$69 postpage LB

8 Gold Related Stocks - ADN, AUC, AWV, BLK, DHR, MOY, WGX, RED

  • June 27, 2019 08:30 PM AEST
  • Team Kalkine
8 Gold Related Stocks - ADN, AUC, AWV, BLK, DHR, MOY, WGX, RED

Andromeda Metals Limited

Gold MTF non-AMP

Positive initial results from the drilling at the Poochera Halloysite-Kaolin Project:

Andromeda Metals Limited (ASX: ADN) has finished the aircore drilling program at the Poochera Halloysite?Kaolin Project (Exploration Licenses; 5814, 6096 and 6202).

Halloysite?Kaolin prospects identified across EL 5814 (Source: Company’s Report)

The company started the aircore drilling program in mid-April and drilled 109 holes for a total of 3,265 metres. The company drilled mostly at Carey’s Well (95 holes for 2,736 metres). The initial observation of this drilling shows the kaolinised resource has extended beyond the prevailing boundary. In north?east, it is up to 300 metres, while in the south, it extended to 100 metres and in the east, it extended to 200 metres. Further, the company installed three hydrogeological wells at Carey’s well to collect data needed for a feasibility study in the future and for the application process of mining lease. Bureau Veritas is likely to provide elemental assay results in early June, while CSIRO and the University of Newcastle would provide halloysite results by next quarter. After getting these results, the company will complete the revised mineral resource (JORC 2012) calculation. This is expected later in this year only.

Moreover, according to a company announcement in May 2019, the company completed extensive test work on Carey’s well deposit and is working towards applying for mining lease, needed for evaluation of the feasibility of the project.

Dry processing trials performed on Carey’s Well ore (Source: Company’s Report)

With a market cap of A$23.04 million and 1.36 billion outstanding shares, ADN stock closed the day at A$0.016, down by 5.882% from its previous close, as on 27 June 2019. Its one-month return stands at 54.55%.

Ausgold Limited

Intersected high-grade gold mineralization in the southern portion of the Jackson Resource area:

Western Australia-based gold explorer and developer Ausgold Limited (ASX: AUC), at its 100%-owned Katanning Gold Project (KGP), drilled a total of 23 RC holes for 2,728m. The reverse circulation (RC) drill program was carried out to add to the current JORC Resource, which is 25.1 Mt at 1.29 grams of gold per tonne for 1.04 Moz. The company has intersected high-grade gold mineralization from the drilling in the southern portion of the Jackson Resource area. Further, there is potential for sulphide rich high-grade gold mineralization at Jinkas North prospect for a strike length of over 850m. Moreover, reconnaissance RC drilling on the southern portion of the KGP intersected mineralisation over 1,200m strike length, with high-grade mineralisation, including 3m @ 5.3 g/t of gold from 20m (including 1m @ 14.55 g/t Au) from 20m in BSRC0891. Additionally, there is potential for significant gold mineralisation in the southern portion of KGP (Lukin area).

KGP project area showing the location of prospects (Source: Company’s Report)

With a market cap of A$11.21 million and 747.15 million outstanding shares, AUC stock closed the day at A$0.014, down by 6.667% on 27 June 2019. Its one-month return stands at -6.25%, while its EPS is -A$0.002.

Anova Metals Limited

Disposing its non-core assets & tenements:

Anova Metals Limited (ASX: AWV) is disposing its non-core assets & tenements from the WA tenement package. During the March quarter, the company received cash proceeds of $150,000 from Matsa Resources Limited (ASX: MAT) for the sale of the Zelica Project. AWV continues with the divestment of the Big Springs Gold Project, though nothing has yet been finalized. Moreover, AWV intends to re?commence the operations at Second Fortune. Several companies have approached AWV for a joint venture in the Second Fortune project.

Second Fortune Planned Development Levels (Source: Company’s Website)

With a market cap of A$6.39 million and 639.13 million outstanding shares, BLK stock closed flat at A$0.010 on 27 June 2019. Its one-month return stands at 25%, while its EPS is -A$0.025.

Blackham Resources Limited

Signed working capital facility with MACA for Sulphide Production:

Blackham Resources Limited (ASX: BLK) signed a working capital facility of up to $12 million until 29 February 2020 with MACA Limited (ASX: MLD), which will underpin the transition to the Stage 1 Expansion Sulphide Development. The company is projecting gold production of 120kozpa and long mine life from this development. The working capital facility will enable Blackham Resources to continue with the further development work of the mine including mine planning for additional shallow, adjacent-plant free-milling open pit mines; capital works related to fresh, extended tailings storage size; advancement of the execution planning for the Williamson free-milling orebody; and strategies and related works to prepare for the transition to sulphide mining operation works.

Williamson Project Plan Map (Source: Company’s Report)

Under the terms of this arrangement, BLK will be issuing MACA with 265 million ordinary shares in BLK. This will be at the five-day volume weighted average price, prevailing on 14 June this year. After this allotment, MACA’s shareholding in Blackham will increase to 19.33%.

With a market cap of A$41.29 million and 3.44 billion outstanding shares, BLK stock closed flat at A$0.012 on 27 June 2019. Its one-month return stands at 33.33%, while its EPS is -A$0.023.

