Northern Star strikes more gold in Western Australia
PERTH (miningweekly.com) – The share price of gold miner Northern Star Resources rose by 11.4% on Tuesday on news of a significant gold discovery near its Kanowna Belle gold mine, in Western Australia.
The company said that the White Feather discovery was characterised by grades of more than 5 300 g/t gold from a vertical depth of 200 m.
The original White Feather deposit was discovered in the late 1800s and an estimated 250 000 oz of gold, at an average grade of 16 g/t gold was produced from site until production was stopped in 1920.
The new discovery was made below the historic workings and was made during a drilling programme designed to test for possible extensions of the high-grade mineralisation.
Northern Star MD Bill Beament said on Tuesday that the White Feather discovery confirmed the company’s view that substantial amounts of gold remained to be found in Western Australia.
“Northern Star’s business model is based on the belief that there is an extensive amount of gold to be found in and around existing operations in Western Australia, but much of this will be at depth.
“This is why we have established a A$50-million exploration budget over the coming 12 months, with more than 20 drilling rigs in operation around Western Australia.”
Drilling at White Feather remains ongoing as part of Northern Star’s strategy to grow the total mineral inventory around the Kanowna Belle operation.
The company’s shares were trading at a high of A$1.15 a share on Tuesday, up from a low of A$1.06 a share.
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