ISSN 1324-43969 771324 43900501April - June 2026Registered by Australia Post PP 643938/00057ASIA-PACIFIC SPOTLIGHTBENZ SHOWS ITS CLASSTURNING NICKEL TO GOLDMagnetic draws Genesis inVOLUME 1. ISSUE 163$11.95
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GOLD MINING JOURNAL (ISSN 1324-4396)Published by Paydirt Media Pty Ltd. A.C.N. 063 985 133EDITORIALEditor:Dominic Piper Deputy editor:Michael WashbourneSenior journalist:Rhonda MalkinJournalist:Michael Cameron Art director: Nick BrownADVERTISINGHead of Advertising: Richa FullerSubscriptions: Nicoletta AnticPAYDIRT MEDIAExecutive chairman: Bill RepardFinance manager: Giovanny JeffersonAccounts/administration: Vanessa CaleCONFERENCESAngelique JulienPaula FujitaPRE-PRESS AND PRINTING:Vanguard Press 26 John St, Northbridge WA 6003Member of:CONTACT US: Suite 9, 1297 Hay St, West Perth, Western Australia 6005 P.O. Box 1589, West Perth, Western Australia 6872p: (+61 8) 9321 0355 f: (+61 8) 9321 0426 e: mailbox@ paydirt.com.au w: paydirt.com.auNEWS 6 After smashing through $US5,000/oz at the start of the year, gold had slumped below $US4,300/oz by the end of March quarter as investors began to digest the wider ramifications of the developing conflict in the Middle East. However, according to BDO global natural resources and energy leader Sherif Andrawes, the true impact of the oil shock on the gold sector will not be known until at least the end of June. Michael Washbourne reportsCOVER 20The high-grade Lady Julie discovery is now officially destined for the Laverton mill after unheralded explorer Magnetic Resources agreed to a $640 takeover bid from Genesis Minerals. Magnetic managing director George Sakalidis sat down with GMJ editor Dominic Piper to explain the science-based thinking behind the company’s discovery success and why the Genesis deal is set to deliver a massive boon for some of its original shareholdersASIA-PACIFIC 26In our annual review of the region, we drop into New Zealand where Santana Minerals is preparing for a decision to be handed down on its Fast-Track approval for the Bendigo-Ophir project later this year. Despite some public stoushing with the likes of actor Sam Neill, the company remains confident of building what is considered the country’s best gold discovery in a generation, having recently raised $130 million to begin early site works and order long-lead items. We also catch up with other ASX-listed companies operating in PNG, Indonesia and ThailandREGIONAL ROUND-UP 40Toubani Resources has declared FID on what will be Mali’s first major gold mine in more than a decade. Elsewhere in Africa, we dissect Perseus Mining’s investment in Aurum Resources and touch base with new Ivorian explorer Skylark Minerals. The rest of our look around the regions takes us to Chile with the impressive Tesoro Gold and its 2 moz El Zorro project, and Finland where Nordic Resources is finding more gold outside of the resource at Kopsain support of Australia’s mining industrymaroomba.com.auSecure your Paydirt subscription and view the magazine in full every monthSubscribe to read this article.Sign up today!
Page 4 Although the company he leads boasts a market cap of plus-$700 million, no investor could accuse Benz Mining Corp chief executive Mark Lynch-Staunton of overpromoting. While other junior company executives are happy to do the full conference circuit and pepper the market with regular announcements, Lynch-Staunton prefers a more measured approach.“The cadence of our announcements is probably slower than the average explorer, but that is because we release results in the geological context,” Lynch-Staunton told GMJ. “It is important we do the work so we can inform the market within that geological context.”It could be argued Benz has been afforded the luxury of marketing at its own pace, but Lynch-Staunton’s retort would be the company has made its own luck. “We skipped the junior, $30 million market cap phase where you go to every investment conference to raise your profile,” he said. “We almost went straight to the discovery phase because the results speak for themselves.”Benz was able to vault over the micro-cap space thanks to the wealth of exploration success it has enjoyed on its Glenburgh project, 220km north-west of Meekatharra on the north-west margin of the Yilgarn Craton. Having acquired the project from a Spartan Resources team with its hands full at Dalgaranga, the company only started exploration at Glenburgh in February 2025. By April that year, it was already declaring a new high-grade discovery, Zone 126, having returned hits of 11m @ 19.9 g/t from 274m, 5m @ 10.2 g/t from 222m, 4m @ 12.2 g/t from 319m and 8m @ 5.6 g/t from 243m. Those maiden results – and the subsequent successes – was confirmation of a new targeting model Benz had developed even before putting its foot on Glenburg. “From when executive chairman Evan Cranston and I came together, we said we were not interested in small wins, we wanted to build a billion-dollar company,” Lynch-Staunton said. “We became frustrated because the projects we came across may have been 1 moz gold resource but they were not going to make Benz into a billion-dollar company. We felt we needed to go to new frontiers and that is what led us to the margins of the Yilgarn Craton. “Typically, the margins are highly underexplored. That is why we set out to review what was available but it wasn’t until we found Glenburgh that we landed on something we liked, after eight months of rejecting opportunities.”At Glenburg, Benz identified the highly metamorphic folding as key to unlocking major zones of mineralisation.by Dominic PiperNEWSBenz foot-to-the-floor at GlenburghSecure your Paydirt subscription and view the magazine in full every monthSubscribe to read this article.Sign up today!
