Xpedra Resources has recruited seasoned mining executive Scott Funston as managing director just as the company gears up to drill-test the long-overlooked Springfield gold deposit in central NSW.
A chartered accountant by trade, the numbers man has spent more than 20 years getting dirt under his fingernails across the full mining lifecycle, from early exploration through to construction, production and corporate deals.
Funston ran Avanco Resources’ books for 12 years until Oz Minerals eventually bought the miner for $418 million. More recently, he held CFO roles at Wia Gold and Challenger Gold.
His move from non-executive director to the top job at Xpedra has come at a pivotal moment. The company recently wrapped up a deal to buy a 100 per cent interest in Springfield and is preparing to launch its maiden drill campaign at a deposit that has barely seen any modern exploration — and certainly none since 1999.
Notwithstanding the lack of activity at site for the last 25 years, the company says it is the calibre of the old results that make Springfield a compelling opportunity for the drill bit.
Old shallow drilling defined broad zones of gold mineralisation from or near surface, highlighted by standout results such as 27 metres at 3.65 grams per tonne (g/t) gold from surface, including higher-grade internal shoots and deeper intersections such as 86m grading more than 1g/t. Numerous other holes also delivered wide, shallow intercepts above 1g/t, commonly featuring punchy higher-grade cores.
The mineralisation is associated with an intrusion that has been tracked for more than 1.7 kilometres along strike. Notably, deeper drilling has only tested about a quarter of that length, leaving the bulk of the system untouched and open both along strike and at depth.
Xpedra’s timing of Funston’s hire and its new gold project could hardly be better. Gold continues to hold historically strong levels, while the market has shown a growing appetite for Australian ounces with scale, grade and growth potential.
With a proven project builder now steering the ship and rods about to turn, Xpedra is moving from corporate groundwork to hard geology and after a 25-year nap, Springfield is about to get a rude awakening courtesy of the drill bit.
There’s something about old gold projects that haven’t seen a drill rig in decades – particularly ones that sport big historical intersections. One thing is for sure – the gold doesn’t tend to migrate, no matter how many decades have passed.
Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au
By James Pearson
