New Found starts 100,000-metre drill program at Queensway

Transaction could become one of the country’s one of the biggest-ever equity sales.

Shares in gold producer Acacia Mining, one of the firms accused of eluding taxes, fell by more than 18% to 18% to 355.70 pence on the news.

Ivanhoe Mines and Zijin each hold now an indirect 39.6% interest in the Kamoa-Kakula project, thought to be Africa's most significant deposit of the red metal ever found.

The project, called Misery Deep, will require an investment of $6 million in 2018, $69 million in 2019 and $19 million in 2020.

Kinross Gold (TSX:K,NYSE:KGC) has unloaded five of its properties in the Yukon White Gold District to newly formed company White Gold Corp (TSXV:WGO) in a cash and share deal worth around C$60 million.

April saw 121 financings close in the Canadian financial markets for C$522.7 million including 55 financings for gold totalling $207.3 million, some 40% of the April total.

Contract treatment charges – an indicator market tightness – fall by most on record while inventories drop to levels last seen in 2008.

A decision is expected within six months.

Junior mining investor enthusiasts will be duelling it out for the big money when the next contest by Stockpools and Kitco is launched the first week of June.