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And the mania continues

August 10th, 2018

How gold rushes helped make the modern world

by Benjamin Wilson Mountford/La Trobe University and Stephen Tuffnell/University of Oxford | posted with permission of The Conversation

How gold rushes helped make the modern world

Detail from an 1871 lithograph by Currier & Ives portraying the Californian goldfields in 1849.

 

This year is the 170th anniversary of one of the most significant events in world history: the discovery of gold at Sutter’s Mill in Coloma, California. On January 24, 1848, while inspecting a mill race for his employer John Sutter, James Marshall glimpsed something glimmering in the cold winter water. “Boys,” he announced, brandishing a nugget to his fellow workers, “I believe I have found a gold mine!”

Marshall had pulled the starting trigger on a global rush that set the world in motion. The impact was sudden—and dramatic. In 1848 California’s non-Indian population was around 14,000; it soared to almost 100,000 by the end of 1849, and to 300,000 by the end of 1853. Some of these people now stare back at us enigmatically through daguerreotypes and tintypes. From Mexico and the Hawaiian Islands; from South and Central America; from Australia and New Zealand; from Southeastern China; from Western and Eastern Europe, arrivals made their way to the golden state.

How gold rushes helped make the modern world

JCF Johnson’s Euchre in the Bush, circa 1867, depicts a card game
in a hut on the Victorian goldfields in the 1860s. (Oil on canvas
mounted on board, courtesy of the Art Gallery of Ballarat)

Looking back later, Mark Twain famously described those who rushed for gold as

a driving, vigorous restless population … an assemblage of two hundred thousand young men—not simpering, dainty, kid-gloved weaklings, but stalwart, muscular, dauntless young braves…

“The only population of the kind that the world has ever seen gathered together,” Twain reflected, it was “not likely that the world will ever see its like again.”

Arriving at Ballarat in 1895, Twain saw first-hand the incredible economic, political and social legacies of the Australian gold rushes, which had begun in 1851 and triggered a second global scramble in pursuit of the precious yellow mineral.

“The smaller discoveries made in the colony of New South Wales three months before,” he observed, “had already started emigrants towards Australia; they had been coming as a stream.” But with the discovery of Victoria’s fabulous gold reserves, which were literally Californian in scale, “they came as a flood.”

Between Sutter’s Mill in January 1848, and the Klondike in the late 1890s, the 19th century was regularly subject to such flooding. Across Australasia, Russia, North America and Southern Africa, 19th century gold discoveries triggered great tidal waves of human, material and financial movement. New goldfields were inundated by fresh arrivals from around the globe: miners and merchants, bankers and builders, engineers and entrepreneurs, farmers and fossickers, priests and prostitutes, saints and sinners.

How gold rushes helped make the modern world

A nugget believed to be the first piece of gold
discovered in 1848 at Sutter’s Mill in California.
(Smithsonian National Museum of American History)

As the force of the initial wave began to recede, many drifted back to more settled lives in the lands from which they hailed. Others found themselves marooned, and so put down roots in the golden states. Others still, having managed to ride the momentum of the gold wave further inland, toiled on new mineral fields, new farm and pastoral lands, and built settlements, towns and cities. Others again, little attracted to the idea of settling, caught the backwash out across the ocean—and simply kept rushing.

From 1851, for instance, as the golden tide swept towards NSW and Victoria, some 10,000 fortune seekers left North America and bobbed around in the wash to be deposited in Britain’s Antipodean colonies alongside fellow diggers from all over the world.

Gold and global history

The discovery of the precious metal at Sutter’s Mill in January 1848 was a turning point in global history. The rush for gold redirected the technologies of communication and transportation, and accelerated and expanded the reach of the American and British Empires.

Telegraph wires, steamships and railroads followed in their wake; minor ports became major international metropolises for goods and migrants (such as Melbourne and San Francisco) and interior towns and camps became instant cities (think Johannesburg, Denver and Boise). This development was accompanied by accelerated mobility—of goods, people, credit—and anxieties over the erosion of middle class mores around respectability and domesticity.

