New Zealand's mining dream isn't over, it's back in the race for gold
Mining friendly policies and the country's prospectivity have increased its attractiveness
Gold plays dominate with Uvre the newest company in the country
New Zealand may not be the first port of call for resource companies looking for the next big project, but this does not detract from the fact that the country has a rich mineral bounty.
The victory of the conservative and business friendly National Party during the November 2023 election has also led to a marked improvement in business sentiment.
This is best illustrated in the latest edition of the Fraser Institute's Annual Survey of Mining Companies, which ranked New Zealand as the twelfth most attractive mining jurisdiction in the world, beating out previous power houses such as Western Australia at number 17.
Respondents to the survey expressed decreased concerns over uncertainty concerning what areas will be protected, uncertainty over regulation enforcement and uncertainty regarding environmental regulations.
New Zealand has flagged interest in doubling its mining exports to NZ$3bn by 2035 and has introduced measures such as the 'Fast Track' legislation, which accelerates permitting processes dramatically by introducing a one-stop shop for permitting.
A legend speaks
Mining legend Norm Seckold, who was recently appointed as a director of Uvre (ASX:UVA) following the acquisition of his company Octagold and its portfolio of gold projects in the country, believes New Zealand now has all the right ingredients that make it a tasty mining destination.
Speaking to Stockhead, he said one reason was the overtly pro-mining stance of the current government and Minister for Resources Shane Jones in particular with the other being its remarkable prospectivity.
'It's relatively underexplored compared to, for example Western Australia where there are lots of new discoveries but it is a very active and competitive exploration market,' he added.
'You've got this highly efficient, very capable exploration industry in West Perth with lots of very smart guys and a whole lot of companies competing for projects.
'But that just hasn't been applied to New Zealand and I just think the opportunity has been overlooked and it shouldn't be because of projects such as the 8Moz Macraes mine in the South Island that has been in production for over 30 years.'
Along with the 10Moz endowment on the North Island, it points to the country having serious deposits.
'It's not a little half-million-ounce thing that you hope you can grow a bit, they tend to have scale,' Seckold said.
All this matches up closely with his philosophy to exploration which ranks the project first, the location second and the politics in equal second or third place.
'The project, geology and prospectivity has to be number one. And New Zealand is extraordinarily prospective,' he added.
The same prospectivity also led Seckold to break one of the tenets of his (admittedly ad hoc) philosophy, which is to focus on the important part.
Octagold, which was originally formed by a couple of his former colleagues that then successfully enticed him to become the largest shareholder, had pegged out large tracts of ground over four granted projects, another that is under application and yet another that is being looked over.
'It's a little bit against my religion. I'm a great believer in focus,' Seckold said jokingly about the large landholdings that Uvre now owns.
'I think the whole point is, I can see the rush coming, so despite my beliefs, here's an opportunity and we don't want to just sit there and watch other people pick up the good projects.'
Attractive projects
As for why he decided to get involved with Octagold, Seckold said the best indicator of where a gold mine could be found was where the old timers had been mining and pointed to Santana Minerals' Rise and Shine discovery as a classic example.
'That's the old Bendigo Goldfield, which was a high grade, low tonnage mine a hundred years ago, or less,' he noted.
'But what happens is you apply more modern geoscience and you find a multi-million ounce deposit.
He added that the rising gold price had meant that economically viable open pit mines could now extend to depths of 300m or more compared to between 60m and 70m in the early 1980s.
Lower grade finds are also viable and both factors create opportunities.
'The other thing is, there are very good public records in New Zealand and good ore libraries like there are here (in Australia), and you can just see the data,' Seckold added.
'You can see very high-grade assays in the Waitekauri project on the bottom level, they just didn't keep drilling far enough.'
The brownfields Waitekauri project is the flagship asset that Uvre acquired and is just 8km west of OceanaGold Corporation's 10Moz Waihi gold mine and along trend from three other +1Moz gold deposits in WKP, Golden Cross and New Talisman Gold's Karangahake.
