Latest news with #DeGrey
The Age
19-05-2025
- Business
- The Age
Why are Argonaut, RCF and Acorn small-cap funds all punting Pacgold?
Pacgold Resources is onto a Hemi-style intrusive gold system in Queensland, showing surface and geophysical signs that stretch for kilometres, which has attracted some of the smartest small-cap exploration investors in the room. When it comes to investing in small cap listed exploration companies, Acorn Capital, Resource Capital Funds (RCF) and mid-tier broker Argonaut's global gold fund are considered to be among the glitterati of high-risk, high-reward investment funds… and curiously, all have taken big positions in Pacgold, underlining the potential of its intrusive-style Alice River gold project in northern Queensland. Hemi-style 'intrusive' gold mineralisation gained a massive following when DeGrey Mining discovered the Hemi deposit in WA in 2019. Hemi would eventually go on to give up a massive 9.5 million ounces of gold. Intrusive deposits involve gold that has disseminated into granite that 'intruded' into older host or country rock. This differs from better-known Archean greenstone-hosted gold deposits that dominate much of WA's historic production. Intrusives tend to be big, lower-grade bulk tonnage operations that, like Hemi, can throw up biblical-scale gold deposits. At first blush, Pacgold's massive target-rich intrusive environment, which hugs the Alice River fault in northern Queensland for 30km, might end up fitting the bill. Over decades, Australian geologists have walked away from granites, preferring instead to focus on greenstones. Hemi changed that and Pacgold is now in the vanguard of seasoned players looking to replicate DeGrey's success with Hemi gold in granite. At Alice River, Pacgold recently kicked off a 10,000-metre reverse circulation (RC) drilling blitz to target that 30km corridor, which is packed with gold hits, geophysical anomalies and historical production. The project lies about 450km northwest of Cairns and already boasts a colourful past. Gold was discovered there in 1903 by prospector John Dickie. Between 1903 and 1917, small-scale underground mining operations produced about 3000 ounces of gold from about 2420 tonnes of ore, with an average grade of just under an ounce to the tonne gold.
Sydney Morning Herald
19-05-2025
- Business
- Sydney Morning Herald
Why are Argonaut, RCF and Acorn small-cap funds all punting Pacgold?
Pacgold Resources is onto a Hemi-style intrusive gold system in Queensland, showing surface and geophysical signs that stretch for kilometres, which has attracted some of the smartest small-cap exploration investors in the room. When it comes to investing in small cap listed exploration companies, Acorn Capital, Resource Capital Funds (RCF) and mid-tier broker Argonaut's global gold fund are considered to be among the glitterati of high-risk, high-reward investment funds… and curiously, all have taken big positions in Pacgold, underlining the potential of its intrusive-style Alice River gold project in northern Queensland. Hemi-style 'intrusive' gold mineralisation gained a massive following when DeGrey Mining discovered the Hemi deposit in WA in 2019. Hemi would eventually go on to give up a massive 9.5 million ounces of gold. Intrusive deposits involve gold that has disseminated into granite that 'intruded' into older host or country rock. This differs from better-known Archean greenstone-hosted gold deposits that dominate much of WA's historic production. Intrusives tend to be big, lower-grade bulk tonnage operations that, like Hemi, can throw up biblical-scale gold deposits. At first blush, Pacgold's massive target-rich intrusive environment, which hugs the Alice River fault in northern Queensland for 30km, might end up fitting the bill. Over decades, Australian geologists have walked away from granites, preferring instead to focus on greenstones. Hemi changed that and Pacgold is now in the vanguard of seasoned players looking to replicate DeGrey's success with Hemi gold in granite. At Alice River, Pacgold recently kicked off a 10,000-metre reverse circulation (RC) drilling blitz to target that 30km corridor, which is packed with gold hits, geophysical anomalies and historical production. The project lies about 450km northwest of Cairns and already boasts a colourful past. Gold was discovered there in 1903 by prospector John Dickie. Between 1903 and 1917, small-scale underground mining operations produced about 3000 ounces of gold from about 2420 tonnes of ore, with an average grade of just under an ounce to the tonne gold.
Yahoo
06-05-2025
- Business
- Yahoo
Northern Star completes $3.25bn De Grey Mining acquisition
Australian gold miner Northern Star Resources has announced the completion of its acquisition of gold mining company De Grey Mining through a court-approved scheme of arrangement. Northern Star Resources agreed to acquire De Grey Mining in December 2024 in an all-share deal valuing the latter at around A$5bn ($3.25bn). Eligible De Grey shareholders have received 0.119 new Northern Star shares for each De Grey share they held on the record date of 28 April 2025. Additionally, Northern Star has issued shares to the sale nominee for those shareholders deemed ineligible or required to be withheld due to Foreign Resident Capital Gains Tax considerations. The sale nominee will sell these shares, and the net proceeds will be distributed to the affected shareholders as outlined in the De Grey Scheme Booklet. Northern Star managing director and CEO Stuart Tonkin said: 'The acquisition of De Grey is strongly aligned with Northern Star's strategy to generate superior returns for shareholders. We believe that Hemi will deliver a low-cost, long-life and large-scale gold mine in the Tier-1 jurisdiction of Western Australia, further enhancing the quality of our asset portfolio and ability to generate cash earnings. 'The Northern Star team looks forward to integrating Hemi into our portfolio and building strong relationships with the Kariyarra people, other Traditional Owners in the Hemi project area and additional Hemi project stakeholders.' As part of the acquisition process, De Grey has initiated the procedure to delist from the Australian Securities Exchange (ASX). The company's shares, which have been suspended from trading since the scheme became effective, will be removed from the official ASX list, and their official quotation will be terminated after the close of trading today. "Northern Star completes $3.25bn De Grey Mining acquisition" was originally created and published by Mining Technology, a GlobalData owned brand.