But gold’s new global connections also brought new forms of destruction and exclusion. The human, economic and cultural waves that swept through the gold regions could be profoundly destructive to Indigenous and other settled communities, and to the natural environment upon which their material, cultural and social lives depended. Many of the world’s environments are gold rush landscapes, violently transformed by excavation, piles of tailings and the reconfiguration of rivers.

How gold rushes helped make the modern world

The Earth, at the End of the Diggings.
(Courtesy, Ballaarat Mechanics’ Institute)

As early as 1849, Punch magazine depicted the spectacle of the earth being hollowed out by gold mining. In the “jaundice regions of California,” the great London journal satirised: “The crust of the earth is already nearly gone … those who wish to pick up the crumbs must proceed at once to California.” As a result, the world appeared to be tipping off its axis.

In the U.S. and beyond, scholars, museum curators and many family historians have shown us that despite the overwhelmingly male populations of the gold regions, we cannot understand their history as simply “pale and male.” Chinese miners alone constituted more than 25% of the world’s goldseekers, and they now jostle with white miners alongside women, Indigenous and other minority communities in our understanding of the rushes—just as they did on the diggings themselves.

Rushes in the present

The gold rushes are not mere historic footnotes—they continue to influence the world in which we live today. Short-term profits have yielded long-term loss. Gold rush pollution has been just as enduring as the gold rushes’ cultural legacy. Historic pollution has had long-range impacts that environmental agencies and businesses alike continue to grapple with.

At the abandoned Berkley pit mine in Butte, Montana, the water is so saturated with heavy metals that copper can be extracted directly from it. Illegal mining in the Amazon is adding to the pressures on delicate ecosystems and fragile communities struggling to adapt to climate change.

The phenomenon of rushing is hardly alien to the modern world either—shale gas fracking is an industry of rushes. In the U.S., the industry has transformed Williston, North Dakota, a city of high rents, ad hoc urban development and an overwhelmingly young male population—quintessential features of the gold rush city.

In September last year, the Wall Street Journal reported that a new gold rush was underway in Texas: for sand, the vital ingredient in the compound of chemicals and water that is blasted underground to open energy-bearing rock. A rush of community action against fracking’s contamination of groundwater has followed.

The world of the gold rushes, then, is not a distant era of interest only to historians. For better or worse, the rushes are a foundation of many of the patterns of economic, industrial and environmental change central to our modern-day world of movement.

Benjamin Mountford and Stephen Tuffnell’s forthcoming edited collection A Global History of Gold Rushes will be published by University of California Press in October 2018. A sample of their work can also be found in the forthcoming volume Pay Dirt! New Discoveries on the Victorian Goldfields (Ballarat Heritage Services, 2018).

Benjamin Wilson Mountford, David Myers Research Fellow in History, La Trobe University and Stephen Tuffnell, Associate Professor of Modern U.S. History, University of Oxford

This article was originally published on The Conversation. Read the original article.

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Exploring opportunity

June 17th, 2016

A capacity crowd attends the first annual Vancouver Commodity Forum

by Greg Klein
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A capacity crowd attends the first annual Vancouver Commodity Forum

 

“There’s excitement in the air,” said Cambridge House International founder Joe Martin. That’s the mood he senses as junior explorers emerge from the downturn. And certainly optimism was evident on June 14 as more than 450 people converged on the Vancouver Commodity Forum for an afternoon of expert talks amid a showcase of two dozen companies. Keynote speakers included Martin, Chris Berry of the Disruptive Discoveries Journal, Jon Hykawy of Stormcrow Capital, John Kaiser of Kaiser Research Online and Stephan Bogner of Rockstone Research.

A capacity crowd attends the first annual Vancouver Commodity Forum

Lithium, not surprisingly, stood out as a commodity of interest. While cautioning against over-enthusiasm for the exploration rush, Berry and Hykawy each affirmed the need for juniors to find new sources of the metal. Cobalt and scandium featured prominently too, as did other commodities including what Kaiser called “the weird metals”—lesser known stuff that’s vital to our lives but threatened with security of supply.