One of the three main prospects, Jubilee, has historical production of 260,000oz of gold and silver and is believed to be a potential extension of Karangahake,
Recent rock chip sampling has shown grades as high as 18.4g/t gold while early field mapping revealed a much broader area of post-mineral welded ignimbrite than previously recognised, something earlier explorers hadn't fully understood.
Other projects include the 1104 hectare Lottin project east of Rotorua on the North Island, a potential VMS system considered similar in style to Australia's Golden Grove and Rosebery, along with the Roaring Meg, Oturehua and Invincible gold projects, all near Macraes and RAS on New Zealand's South Island.
Invincible is also known to boast tungsten, which like gold sits on NZ's critical minerals list.
Other ASX players
While Uvre is now a significant player in New Zealand, it is still a relative newcomer to the country.
New Age Exploration (ASX:NAE) operates the 265km2 Lammerlaw gold and antimony project in Otago that's believed to host Macraes-style mineralisation with 1km gold anomalies, bearing similarities to the gold mine which has produced more than 5Moz since opening in 1990.
Lammerlaw also contains the historically mined Bella Lode, where gold was mined during the late 1800s with an average grade of 15g/t before the mine closed in 1901.
Previous antimony-targeted exploration has also revealed three mineralised trends with rock chip samples of >30% antimony.
The company's belief in Lammerlaw having Macraes-style mineralisation received a shot in the arm after its phase 1 drilling intersected mineralisation textures, pathfinder geochemistry and host rock type that's all consistent with early-stage Macraes-style mineralisation.
Of the five holes drilled, four returned gold mineralisation with a top result of 2m at 1.05g/t along with elevated tungsten of up to 1750ppm, up to 680ppm arsenic and antimony.
Company executive director Joshua Wellischs said the company would now seek to build on these results by targeting potential higher-grade shoots and drill towards a maiden resource.
Also engaged in the gold game on the South Island is Siren Gold (ASX:SNG), which is advancing the Sams Creek project – a gold mineralised porphyry dyke that is up to 50m thick, extends for 7km along strike and has a vertical extent of at least 1km.
Sams Creek has a resource of 953,000oz at an average grade of 2.4g/t that is contained within the Main Zone fold, one of several gentle northeast plunging folds the Sams Creek Dyke has been folded into.
To date, 21,500m of drilling has been completed on the project with 90% focused on the Main Zone.
However, similar folds have been interpreted at Riordans, Western Outcrops, Anvil and Barrons Flat along with Doyles and Main Zone extensions.
These have the potential to significantly increase the current resource.
Additional resources discovered in the Main Zone, Doyles, Western Outcrops and Anvil folds could be accessed from the potential Main Zone underground mine and hauled to the proposed SE Traverse processing facility.
Siren expects a decision to be made on its mining permit application by the end of 2025.
It then plans to complete infill drilling on the SE Traverse, Carapace and Main Zone by the end of Q2 2026 so the majority of the inferred resource can be upgraded to the higher confidence indicated category.
This will be followed by updates to the resource and scoping study.
Santana Minerals (ASX:SMI) has been progressing the Rise and Shine deposit within its Bendigo-Ophir project in the Central Otago Goldfields on New Zealand's South Island.
Recent drilling has extended the high-grade domain (HG1) beyond the March 2025 indicated resource boundary by confirming mineralised continuity to the north and strengthening the case for future reserve growth.
The drilling had targeted down-plunge extensions of Rise and Shine to improve definition of the inferred resource in the northern extent of the deposit with a view to upgrading it to the indicated category for potential inclusion in the mine plan.
Notable results include 31.9m at 5.3g/t gold from 303.1m and 11.1m at 9.6g/t from 296.9m.
Bendigo-Ophir has a contained resource of 2.34Moz at an average grade of 2.1g/t gold with Rise and Shine hosting the bulk of this at 2.08Moz grading 2.4g/t gold.
It benefits from proximity to Queenstown and existing infrastructure including transportation, clean water, green hydropower and low cost power.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
ABC News
an hour ago
- ABC News
Live updates: Australian share market to fall, Wall Street gains as Apple pledges $154b US investment
Australian stocks are set to open lower, despite Wall Street gaining as Apple shares climbed after news of its plans to announce a domestic manufacturing pledge. We'll bring you the latest on what's happening on the markets throughout the day in our live blog. Disclaimer: this blog is not intended as investment advice.
