EYM Joins New Pilbara Gold Rush
PUBLISHED: 30-10-17
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Until now, Western Australia’s Pilbara miners have fixed their attention on iron ore.
Yet this focus is rapidly shifting, with a number of encouraging gold discoveries rousing explorers to vie for a chance to strike it rich.
And it’s not just mining companies trying to get in on the action. Armed with metal detectors, locals are setting off from Karratha to find nuggets — it’s reminiscent of Victoria’s 19
th-century gold rush.
This new rush on the Pilbara’s prospective gold land ramped up earlier this year, with a discovery of conglomerate-hosted Witwatersrand style mineralisation by Canada’s C$1.07 billion (A$1.09B) Novo Resources Ltd (TSX-V:NVO) and its Pilbara gold joint venture (JV) partner,
Artemis Resources (ASX:ARV).
Many more ASX companies have since directed their attention to Pilbara gold, including Kairos Minerals (ASX:KAI), De Grey Mining (AX
EG), DGO Gold (ASX
GO) and Kalamazoo (ASX:KZR)…to name a few.
Today’s company in focus, Elysium Resources Limited (ASX:EYM), has thrown its hat in the ring too. EYM has just entered into a binding agreement to acquire Hardey Resources’ prospective gold and base metals projects in WA’s Pilbara and Paterson regions.
The projects are each prospective for conglomerate-hosted gold and high grade orogenic gold.
EYM will commence an exploration program almost immediately, targeting the conglomerate-hosted gold potential of Hardey’s portfolio of projects.
Hardey was a first mover in the Pilbara gold rush, having acquired tenements in November last year — even before the Novo/ARV discovery. The work that Hardey has already undertaken has set EYM up for success, and the chance to follow in the footsteps of Novo and ARV.
Of course, as with all minerals exploration, success is no guarantee — consider your own personal circumstances before investing, and seek professional financial advice.
With a market cap of just $6.3 million today, EYM certainly has potential. And the performance until now of ARV might just be a perfect example of what’s to come…
Back when the
Next Small Cap first reported on ARV in February this year, the company had a market cap of just $9 million. That’s ballooned to a massive $200 million today after the company found in-situ gold nuggets of up to 4cm long in Archean conglomerates at its Pilbara gold JV project.
Yet ARV aren’t the only small gold Pilbara gold explorer we’ve written about.
Just a month ago, shares in De Grey Mining (ASX
EG) more than doubled on the day that it announced the discovery of gold nuggets at its Pilbara project. We highlighted the potential on offer from DEG
back in April. Kairos Minerals (ASX:KAI) was another explorer that’s seen its shares soar since we last wrote about it and it shifted its focus to Pilbara gold.
The past performance of this product is not and should not be taken as an indication of future performance. Caution should be exercised in assessing past performance. This product, like all other financial products, is subject to market forces and unpredictable events that may adversely affect future performance.
We have reason to believe that now could be EYM’s turn.
EYM’s acquisition elevates it into the Pilbara region as a genuine explorer with a highly prospective conglomerate-hosted gold tenement portfolio, supported by an experienced management team.
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