Kaiser also noted he was addressing a crowd larger than his last PDAC audience, another indication that “we’ve turned the corner.”

Attendees also met and mingled with company reps. Potential investors learned about a wide gamut of projects aspiring to meet a growing demand for necessities, conveniences and luxuries.

Presented by Zimtu Capital TSXV:ZC, the forum’s success will make it an annual event, said company president Dave Hodge. Berry emceed the conference, holding the unenviable task of “making sure Dave stays well-behaved.”

Read interviews with keynote speakers:

Meet the companies

Most companies were core holdings of Zimtu, a prospect generator that connects explorers with properties and also shares management, technical and financing expertise. Zimtu offers investors participation in a range of commodities and companies, including some at the pre-IPO stage.

After sampling high-grade lithium on its Hidden Lake project in the Northwest Territories earlier this month, 92 Resources TSXV:NTY plans to return in mid-July for a program of mapping, exposing spodumene-bearing pegmatite dykes, and channel sampling. The company closed the final tranche of a private placement totalling $318,836 in April. Hidden Lake’s located near Highway 4, about 40 kilometres from Yellowknife and within the Yellowknife Pegmatite Belt.

With one of the Athabasca Basin’s largest and most prospective exploration portfolios, ALX Uranium TSXV:AL has a number of projects competing for flagship status. Among them is Hook-Carter, which covers extensions of three known conductive trends, one of them hosting the sensational discoveries of Fission Uranium TSX:FCU and NexGen Energy TSXV:NXE. ALX’s strategic partnership with Holystone Energy allows that company to invest up to $750,000 in ALX and retain the right to maintain its ownership level for three years. ALX closed a private placement first tranche of $255,000 last month, amid this year’s busy news flow from a number of the company’s active projects.

A capacity crowd attends the first annual Vancouver Commodity Forum

Arctic Star Exploration TSXV:ADD boasts one of northern Canada’s largest 100%-held diamond exploration portfolios. Among the properties are the drill-ready Stein project in Nunavut and others in the Lac de Gras region that’s the world’s third-largest diamond producer by value. North Arrow Minerals TSXV:NAR holds an option to earn up to 55% of Arctic Star’s Redemption property.

Aurvista Gold TSXV:AVA considers its Douay property one of Quebec’s largest and last undeveloped gold projects. The Abitibi property has resources totalling 238,400 ounces of gold indicated and 2.75 million ounces inferred. Now, with $1.1 million raised last month, the company hopes to increase those numbers through a summer program including 4,000 metres of drilling. Douay’s 2014 PEA used a 5% discount rate to forecast a post-tax NPV of $16.6 million and a post-tax IRR of 40%.

Looking for lithium in Nevada, Belmont Resources TSXV:BEA now has a geophysics crew en route to its Kibby Basin property, which the company believes could potentially host lithium-bearing brines in a similar geological setting to the Clayton Valley, about 65 kilometres south. Results from the gravity survey will help identify targets for direct push drilling and sampling.

A mineral perhaps overlooked in the effort to supply green technologies, zeolite has several environmental applications. Canadian Zeolite TSXV:CNZ holds two projects in southern British Columbia, Sun Group and Bromley Creek, the latter an active quarrying operation.

With a high-grade, near-surface rare earths deposit hosted in minerals that have proven processing, Commerce Resources TSXV:CCE takes its Ashram project in Quebec towards pre-feasibility. The relatively straightforward mineralogy contributes to steady progress in metallurgical studies. Commerce also holds southeastern B.C.’s Blue River tantalum-niobium deposit, which reached PEA in 2011 and a resource update in 2013.

Permitted for construction following a 2014 PEA, Copper North Mining’s (TSXV:COL) Carmacks copper-gold-silver project now undergoes revised PEA studies. The agenda calls for improved economics by creating a new leach and development plan for the south-central Yukon property. In central B.C. the company holds the Thor exploration property, 20 kilometres south of the historic Kemess mine.

