Gold stocks soar on exploration results

Kalamazoo Resources, Legacy Iron Ore and Boss Resources all enjoyed share prices rises after announcing gold discoveries today.

Kalamazoo found a new zone of gold nuggets during early field exploration at its DOM’s Hill project in the Pilbara.

Perth-based Kalamazoo, which listed on the ASX at the start of the year, found six nuggets at three separate sites as part of a recent metal detecting program.

Kalamazoo chairman Luke Reinehr said it was an exciting discovery.

“We are extremely encouraged by this immediate result at the DOM’s Hill Gold Project,” he said

“Our team recently completed their field trip to our tenements and the discovery of this new zone at DOM’s Hill supports their early reconnaissance work and the identification of potential epigenetic gold mineralisation.

“Kalamazoo has been exploring in the Pilbara since its inception and the latest gold discoveries in the region by several ASX-listed companies and recent announcements by groups such as Calidus at Klondyke - have highlighted the broad-scale prospectivity of the Eastern Pilbara.

“This provides further confidence that our continued gold exploration in the area has excellent potential for discovery.”

 Kalamazoo’s shares were at 16.5 cents, up 10 per cent, at 3pm AEDT.

Meanwhile Legacy Iron Ore has announced a substantial gold resource at its Mt Celia project near Laverton.

The iron ore and gold exploration company recently completed resource estimates at the Kangaroo Bore prospect, which resulted in a 133,000 oounces of inferred resource being defined.

Legacy said it believes the classification of the resource is likely to increase pending further exploration work.

Shares in the company were up 50 per cent at 0.6 cents.

Boss Resources announced a gold discovery by Canadian miner Teranga Gold Corporation at its Golden Hill property in West Africa.

Subiaco-based Boss has an earn-in agreement with Teranga on Golden Hill with Boss currently owning a 49 per cent stake in the project.

The diamond drill results at Jackhammer Hill, within the Golden Hill site, found large high-grade mineralised prospects.

“Our most recent drilling includes some very positive intersections, including core intervals of 15 metres averaging 5.72 grams per tonne of gold and nine metres averaging 4.13 grams per tonne of gold in the same hole,” Teranga vice-president of exploration, David Mallo, said.

“This demonstrates that multiple mineralised zones exist throughout Jackhammer Hill.

“As well, Jackhammer Hill is where our highest grade interval drilled to date at Golden Hill occurs; 14 metres averaging 110.6 grams per tonne, including one metre displaying abundant visible gold which grades 1,499 grams per tonne of gold.

“In total, we have successfully drilled 600 metres of strike length of a surface anomaly of more than one kilometre extent.”

Boss shares were up 8 per cent at 5.3 cents.