Resources Top 5: Forrestania a star performer with up to 25.6g/t gold

Forrestania Resources has been a star performer with golden results of up to 25.6g/t at Ada Ann within the Bonnie Vale project.

A star performer on the final day of the trading week has been Forrestania Resources after strong gold results. Pic: Robert Daly/Getty Images

• New results include the highest gold intercept seen at Ada Ann from Forrestania drilling

• White Cliff Minerals continues to ride high after a 175m intersection at 2.5% Cu from 7.6m

• Jameson has updated economic outcomes of a BFS for the Crown Mountain coal project in Canada

Your standout resources stocks for Friday, May 9, 2025

Forrestania Resources (ASX:FRS)

Golden drilling results from Ada Ann prospect at the Bonnie Vale Project near Coolgardie in WA’s prolific Eastern Goldfields have made Forrestania Resources a star performer.

Shares were as much as 54% above the previous close at a daily high of 6c and it has been a steady move northward for FRS from 0.9c on February 5, 2025.

1m drilling results from the second phase of drilling at Ada Ann have returned more encouragement after the first stage defined strong, consistent, high-grade gold with grades up to 21g/t.

They have confirmed consistent mineralised structures at Ada Ann and include the highest gold intercept seen at Ada Ann from FRS drilling – 25.6g/t gold - and the second highest ever intercepted at the prospect confirming the high-grade potential.

The second phase of 14 RC holes for 1017m returned best results of:

• 7m at 4.3g/t gold from 72m, including 1m at 25.6g/t;
• 3m at 7.8g/t from 74m, including 1m at 22.2g/t; and
• 3m at 5.9g/t from 82m, including 1m at 16g/t and 2m at 3.6g/t from 70m.

The Ada Ann footprint has been extended ~60m south and ~30m north of historical mineralisation and it remains open at depth and along strike in both directions. The strike of gold mineralisation has increased to ~310m.

Forrestania Resource’s Bonnie Vale project is in close proximity to major gold mines and deposits. Map includes simplified geological interpretation with WA Government magnetics.

“These 1m results from Ada Ann are highly significant, with grades up to 26g/t Au, underlining the high-grade potential of the system. Pleasingly, we are seeing some thickening of the mineralised zones at depth,” Forrestania Resources’ chairman John Hannaford said.

“The drill program extended the known mineralised zones to the north and south and the prospect continues to remain open in all directions. 

“We look forward to coming back to drilling at the Bonnie Vale project later in the year.”

With the Au mineralisation continuing to extend north and south, the company is hopeful of extending the mineralisation in both directions and increasing the strike extent with further drilling.

The company will now focus its attention on drilling at the Lady Lila prospect, whilst continuing analysis and planning for further drilling at Ada Ann and the Bonnie Vale project.

White Cliff Minerals (ASX:WCN)

A string of positive news from its projects in Canada’s remote northwest, and particularly in relation to copper, has driven White Cliff Minerals to a new high of more than eight years.

The company has reached 37c, an increase of 23.34% on the previous close on volume exceeding 158m. WCN has surged 185% from 1.3c on April 9.

Most of the good news has come from the Rae copper project with the latest being a 175m intersection at 2.5% Cu from 7.6m while the nearby Great Bear project has also delivered encouraging survey results pointing to IOCG and epithermal potential. 

Results from Rae on Tuesday increased the spotlight on WCN and have seen it as one of the week’s best performers.

The 175m hit in hole DAN25008 also included 8.66g/t silver with a sub-section of 14m at 7.55% copper and 25.8g/t silver from 138m.

This hole averaged 3.9% copper and 14.96g/t silver in the last 60m to the final depth of 182.88m and it ended in mineralisation with the last 1.5m sample returning 4.46% copper and 11.58g/t silver.

“We believe this drill hole ranks among the most significant copper intersections globally within the last 50 years and comfortably sits within the top 10 globally reported ‘grade-metre’ copper results,” WCN managing director Troy Whittaker said.

Another hole, DAN25001, returned 52m at 1.16% copper and 3.43g/t silver from surface, including 7.6m at 3% copper and 9.5g/t silver from 18.28m.

The Rae project is home to a number of historical non-JORC and ‘blue sky’ resource estimates, as well as up to 64.02% copper from rock chip assays indicating widespread outcropping copper throughout the 805km2 licensed area.

It represents a district-scale opportunity at the pre-discovery stage, underpinned by the presence of high-grade volcanic-hosted copper-silver lodes and the prospect of a large tonnage sedimentary hosted copper deposit.

Follow up diamond drilling is being planned to drill out the mineralisation boundaries at Danvers, while the next five assays along strike from DAN25008 are due in the coming weeks.

Jameson Resources (ASX:JAL)

Revised capital and operating costs and coal price assumptions have enabled Jameson Resources to update the economic outcomes of a bankable feasibility study (BFS) for the Crown Mountain hard coking coal project in the Elk Valley of British Columbia, Canada. 

