Tag: WA gold

Red Mountain to start gold drilling as it looks to acquire rare earths project

Red Mountain to start gold drilling as it looks to acquire rare earths project

After completing the required heritage clearance survey, and securing a reverse circulation (RC) drill rig for its maiden drill program at its Mt Maitland high-grade gold project in Western Australia, Red Mountain Mining Limited (ASX: RMX) is set to start drilling. The drilling program is planned for 18 holes for approximately 1300m and is scheduled to commence in the first week of November. Historical mining delivered an average production grade of 19 g/t gold and the company expects there could be early stage share price catalysts on the horizon should the program go well. RMX’s project is in close proximity to the $1.1b Westgold Resources Fortunum Gold Mine and its Bluebird Gold Mine to the south. It is also near…

Commodity Focus: Gold

Commodity Focus: Gold

BY ELIZABETH FABRI THE gold price may have slumped; but this hasn’t dampened the spirits of Australian gold producers with the big players posting record profits, and a new cohort of conglomerate-focused explorers making moves in the Pilbara. In January gold prices were hovering at a peak of $US1362 per ounce on the back of a turbulent year for US politics and weakening US dollar. Australian gold producers, which benefit strongly from the AU/US exchange rate, were widely optimistic for the year ahead. But over the last eight months, gold prices have taken a dive, plummeting to lows of $US1176/oz mid-August, in line with a rising US dollar and inflation-adjusted interest rates. Australia’s biggest gold players weren’t complaining though; Saracen,…

Regis Resources: Organic Growth

Regis Resources: Organic Growth

Image: Regis Resources. BY ELIZABETH FABRI REGIS Resources capped off FY18 with record production and cash flow at its Duketon project. Moving into FY19, the good news is set to continue with an expansion underway at Rosemont and DFS work advancing at McPhillamys. WA-based gold miner Regis Resources has a busy year ahead, with plenty of upside across its portfolio after a record June quarter. For the final three months of FY18, the miner produced 92,008 ounces of gold, bringing its annual production up to 361,373oz at an all-in-sustaining cost (AISC) of $901/oz. Record quarter-end cash and bullion holdings of $208.8 million were also a plus, and “testament to the quality” of the Duketon operations, according to Regis Resources executive…