“We did a lot of structural geological work, that has been one of the key contributing factors to pinpoint targets and therefore achieve rapid success,” Lynch-Staunton said. “You need to honour the geology, honour that high-grade metamorphic folding.”Geological model defined, Benz set about unlocking Glenburgh’s true size.“Spartan, then Gascoyne, had found 1 moz and completed a feasibility study on the project,” Lynch-Staunton said. “But we were always looking for something more.“We recognised quickly that we have a chance to be the next Gruyere, Hemi or Never Never. We have the space and the volume and that is what people are getting excited about, they see the potential for it.”Benz has split its 12km of known mineralised strike into three camps – Hurricane, Icon and Thunderbolt.At Hurricane, much of its work has focused on Zone 126, which has quickly developed into a high-grade underground prospect, perhaps capable of emulating Spartan’s Never Never discovery. Work at Icon to date has delivered more moderate grades, but with a standout intersection of 200m @ 1 g/t, it is showing signs of a bulk open pit prospect. The third camp, Thunderbolt, has yet to receive significant drilling but Lynch-Staunton is confident of testing the targets during 2026.“We will be drilling there this year and can see the same architecture as the other two,” he said. “We don’t know which one it resembles but we don’t mind either.”The highly metamorphised nature of the belt means Benz has to be deliberate in its approach. Plan drilling programmes too rashly and the company is in danger of missing the target altogether.“You need to work to the model of the tight folding,” LynchStaunton said. “That is why we are integrating three critical datasets to build our accuracy – drill density, structural information and multi-element lithogeochemistry.“Once we had all three elements – the drill hole density, the structure, the multi-element geochemistry – we could see the folded structures, and the volume missed by previous explorers. Once we had all that, we knew we were going to crack it.”Lynch-Staunton is applying strategies he previously employed working on feasibility studies at Barrick Mining Corp to ensure the geological knowledge is robust.“We used the concept of a ‘data cube’ at Barrick,” he explained. “We picked out a representative 100m by 100m area and drilled the crap out of it. It creates a ‘data cube’ which becomes an incredibly powerful piece of information. It tells you about the short-range variability of gold and the geometry. You end up with a very robust estimate of ounces in that cube, because you drill it so tightly. “What we uncovered for Icon was probably not very surprising, but we kept finding more gold within the cube. We were seeing this high-grade mineralisation had almost been hiding in plain sight. It is understandable, in this folded environment, that you Page 5 Benz’s focus on geological principles and boots-on-ground exploration is proving fruitfulSecure your Paydirt subscription and view the magazine in full every monthSubscribe to read this article.Sign up today!
Page 6 NEWSThe rapid rise of Brightstar Resources Ltd in the past three years is set to face the ultimate test as it heads into development of its Goldfields Hub project following a bumper $366 million cash injection.Brightstar’s growth was propelled by its partnership strategy, with mining JVs and toll-treatment agreements ensuring it could generate cash flow for minimal capital outlay. For its next stage of growth, the company plans to go it alone in both mining and processing and has been building the balance sheet to support it.Brightstar’s total available liquidity sits at a very comfortable $383 million, fortified by a $193 million equity raising in January and a $US120 million Nordic bond at the end of March. Along with developing the Goldfields Hub, funds will sustain growth drilling at Brightstar’s flagship 2.4 moz Sandstone project, driven mostly by the flexibility of the Nordic bond.“Having two assets in the business in Goldfields and Sandstone meant that we should be looking at ways of funding the nearterm development of Goldfields but also enabling Sandstone,” Brightstar managing director Alex Rovira told GMJ. “The flexibility that [the] instrument provided meant that we could continue to spend money at Sandstone, had very limited financial or operational covenants, so limited restrictions on what we could do as a business, which gives us the flexibility for Sandstone.”Brightstar is now fully funded to take the Goldfields project into production. A combination of assets in the LavertonLeonora region of Western Australia, it is expected to make more than $1 billion of free cash flow over six years based on current spot prices. Rovira said the Nordic bond issue would enable Brightstar to develop both of its projects at pace without putting unnecessary encumbrances on Sandstone or placing it at risk.“If you think about the history of mine financing recently in WA gold mining, there’s been some circumstances where operational challenges became balance sheet or capital structure issues, whereby the financing that these companies entered into really started to impact their business,” he said. “Names like Calidus [Resources] and Bellevue [Gold Ltd], and there’s a bunch of other examples that have had their businesses really encumbered by that [traditional] debt structure.”Goldfields and Sandstone will be the building blocks for Brightstar’s 200,000-250,000 ozpa production aspirations with limited cash flow injections required thereafter.Ongoing resource growth will remain a focus given the relatively underexplored history of the company’s tenements and could see resource upgrades in the next 12-24 months.“We’ve got four rigs out at Sandstone now, going to eight rigs in the coming weeks and months,” Rovira said.“We are a small producer, a developer and an explorer, it’s a little bit nuanced in the context of other peers in that there aren’t any with our business model, so we are kind of unique in that circumstance.”FID on Goldfields is targeted for April, to be followed by 14 months of construction aided by six months of completed engineering work. First gold pour is expected in June 2027 from a mill which will have a 1.5 mtpa processing capacity, producing 75,000 ozpa. Brightstar illuminatespath to productionby Rhonda MalkinAlex RoviraSecure your Paydirt subscription and view the magazine in full every monthSubscribe to read this article.Sign up today!
Page 7 After almost a decade of mining multiple deposits and producing gold via third-party mills across the Eastern Goldfields, Horizon Minerals Ltd will be in control of its own destiny from mid-2027. Horizon formally began its transition to independent producer in mid-February after raising just shy of $180 million to convert the former Black Swan nickel plant into a new 2.2 mtpa gold processing hub. The largest capital raising in the company’s history occurred just days after terminating the last of its tolltreatment agreements with a Goldfields neighbour.It also coincided with the release of a feasibility study which confirmed the mothballed infrastructure at Black Swan could be refurbished for just $101 million, including the addition of a new CIL circuit needed for gold processing. The first long-lead items for the plant conversion were ordered in early March, with advanced FEED studies due to be finalised at the time of print.Total capex for Horizon’s path to standalone production was estimated at $160.5 million, including site establishment and infrastructure refurbishment costs of $45.6 million and mine development costs of $13.8 million.Black Swan last operated in 2008. Poseidon Nickel acquired the asset in 2014 and spent the best part of nine years plotting a restart of the facility before nickel prices tanked. Horizon then came to the party in late 2024 with an $86 million merger proposal, underpinned by a belief the plant could be transformed into a new regional hub for processing of stranded gold deposits.Horizon managing director Grant Haywood said the feasibility study also supported the company’s view that refurbishing an existing plant would be more cost-effective than constructing an entirely new facility from scratch.“Publicly we’ve said the replacement value is $200 million but it’s probably plus-$250 million if you look at similar processing plants in the region,” he told GMJ.“The really great thing about a brownfields plant is the approvals, you just save so much time. The tailings, for example, it’s a minimum two years, usually three years, to get those approved. We’ve got 15 months in the current lift and the next two lifts Production destiny nowofficially in Horizon’s handsby Michael WashbourneA feasibility study has confirmed Horizon can refurbish the Black Swan nickel plant to process stranded gold deposits for just $101 millionSecure your Paydirt subscription and view the magazine in full every monthSubscribe to read this article.Sign up today!
