PERTH (miningweekly.com) – The share price of junior Marindi Metals rose by nearly 17% on Tuesday, after the company reported that over six ounces of gold nuggets had been recovered from one alluvia trap-site at its Bellary Dome conglomerate gold project, in Western Australia.
Hundreds of nuggets were recovered some 1.2 km east of Edney’s Find, a historical gold prospect trenched in the early 70s, where Marindi’s specialist conglomerate consultant geologist recently identified conglomerate with buckshot pyrite and visible gold.
Follow-up work is now being planned, and will start in the coming weeks.
“The Bellary Dome project continues to produce exciting results for Marindi and this latest development provides further support for the argument regarding the widespread distribution of gold mineralisation across our project and, potentially, across the entire basin,” said Marindi MD Simon Lawson.
Lawson said that the appearance and quantity of the new gold nuggets was intriguing, and suggested that Marindi’s approach of continuing to explore the project, using low-cost methods, was well founded.
“We have made it abundantly clear that our corporate and strategic focus is on the Forrestania lithium/gold project, however, as explorers we will continue to use both direct and indirect methods to increase the value of all of our exploration assets.
“Having the ability to leverage off the work of independent prospectors to evaluate projects like Bellary Dome is a really attractive proposition for us, particularly as we are dealing with mineralisation that can be difficult to evaluate due to its depositional environment and the coarse nature of the gold itself.”
Marindi shares closed at a high of 1.6c a share on Tuesday, up from an opening price of 1.2c a share.