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Over three years later, the BCSC rules on geo’s tip-off, wife’s insider trading

April 13th, 2015

by Greg Klein | April 13, 2015

News from her geologist husband helped Amina Weicker swing a $40,000 profit through insider trading, the British Columbia Securities Commission found. On April 10 the BCSC stated the investor’s husband, Robert Weicker, “tipped his wife” and that she consequently “engaged in illegal insider trading.”

Over three years later, the BCSC rules on geo’s tip-off, wife’s insider trading

The circumstances go back to 2011, when Geo Minerals Ltd, then trading on the Venture, was in takeover talks with New Gold TSX:NGD. Between September 12 and October 11 of that year—while negotiations progressed, a non-binding letter of intent was received and lock-up agreements were signed—Amina Weicker bought a total of 729,945 shares at prices between $0.10 and $0.11. The two companies announced the takeover on October 17, 2011. Seven weeks later Amina Weicker sold at $0.16, realizing an approximately $40,000 profit.

During that time Robert Weicker was a consulting geologist for Geo.

A BCSC panel found “he informed his wife of material information that had not been generally disclosed regarding the acquisition of that company. Amina Weicker then used this information, prior to its public disclosure, to purchase securities of Geo Minerals.”

The panel concluded that Amina Weicker committed insider trading and Robert Weicker disclosed material facts by someone in a special relationship with an issuer.

An allegation of insider trading against Robert Weicker was dismissed.

The parties have until next month to make submissions on the sanctions to be levied by the commission.

Speaking to ResourceClips.com, BCSC media relations manager Richard Gilhooley said he can’t comment on how and when the commission learned about the case. As for the time it took to come before a panel, “These investigations tend to be quite complex and there are a lot of moving parts, particularly with an insider trading investigation,” he stated. “So I think it’s down to the complexity of these cases.”

The Geo acquisition and coinciding takeover of Silver Quest Resources expanded New Gold’s Blackwater claims in central B.C. The company, which operates mines in B.C., Mexico, California and New South Wales, took Blackwater to feasibility in December 2013.

TriAusMin reports Australia Results of 1.92 g/t Gold, 121 g/t Silver over 14.5m

May 10th, 2012

Resource Clips - essential news on junior gold mining and junior silver miningTriAusMin Ltd TSX:TOR announced assays from its Woodlawn Project in New South Wales. Highlights include

1.92 g/t gold, 121 g/t silver, 3.66% copper, 3.71% lead and 11.72% zinc over 14.5 metres
2.89 g/t gold, 54 g/t silver, 1.86% copper, 1.82% lead and 6.08% zinc over 7.3 metres
2.07 g/t gold, 167 g/t silver, 2.92% copper, 4.64% lead and 8.61% zinc over 9 metres
1.24 g/t gold, 71 g/t silver, 2.7% copper, 3.02% lead and 6.34% zinc over 8.9 metres
0.6 g/t gold, 57 g/t silver, 1.18% copper, 3.88% lead and 10.67% zinc over 8 metres

Managing Director/CEO Wayne Taylor commented, “The results are the best to date and demonstrate both width and grade continuity between holes down-plunge as we track these zones further away from the areas of prior mining. The two I Lens intercepts of 14.5 metres grading 3.66% copper, 3.71% lead, 11.72% zinc, 121 g/t silver and 1.92 g/t gold and 9 metres grading 2.92% copper, 4.64% lead, 8.61% zinc, 167 g/t silver and 2.07 g/t gold are outstanding. In addition, the daughter wedges have intersected a new high-grade mineralised lens that was previously unrecognized and further expands the resource potential. This is a significant result in support of defining new resources at the Woodlawn Underground Project.”

View Company Profile

Contact:
Canada:
905.727.8688

Australia:
Wayne Taylor
Managing Director/CEO
61.02.9299.7800

by Greg Klein