Gold explorer, Heritage Gold (HTM) is getting in on the gold rush as the precious metal is in demand at over US$1000 per ounce.
New Zealand’s leading listed mining exploration company said today it is looking at the further development of its Talisman mine.
The mine is located near Waihi in the southern Coromandel region of New Zealand and comprises the Maria, Crown/Welcome and Mystery veins.
Mystery Vein, has shown significant gold intersections in systematic channel sampling undertaken by Heritage Gold previously.
“Heritage Gold believes that the Talisman mine has significant value and offers real potential as historically it has delivered a result of 1.125 million tonnes of ore averaging 23.1 grams per tonne gold and 86 grams per tonne silver,” managing director Trent Lush said.
“Our view is that it will become a significant gold producer,” he said.
The scoping study is the first step required to fully evaluate the potential of the Talisman mine.
An external specialist is assisting with the process.
Heritage Gold is listed on both the Australian and New Zealand stock exchanges.
Expectations for the spot price of gold to reach as high as $US1100 per fine ounce in the near term are driving demand for the precious metal.
Gold has gained 57% over the past year, and has boosted demand for gold mining stocks.
Heritage Gold shares last traded at 3.3 cents. Volume traded today was more than 1 million, up from the daily average of 226,000.
