Proactiveinvestors Australia DGO Gold Ltd Proactiveinvestors Australia DGO Gold Ltd RSS feed en Wed, 24 Jul 2019 14:40:26 +1000 Genera CMS (Proactiveinvestors) (Proactiveinvestors) <![CDATA[News - DGO Gold reveals details of discovery in the Pilbara ]]> DGO Gold Ltd (ASX:DGO) has been actively exploring for gold in the Pilbara region of Western Australia, which in recent months has experienced a new gold rush following a discovery by joint venture partners Artemis Resources Ltd (ASX:ARV) and Novo Resources.

DGO's recent field activities have been focused at the Mallina tenements, 75 kilometres south east of Karratha.

Mallina is located south-west of Loudens Patch where De Grey Mining Ltd (ASX:DEG) recently discovered gold nuggets.

DGO has discovered at least four kilometres of strike length of the basal contact position of the Mount Roe basalt with some conglomerate outcrop in the western part of the exploration license.

In the first couple of days of field activities, two gold nuggets were found by metal detecting at Scottie Well, weighing 12 grams and 1 gram respectively.

The company’s Pilbara land holdings total 2,899 square kilometres subject to the applications being granted.

Tue, 24 Oct 2017 10:09:00 +1100
<![CDATA[News - DGO Gold makes a discovery, tenements surrounded by Novo and De Grey in the Pilbara ]]> DGO Gold Ltd (ASX:DGO) has some highly anticipated news on the table, with the ASX granting the company a trading halt to prepare the finer details.

The company has outlined that it has made a significant discovery on one of its tenements.

No additional details have yet come to hand, but the company's tenements in the Pilbara are surrounded by Novo Resources Corporation (TSX.V:NVO) and De Grey Mining Ltd (ASX:DEG).

The recent discovery of gold nuggets in Hardey Formation conglomerates by the Artemis Resources Ltd (ASX:ARV) / Novo Resources joint venture at Purdy’s Reward has highlighted the potential for sediment hosted Witwatersrand style mineralisation in the area.

DGO has three granted exploration licences, covering a significant land holding of 245 square kilometres in the prospective Pilbara south east of Karratha.

The halt will remain in place until the opening of trade on Wednesday 25th October 2017, or earlier if an announcement is made to the market.

Mon, 23 Oct 2017 11:10:00 +1100
<![CDATA[News - Drummond Gold leads ASX% Gainers at midday ]]> Wednesday’s leading ASX % Gainers at mid-day.

NameCodeLastChangeVolume Drummond Gold ASX:DGO $0.003 50% 1,000,000 AnaeCo Limited ASX:ANQ $0.004 33.3% 1,981,744 New Talisman Gold ASX:NTL $0.009 28.6% 71,500 Crowd Mobile ASX:CM8 $0.215 26.5% 3,536,874 Kingston Resources ASX:KSN $0.02 25% 520,721 Mount Magnet South ASX:MUM $0.005 25% 7,623,345 Marmota Energy ASX:MEU $0.01 25% 1,000,000 Malagasy Minerals ASX:MGY $0.025 25% 200,000 MGM WIRELESS LIMITED ASX:MWR $1.75 25% 125,264 Altura Mining ASX:AJM $0.017 21.4% 9,330,223


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Wed, 10 Jun 2015 12:30:00 +1000
<![CDATA[News - Drummond Gold, BMG Resources and Tiaro Coal among ASX % Gainers ]]> Friday’s ASX % Gainers at midday.

NameCodeLastChangeVolume Drake Resources Options Aug15 ASX:DRKOA $0.009 200% 133,333 Drummond Gold ASX:DGO $0.003 200% 1,679,999 Phoenix Copper ASX:PNX $0.016 60% 200,000 BMG Resources ASX:BMG $0.003 50% 2,075,000 Tychean Resources ASX:TYK $0.003 50% 2,053,246 White Eagle Resources ASX:WEG $0.009 50% 8,180,000 New Guinea Energy ASX:NGE $0.013 44.444% 2,403,569 Thorney Opportunities Options Apr15 ASX:TOPO $0.015 36.364% 265 Tiaro Coal ASX:TCM $0.095 35.714% 172,516 OGI Group ASX:OGI $0.004 33.333% 213,125


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Fri, 27 Jun 2014 14:00:00 +1000
<![CDATA[News - Drummond Gold, Entellect Limited and Intercept Minerals among ASX % Gainers at midday ]]> Friday’s leading ASX % Gainers at midday.

