WEEKLY GOLDEN TIDBITS

Top 5 Market Moments

Big Bell Expansion Approved (source: Australian Mining)

Westgold Resources (ASX:WGX) has recently received approval for the expansion of its Big Bell mine, a significant part of the company’s Cue gold operation in Western Australia. This development marks a pivotal step in the company’s strategy to enhance its gold production capacity. The approval, announced four days ago on November 29, 2023, is expected to significantly impact Westgold Resources’ operational dynamics and future growth​.

Significant Progress at Meeka Metals’ Murchison Project (source: Stockhead)

Meeka Metals (ASX:MEK) has achieved notable success at its Murchison gold project in Western Australia, with recent drilling uncovering high-grade gold, including grades up to 14.2g/t. The project, approaching its development phase, is gearing up for an updated resource and production plan in early 2024. Meeka Metals is set to submit the final approval documents next month, moving closer to fully developing this 1.2Moz gold asset, following a robust feasibility study conducted in July​.

Kingsgate’s Gold Production Milestone at Chatree (source: Proactive Investors)​

Kingsgate’s (ASX:KCN) CEO, Jamie Gibson, announced that the mine has successfully poured 1,000 doré bars since operations restarted in March 2023. This milestone, marked by the pouring of the 1,000th doré bar last week, demonstrates the company’s continued progress in ramping up mining and processing operations at Chatree.

Greenstone Resources’ Exploration Advancements (source: Stockhead)​

Greenstone Resources (ASX:GSR) is focusing on its Phillips Find and Burbanks gold projects in Western Australia’s Goldfields region. The company has recently discovered high-grade gold at Burbanks, with a significant existing resource of 444,600 ounces and a granted mining lease. This development paves the way for potential production, supported by recent analyses identifying up to 66 drill holes for further exploration. Greenstone Resources’ efforts are aimed at establishing a high-grade starter pit and advancing towards production.

Barton Gold Continues Success with Tarcoola Seismic Assessment (source: smallcaps)

Barton Gold (ASX: BGD) recently conducted a seismic survey at the Tarcoola gold project in South Australia, uncovering significant exploration prospects. This follows their successful preservation program at Central Gawler Mill and expansion of the Tunkillia gold project. The survey, which identified new and untested structures, indicates that gold mineralization is associated with deep sub-vertical structures similar to the Perseverance fault. The company, encouraged by these results and the goldfield’s high-grade production history, plans to drill test priority targets in early 2024.

Commodities Corner: Gold Recap

Gold prices experienced a dynamic week, with significant movements influencing the market. The week saw a substantial rally in gold markets, propelling prices towards a crucial level of $2050. This surge indicated a strong bullish trend, though the markets encountered resistance at this high point.

Key factors influencing these trends included the interplay between gold markets and U.S. interest rates, which remains a major driver in the gold price trajectory. Additionally, the performance of the S&P/ASX All Ordinaries Gold Sub-Index in Australia was noteworthy, registering a 2.0% increase, largely driven by lower long-term bond yields and a weaker U.S. dollar.

Gold prices, during this period, surged by approximately 11%, reaching a high of $2,046. If gold managed to close above $2,000 by the end of the month, it would mark a significant milestone, being the first monthly closing above this key threshold. However, despite these positive trends, gold prices did not sustain their rally above the $2,000 mark consistently.

The fluctuations in gold prices over the week underscored the commodity’s volatility and its sensitivity to a range of external economic factors, including global monetary policies and currency strengths. The week’s activities in the gold market highlighted gold’s status as a safe-haven investment and its susceptibility to broader economic indicators and central bank policies.

Goldman

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