Page 8 Genesis’ takeover of Magnetic – due to close in June – will see shareholders receive $1.40 cash and 0.0873 in Genesis shares for each of their Magnetic shares, valuing the junior at $2/share, a 25% premium to the immediate closing price and a 35% premium to the 30-day VWAP. The prize Genesis has won is the Lady Julie project just 20km south of its Laverton mill. Specifically, Genesis was smitten with the Lady Julie North 4 (LJN4) deposit which accounts for 1.94 moz @ 1.93 g/t gold of the overall 35.69mt @ 1.86 g/t for 2.14 moz resource.For Sakalidis, the deal represents the sort of return few juniors eventually deliver to their investor base. “We always worked within our means, kept the register tight and didn’t dilute our shareholders,” he says. “We listed in 2007 and still only have 270 million shares on issue. That means the original shareholders are actually making money out of this takeover. It is a real traditional way of Geophysical attraction: Magnetic’s old tricksfor new findGeorge Sakalidis has never been an executive who relies on bombast, having neither the patience nor the mindset to overpromote his investment case. What he does have is a keen scientific mind and a loyal investor following and, with his Magnetic Resources NL about to be subsumed into Genesis by Dominic PiperCOVERSecure your Paydirt subscription and view the magazine in full every monthSubscribe to read this article.Sign up today!
Page 9 doing things, and something very few younger companies understand.”The “traditional way” extends beyond capital management. Magnetic’s success came not through out-of-the-box thinking or ambitious exploration gambits, but by applying strong fundamentals in a considered, analytical manner. It identified the ground on the outskirts of the Laverton township based on simple concepts, then executed a wellthought out exploration strategy to realise the quality of the asset.“The ground was actually open for six months and I was afraid someone else would pick it up,” Sakalidis recalls.“We liked it for a number of reasons, the main one being the most obvious, it was next door to some big operations. We then had our own ideas and concepts we wanted to investigate.”It is surprising that ground in such a well-known, prolific belt – there has been more than 20 moz gold produced within a 100km radius – was available to peg but for Sakalidis it comes backs to using science to test widely-held assumptions. “People just assumed it had been drilled and I still have people telling me it had been drilled, but how could it have been if we were the first to make such a discovery?” he asks, somewhat incredulously. “It actually says a lot about the opportunity which still abounds in a lot of areas of WA, but people just assume it has been explored over without actually looking.”Magnetic’s own concepts and assumptions were not immediately proven. The Lady Julie area had been first identified as prospective in 1995 when a pronounced aeromagnetic and gravity feature was detected but only limited, underwhelming drilling had ever been conducted.Sakalidis’ deep experience as a geophysicist had led him to the feature but the initial approach of using magnetic remanence to identify gold mineralisation failed to provide inspiration. “I had my own ideas of what to investigate, we did find gold, but we never found enough. We went back in with ground magnetics and geochemistry, if we hadn’t done that, we wouldn’t have seen the regional structures,” he explains.“From there, we worked out the structural controls. It is never 100% but they did show up and that led us further south-east and we found the HN9 deposit. A year after that, we moved onto Lady Julie Central and between those two we built a resource of 300,000oz.”Magnetic’s steady ground accumulation continued. Working with local prospecting groups, Sakalidis acquired more land with one prospect, formerly called Scuttlebutt, boasting a hit of 13m @ 2 g/t with a few other scattered sniffs over 300m. Eventually, Magnetic had picked up all the ground on the main Chatterbox structure and in 2021, follow-up drilling on the historical Scuttlebutt prospect delivered what would eventually be coined LJN4.For Sakalidis, it was the application of traditional fundamentals which delivered the discovery.“We were always focused on adding to the contiguous package,” he said. “We were never interested in picking up Magnetic has hit the Lady Julie North 4 hard since discovery in November 2021, drilling 229 RC holes and 75 diamond holesSecure your Paydirt subscription and view the magazine in full every monthSubscribe to read this article.Sign up today!
Kingsgate’s cup half fullThailand’s unusual mining royalty regime has placed Kingsgate Consolidated Ltd in a unique position after last quarter’s spot price volatility.Many Australian producers experienced share price reductions off the back of one of the steepest declines in memory with gold falling by almost $US1,000/oz in the space of two weeks in March.Kingsgate’s flagship asset – the Chatree mine 280km north of Bangkok – is subject to Thailand’s variable royalties. This royalty is determined on a sliding scale ranging from 2.5-20% using the prevailing gold price, meaning Kingsgate would pay a lesser amount if the price reduction were to last. The company reported paying close to the maximum rate in its half-yearly report.Chatree produced 44,879oz gold and 363,382oz silver in the second half of 2026. Total royalty payments to the Thai Government for the period were $56.1 million, including a oneoff mine plan approval payment of $2.1 million.Kingsgate secured a tax holiday during negotiations with Thai authorities to reopen the Chatree mine but managing director Jamie Gibson said further regulatory reductions would “obviously” be welcomed.“We pay the highest gold royalty in the world – there are lots of upsides [to operating in Thailand] but this is one of the by Michael CameronGold mining could make a valuable contribution to the Thai economyPage 10 APAC SPOTLIGHTSecure your Paydirt subscription and view the magazine in full every monthSubscribe to read this article.Sign up today!
