GGG Resources, the Australia focused gold company, says drilling at its 50% owned Bullabulling site near Perth has produced better than estimated results.
A total of 565 holes have so far been dug, most of which have encountered four mineral intersections. Approximately 60% of the intersections are better than estimated by the firm's working model, 34% are similar and 6% are worse or missing.
In addition, the company's merger with Auzex Resources (which owns the other 50% of Bullabulling) is going according to plan, with Auzex now awaiting shareholder approval (and a nod from the courts).
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
The merger will see both companies coming together under the Bullbulling Gold name.
Shares in GGG were up 7.5% by 12:20pm.
From oil to copper: how to trade wisely when capitalising on mega trends
By MoneyWeek Published
Retailer price inflation falls to near-2 year low, new figures show
A fall in supermarket inflation led the way, with fresh food price hikes dropping significantly since January.
By Henry Sandercock Published