ABC News
2 hours ago
- ABC News
Identity of NSW man behind $19m 'ethical' internet scheme horrifies customers
It was pitched as the opposite of the dark web, an "ethical" version of the internet, raising as much as $19 million from backers sold on an Australian man's promise of the "Lightweb". But after 12 years and funds from up to 2,000 "mum and dad" investors from all over the world, the Equilux Lightweb still has not launched. Many customers are now pulling out of the ambitious scheme after learning the man behind it has not been using his legal name, and that he has previously been sanctioned by the corporate regulator, the Australian Securities and Investments Commission (ASIC). The ABC can reveal that Lightweb's founder — David Stryker — is really David Dayan Sevelle, a NSW man the financial watchdog sued in 2006 for running an unregistered investment scheme that left 70 "unsophisticated" investors out of pocket to the tune of $13 million. The financial watchdog shut down the scheme and imposed permanent bans on Mr Sevelle. ASIC confirmed to the ABC it was now making "preliminary inquiries" into the Lightweb scheme. It comes as Mr Sevelle, currently residing in Thailand, has been holding weekly "meritocratic" training over Zoom, teaching his followers how to behave morally for when the alternative internet launches, while preaching that "transparency is key". Do you know more about this or have a similar story? Email The Lightweb claims to be a superior, safer version of the internet through its requirement that users verify their identity to stamp out paedophiles and other online criminals. "It was going to be a platform that was effectively impervious to corruption," said Sydneysider David Coffey, who was won over by the premise and ended up putting $160,000 into the Lightweb project. But Mr Coffey desperately wanted out as he learned more about the company's founder in 2023. "He [Sevelle] moved to Thailand, which really raised a hell of a lot of eyebrows," he said. "Then we found out about the ASIC stuff and I started to get really uneasy." Mr Sevelle declined to be interviewed by the ABC because: "We are preparing for a Website Launch [sic] and will do press releases accordingly at that time." He did send lengthy responses to questions via email. Those involved in the Lightweb scheme have not been buying shares. They have been pre-purchasing advertising slots, called broadcast certificates, for when the platform goes live. It means the venture is technically not an investment scheme, and therefore does not require a financial services licence. It also does not receive as much scrutiny from regulators. The ABC has obtained one broadcast certificate where Mr Sevelle signed off under the name David Stryker. In his statement to the ABC, Mr Sevelle said he had not lied about his real identity and was simply using a "professional name" the same way actors, writers and influencers did. He said it was a "privacy barrier" to protect "unwanted commercial IP theft attempts" and also because the digital currency industry "can be very dangerous with nefarious and bad actors". "I have never hidden behind this name and still operate my own company and register domain names and trademarks and IP under my name," he said. "I wonder if you were interviewing Marilyn Monroe [if she was alive], P!NK, John Wayne [if he was alive], Nicholas Cage, Emilio Estevez and Katy Perry and many others that you would be accusing them of being deceptive "fake namers" like you did me." An information pack that a sales agency distributed in 2017 promised massive returns on these broadcast certificates, projecting they would sell for between eight and 25 times their original price. The internal document also stated the Lightweb platform would be worth $10 billion when it finally launched. Mr Sevelle told the ABC, "We never promise a fixed rate of return", and said this document was not "authorised marketing content". "When discovered, our management team pulled the document from circulation immediately, and this led to, in part, the triggering of formal dissolution of the sales agency," he said. He went on to say he was confident "we will exceed the 25 per cent product value increase" in the future. The Lightweb program has expanded its offering and announced plans to create its own virtual currency, including one called the StrykerCoin. To date, the platform still does not have an active website or a product and missed its own most recent deadline of a May launch. Mr Sevelle said there had been multiple delays due to "outside influences" such as "limited early development funding", the COVID pandemic, and the cost-of-living crisis. He said he expected the platform to launch within 90 days after dealing with a "trademark challenge". The Lightweb project operates under companies registered in Australia, New Zealand, the UK and the US, including Create2tech Pty Ltd, Stryker Design, StrykerFusion and Stryker Design International. Mr Sevelle's third wife, Noppakao Yingnok, a Thai and Australian citizen, is registered as the sole director of these businesses. When the ABC asked Ms Yingnok questions about the operations of her companies, she said to "talk to David". Mr Sevelle said he shared responsibilities between himself, the leadership team, the consulting team, and his wife in managing the businesses and was a "key decision maker". An internal report from 2023 showed Mr Sevelle was not the director of the Lightweb business but appeared to have been making a sizeable amount of money. A company called Elleves Pty Ltd, which is "Sevelle" spelt backwards, was paid $250,000 in "consulting fees" in 2020 and 2021. Mr Sevelle is listed as the sole director of Elleves. In his statement to the ABC, Mr Sevelle said he had originally loaned money to the Lightweb companies to get them off the ground and that the $500,000 payment to Elleves Pty Ltd was an "accumulation over years" of uncharged fees. He claimed there was no direct benefit paid to him and that he was paid a salary of $50,000. Concerns among Lightweb members mounted when Mr Sevelle and Ms Yingnok moved overseas to Thailand, permanently, in early 2023. Around the same time, news of Mr Sevelle's real identity broke among his supporters, and his past was laid bare. ASIC sued Mr Sevelle in the Federal Court in 2006 for running a property venture that "made statements to clients that were misleading or deceptive" and for "improperly assisting clients to obtain loans to invest in the scheme". Mr Sevelle ran a slew of property companies, trading under the name Mega Money, operating in the Central Coast, Newcastle, Hunter Valley, South Coast and Canberra regions, with the intention of pulling together enough mum-and-dad investors to pay for stamp duty and development approvals on blocks of land, and sell them at a profit to developers. But ASIC froze the Mega Money companies by court order, and eventually they were all forced into liquidation. In an affidavit filed with the Federal Court, the court-appointed liquidator, Justin Walsh of Ernst & Young, said Mr Sevelle spent "significant sums of money" from the company on "personal purposes". Those included an $86,000 antique "sloop" yacht, moored in the Toronto Yacht Club, and also "a large number of cash withdrawals" from ATMs. "Large sums of money" also went into Mr Sevelle and his then-wife's personal house and two investment units. He was not married to Ms Yingnok at that time. Two of these properties were sold before the liquidator could lodge a caveat to protect creditor interests at the site. "The [company] accounts were replete with inconsistent treatment of recurring transactions, unexplained transactions, and fundamental balancing errors," the liquidator added. The "majority" of investors had borrowed against their homes to invest in the scheme, and many had dipped into their superannuation as well, Mr Walsh's report noted. Mr Sevelle was banned permanently through court-ordered enforceable undertakings from providing financial advice, dealing in financial products, and carrying on a financial services business, including through the promotion and operation of any managed investment scheme. Separately, ASIC also permanently banned Mr Sevelle from financial services. "It definitely affected our retirement," said a Mega Money investor from Maitland, near Newcastle. Another couple from the local area, who lost $90,000 from the property scheme, said of Mr Sevelle: "He could probably sell coal to Newcastle [like] ice to Eskimos. We fell into that trap quite easily." Mr Sevelle told the ABC that "there was no impropriety" in the Mega Money collapse and that he was not fined or charged over anything. "ATM withdrawals, antiques, jewellery, any personal purchases made were from post-income tax paid earnings for those personal purchases," he added. As Lightweb customers learned the full extent of Mr Sevelle's past, he released a lengthy statement to explain the situation and his decision to change his name. He claimed ASIC found a "glitch" in the way he ran his property companies where he was treating all his businesses as one, which meant he was over the limit of investment funds and was running an unregistered managed scheme. "I had been treated like a pariah for no reason other than one technical accounting glitch," he wrote. "I apologise I did not disclose this to you at the initial outset of the business recruitment process, but I am sure you will appreciate my position and my actions to best nurture the project. "I do not wish my name to be associated to this project till we are secure, launched and commercially sound. "I hope you can understand this explanation … Transparency is key." He signed off as "David Sevelle AKA David Stryker (professional name)." Despite the explanations, a 2023 company document showed 90 people demanded refunds from the Lightweb scheme. Customers had been promised full refunds, but Mr Coffey, the Sydneysider who put $160,000 into the Lightweb project, alleged the company was "putting up walls everywhere", including placing a limit on how much he would receive monthly. He ended up having to engage lawyers, and it took until the end of last year to get all his money back. "Our client is understandably concerned about the legitimacy of your business and ability to refund his investment pursuant to your agreement with him," the legal letter, addressed to Noppakao Yingnok and David Stryker, read. "Our client has since been advised that you will now be paying the remainder of the refund by way of $10,000 payments over 10 months. "Your company has no standing to set these repayment terms with our client. Your contract with our client provides that a full refund is available upon request." Mr Sevelle told the ABC that, for cashflow reasons, refunds of more than $10,000 could not be paid in a lump sum. "It is not prudent to do so, as we are not a bank," he said. "No-one was ever boxed into staying. No startups or scale-ups have ever refunded pre-launch that we are aware of." Mr Sevelle has previously told his customers on a video call that the Australian Taxation Office (ATO) has audited the business numerous times due to the number of self-managed super funds in the scheme. The ATO told the ABC it would not comment on specific cases or confirm if an investigation was underway. In a statement, a spokesperson said: "The ATO encourages anyone setting up an SMSF [self-managed super fund] to ensure they understand what is involved in running their own super fund, and that they are ready and able to meet these obligations." The ABC has spoken to multiple people, who did not want to be identified, who said the company's most recent sales rhetoric involved encouraging investors to mortgage their homes to obtain more money. Morgan, 26, from Newcastle, said her father was so taken with the Lightweb idea he was considering retiring early so he could put his long service leave into the scheme. His family convinced him not to, but he is now looking into mortgaging the family home. He has already put $40,000 into the scheme. "It's definitely caused a lot of tension, especially because I feel like Mum and Dad have worked so hard for everything they have, and to have someone convince my dad to hand that over, it's just mind-boggling, like it's insane," Morgan said. Barry Urquhart, 66, from Newcastle, bought $7,000 worth of broadcast certificates several years ago. When he tried to put in more money through his superannuation, he said his accountant would not authorise it. "He said it [the Lightweb] was nothing; it was just a dream," Mr Urquhart said. Mr Urquhart has since gotten his money back and reported the company to ASIC. Mr Sevelle said in his statement to the ABC that: "The truth is that if they [customers] are no longer in our organisation and they have been refunded what they were entitled to, they of course will not want us to succeed, as our success will then be their failure." "I am sorry for both you and I, that you did not see this as a bigger story of innovation, empowerment, job creation and unlimited opportunities," he said. Mr Sevelle "will dance you around like you're on Dancing with the Stars," said one Lightweb customer who did not want to speak on the record. "He likes to use so much financial technical jargon and acronyms to confuse the hell out of people," they said. Others have described Mr Sevelle as having the "gift of the gab" and went as far as saying it felt like a cult of personality. Mr Sevelle has been holding hours-long "moral" training sessions every week over Zoom for years, where he teaches his followers how to behave like "meritocrats" for when the Lightweb finally launches. Some of these sessions involve movie nights, such as watching The Big Short and Eat the Rich. "There were so many people who drank the Kool-Aid and were calling him the Messiah," said Mr Coffey, the Sydney customer who had taken his money out. "It was constantly reinforced how blessed we were to be in the company at this time of imminent launch … so we had better buy more of the upcoming new investments before it's too late," said another customer, on condition of anonymity. ASIC said it was "aware of concerns related to these entities and is making preliminary inquiries". The financial regulator added: "Speaking generally, super-switching misconduct is an increasing concern for ASIC." "We are seeing more and more reports of people being targeted by pushy, high-pressure sales tactics into switching their super into high-risk, complex schemes," a spokesperson said. "Other red flags include high-pressure sales tactics, poor or even non-existent product disclosure, and promises of unrealistically high returns." Mr Sevelle said he welcomed both ASIC and the ATO looking into the Lightweb businesses.
