12/01/2018 - 13:14

Local gold stocks up

12/01/2018 - 13:14

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The share prices of Orinoco Gold and Doray Minerals have risen today after the companies announced positive drilling results at their respective projects.

The Cascavel gold project is located in Brazil.

The share prices of Orinoco Gold and Doray Minerals have risen today after the companies announced positive drilling results at their respective projects.

West Perth-based Orinoco said it had six new samples with a grading average of 36.68 grams per tonne at its Cascavel gold project in Brazil.

The company’s shares finished up 17.6 per cent at 6 cents following the news.

Orinoco has recently begun using more traditional routes of milling its ore, including the use of a small hammer mill, and chief operating officer Richard Crew said the new approach was working.

"This back-to-basics approach is proving an important step in showing Cascavel's true potential as one of the higher grading gold mines in Latin America,” he said

“Work has also recommenced on the northern zone of the orebody as announced on December 28 2017.

“With the Cuca shaft dewatered and remedial work under way, I look forward to taking Cascavel forward and putting the past behind us.”

Meanwhile, Doray announced high-grade discoveries from an infill drilling program at its Deflector gold copper project 160 kilometres east of Geraldton.

The company said it had intersected gold at 56.3g/t, confirming strong mineralisation from previous drilling within the Da Vinci section of the project.

“We are very excited with this latest round of high grade intercepts from Da Vinci that continue to enhance this discovery,” managing director Leigh Junk said

“Da Vinci has the potential to add material ounces to our inventory.

“We plan to develop an ore drive this quarter into this high grade structure that will add to our production and also allow us to continue our assessment of its potential.”

Shares in Doray finished up 5.6 per cent at 28 cents.

West Perth-based Bryah Resources also put out high-grade mineralisation results at its Gabanitha project today.

Newly listed Bryah said it had intercepted gold at 23.8g/t, however the company’s share price fell 3 per cent to 16.5 cents.  

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