Ida Metal is a Perth-based gold sector player that backs quality targets with proven growth and a line of sight to production. Zenith has two such projects that fit the bill.
Its advanced Dulcie project hosts an 8.2-million-tonne resource running 1.15g/t gold for 302,000 ounces. Exploration target spans Dulcie, Dulcie North and Dulcie Far North and, no doubt, a fair whack of the new funds will be earmarked for early development studies at the potential open-pit play.
Red Mountain’s recent 140m hit sparked plenty of market excitement, pushing the company’s share price as much as 150 per cent on the announcement. The intercept echoes early indications of a multi-million-ounce Mt Wright-style IRGS system emerging in central Queensland.
The company says new funds have been earmarked for a 10 to 15-hole expedited reverse circulation drilling campaign at the project, with diamond tails and metallurgical work to follow shortly.
With gold prices soaring, Zenith’s timing looks sharp and the savvy Ida Metals looks opportunistic. With cash in hand and drills ready, Dulcie and Red Mountain are set for an accelerated drilling assault in a gold juniors market unseen for half a decade.
Is your ASX-listed company doing something interesting? Contact: mattbirney@bullsnbears.com.au
