Australia’s substantial and diverse mineral resources have made it a key supplier of the minerals that are essential to modern life, including iron ore, gold and lithium.
“The latest assay results exceed expectations, indicating a wide zone of shallow, economic gold mineralisation,” says Algold Resources Ltd.
The Giant Ledge/Raven is another strategic land position for New Jersey Mining Company within the Murray Gold Belt.
The drilling programme is targeting mineralisation underneath the current open pit that has the potential to extend the life of mine.
The company has temporarily suspended operations at Davyhurst gold mine in an attempt to mitigate spending.
The proceeds of the placement will be used to help fund the company’s acquisition of the Pogo underground gold mine in Alaska, US.
The decision to suspend has been attributed to the low grades of the ore mined at Beaufor in recent quarters, combined with the persistent weakness in the price of gold and difficulties recruiting qualified manpower in the region.
The minerals industry is a significant contributor to the Victorian economy, employing 121 000 people and making a total direct and indirect contribution to the state in 2015/16 of AUS$13.6 billion
The company has completed and submitted the IFS on the Sangihe project to the Indonesian Ministry of Energy and Mineral Resources and, once approved, construction of the mining facilities and infrastructure can begin.