Results confirm that increased coal price forecasts arising from concern about reduced supply of premium steelmaking coal significantly outweigh any capital and operating cost increases that have occurred since the BFS was completed in July 2020. 

Using the updated economic inputs, the review resulted in an estimated increase to pre-production capital (without contingency) of 28% to US$394m and a 15% increase in cash operating costs (FOB Vancouver) from US$89.41/t in the Yield Optimisation Study to US$102.79/t.

The outcome of the increases to capital and operating costs and coal price forecasts resulted in an overall 200% increase in pre-tax NPV10 from US$469m in the Yield Optimisation Study to US$942m.

“The feasibility update has indicated significant increases to the project’s high-level economics,” Jameson’s chair Nicole Hollows said.

"With the continued progress of the Environmental Assessment process, this update highlights the advanced position of the project compared with greenfield projects in Canada, Australia or other key producer locations.

"There has been more than US$20 billion in steelmaking coal M&A in the last year highlighting that existing producers have limited options for organic growth. 

“Crown Mountain’s position as the most advanced steelmaking coal project in Canada and its substantial underlying value is further enhanced by the feasibility update which demonstrates the project’s cost competitiveness compared to current and planned production. 

“Continued progress of the regulatory process will enable the project to be developed to meet the identified shortfall in premium steelmaking coal supply in the medium and long term.”

As a result of the positive review, Jameson’s shares were one-third higher to 4c.

Aureka (ASX:AKA)

The appointment of a world-class exploration manager by Aureka (ASX:AKA) is expected to provide new impetus as it advances a suite of advanced stage high-grade gold projects across Victoria.

As well as significant experience gained during more than 25 years in the field and the last four years as Barrick Gold’s exploration manager, Jozef Story brings to Aureka the benefit of more than 12 years focused on numerous Victorian gold projects including early-stage Fosterville exploration.

The appointment adds increased experience to Aureka’s existing technical team with project assessment, exploration, planning and execution skills.

While at Barrick, Story was responsible for managing, developing and exploring that company’s entire +5000km2 exploration portfolio throughout Tanzania.

“We are delighted to have secured and to welcome a senior exploration manager with such credentials, to our already talented team at Aureka, which recognises the significance of our portfolio of existing and future discoveries,” AKA managing director James Gurry said.

“Jozef’s time with Barrick and other projects globally, along with his experience with successful Victorian projects, ensures we have the very best opportunity for Aureka’s success and growth.”

Aureka's current contract exploration manager Peter de Vries will continue to consult to the company through his firm Geological, Educational & Mining Services (G.E.M.S) P/L. 

While Story takes responsibility for exploration strategy, de Vries will continue to oversee the practical elements of the Irvine and St Arnaud drilling programs.

"I'd also like to thank Peter de Vries for his efforts in getting Aureka back drilling after its 2-year hiatus,” Gurry said.

The company’s shares reached 14,5c, a 31.82% increase on the previous close.

Augustus Minerals (ASX:AUG)

Augustus Minerals has been as much as 40.7% higher to 4.5c after executing a binding share purchase agreement to acquire ACM International’s ACM Contract Mining PNG Ltd, a PNG company with a valid third in line licence application for the Mt Kare gold project.

Two earlier applications for the advanced PNG project made by unrelated third parties for the same project area will be considered prior to ACMPNG’s application.

Mt Kare, which is about 600km northwest of Port Morseby and 145km west of Mt Hagen, is prospective for gold and silver, hosting a historical JORC 2004 mineral resource of 43Mt at 1.5 g/t Au for 2.1 Moz Au and 18 Moz Ag.

Nearly 75% of this is in the higher confidence measured and indicated category, based on 454 diamond drill holes for 73,639m as at July 2013.

This historical estimate has not been reported in accordance with the JORC Code 2012.

The total consideration payable by Augustus under the acquisition is $250,000 in cash, excluding GST.

As the application has not yet been granted and is contested ACMPNG does not have an actual or contingent right to undertake exploration and development activities, or to exploit the historical resource estimate and there is no guarantee that the application will lead to a licence being granted over the project. 

Based on ongoing due diligence investigations, the company understands that in excess of $2 million has been spent by ACM to date in relation to the application process. 

The company also understands that ACMPNG has approximately $80,000 (in PNG Kina) in funds available, resulting in the effective purchase price being approximately $170,000.

The board of the company considers that the quality of the Mt Kare project places it as one of the premier gold development opportunities in the Australasia-Pacific Region.

Following completion of the acquisition, Augustus intends to actively pursue the application and grant of an exploration licence. 

This article does not constitute financial product advice. You should consider obtaining independent financial advice before making any financial decisions. While White Cliff Minerals is a Stockhead advertiser, they did not sponsor this article.

Originally published as Resources Top 5: Forrestania a star performer with up to 25.6g/t gold