Dark Horse Resources Ltd

Confirmed high grade mineralized zones at Las Opeñas Gold Project:

Dark Horse Resources Ltd (ASX: DHR) announced on 27 May 2019 that it has received positive results from the first phase of reverse drilling at the Las Opeñas Gold Project. The result showed the confirmation of high-grade mineralized zones containing gold, silver and base metal rich quartz veins at moderate depths. The company can now go for the second phase of drilling for this project, expected to start in the last quarter of 2019 following winter. The company will focus on areas where the assay results showed up to 185 g/t gold and 6,789 g/t silver, which has yet not been drilled. The company for this will do mapping and trenching 1km, the western extension of the Presagio target for and will do further drilling by using the results obtained out of it. Further, for Cachi Gold Project, Santa Cruz, the company has identified nine mineralised targets. The company will do further drilling at several targets in the last quarter of 2019 following winter.

Source: Company’s Report

The stock of the company closed flat at A$0.004 (as on 27 June 2019), by the end of the trading session.

Millennium Minerals Ltd

Millennium Minerals Ltd (ASX: MOY) on 26 June 2019, updated on the gold production’s commencement from sulphide ore at the Nullagine Gold Project, situated in the Western Australian region, after the fruitful commissioning of Phase 1- sulphide plant expansion.

ASX Query:

On 24 June 2019, the company answered the queries of ASX regarding disclosures of obtaining the loan facility from IMC group and MOY confirmed that the company is complying with the Listing Rules particularly, Listing Rule 3.1. The ASX board has approved MOY’s responses. The company had completed its final documentation to get the loan facility of up to $20 million from its major shareholder, IMC Group (IMC Facility). MOY had already received the initial tranche of $10 million under this facility (as announced on ASX on 5 June 2019). However, according to IMC Facility’s condition, the company had to receive the grant by ASX of a waiver from Listing Rule 10.1 so that MOY can grant security to IMC without getting prior approval of the shareholder.

MOY’s stock has fallen by 36.11% in the last three months (as on June 27th, 2019). In its AGM presentation, the company for CY 2019 expects the annual production to be now in the range of 80-90koz at AISC of A$1,370-1,450/oz, which is lower than the previous guidance expected to be of 90-100koz at A$1,300-1,375/oz.

Investment Overview, Source: Company’s AGM Presentation

The stock of the company was at A$0.105 (as on 27 June 2019), down by 8.696% from its last close.

Westgold Resources Ltd

Westgold Resources Ltd (ASX: WGX) announced on 25 June 2019, that Australian Vanadium Limited (ASX: AVL) had inked an MOU with WGX to access water for Australian Vanadium’s Australian Vanadium Project, south of Meekatharra, situated in Western Australia region.

WGX and AVL, Meekatharra Region, Source: Company’s Report

Stock removed from S&P/ASX All Australian 200 Index:

On June 14th, 2019 notified that the company’s stock has been removed from S&P/ASX All Australian 200 Index, effective from June 24, 2019. This change took place as per the June 2019 Quarterly Rebalance of the S&P/ASX Indices. On the other hand, the company has recently (announced on 12 June 2019) completed the sale of the Higginsville Gold Operations (HGO) to RNC Minerals (RNC) for approximately A$50M. WGX has received about 50% of this amount in cash and rest 50% of the total value as RNC shares. As a result, the company has received 56,916,019 common shares of RNC, which has an approximate value A$30.7M. After receiving RNC shares, the company has now become the largest single shareholder of RNC, as it now holds approximately 10.3% in RNC.

After this transaction, the company will be focusing on core Murchison region of WA in which the company had invested heavily over the period of three years and now its expenditure is beginning to fall, and the output is rising. Therefore, WGX stock has risen 46.48% in three months as on June 27th, 2019.

The stock of the company was at A$1.925 (as on 27 June 2019), up by 2.667% from the last close.

Red 5 Limited

65% rise in the Indicated and Inferred Resource at KOTH:

Red 5 Limited (ASX: RED) stock has risen 29.63 % in three months as on June 27th, 2019. Also the company’s King of the Hills (KOTH) Resource had posted 65% rise in the Indicated and Inferred Resource from 4 December 2018 to 66 Mt at 1.5g/t Au for 3.11Moz of contained gold (as announced on 20 May 2019). The company’s 76% of resource ounces is now be considered as ‘Indicated’, which means that there are 76% chances to be converted into Ore Reserves. This will help in the Pre-Feasibility Study (PFS) scheduled to be completed in the third quarter of 2019 and the formation of a standalone mining and processing operation at KOTH.

Moreover, there is no substantial opportunity for further growth of resource at KOTH. PFS will evaluate at KOTH whether there is potential for constructing a standalone 2-4Mtpa processing plant, development of a large open pit mining operation and development of Rainbow and Severn near-mine regional satellite deposits.

KOTH’s Updated Resource of total 3.1Moz, Source: Company’s Report

The stock of the company was at A$0.165 (as on 27 June 2019), down by 5.714% from the last close.


This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. Kalkine Media does not in any way endorse or recommend individuals, products or services that may be discussed on this site. Our publications are NOT a solicitation or recommendation to buy, sell or hold. We are neither licensed nor qualified to provide investment advice.



The website https://kalkinemedia.com/au is a service of Kalkine Media Pty. Ltd. (Kalkine Media) A.C.N. 629 651 672. The principal purpose of the content on this website is to provide factual information only and does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stock of the company (or companies) or engage in any investment activity under discussion. We are neither licensed nor qualified to provide investment advice through this platform. In providing you with the content on this website, we have not considered your objectives, financial situation or needs. You should make your own enquiries and obtain your own independent advice prior to making any financial decisions.
Some of the images that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed on this website unless stated otherwise. The images that may be used on this website are taken from various sources on the web and are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it below the image. The information provided on the website is in good faith, however Kalkine Media does not make any representation or warranty regarding the content, accuracy, or use of the content on the website.


We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK