7//3/2013
RC drilling of the Caloma Two deposit within the Tomingley Gold Project (TGP) continues to return strong results including the highest grade intersection recorded within the TGP:

PE 873 1 metre grading 821g/t gold from 196 metres within 9 metres grading 110g/t gold from 194 metres

Other significant RC results
from Caloma Two include:

PE 833 8 metres grading 328g/t gold from 36 metres

PE 835 10 metres grading 238g/t gold from 37 metres
and
5 metres grading 571g/t gold from 75 metres

PE 841 20 metres grading 330g/t gold from 58 metres
Including
3 metres grading 102g/t gold from 63 metres

PE 843 26 metres grading 238g/t gold from 174 metres
including
2 metres grading 678g/t gold from 198 metres

PE 849 7 metres grading 446g/t gold from 48 metres
including
3 metres grading 752g/t gold from 50 metres

PE 856 23 metres grading 246g/t gold from 78 metres
including
8 metres grading 425g/t gold from 85 metres

PE 857 8 metres grading 443g/t gold from 80 metres
including
2 metres grading 1150g/t gold from 83 metres

PE 858 10 metres grading 322g/t gold from 84 metres
including
3 metres grading 611g/t gold from 85 metres
and
27 metres grading 200g/t gold from 216 metres
including
2 metres grading 679g/t gold from 240 metres

Mouth watering gold grades for one of Australia’s most interesting emerging resource companies with a wonderful suite of resources including strategic metals and rare earth elements plus a couple of emerging gold mines to fund the DZP project.

Previous ALKANE posts

David Quinlivan, President and CEO of Alacer, stated “Our mines had a strong finish to 2012 with our attributable gold production increasing to 103,426 ounces for Q4 2012, a 12,475 ounces (14%) increase over the previous quarter. Despite a challenging start to the year, the strong fourth quarter enabled the Company to substantially meet full-year production guidance on an aggregate basis.”

“Handelsblatt newspaper reports – following rumors to the effect that have been circulating for months – that Germany’s central bank will recall much its gold bullion stored in vaults around the world.

The Bundesbank is holding a news conference Wednesday morning where according to the paper it will announce a reshuffle of where it keeps its more than $180 billion worth of gold.

At the moment the US Federal Reserve stores 45% of the total 3,396 tonnes in Manhattan and some reports suggest that the Bundesbank want much of it back because the Fed refused German officials a viewing of the bullion a couple of months ago.” Read article

US Debt

The Bank of Korea increased gold reserves 20% last month to diversify investments, boosting holdings for the fourth time since June 2011 and underscoring increased demand by central banks according to Bloomberg.

The bank added 14 metric tons in November, bringing the total to 84.4 tons, the bank said in a statement today. By value, holdings increased about $780 million to $3.76 billion, equivalent to 1.2% of total reserves, the bank said.

“Gold is a physical, safe asset,” the Bank of Korea said in the statement. The precious metal “is a way of diversification, which helps reduce investment risk in terms of foreign-exchange reserves management,” it said.

The Bank of Korea bought 16 tons in July, 15 tons in November 2011 a further 25 tons over a one-month period from June to July last year.

*Post courtesy of Mark O’Byrne at GoldCore. His daily ‘Market Updates’ are quoted and reported on in the international financial press on a daily basis. Read more at Gold Core.

And the world’s largest producer

ASX ANNOUNCEMENT 8 November 2012
ASX Code: BDR

DUCKHEAD HIGH GRADE RESOURCE
94,000 tonnes @ 30.9 g/t for 93,000 oz gold

Beadell Resources Limited (Beadell) is pleased to announce an exceptional preliminary open pit resource for the Duckhead deposit at Tucano in Brazil. A JORC Indicated and Inferred resource of 94,000 tonnes @ 30.9 g/t gold for 93,000 oz of gold defines one of the highest grade and lowest cost open pittable gold deposits in the world.

Beadell’s Managing Director, Peter Bowler commented “This is an extraordinary oxide open pit resource which is still expanding. We are liaising closely with Anglo Ferrous personnel to facilitate a timely commencement date for this extremely low cost gold resource. The reserve statement will be released shortly and with the inclusion of the significant amount of friable iron ore contained within the proposed open pit, which is compensated on a cost recovery basis by Anglo Ferrous under the Duckhead Agreement, will result in one of the lowest cost gold mining operations globally. Additionally, the new drilling results released today are highly significant and indicate that the Duckhead deposit will continue to grow with ongoing drilling.”

New drilling results from the recently discovered hangingwall lode are FVM59, 33 m @ 2.9 g/t from 16 m including 14 m @ 5.0 g/t gold from 17 m and FVM61, 43 m @ 1.7 g/t gold from surface including 7 m @ 3.1 g/t gold from 21 m. These new hangingwall intersections are located immediately southeast of the main high grade lode and are not yet included in the resource model (Figure 1). RC drilling is currently extending the hangingwall lode to the southeast.

New drill results were also received from a direct down dip extension of the main high grade lode. The result in FVM10 of 14 m @ 7.4 g/t gold from 152 m to bottom of the hole, including 4 m @ 23.0 g/t gold from 152 m represents the deepest intersection of the main high grade lode to date which remains in completely oxidised ore. Diamond drilling has commenced to further extend the main high grade lode and resource at depth.

Overview Beadell Resources Limited

UPDATE:
PERTH (miningweekly.com) – Gold developer Beadell Resources has started ore commissioning at its 7 MW semi-autogenous grinding mill, at its Tucano gold project in Brazil.

CDU announcement yesterday re their Wilgar resource is going to drive the Melbourne broker’s nuts. Having completely missed the boat and after much snide sniping the announcement will get them spinning. Read the ASX announcement and then look at the grades…. Go Wayne.

CHINA’s GOLD PRODUCTION 2001 – 2011

Plus

China’s Gold Imports are soaring

And what comes next is that China is now firmly on the path of buying Australian gold miners. Focus Minerals has just sold 51% for $220m+ and I wonder who will be next?

But why is China buying gold….. well here is one reason.

“When the Maastricht Treaty was signed in February 1992, one barrel of crude oil cost $19.00, €15.95 (Dm 31.30) or 1.67 goldgrams. Now it costs $91.79, €71.27 or 1.61 goldgrams, which makes clear that not only is gold useful in communicating prices, it preserves purchasing power. Gold has been useful in these ways for over 5,000 years, so it is logical to assume that gold will remain useful for the foreseeable future.” Read full article