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Posted: Nov 8 2017, 09:41 AM
Group: Featured Blogers
Member No.: 17
Joined: 17-January 12
Rep: 142 pts
More Pilbara nuggets fuel northern gold rush
Tuesday, 7 November 2017 7:47AM
The Pilbara gold rush became more urgent yesterday when Segue Resources reported nuggets on one of its tenements and Artemis Resources claimed its Munni Munni project was overlaid by sediments prospective for conglomerate gold.
Segue shares closed up 2.8¢, or 38.89 per cent, at 10¢ after hitting 10.5¢ in intraday trade after announcing that prospectors had uncovered gold nuggets shed from conglomerate units of the Mallina Basin at its Pilbara gold project.
The explorer said it would undertake geological mapping and rock chip sampling of the areas around the nugget discoveries next month.
Segue is also planning further exploration work over all its Pilbara tenements covering 600sqkm in the first quarter of next year after all approvals and access agreements are in place.
Shares in fellow Pilbara gold play Artemis hit a fresh high of 43¢ before closing up 5¢, or 13.7 per cent, at 41.5¢ after identifying Fortescue Group sediments overlying its Munni Munni platinum group element joint venture project with Platina Resources.
The Fortescue Group is said to be the host rock for conglomerate-style gold mineralisation in the Pilbara.
Munni Munni lies 20km south-west of Artemis’ Purdy’s Reward prospect, where gold nuggets were found this year by the company’s Canadian joint venture partner Novo Resources Corp. The project already hosts a platinum group element resource of 24Mt at 2.9g/t, with Artemis saying it had already begun a review of 85,000m of historic drilling results at Munni Munni.
Artemis executive chairman David Lenigas noted the company could ramp up exploration plans for Munni Munni because it had existing approvals in place.
Other Pilbara conglomerate gold movers yesterday included Venturex Resources, which climbed 0.3¢ or 20 per cent to 1.8¢, DGO Gold, which lifted 28.5¢ or 18.39 per cent to $1.835, Kalamazoo Resources, which rose 2¢ or 14.29 per cent to 16¢ and Kairos Resources, up 0.9¢ or 12.33 per cent to 8.2¢.
A swag of junior explorers have enjoyed big gains in recent months on hopes their land may host conglomerate-style gold mineralisation, similar to that of the massive Witwatersrand Basin in South Africa from which more than one-third of the world’s gold has been mined.
Canberra will think twice about adjusting WA's GST share if WA has another mining boom.
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