Kalamazoo Resources is an Australia-based gold explorer. Their Castlemaine project is located in the state of Victoria, Australia, not far south of the highly successful Fosterville Gold Mine operated by Canadian Kirkland Lake Gold.
With production costs of only AUD 291 per ounce produced, it is without doubt one of the most profitable gold mines in the world. No wonder, as the average gold grade at Fosterville is a fantastic 31 g/t. The CEO with German ancestors, Luke Reinehr, recently made a purchase offer to acquire another property right next to the Fosterville mine. From Castlemaine itself, historical gold production in excess of 7.7 million ounces is known to exist. The Australian state of Victoria is notorious for particularly high-grade gold deposits and deposits and is therefore one of Australia's hotspots for new discoveries. Kalamazoo wants to be one of these explorers so sought after by investors with modern exploration. Capital is available for the second drill program on Castlemaine to be commenced in the 4th quarter of 2020 and Kalamazoo is one of the companies with very substantial and financially strong shareholders, including Eric Sprott and Novo Resources. Kalamazoo has also been able to significantly expand its gold portfolio in the Pilbara region near the successful De Grey Mining and in June 2020 announced the successful acquisition of the Ashburton project with an existing gold resource of over 1.6 million ounces.
With this potent portfolio, Kalamazoo should be the future, especially as the management itself has a significant 31% interest in the company's success and would benefit directly from rising share prices.