Resource statement, page-8

GOLD: Victoria-Fosterville-Bendigo:

 "As widely tipped, Kirklandhas just upgraded the gold reserves at Fosterville by 60%, or 1.02m oz, to 2.7moz grading a spectacular 31g/t, or close enough to one oz a tonne that itdoesn’t matter.

Fosterville has beentransformed into one of the world’s best gold mines since the 2016 discovery ofthe high-grade Swan zone (2.34m oz at 49.6g/t).It has “fostered” increasedinvestor interest in the idea that virgin Fostervilles remain to be discoveredbeneath cover to the north of Bendigo and at other old Victorian goldfieldslike Fosterville itselfBig companies are alsomoving in, with the mighty Newmont recently applying for a big land packagenear Rushworth.

All that is reflected inthe bumper $130m market cap of the Gina Rinehart and St Barbara (ASX:SBM)-backedCatalyst Metals (ASX:CYL), which yesterday was in the market for a placement tofund a big exploration push (and hopefully a maiden resource) this year.

Navarre Minerals (ASX:NML)is a 49% joint venture partner with Catalyst at the promising Tandarra projectand has been kicking goals at its Langi Logan and St Arnaud projects, albeitwith none of the that yet reflected in its modest $30m market cap.

Then there is today’sinterest, the cashed-up Chalice Gold Mines (ASX:CHN, TSX CXN). It is trading at15c (it has cash and liquids of about 10c a share) for a market cap of $40m.It recently copped aspeeding ticket from the ASX because its share price had run to 18c. No prizesfor guessing Chalice reckoned it had a lot to do with the resource upgrade at Fosterville.

But Chalice was also ableto say that in the same region as Fosterville, it has a maiden drilling programunderway at its Pyramid Hill project. The size of the program was doubled to15,000m as a result of the definition of “high quality” drill targets beneathcover and would now be in its final stages"....