PERTH (miningweekly.com) – The share price of junior Primary Gold rose by more than 21.5% on Thursday on news of a number of gold nugget discoveries at its Mt Bundy gold project, in the Northern Territory.
The nuggets, with a total weight of more than 40 oz, were discovered by a prospector on ridge lines over the course of a month, and in an under-explored region.
“It is clear from the discovery of these nuggets, coupled with historic exploration results and Primary’s own field exploration, that the Mt Bundy project is highly prospective for gold but remains under-explored,” said Primary MD Garry Mills.
“Apart from Primary’s 2017 initial exploration programme, drilling has not occurred in areas outside of the Toms Gully deposit for more than 20 years, and the company has now instigated a systematic exploration programme to assess new potential.”
An April scoping study into the Mt Bundy project would require a capital investment of A$155-million to develop a three-million-tonne-a-year operation with a mine life of nine years.