NameCodeLastChangeVolume Drummond Gold ASX:DGO $0.002 100% 300,000 Entellect Limited ASX:ESN $0.002 100% 19,932,000 Intercept Minerals ASX:IZM $0.002 100% 380,000 Pluton Resources Options Oct14 ASX:PLVO $0.003 50% 1,236,671 Maximus Resources ASX:MXR $0.003 50% 4,901,000 Goldsearch Limited ASX:GSE $0.003 50% 530,000 Transerv Energy ASX:TSV $0.003 50% 650,000 Valmec Limited Options Jan18 ASX:VMXO $0.070 40% 25,000 Alloy Resources ASX:AYR $0.007 40% 6,038,095 Vmoto Limited Options Dec14 ASX:VMTO $0.021 40% 448,000


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Fri, 23 May 2014 14:40:00 +1000
<![CDATA[News - Drummond Gold secures working capital funding from Resource Capital Fund ]]> Drummond Gold (ASX: DGO) has executed a Share Subscription Agreement with highly regarded resources private equity fund Resource Capital Fund to raise $350,000 for working capital.

Proceeds may also be used to identify and evaluate copper and gold opportunities.

Under the first tranche of the Share Subscription Agreement, Drummond will place 20 million shares to RCF or its nominee at an issue price of $0.002 per share to raise $40,000.

The second tranche, which is conditional on the company securing shareholder approval by 30 November 2013, will see the company issue 155 million shares to raise $310,000.

RCF is a US-based private equity group managing US$3.4 billion of resources assets through its four active private equity funds.

In the past quarter, Drummond had identified two controlling structures at the Sullivans Prospect of its Mt Coolon project in Queensland based on multi-element analysis and new interpretation of past drilling.

Further work, including geophysical modelling, has defined the structural extent which remains open at depth and possibly along strike.

It also confirmed the local extent to copper skarn mineralisation at the TPM Copper-Gold Magnetite Skarn remained incompletely tested while the regional extent was untested.


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Thu, 05 Sep 2013 17:20:00 +1000
<![CDATA[News - Drummond Gold starts drilling at Mt Cannindah ]]> Drummond Gold (ASX:DGO) has commenced drilling at its Mt Cannindah deposit in Central Queensland.

Mt Cannindah is a sizeable mineralised Cu-Au-Mo system with widespread mineralisation over a 9 square kilometre area.

Recent review work has identified the potential for important true porphyry stockwork style mineralisation, such that occurs in the Cadia Deposits in NSW, and, potential for high grade skarn mineralisation similar to which occurs in the Fortitude Deposit in Nevada, USA.

Several large prospective areas have been identified that have very little drilling below 100 metres which includes the United Allies prospect which covers a large 800 metre X 600 metre area and shows evidence of Cu-Mo stockwork mineralisation.

Only limited drilling exists and the only deep hole in the area intersected from 4.4 metres below surface returned 137.4 metres at 0.22% copper, 0.05 gram per tonne gold and 200 ppm Mo.

A limited open hole reverse circulation drilling program of about 1,000 metres has been planned to initially test these two broad target areas and mineralisation styles.

Drummond having met its initial threshold expenditure by drilling at the Mt Cannindah Copper Mine- a breccia deposit within the larger system has elected to earn 51% interest in the project with Planet Metals (ASX: PMQ).

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Mon, 03 Dec 2012 15:20:00 +1100
<![CDATA[News - Drummond Gold increases interest in Apex Minerals on The Metal Group deal ]]> Drummond Gold (ASX: DGO) is set to take up a 14.9% interest in Apex Minerals (ASX: AXM) following an agreement between Apex and The Metal Group, a privately owned investment vehicle controlled by Andrew Forrest.

A total of 35.3 million unlisted options will be issued to Drummond in recognition of the company’s role in facilitating the transaction. The options will be issued on a post-consolidation basis.

This issue will bring Drummond’s total holding in Apex Minerals to 45.3 million unlisted options in Apex at various exercise price and exercise dates.