Page 11 downsides,” Gibson told GMJ on what was the third anniversary of Chatree’s restart.“We tend to report both a pre-royalty and royalty margin and for the [December 2026] quarter, that was about $US1,230/oz and about $US1,360/oz [respectively], so quite competitive on a peer-to-peer basis. Given a gold price of say, around $US5,000/oz, we pay about $US800/oz in royalty so pretty steep, topping us out at around $US2,200/oz in costs – which is still competitive but at the higher end of the cost curve.”Gibson said a downward-trending gold price would renew the company’s focus on operational costs. Kingsgate has been investigating cost mitigation measures since Chatree came back online in anticipation of the recent runaway gold price cooling.“We’ve only really been fully mining for 12-18 months, the mine restarted in 2023 and we started on low-grade stockpiles, we’ve been properly in the pit with new Caterpillar equipment since September,” Gibson said.Chatree’s two processing plants achieved an annualised rate of about 5.7 mtpa in the second half of last year and although this figure in aggregate exceeds the nameplate capacity of both facilities, Gibson said further process optimisation was a higher priority than ever.The operation also posted its third consecutive quarter of increased gold recoveries. The recent strength of silver, produced at Chatree as a byproduct credit, represented a valuable opportunity, Gibson said.“Our recoveries averaged 83.7% last quarter, so up a few points from the low 80s, and that’s even in the face of the head grades for the quarter being around 0.57 g/t or 0.56 g/t – so still not quite where we want them to be,” Gibson said.“Our general manager, Bob Kennedy, comes with a very long history in processing plants, so he’s putting extra effort and focus on improving the recoveries.“We’re looking at the blend a little as well and our silver recoveries have improved. With where the silver price has been heading, we have certainly been looking at whether we can make changes to the circuit, potentially adding in a Merrill-Crowe [gold/silver extraction technique].“Given we are a low-grade operation, we put extra emphasis in squeezing every ounce of gold out of the asset as we can and we still think there are efficiencies to improve. We are putting a lot of effort into training, making sure the operators are maximising equipment availability in downtime so there are no issues with the trucks and things like that. There are some costs that can come down there. “Also, the economies of scale – with increased throughput, as we get more ounces through the mill, we will be able to put downward pressure on costs. On the royalty rate, we are actively negotiating with the Thai Government, talking with them about what we can do about that in the longer term.”Gibson said Kingsgate aimed to steer clear of involving itself in Thai poiltics but he expressed optimism about the company’s relationship with both local and Federal authorities in the wake of the recent general election.Thailand’s King Vajiralongkorn called a snap general election late last year after a constitutional court removed former Prime Minister Paetongtarn Shinawatra. The leader of a rival conservative party, Anuitin Charnvirakul, was appointed Prime Minister after striking a deal with the progressive People’s Party. Prime Minister Anuitin’s Bhumjaithai party then won the majority in the House of Representatives in the February vote.Gibson pointed out Kingsgate’s established connections with Bhumjaithai as a good sign of ongoing support.“Kingsgate’s policy has always been to remain apolitical, we don’t pick party sides but we actively engage with the Government of the day which is what we are doing now,” he said.“I am pleased to say our relationship with the Government is probably the best it has ever been and that is evidenced by the fact that in the last month we have had the director-general of the DMR [Department of Mineral Resources] regulator go to site twice but also, the Minister of Industry for Thailand himself was there earlier this month [March]. Thailand’s gold mining industry is still relatively in its infancy. In fact, Chatree is the only largescale gold mining operation in the whole country. “The Thai people seem to have realised they could be a significant regional player, especially if they help us expand along the Loei fold belt. What Minister [of Industry] Thanakorn said which gives us a lot of confidence was, ‘look, we don’t want to just act as a regulator for you, we want to work with you proactively to help regional growth’. Gold mining could be another income stream for the country, it could be a whole other section of the economy that the Thai Government previously wouldn’t have thought about. “Thailand has a largely tourism-driven economy has been knocked around post COVID and as the fuel crisis increases, it terradrilling.com.auChatree improved recoveries for a third consecutive quarterSecure your Paydirt subscription and view the magazine in full every monthSubscribe to read this article.Sign up today!
Page 12 St Barbara closes in on New Simberi FIDSt Barbara Ltd was anticipating completion of Lingbao Gold Group’s $370 million investment in the New Simberi project in Papua New Guinea on April 1 following the satisfaction of all conditions precedent.The final outstanding conditions precedent concerning the initial life-of-mine plan, the construction work programme and budget, and finalisation of the agreements with Kumul Mineral Holdings Ltd were confirmed satisfied on March 26.Lingbao and St Barbara subsequently committed to making a FID on New Simberi at completion.New Simberi is a permitted extension to the existing Simberi operations, about 900km north-east of Port Moresby.Kumul is acquiring 20% of the existing Simberi project for $100 million, and only requires PNG Government approvals. That transaction is reportedly also tracking to close on April 1 but any unforeseen delay is not expected to impact completion of the Lingbao deal.St Barbara expected to record a gain on sale of $500 million (unaudited) upon the Lingbao investment completing.“This is a pivotal moment for St Barbara as we unlock significant immediate value for the company, while opening up a new future for our business as we move to execute the New Simberi gold project and deliver value to our shareholders and to our stakeholders in PNG,” St Barbara managing director Andrew Strelein said.Alice Queen crownspotential new discoveryLow-cost surface work and trenching has revealed potential new high-grade zones at Alice Queen Ltd’s Viani epithermal gold project in Fiji.Viani has previously been confirmed to host a low-sulphidation epithermal system extending over 5km of strike and is open to the west-northwest, east-southeast and at depth.Assays were taken from 10 trenches of high-grade gold at the Tabua’s Camp prospect, about 400m along strike to the east of Central Prospect where drilling was undertaken last year.High-grade trench results include 4m @ 10.91 g/t (including 1m @ 26.06 g/t), 2m @ 13.69 g/t (including 1m @ 26.83 g/t) and 3m @ 6.62 g/t (including 1m @ 16.63 g/t).Alice Queen indicated the results were indicative of a potential high-grade shoot within the primary 5km structure with more testing at depth required.Further surface geochemical sampling and ground-based geophysics is planned to generate future drill targets.“With the high-grade epithermal gold system evolving to over a 5km strike and remaining open, it is very encouraging that lowcost surface work and trenching is proving to be a very valuable tool in identifying new high-grade gold zones to be tested at depth,” Alice Queen managing director Andrew Buxton said.“These latest results line up perfectly with our previous highgrade drill results both in tenor and substance and they certainly make us believe that it is now just a matter of time before we can call Viani a new gold discovery of significant potential scale.”Syndicate given more time to explore at MorobeCanterbury Resources Ltd has afforded Syndicate Minerals Pty Ltd a 12-month extension to the terms of Stage 1 earn-in agreement over the Morobe JV in Papua New Guinea.The Stage 1 earn-in period now extends until May 29, 2028. It covers a minimum $US5 million exploration spend and 1,000m of drilling for a 40% interest.Under the Morobe JV agreement, Syndicate can earn up to 70% of the JV over Canterbury’s Morobe and New Ireland provinces by funding up to $US20 million of staged exploration and assessment activities.APAC SPOTLIGHTSt Barbara expected completion of the Lingbao investment in the New Simberi project by April 1Secure your Paydirt subscription and view the magazine in full every monthSubscribe to read this article.Sign up today!
