Bonanza grade gold in rock chips for Infinity in northern NSW
The company collected 12 rock chip samples in early July from its newest Sir Walter Scott target area, just 3 kilometres south of its flagship Cangai copper project. Six of the samples returned high-grade gold results.
The samples occurred along a 1km northwest-trending structural corridor, with standout results of 68.6g/t gold, 23.3g/t and a further 9.19g/t sample.
The recently identified area features historic mine workings and has become a growing focus of Infinity's eastern Australian portfolio. It is 3km east of neighbour Novo Resources' historic John Bull mine, within the same interpreted but never-drilled structural corridor.
The company says its high-grade assays occurred in laminated quartz veins exhibiting minor sulphides, such as pyrite, galena and sphalerite, aligning with sampling from the 1980s.
The Sir Walter Scott prospect was discovered in 1872 and historically produced 1790 ounces of gold from 2203 tonnes of ore at an average head grade of about 25g/t gold, or nearly an ounce per tonne of dirt.
Hosted within the carboniferous Gundahl complex, the mineralisation occurs in quartz-sulphide veins within steeply dipping chloritic shear zones.
The company hopes the prospect is part of a larger intrusion-related gold system, a hypothesis also proposed for Novo's nearby John Bull gold project.
Novo recently reported anomalous rock chip samples and drill intercepts at John Bull, with promising peak assays up to 67.9g/t gold – nearly as good as Infinity's. Infinity believes that its latest results, coupled with the lack of modern exploration at Sir Walter Scott, position the prospect as a compelling target for further work.
A follow-up field program is slated for the coming months, focusing on detailed geological and structural mapping alongside surface geochemical sampling to verify historical results and better define future potential drill targets.
The company is also focussed on its flagship Cangai copper mine, to Sir Walter's north. The project is one of the highest-grade copper mines in NSW, hosting a 4.4-million-tonne resource at 2.5 per cent copper. It also has credits for zinc, gold and silver, typical of a volcanogenic massive sulphide deposit.
Cangai produced 4950t of copper, 52.7 kilograms of gold and 1035kg of silver from 77,000t of ore, making it one of NSW's highest-grade and most successful early 20th-century copper mines.
Infinity's broader portfolio spans 3700 square kilometres across NSW's Macquarie Arc, Victoria's Melbourne Zone and Western Australia's East Pilbara and Central Goldfields.
With gold prices remaining strong, the company's focus on its eastern Australian assets positions Infinity to capitalise on a first potential drilling program at Sir Walter Scott. The follow-up results will be key, however for now, it looks like Infinity could be well on the way to a new NSW gold discovery.
Is your ASX-listed company doing something interesting? Contact:
matt.birney@wanews.com.au
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Sydney Morning Herald
20 minutes ago
- Sydney Morning Herald
ASX slides lower but miners shine; QBE slumps
The Australian sharemarket remains slightly lower at lunchtime on Friday on the back of a mixed session on Wall Street, while Donald Trump announced his choice to fill the vacant seat on the Federal Reserve board. The S&P/ASX200 was down 7.7 points, or 0.1 per cent, to 8823.6 just after midday, with seven of 11 industry sectors in the red, with tech and health care stocks the biggest weights on the index. Financial stocks are mixed. ANZ gained 0.3 per cent while Westpac lost 0.5 per cent, NAB gave up 0.4 per cent and Commonwealth Bank shed 0.3 per cent. QBE shares slipped 6.7 per cent after the insurance giant reported a jump in net profit after tax to $US1.02 billion ($1.84 billion) in its first half, up from $802 million a year earlier. Although the profit result was higher than market expectations, Barrenjoey analyst Andrew Adams said this was helped by foreign exchange movements, and some of the details within the result were 'more debateable' and could lead to volatility in the share price. Financial services company Block jumped 7.4 per cent on strong profit growth as it announced its results. Mining stocks are higher, with iron ore heavyweights Fortescue (up 0.8 per cent), BHP (up 0.8 per cent) and Rio Tinto (up 0.1 per cent) advancing. Gold miners continued their winning run, with Newmont climbing 2 per cent, Northern Star bouncing 3.7 per cent and Evolution Mining rising 0.9 per cent. Furniture seller Nick Scali's share price has risen 7.6 per cent after unveiling a 5.8 per cent lift in group revenue to $495.3 million. However, net profit fell by 28.3 per cent to $57.7 million. MLC Asset Management senior portfolio manager Anthony Golowenko said there was 'solid momentum' in the Australia and New Zealand businesses, underpinned by a 7.3 per. cent uplift in written sales in the second half, while Fab Furniture, the business acquired in the UK, has been undergoing rebranding to Nick Scali. 'This profitable growth story 'keeps on keeping on' in ANZ, with strong progress and still some work to do in the UK,' Golowenko said.