As a result, Drummond will have a 14.9% fully diluted holding in Apex Minerals, behind The Metals Group which is expected to have a 19.9% stake on completion of the deal.

Approval from Apex shareholders for the issue of the options will be sought at a shareholder meeting in June.

In addition to the options, Drummond will receive an arrangement fee of $350,000 for facilitating the transaction between Apex and The Metal Group.

Drummond has agreed to sub-underwrite Apex’s rights issue for $250,000, resulting in the acquisition of 125 million shares at a price of $0.002 per share.

Apex turnaround

Drummond has been involved in the turnaround of Apex Minerals, with the proposed appointment of Drummond’s directors on the Apex board to help re-establish Apex as a sustainable Australian gold producer.

Apex’s key asset is the Wiluna Mine in Western Australia, which has previously produced 4 million ounces of gold.

In the December 2011 quarter Apex produced 9,726 ounces at a cash cost of $1,696 per ounce, and for the past twelve months produced 52,089 ounces at a cash cost of $1,509 per ounce.

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Tue, 24 Apr 2012 12:20:00 +1000
<![CDATA[News - Drummond Gold kicks off drilling targeting gold at Sullivans in Queensland ]]> Drummond Gold (ASX: DGO) has commenced drilling targeting gold at Sullivans Intrusion Related Gold System, located 4 kilometres south of Mt Coolon, west of Mackay, in Queensland.

A soil anomaly over an area of 650 x 250 metres defines the target area with values up to 2 grams per tonne (g/t) gold and surface rock chip samples assaying up to 76 g/t gold and 83 g/t silver.

Previous shallow reverse circulation drilling in late 2007 by Drummond Gold intersected 68 metres at 0.3g/t gold, 1.4g/t silver and 0.3% zinc from a depth of 40 metres to the end of the hole.

These results indicate that gold and associated mineralisation is increasing in tenor in a westerly direction.

The recent reassessment of Sullivans has confirmed that the gold, silver and base metal mineralisation is associated with alteration and fractured stockworks and is typical of an Intrusion Related Gold System similar to Mt Leyshon and Kidston, also in Queensland.

The drilling program underway will test underneath the high value surface rock chip samples, down dip to the west of the results intersected in shallow previous drilling.

The company also plans to conduct drilling at the Koala high grade mine target with four diamond holes to be drilled during the coming quarter to test for depth extensions and repetitions to known mineralisation.

The drilling of Koala will occur in conjunction with that at Sullivans. Drilling in the past has only been to a vertical depth of 250 metres below surface.

Exploration will also commence in the Bendigo Region. Wide spaced drilling programs approved by the appropriate regulatory authorities will be conducted along road verges in the Woodvale, Apollo and Break O’Day target areas. The drilling is scheduled to commence prior to the end of the September 2011 quarter.

The Bendigo region exploration is by way of a Farm-In and the company has been granted an extension to November 30 to meet a $500,000 expenditure commitment.

Drummond is also exploring the Mount Cannindah area for large scale Porphyry-style copper-gold mineralisation. 

The company said an experienced geological consultant will be employed to review all past data generated for the Mount Cannindah Project to assist in defining further exploration targets within the underexplored tenement holding surrounding the Mount Cannindah Deposit.

Tue, 23 Aug 2011 10:29:00 +1000
<![CDATA[News - Drummond Gold farms in to Bendigo region gold exploration ]]> Drummond Gold (ASX: DGO) has entered into a farm in agreement to explore for sediment hosted gold mineralisation under shallow cover in the Bendigo region of Victoria.

The exploration activity will focus on the historic and current gold mining areas of Unity Mining (ASX: UML), formerly Bendigo Mining Limited.

The initial exploration effort will consist of reviewing past exploration activity, reinterpretation of airborne magnetic and gravity data and regional geology followed by drilling.

Under the agreement Drummond are to meet a minimum expenditure of $500,000 on the Bendigo region by 30 September 2011.

Drummond has the right to withdraw from the farm in agreement at any time after meeting its minimum expenditure.

Drummond has the right to earn a 51% interest in the Bendigo region by spending a further $5 million within 3 years.

After earning a 51% interest in the Bendigo region, Drummond has the right to earn a further 19% interest taking its interest in the Bendigo Region to 70% by spending a further $3 million in the following 2 years.