terradrilling.com.auTolu is targeting a restart of the Tolukuma gold mine earlynext yearPage 13 The Morobe project tenements include the Idzan Creek and Wamum Creek copper-gold deposits hosting inferred resources totalling 3.16 moz gold and 782,000t copper. Other key projects include Waits Creek, Waffa River, Mt Leahy, Mt Evina and Legusulum.Syndicate can also subscribe for $100,000 of ordinary shares in Canterbury at 3.2c/share, under the revised terms of the JV agreement.Critical granted NZministerial consentCritical Resources Ltd has received statutory authority to operate across its entire New Zealand exploration portfolio.Ministerial consent for the transfer of 90% ownership of five prospecting permits to Critical’s wholly-owned subsidiary Goldfire Resources Ltd marked completion of the company’s acquisition of 1,694sq km in the Otago and Reefton regions on New Zealand’s South Island.Critical is now approved to undertake minimum impact activities across four of the permits acquired from Koura Resources Ltd last August. Drilling continues at the Cap Burn project, just 11km along strike from OceanaGold Corp’s 10 moz Macraes operations.“Department of Conservation approval to commence minimum impact activities across the Koura permits allows us to get boots on the ground straight away,” Critical managing director Tim Wither said.“Our focus will be systematic early-stage exploration across the tenements, generating the geological data to support future exploration permit applications and drilling decisions, while we finalise our drill programme at the advanced Cap Burn project.“With approximately 1,694sq km of highly prospective ground now firmly under our control in a Tier-1 jurisdiction, we believe we have assembled a compelling early-stage gold portfolio in New Zealand.”First-pass RC drilling across 12 holes at Cap Burn has reportedly defined a coherent mineralised footprint. Key intersections included 1m @ 1.29 g/t (within 7m @ 0.37 g/t) and 16m @ 0.22 g/t, understood to be hosted in the same lithological package that controls Santana Minerals Ltd’s 2.1 moz Rise and Shine discovery.Besra breathes sigh of relief after licence renewalBesra Gold Inc has secured its first mining lease renewal for the Bau gold project in Sarawak, Malaysia since listing on the ASX in October 2021.While the formal conditions were still to be provided at the time of print, Besra indicated the renewal secured continuity of tenure over the Jugan deposit, representing the first stage of the company’s broader regional tenure position within the Bau gold district.The Besra board has consistently identified security of tenure as “high risk” to its plans to progress the development of the Bau project, the company’s flagship asset.“Security of tenure reduces project risk and is fundamental to progressing towards commercial development at Bau,” Besra non-executive chairman John Blake said in an ASX statement.“With this renewal in place, we can now allocate resources to systematic, technically driven assessments across the Bau corridor to advance our portfolio in a disciplined and responsible way.“We appreciate the Sarawak Government’s positive engagement and look forward to continued constructive dialogue on the remaining renewal applications.”Tolu taps Indonesian duo for mine restart fundsSecure your Paydirt subscription and view the magazine in full every monthSubscribe to read this article.Sign up today!
REGIONAL ROUNDUPPerseus Mining Ltd has ostensibly revealed its potential next target after acquiring an initial 9.9% stake in Ivorian explorer Aurum Resources Ltd.Exactly one week after confirming the end of its ill-fated sojourn in Sudan, Perseus emerged as the cornerstone investor of Aurum’s $28.8 million placement.Proceeds from the placement are set to lift Aurum’s cash balance above $60 million, ensuring the company is well funded for ongoing “aggressive” exploration and drilling at its flagship Boundiali project ahead of the imminent release of a PFS.Boundiali already hosts a 3 moz @ 1 g/t resource and sits just 60km south of Perseus’ Sissingué operations. Aurum’s northern-most tenements are also directly adjacent to the active mining area at the Bagoé satellite deposits.Aurum managing director Caigen Wang, who is also subscribing for 1.4 million shares valued at $840,000 in the placement, declared the Perseus investment “a powerful endorsement” of the company’s asset base and project development trajectory.“Perseus is not just Australia’s most successful African gold producer and developer, it is our nearest neighbour,” Wang said.“This proximity creates genuine potential for strategic synergies as both companies develop our respective projects in northern Côte d’Ivoire.“We are advancing from explorer to developer and this placement – backed by one of the region’s foremost operators – gives our broader shareholder base further confidence in Aurum’s path to production.”The preliminary investment in Aurum follows a similar path taken by Perseus with other ASX-listed African explorers in recent years.In 2023, Perseus staked an initial interest in Tanzania-focused OreCorp before launching an off-market takeover for the entire company, thwarting an earlier bid from rival producer Silvercorp Metals Inc. A substantial investment in Guinean junior Predictive Discovery Ltd then followed and although Perseus would eventually lob a $2.1 billion offer for the 5.5 moz Bankan project owner, ultimately it declined to match the second merger proposal from original bidder Robex Resources Inc.The Predictive-Robex union is expected to be formalised this quarter.In an ASX statement, Perseus managing director Craig Jones said the company was “pleased to be able to support Aurum” in both the upcoming development of Boundiali and ongoing exploration at the nearby Napié project, with some 130,000m of drilling planned across both assets this year alone.“For a total cost of $23.69 million, the Aurum share acquisition provides a compelling opportunity to fast-track value creation in the region,” Jones said.“The Aurum team have done an excellent job assembling a highly-prospective tenement package and building a significant resource base at a relatively low cost.”Wang and fellow Aurum director Mark Strizek previously helmed Tietto Minerals during its rise from greenfields explorer to established producer, exiting the business shortly before the eventual $733 million takeover by Zhaojin Capital.The Boundiali PFS is set to be released in April, with a DFS due for completion in the December quarter.Perseus is also expected to complete its sale of the 2.9 moz Meyas Sand gold project in Sudan on April 22.The proposed asset sale to a wholly-owned subsidiary of Matrix Resources (Zhejiang) Co Ltd for total consideration of $US250 million comes almost four years to the day since Perseus first entered Sudan via the $230 million takeover of Canada’s Orca Gold.Plans to build on Orca’s 2020 feasibility study, which supported average production of 167,000 ozpa over a 14-year mine life at Meyas Sand, were ultimately stalled by the escalating civil war in Sudan.“A strategic review of Meyas Sand was undertaken as a result of the protracted armed conflict in Sudan and its impact on Perseus’s ability to progress the development at suitable scale,” Jones said.“The sale represents an important step for Perseus in its portfolio Perseus takes a shine to Aurumby Michael WashbourneAurum has raised $28.8 million to continue exploring and developing its 3 moz Boundiali project in Côte d’IvoirePage 14 Secure your Paydirt subscription and view the magazine in full every monthSubscribe to read this article.Sign up today!
