade mineralisation associated with the plunging anticline to the south of the existing Butchers Creek open pit. Stage 1 will consist of approximately 23 RC holes (5,000m)  and 7 Diamond drill holes (1,500m) for a total of 6,500m of drilling.
  • Prodigy Gold report that drilling is underway at the Tulsa Prospect, situated within the North Arunta Project, a province scale gold opportunity with several multi-kilometre soil anomalies to be drilled in 2020. Tulsa is the first of five targets to be drilled this campaign and is located along strike from the high-grade Kroda Gold Prospect which returned 5m @ 15g/t Au and 9m @ 11.5 g/t Au from drilling in 2018. Managing Director, Matt Briggs said, “With a very robust exploration program mapped out for the remainder of this calendar year, I look forward to updating shareholders on exploration progress at regular intervals.”
  • Early construction works to start at Warrawoona gold project in WA, Calidus Resources reports. Managing Director Dave Reeves said: “The early works programme will ensure gold production starts as soon as possible at Warrawoona. Constructing access roads, the accommodation village and supplying communications to site paves the way for the main development works to kick off in earnest in the new year.
  • Another significant sulphide intersection at Golden Swan extends the new discovery until August 5th for Poseidon Nickel. Latest intersection is ~50m up-dip of discovery hole PBSD0029A which intersected 7.6m @ 8.8% Ni (true width = 4.3m) including 2.1m (1.2m TW) of massive sulphides grading 15.9% Ni. Managing Director and CEO Peter Harold commented, saying “With the installation of the underground loop nearing completion we hope to highlight further potential around the current Golden Swan intersections as our geological understanding of this area improves.“

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