If Drummond earns a 51% interest or a 70% interest in the tenements, both companies will contribute to the Bendigo region on the basis of their respective interests in the tenements or dilute under a standard dilution formula.

Tue, 01 Feb 2011 11:43:00 +1100
<![CDATA[News - Drummond Gold to raise A$3.37m for Drummond basin gold exploration ]]> Drummond Gold (ASX: DGO) will make a placement of 29.35 million fully paid ordinary shares at an issue price of $0.115 per share to raise $3,375,250 for its exploration activities in the Drummond basin in Queensland and to provide additional working capital.

The placement of 29.35 million shares will be made in two tranches. The first tranche will comprise of 25 million shares at an issue price of $0.115 per share raising $2,875,000 will be placed to an institutional client of Morgan Stanley Smith Barney.

The second tranche comprising of 4.35 million shares at an issue price of $0.115 per share raising $500,250 will be placed to Resource Capital Fund V L.P. subject to a shareholder approval at the General Meeting of Shareholders.

The applications for shares have been arranged through Azure Capital Limited.

The company has agreed to pay to Azure a completion fee of $135,000 payable in cash upon successful completion of the placement and to reimburse reasonable their out of pocket expenses.

Of the properties being explored by Drummond Gold, Mt Coolon, Glen Eva and Conway appear to have characteristics of the bonanza style, while Yandan and Eugenia appear to be bulk epithermal in style.

DGO shares are currently trading at 12.5 cents.

Fri, 19 Nov 2010 17:39:00 +1100
<![CDATA[News - Drummond Gold eyes off the Maldon Gold Project ]]> Drummond Gold (ASX: DGO) is moving forward with plans to acquire the Maldon Gold Project in Bendigo after announcing it would give shareholders a say into the direction of the company early in the New Year.

The company advised the market today that it is currently preparing a meeting where shareholders will have the opportunity to vote for or against the takeover of the Maldon project from Alliance Resources (ASX: AGS).

It is expected the meeting will be scheduled for a date in January 2010.

The town of Maldon, 30km south-west of Bendigo, is a historically significant gold field having produced in excess of 1.75 million ounces of gold at an average grade of 28 g/t.

The project proposed to be acquired by Drummond includes major mine development work aimed at bringing the Alliance South gold lode into production.

A fully maintained decline is positioned 220 metres below surface and extends 1772 metres alongside the Alliance South reef system.

If shareholders approve the Maldon Acquisition and the acquisition proceeds, the company intends to proceed immediately with the required 50 metre development of the decline and establish the short crosscut drive required to reach the lode so that trial mining can commence.

Facilitating early production at the Maldon Gold Project is the fully operational CIL gold processing plant which is also included in the Project.

The plant, like the mine, is under full care and maintenance and ready for production.

The company’s proposed timetable for acquiring the Maldon Gold Project could enable it to commence gold production at the Maldon Gold Project within the first six months of operation.

Drummond Gold managing director Doug Grewar said the Maldon Gold Project offered the company an opportunity for a rapid pathway to production and cash flow in the gold sector.

"The project is in an advanced state with modern mine infrastructure including the fully permitted CIL treatment plant and fully maintained mine access," Mr Grewar said.

"An acquisition as advanced as the Maldon Gold Project which has the opportunity to raise the profile and status of Drummond Gold to an Australian gold producer is rare and the company has been fortunate to successfully negotiate its purchase at a price the directors consider reflects excellent value."

Mr Grewar said Drummond would look at establishing two gold mining or exploration hubs on the east coast of Australia with the addition of the Maldon project - one based in Central Queensland, the other in Victoria.

"The Maldon Gold Project base with its CIL treatment plant has the potential to grow substantially with its excess treatment capacity through the toll treatment or purchase of third party ore, the scheduling of new headings and mine production from the Maldon Gold Project, or through future add on acquisitions," he said.

Drummond Gold is a gold and base metals company focussed on growth through exploration success and acquisition with an early production strategy.

The company operates in the well-known Drummond Basin of Central Queensland around the former gold mining centre of Mt Coolon and at nearby Yandan where it is earning a majority interest.

Tue, 10 Nov 2009 09:01:00 +1100