Golden Deeps Ltd - Quarterly Activities Report for June 2024
GED (GED) Share Update July 2024 Tuesday 30th
Golden Deeps Ltd Announces Progress in Copper, Gold, Silver, and Vanadium Exploration
Golden Deeps Ltd (ASX: GED) has released its activities report for the quarter ended 30 June 2024, highlighting significant progress in their exploration projects focused on copper, gold, silver, and vanadium.
Instant Summary:
- Commencement of maiden diamond drilling program at Havilah Project.
- Binding Heads of Agreement to earn an 80% interest in Acros and Crown tenements.
- Completion of Heritage and flora and fauna surveys at Tuckers Hill Gold Project.
- Substantial Mineral Resource upgrades at Nosib and Abenab projects in Namibia.
- Application for five large Exclusive Prospecting Licences in Namibia.
Havilah Copper-Gold-Silver Project
During the quarter, Golden Deeps Ltd commenced a maiden diamond drilling program of up to 2,500 meters at the Havilah Project in the Lachlan Fold Belt, NSW. The targets being tested are associated with the Ordovician Sofala Volcanics and Carboniferous granitic intrusives, similar to major deposits like Cadia-Ridgeway and Bowdens Silver Deposit.
Key drill targets include outcropping copper mineralization at Hazelbrook Prospect and a silicified breccia zone at Hazelbrook North. The outcomes of the drilling will be reported as results become available during the current quarter.
Acros and Crown Farm-in Agreement
Post the quarter, Golden Deeps entered into a binding Heads of Agreement to earn an 80% interest in Acros Minerals Pty Ltd and Crown Gold Resources Pty Ltd. These tenements adjoin GED’s current projects in the Lachlan Fold Belt and include extensions of the Sofala Volcanics and the Rockley-Gulgong belt.
Planned work includes further geophysical surveys to define drilling targets for major porphyry/volcanics hosted copper-gold deposits in areas with limited exploration due to shallow cover.
Tuckers Hill High-Grade Gold Project
Golden Deeps completed Heritage and flora and fauna surveys over planned drillhole locations at the Tuckers Hill Gold Project. The project aims to test high-grade gold veins with historical rockchip values of up to 705 g/t Au. Drill permitting applications will be submitted once drill-sites are finalized.
Otavi Mountain Land Copper Belt Projects
In Namibia, Golden Deeps announced substantial Mineral Resource upgrades for its Nosib and Abenab projects. The new estimates include a maiden Measured, Indicated & Inferred Mineral Resource for Nosib and a majority Indicated Mineral Resource for Abenab. The combined resources represent significant increases and upgrades from previous estimates.
The Nosib optimised open-pit resource is being combined with the Abenab underground resource to produce an integrated mining and processing development study for high-grade vanadium-copper-lead-zinc-silver concentrate production.
Uranium Tenement Applications
Golden Deeps applied for five large Exclusive Prospecting Licences in Namibia, targeting paleochannel calcrete uranium deposits similar to the Langer Heinrich Uranium Mine. Further information on these applications will be provided in due course.
Corporate
Golden Deeps reported a net expenditure of $369k during the quarter, with exploration expenditure of $247k. The cash position as of 31 March 2024 was $4.0 million. Payments to related parties were limited to directors' fees and superannuation totaling $17k.
The advancements in Golden Deeps' exploration projects, particularly the commencement of drilling at Havilah and the significant resource upgrades in Namibia, are likely to have a positive impact on the company's stock. The potential for discovering substantial copper, gold, and vanadium deposits could attract investor interest and boost the stock price.
Investor Reaction:
Analysts are likely to react positively to the news, given the potential for significant resource discoveries and the strategic expansion of Golden Deeps' exploration footprint. The company's proactive approach in securing new tenements and advancing existing projects demonstrates strong growth potential.
Conclusion:
Investors should keep a close eye on the upcoming drilling results and further developments in Golden Deeps' exploration projects. The company's strategic moves and resource upgrades position it well for future growth in the mineral exploration sector.