Mercator Gold targets 2m oz
Article Date: May 09 2005London-based Mercator Gold has begun a large drilling programme at the Annean Joint Venture near Meekatharra in Western Australia and has set a resource target of two million oz by the end of next year, writes Robert Tyerman.
Headed by experienced Australian entrepreneur Patrick Harford, Mercator is spending £820,000 by next March to up its stake to 45 per cent in a joint venture with another group, St. Barbara Mines, at Meekatharra, to develop projects in the historically mineral-rich Meekatharra area in Western Australia. Mercator can earn 70 per cent by spending another £3.1 million over five years and Harford is bullish, suggesting two prospects, Bluebird and Surprise, could show 500,000 oz apiece.
Harford, who is also interested in an unconnected diamond venture in South Africa, bases his Meekatharra enthusiasm on the ‘SpaDa’ technology process, devised by key participants Dr. Julian Vearncombe and his wife Susan. SpaDa, it is claimed, can speedily sift through masses of drilling data to expose the high-grade parts of deposits. Followers suggest a range of possibilities, such as buying out the SpaDa process or buying or being bought by St.Barbara.
At 8p, the shares have speculative possibilities.
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