Page 15 Toubani Resources Ltd has officially broken ground on Mali’s first new gold mine in almost a decade.Formal construction works at Kobada began on March 16, exactly a week after Toubani declared FID following receipt of the last regulatory permit required for development of the 2.2 moz oxide-dominant project to proceed.Located about 125km south-west of Bamako, Kobada is the first Malian gold project to enter development since B2Gold Corp completed construction of its flagship Fekola operation in September 2017.Fekola produced its fourth millionth ounce last July, almost 11 years to the day since B2Gold completed its takeover of Australian explorer Papillon Resources.Toubani managing director Phil Russo said while the start of construction at Kobada was a major milestone to be celebrated, the company’s focus was now fixed on pouring first gold in Q3 next year.“I think my overriding emotion is the job’s not done,” Russo told GMJ.“There’s a lot of work that gets you to this decision point, but then it’s a gate to even more work and an even more intense focus to deliver now.“From very early on, I always believed this was a mine. So, for me, we’re really just executing our original strategy, which was unlock value for shareholders. This is just the continued execution of that strategy.“Good projects get built and we’re living the dream. I’m excited about building a gold mine, I’m excited about the team we’ve assembled to go and do that, and I’m excited for everyone that gets to be part of this special legacy.”Initial construction activities include bulk earthworks for the process plant, water dam, tailings storage facility and accommodation camp. Materials for the CIL tanks were expected to arrive on site at the time of print.Toubani had committed almost 40% of the forecast $US216 million capex by the official start of construction. Russo expected that amount would be above 80% by year’s end.“This is a rapid mine build, to be blunt,” he said. “We’re going to be rapidly de-risking, rapidly advancing this year.“We went into FID with a lot of momentum, we didn’t just decide to start [construction] that day. All of the long-lead items and some of the heavy spend things were entered into ahead of FID and in conjunction with FID.”Kobada is also the first major gold operation to be permitted under Mali’s 2023 mining code. According to last year’s DFS, forecast average production of 162,000 ozpa (based on an initial project life of 9.2 years) will generate a post-tax NPV of $US500 million and achieve payback in 1.75 years.Russo spent most of January in country finalising the terms of Toubani’s agreement with the State of Mali, culminating in the official transfer of the Kobada mining licence to exploitation company Mines de Kobada SA.The Malian Government’s interest in Kobada will be capped at 35%, an ownership structure which proved a sticking point for other foreign-owned companies such as Barrick Mining Corp. Russo said his company remained “very comfortable” with the terms agreed under the 2023 mining code.“Mali wants to see this project built, it’s going to be a massive contributor to its economy,” he said.Toubani the toast of Maliby Michael WashbourneToubani has launched into construction at KobadaSecure your Paydirt subscription and view the magazine in full every monthSubscribe to read this article.Sign up today!