Perth Now
20 minutes ago
- Perth Now
Electric goes large: low-emission utes, vans get a show
Australian drivers love utes, but for years there have been few low-emission options. Electric and hybrid utility vehicles have gone on show alongside battery-powered vans and trucks in Sydney at the first Australian event dedicated to light commercial vehicles. Transport experts welcomed the changes but they warned major vehicle manufacturers were still delaying the launch of some electric utes, meaning the transition away from petrol- and diesel-powered offerings could take several years. The exhibition on Thursday and Friday came after BYD posted record sales for its plug-in hybrid ute during June and July, helping the Chinese firm surpass US electric car giant Tesla. Shifting driver attitudes and government policies were largely responsible for changing the automotive market, FutureDrive AutoShows chief executive Ray Evans said. Those changes had encouraged sole traders, and small and large businesses, to seek more-efficient vehicles. The arrival of electric and hybrid utes and the promise of more would usher further changes, Mr Evans said. "The EV revolution has certainly changed from when we started three years ago - we couldn't do this show," he said. "There are currently 96 to 100 electric models in market in Australia and there are another 70 coming in 2026, including light commercials." The event, held at Sydney's International Convention Centre, showed off converted Ford F-150 Lightning electric utes, as well as BYD's Shark 6 plug-in hybrid and electric vans from Volkswagen and newcomer Farizon. Traditional diesel utes such as Kia's Tasman and the RAM 1500 Hurricane would also go on show, Mr Evans said, but he expected many buyers to inspect low-emission offerings first. "You've got your big players, obviously, with Fords and Toyotas, but there are a lot of challengers coming into the space," he said. "More than ever, businesses are looking at what the options are and what's happening within the new energy space." Other companies offering electric and hybrid utes in Australia include Chinese brands LDV and GWM, with models expected from established players Ford and Isuzu within months. Adding utes to the nation's electrified fleet would be critical to helping EVs become a mainstream purchase, Australian Electric Vehicle Association president Chris Jones said, as utes had become a mainstay. "We've got pretty much every other mode and every other segment covered, but utes and vans are a bit of a deficiency," he said. "If you can convince rural and regional Australia to buy an EV, then you've convinced everyone, because they'll probably be the most sceptical." Some vehicle manufacturers were still reticent to make left-hand-drive electric utes for Australia though, Dr Jones warned, such as Rivian with its R1T and Ford with its F-150.
Perth Now
20 minutes ago
- Perth Now
Privacy commissioner sues Optus over data breach
Optus seriously interfered with the privacy of about 9.5 million Australians in failing to protect their data, and could face hefty fines for each breach in new court action. The Office of the Australian Information Commissioner (OAIC) has filed Federal Court proceedings against the telco for the September 2022 cyber attack, which resulted customers' private data - including home addresses, birth dates, phone numbers and email addresses - finding its way to the dark web. Optus failed to take reasonable steps to protect users' data, breaching the telco's obligations under the Privacy Act, chief commissioner Elizabeth Tydd said. "Organisations hold personal information within legal requirements and based upon trust," she said. "The Australian community should have confidence that organisations will act accordingly, and if they don't the OAIC as regulator will act to secure those rights." The action comes after the organisation's investigation following the attack. Optus said it would review and consider the matters raised in the proceedings and would respond to the OAIC's claims in due course. "Optus apologises again to our customers and the broader community that the 2022 cyber-attack occurred," a spokesman said in a statement. "We strive every day to protect our customers' information and have been working hard to minimise any impact the cyber attack may have had." The Federal Court can impose a civil penalty of up to $2.22 million for each contravention of the Act, and the OAIC is alleging one breach for each of the approximately 9.5 million individuals impacted. Imposing the maximum penalty for all victims would be impossible, since Optus' Singapore-listed owner Singtel has a total market value of about $101.5 billion. The breach highlighted some of the risks associated with external-facing websites, particularly when they interacted with internal databases holding personal information, Australian Privacy Commissioner Carly Kind said. "All organisations holding personal information need to ensure they have strong data governance and security practices," she said. "These need to be both thorough and embedded, to guard against vulnerabilities that threat actors will be ready to exploit."