ABC News
2 hours ago
- ABC News
The aggressive courting of Tasmania's crossbench MPs is heating up with two weeks until fresh no-confidence motion
After weeks of uncertainty, Tasmanian Premier Jeremy Rockliff's bid to be recommissioned for another term was endorsed by the state's governor on Wednesday morning. The decision led to bookmakers paying out on bets for the election, and plenty of big grins from Mr Rockliff. And he's been hard at work finalising a shake-up to his cabinet that could be announced as soon as Thursday morning. But things aren't as finite as they seem. In just two weeks, state parliament will be recalled. And Labor leader Dean Winter has confirmed Mr Rockliff's government will face a motion of no-confidence when that happens, barely two months after a successful no-confidence motion triggered July 19's snap state election. So how can it be the case that after an election that was supposed to resolve all the uncertainty, we're back here again? Firstly, the 2025 election no-one really wanted delivered an eerily similar parliament to the one elected a year before. In 2024, there were 14 Liberals, 10 Labor MPs, five Greens and six other crossbenchers — three Jacqui Lambie Network MPs and three independents. This time around, there were again 14 Liberals, 10 from Labor and five from the Greens, and six others on the crossbench. The only real change is that there are five independents, and one Shooters, Fishers and Farmers MP. The Liberals are still in minority and the tensions that existed before the election — about a lack of transparency from the government, concerns about its handling of big projects and the budget — are still very live. Also, unlike last year's election, where Mr Rockliff's reaction to winning just 14 seats was to immediately move to secure four confidence and supply agreements in a bid to deliver stability, this time he hasn't tried. He's argued the agreements are good, but not necessary. Then there's the matter that at least 19 of the 35 lower house MPs are either Labor MPs or from the progressive side of politics — the five Greens and independents David O'Byrne, Peter George, Kristie Johnston and Craig Garland. That, plus the lack of confidence and supply agreements, has opened the door for Labor, who didn't try to govern after the last election in 2024 or two months ago following the successful no-confidence motion it moved to step up negotiations with the crossbench. That's the other huge difference to what unfolded two months ago. Labor is actively trying to form a minority government of its own, despite winning just 10 seats. To do that, it needs the support of the Greens, plus at least three other crossbenchers. So there are two parties trying to win over the six non-Green members of the crossbench, and only one of them has picked a side, with independent MP Craig Garland saying he'll vote for a no-confidence motion and support the formation of a Labor government. It means those five other crossbenchers — including three entirely new to parliament in independents Peter George and George Razay and Shooters, Fishers and Farmers MP Carlo Di Falco — have less than two weeks to decide if they want to depose Mr Rockliff and install a government led by Mr Winter instead. They're all being aggressively courted by the Liberals and Labor, who will meet with all six on Thursday. In her decision published on the Government House website, Governor Baker said Mr Rockliff's incumbency meant he had the right to remain in office until parliament decided whether it had confidence in him. And with Tasmania's constitution requiring premiers and ministers to be commissioned within seven days of the election writs being delivered, Governor Baker says she could not afford to wait for a parliamentary vote. "I consider myself bound to make an appointment within that period, because the state must not be without a government," Governor Baker said. But the return date of August 19, much sooner than some were expecting, means that the political uncertainty won't last for too much longer. Within two weeks, Tasmanians will have an answer to the question an election couldn't solve: Who's going to be the state's next long-term premier? Both sides have mounted arguments about why it should be them. But the biggest task now sits with Mr Winter, who sat at the helm while his party suffered a 3.1 per cent statewide swing against it and failed to win a quota in his own right in the seat of Franklin. He's got to make Tasmanians understand why the parliament is again debating kicking out a premier who received more than two quotas in his seat of Braddon. And convince people that this time, a no-confidence motion is a positive move to install a Labor government, not a negative tactic to oust a popular premier when he's got no plan to lead the state himself. And he's got to convince the crossbench, including a Greens party he's at least publicly ignoring, that he's the right man to lead the state, despite his party being rejected at the election. And convince them to risk facing public backlash and support a no-confidence motion, knowing full well all the commentary that doing so will lead to. Despite the governor's decision, Tasmanian politics is still extremely turbulent. And there will be huge consequences for the party, and the leader, caught on the wrong side of the power play that's still got weeks to unfold.