Page 16 20099 Lycopodium Gold Journal HEADER.indd All Pages 12/3/2026 11:03DEALS OF GOLDAs a global engineering and project delivery organisation, we provide specialist services in the development and delivery Africa of mineral resource studies and projects across the world.The Americas APAC Working in partnership, with trust, integrity and respectGlobal Minerals SpecialistsE [email protected] T +61 8 6210 5222 lycopodium.com20099 Lycopodium Gold Journal FOOTER.indd All Pages 12/3/2026 11:15THETA TAPS LOCAL PLANT MAKERTheta Gold Mines Ltd has found a South African manufacturer for its planned multi-stage crushing and screening plant near Johannesburg.NMS Africa Pty Ltd has been awarded the contract to build a three-stage circuit at Theta’s flagship TGME project – 370km north-east of Johannesburg – with a goal to start commissioning in the December quarter.The deal gives NMS a 125-day delivery lead time, reducing execution risk and keeping the project development schedule realistic. The plant was designed with future expansion in mind.“NMS South Africa is based in Johannesburg, four hours via road to the TGME gold project,” Theta chairman Bill Guy said.“The secondary and tertiary crushing and screening equipment form part of the ore feed equipment for the plant. With only a 125-day delivery timetable, the equipment will be fabricated and delivered to site just in time for its installation. “All continuing construction activities at the site are progressing on budget. The TGME gold plant is still on track for commissioning Q4 2026 with first gold being poured Q1 2027.”MACMAHON AIMS FOR CARLTON CONTRACTMacmahon Holdings Ltd has inked a letter of intent (LOI) with PT Bumi Resources Tbk for a multi-year contract at the Mt Carlton gold mine in North Queensland.The offering comprises surface and underground mining and civil infrastructure services to help Bumi subsidiary Wolfram Ltd restart the operation, 150km south of Townsville. Early works, including the repair and maintenance of the mine access road, have started under terms set out in the LOI with production from the surface mine expected to start this quarter. Mining at the project’s underground has been planned to kick off “shortly after”.Although the main terms of the contract are yet to be finalised, Macmahon did not anticipate the need to deploy additional capital in its FY26 budget. The contract’s total value upon completion of the works was estimated to be $250 million over a 33-month initial term.“We welcome this strategically important opportunity to demonstrate how effectively Macmahon’s businesses, surface and underground mining and civil infrastructure combine to deliver a comprehensive and seamless ‘whole-of-mine’ solution to our valued client,” MacMahon managing director Michael Finnegan said.MacMahon has also signed a LOI with aspiring Cobar silver miner Manuka Resoures Ltd for the restart of the Wonawita project, where operations are expected to restart in May.The Wonawita LOI includes open pit mining services such as drill, blast, load and haul operations. The final contract is expected to run for an initial period of five years and add about $190 million to the company’s revenues.“Macmahon is proud to be working in partnership with Manuka Resources to get this exciting large-scale silver project into production again and we look forward to working closely with them to deliver the operational flexibility and scalability that supports Manuka’s development timetables and production targets,” Finnegan said.LYCOPODIUM’S ETHIOPIAN FIRSTLycopodium Ltd has won the engineering, supply and labour hire (ESLH) contract at the Tulu Kapi project in Ethiopia, a development widely lauded as the African nation’s first modern industrial scale gold mine.Under the terms of the recent contract, Lycopodium agreed to carry out engineering, procurement, project services and project Macmahon has signed an agreement with Mt Carlton’s Indonesian owner, Bumi subsidiary WolframSecure your Paydirt subscription and view the magazine in full every monthSubscribe to read this article.Sign up today!
Page 17 20099 Lycopodium Gold Journal HEADER.indd All Pages 12/3/2026 11:03As a global engineering and project delivery organisation, we provide specialist services in the development and delivery Africa of mineral resource studies and projects across the world.The Americas APAC Working in partnership, with trust, integrity and respectGlobal Minerals SpecialistsE [email protected] T +61 8 6210 5222 lycopodium.com20099 Lycopodium Gold Journal FOOTER.indd All Pages 12/3/2026 11:15management, as well as supply equipment and materials for the 2 mtpa greenfields gold plant and associated non-process infrastructure.The deal was valued at about $118 million with the delivery of services having already started. Tulu Kapi owner Kefi Gold and Copper plc is targeting full production kick-off in 2028.“Tulu Kapi represents one of Ethiopia’s first modern, industrialscale gold mines that will be a pivotal growth driver for the nation, and we are extremely pleased to be given this opportunity to support its development,” Lycopodium managing director Peter De Leo said.Lycopodium was responsible for delivering the original Tulu Kapi feasibility study in 2024. MMS IN IT TO WIN ITGoldArc Resources Ltd has signed a drilling services and equity agreement with Mineral Mining Services Ltd (MMS) at the Leonora South gold project in the Goldfields.The deal will allow GoldArc to satisfy up to $750,000 of payments to MMS for RC drilling through issuance of company shares (subject to shareholder approval) in a move GoldArc described as “strategic” and aimed at preserving cash. The shares will be valued at the lower of three pricing scenarios: the closing price of the shares on the day the relevant invoice is issued, the 15-day VWAP immediately prior to the invoice, or according to a capped valuation of 8c/share.The initial MMS campaign will consist of 6,000m drilling across five prospects. “Securing a high-quality contractor like MMS is an important part of our strategy to unlock value at our Leonora South gold project,” GoldArc managing director Paul Stephen said.“The ability to settle a portion of our drilling costs in equity demonstrates MMS’s confidence in our assets and allows GoldArc to direct more of its cash towards further exploration and project development. We look forward to a productive field season.”NORTHERN STAR STICKS WITH MLGMLG Oz Ltd has signed on for another two years of haulage, handling, stockpiling and waste dump management at the Jundee gold operation in the Northern Goldfields.Jundee owner Northern Star Resources Ltd also awarded MLG landfill and bioremediation cell construction work and road maintenance responsibilities. The agreed initial contract, which adds about $25 million to MLG’s expected annual revenue, includes an option to extend the 24month term of work by another 12 months. “The continuation of these services reflects the strong operational performance of our team on site and demonstrates the value of MLG’s integrated service offering in supporting our clients’ production activities,” acting MLG chief executive Mark Hatfield said.MLG also extended its agreement with Westgold Resources Ltd by a year at the gold company’s Murchinson operations, boosting expected revenue by about $75 million.MLG will continue working at Jundee for at least another two yearsSecure your Paydirt subscription and view the magazine in full every monthSubscribe to read this article.Sign up today!
