WA-based Westgold (WGX) is a $1bn gold miner which initially caught our attention yesterday, closing up +1.4% in a session which saw weakness across the sector, including Gold Road Resources (GOR) -1.6% and Newmont Corp (NEM) -1.3%. At this stage, WGX is an ASX300 stock, but if the Gold Sector continues to outperform the broad market, it may advance to the ASX200.
Westgold Resources Limited (Westgold) is engaged in exploration, development and operation of gold mines in the Murchison region of Western Australia. Its operations include Fortnum Gold Operations (FGO), Meekatharra Gold Operations (MGO) and Cue Gold Operations (CGO). Its Fortnum Gold Operations (FGO) is located in the north of Westgold's tenure and is approximately 150-kilometer (km) northwest of Meekatharra, with its tenure covering the historic mining centers of Labouchere, Fortnum, Horseshoe and Peak Hill. Its Meekatharra Gold Operations is located around the regional town of Meekatharra and encompasses Westgold's central group of assets including the historic gold mining centers of Meekatharra North, Paddy's Flat, Yaloginda, Nannine and Reedy's. Its Cue Gold Operations is located around the regional town of Cue and encompasses Westgold’s southern-most group of Murchison assets, including the historic mining centers of Big Bell, Cuddingwarra, Day Dawn, Tuckabianna and Pinnacles.
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