DRILL BITSPage 18 KALAMAZOO CONFIRMS ASHBURTON EXTENSIONSKalamazoo Resources Ltd has delivered encouraging signs of resource extensions below and down plunge of the pit shell designs in last year’s scoping study for the Mt Olympus project.Drill results from five of the eight holes completed at My Olympus, part of the wider Ashburton gold project in Western Australia, included hits of 8.8m @ 11 g/t from 2.05m (including 2.9m @ 21 g/t gold from 22.3m) and 43.8m @ 3.4 g/t gold from 93m (including 21m @ 4.6 g/t gold from 93m).The campaign targeted resource growth beyond the current 1.44 moz with the company eyeing delineation of more than 1 moz in the gold production profile to support development options as it transitions from explorer to developer. The initial growth drilling programme validated geological modelling and confirmed geological controls to mineralisation, supporting further resource, growth and discovery drilling campaigns, according to the company.Kalamazoo executive director Ben Ackerman said the results from the Phase 1 growth campaign confirmed the Mt Olympus mineralised system extended down-plunge beneath the current pit shell, with strong grades encountered outside the existing resource, and remained open at depth.“The programme has validated our geological model and reinforces the strong association between gold mineralisation, conglomerate host units and the Zoe Fault feeder structures,” Ackerman said. “Following the upcoming resource definition drilling programme, we plan to resume growth drilling as we continue to expand the Ashburton gold project mineral resource base and build a robust foundation for future studies, with a clear objective of delivering a production profile exceeding 1 moz.”PC GOLD CONVERTS WASTE TO EXPANSIONPC Gold Ltd has revealed multiple, thick, high-grade gold intercepts from resource definition drilling on the southern extension of the 400m-long Main Zone at its Spring Hill project.The best results from the programme were 17m @ 0.93 g/t gold from 163m and 15m @ 5.09 g/t from 187m (including 1m @ 64.65 g/t from 188m) indicating the Main Zone strike extends 120m south of the current 400m strike length. Hosting the highest-grade domains in the current Spring Hill resource block modelling, the Main Zone is believed to plunge south, parallel to the Hong Kong Lode with geological reinterpretation indicating up to 500m of additional southern strike potential.The 7,800m, 18-hole Phase 1 programme targeted the southern strike extension of the Main Zone and the recently identified Eastern sheeted vein zone. Another 10 holes remain in the campaign with assays expected this quarter. PC Gold executive chair Ashley Pattison said the extension of the Main Zone had highlighted substantial upside and reinforced a strong growth trajectory of the Spring Hill mineralised system. “Results confirm the system remains open along strike, at depth and continues to expand within the highest-grade core of the resource,” Pattison said. “Importantly, the intercept occurs within the footprint of the existing pit optimisation shell and had previously been modelled as waste due to lack of drilling coverage and it being outside of the resource model.“The potential conversion of this material to mineralisation is expected to deliver a meaningful uplift to significantly enhance overall project economics.”GREAT BOULDER DELIVERS BONANZA RESULTSEye-watering assays of up to 4,434 g/t gold have been uncovered by Great Boulder Resources Ltd, 430m below surface at the Mulga Bill deposit within the Side Well project. The results were derived outside of the existing 1 moz resource and demonstrated the high-grade veins continued at depth. The discovery could have implications for the potential of the 2.5km-long Mulga Bill-Eaglehawk resource at Side Well, Meekatharra, WA. Assays included additional bonanza results such as 1.93m @ 574.39 g/t gold from 502m, while drilling 90m west of the Mulga Bill resource returned 0.74m @ 48.3 g/t from 168m and 0.54m @ 11.7 g/t from 213.43m.Great Boulder is fully funded for the drill programme with $12 million cash and managing director Andrew Paterson said the results highlighted the scope the company had to grow Side Well. “The hit of 4,434 g/t gold 200m below Mulga Bill is particularly exciting given that this resource extends for 2.5km along strike,” he said. “Combined with the outstanding hit 90m west of the resource, the implications of these results for the overall resource are clearly significant.“We have multiple rigs on site to follow up these results immediately.”Secure your Paydirt subscription and view the magazine in full every monthSubscribe to read this article.Sign up today!
terradrilling.com.auterradrilling.com.auAt Terra Drilling, a family-owned business dedicated to giving back to the community, we believe in creating success that benefits everyone.Page 19 FLYNN UNCOVERS SHALLOW HIGH GRADES Re-sampling of historical drilling has confirmed shallow high-grade gold-tungsten mineralisation at Flynn Gold Ltd’s Firetower project in Tasmania.Assay results from the resampling programme included 10m @ 2.64 g/t gold, 0.19% tungsten from 63m (including 4m @ 2.75 g/t gold, 0.46% tungsten, 0.07% cobalt and 0.02% copper from 69m). Two of the mineralised intersections were up-dip of previously reported high-grade polymetallic mineralisation, which extended to about 150m from surface. Flynn said the results supported the continuity of high-grade polymetallic mineralisation and validated the use of a more accurate analytical technique to determine tungsten grades in mineralised zones. A follow-up drill programme to test depth extensions of high-grade gold-tungsten zone is expected to begin this quarter with results to feed into a maiden resource.Flynn managing director Neil Marston said the Firetower goldtungsten project was shaping up as an exciting opportunity for the company given current demand for both metals. “Demand for tungsten has seen the price of the critical metal skyrocket by more than 500% in the last 12 months,” Marston said. “Over the next few months, we intend to undertake further drilling to test the depth extensions of the deposit, which has barely been tested below 100m from surface.“The deposit sits within the prolific Mount Read Volcanic Sequence, which hosts multiple world-class polymetallic mines such as Rosebery and Mt Lyell. At Firetower, we have significant indications of gold and tungsten as well as cobalt, copper and zinc mineralisation close to surface over a 6km zone. CAPRICE REINFORCES SCALE OF VADRIANS SYSTEMCaprice Resources Ltd has confirmed mineralisation extends a further 100m down plunge of the southern end of the Vadrians system at its Island gold project. The southern high-grade zone at Vadrians has now been drilled to a vertical depth below surface of more than 300m, intercepting high-grade gold quartz-veining sulphides across multiple holes, confirming and extending mineralisation continuity down-plunge. The zone remains open and a high-priority target for further drilling. One of the most compelling intersections was 11m @ 7.1 g/t gold (including 3m @ 25.3 g/t from 353m) which extended mineralisation a further 100m down-plunge.The overall Vadrians gold system extends for more than 1,000m of strike and at least 400m vertical depth with assays pending for 90 aircore holes testing the easterly Banded Iron Formation (BIF) corridor north of the Vadrians deposit, along the 5km mineralised strike horizon to test for analogous Vadrians lookalikes. Results were expected in April.Caprice managing director Luke Cox said the diamond drilling results reinforced the scale and quality of the Vadrians system, with high-grade gold now clearly extending along strike and at depth over substantial distances.“The consistency of mineralisation we are seeing provides increasing confidence in the continuity of this emerging high-grade system,” Cox said. “Vadrians remains open in multiple areas, including to the north and at depth where drilling is continuing. Importantly, Vadrians is only one component of the broader Island gold corridor, here multiple targets remain largely untested along strike.”Bonanza grades from recent drilling point towards an imminent resource update for the Mulga Bill prospectSecure your Paydirt subscription and view the magazine in full every monthSubscribe to read this article.Sign up today!