The Kalamazoo Resources Ltd (ASX: KZR) share price had a positive day of trade on Thursday.

The mineral explorer's shares jumped a massive 30% to 39 cents.

Why did the Kalamazoo Resources share price jump 30%?

The rise in the Kalamazoo Resources share price was a bit of a mystery. So much so, the company was hit with a speeding ticket from stock exchange operator ASX Ltd (ASX: ASX).

However, the mineral explorer's management team were at a loss to explain why there was a sudden buying frenzy.

When quizzed about the rise, Kalamazoo confirmed that it was not aware of "any information concerning it that has not been announced to the market which, if known by some in the market, could explain the recent trading in its securities."

Nor was the company "aware of any other explanation."

What else could it be?

It is worth noting that while Kalamazoo Resources has been known as a gold explorer previously, its recent foray into lithium has piqued the interest of some investors.

In July last year, the company reported the identification of significant pegmatite-hosted lithium mineralisation potential at Kalamazoo's 100% owned gold and base metals DOM's Hill Project, East Pilbara.

This operation is close to two of the world's largest pegmatite-hosted lithium mines at Pilgangoora and Wodgina, which are owned by Pilbara Minerals Ltd (ASX: PLS) and Mineral Resources Limited (ASX: MIN), respectively.

Since then the company has entered into a joint venture with lithium giant Sociedad Química y Minera de Chile (SQM), which will see SQM earn an additional interest in mineral rights based on exploration activities.

Based on the Kalamazoo Resources share price performance, some investors may be optimistic that these activities will uncover something material in the near future.

The post This ASX lithium share just rallied 30% and copped a speeding ticket appeared first on The Motley Fool Australia.

Kalamazoo Resources Ltd (ASX: KZR) shares are slipping slightly today against a negative yearly return after the company released its quarterly activities report.

The Kalamazoo share price is down 1.10% to 45 cents per share at the time of writing.

Kalamazoo is a gold and copper explorer and developer primarily focused on exploring and developing gold projects in Western Australia.

The company has found promising intersections recently at its new Victorian gold mining operations, so let's see what's driving its share price today.

Kalamazoo's Victorian goldfield successes

Kalamazoo revealed the following best intersections at its Ashburston gold fields; 9 metres at 5.52 g/t Au, 9 metres at 3.03 g/t Au, 9 metres at 4.03 g/t Au and 7 metres at 4.25 g/t Au.

Kalamazoo's report says these intersections show "additional thick shoots of moderate to high-grade mineralisation exist beneath and along strike of the Waugh Pit". This means Kalamazoo's Ashburton project has additional gold potential in multiple directions.

The company was quite bullish about the Ashburton Waugh Pit prospects, outlining its hopes through the report:

The results from the drilling at the Waugh Prospect are highly encouraging with thick and moderate to high grade shoots of gold mineralisation found to occur within a plane of bedding sub-parallel faults that show surface gold anomalism extending over 300m west, and in excess of 1,000m to the east, of the Waugh Pit.

Kalamazoo believes that continued exploration both along strike and down dip will extend the existing mineralisation at the Waugh Prospect and discover new shoots within this highly prospective fault system.

Kalamazoo has also completed its gold drilling program in Castlemaine at its Lightning Prospect. It found "anomalous to high-grade gold and associated alteration" in all six of the company's drilling holes. Intersection highlights included: 0.8 metres at 11.1 g/t Au, 0.4 metres at 12.3 g/t Au and 0.55 metres at 10.6 g/t Au.

Through metal detecting in the region, the company also found coarse gold-in quartz specimens between the Lightning and Mustang prospects, which it says further supports the gold-bearing potential of the area.

Kalamazoo share price snapshot

The Kalamazoo share price is rebounding this month from a 26% decline since 2021 began and has now risen by almost 5% through April.

The post Why is the Kalamazoo (ASX:KZR) share price slipping today? appeared first on The Motley Fool Australia.

The Kalamazoo Resources Ltd (ASX: KZR) share price is surging today after the company announced it has started gold drilling in the rural Victorian region of Muckleford.

The Kalamazoo share price has jumped by 7% to 45 cents per share at the time of writing.

Kalamazoo is a gold and copper explorer and developer, which traditionally has focused on exploring and developing gold projects in Western Australia.

However, after success in its Castlemaine gold drilling projects in Victoria, it's expanded into the Muckleford region.

What Kalamazoo's drilling update means

In today's release, Kalamazoo advised that on 1 April, it started general reverse circulation (RC) drilling down to 4,000 metres at 4 prospects in the South Muckleford area. These are located at Fentiman's Reef, Smith's Reef and Charcoal Gully. 

The gold miner considers these prospects high priority drill targets. They were recently identified to contain highly prospective epizonal gold-antimony mineralisation which is closely analogous to that of the nearby Fosterville and Costerfield deposits in Central Victoria.

Epizonal systems can develop extremely high-grade, free gold deposits.

Kalamazoo has also completed detailed airborne surveys over the regions it's now drilling, which it believes will aid the process. It has also been conducting 3D modelling to enhance its planning.

Can regional Victoria provide another gold region?

Kalamazoo believes the South Muckleford project area is vastly under-explored by modern drilling standards. It says it hasn't been subjected to any systematic modern exploration techniques and only very limited shallow drilling. 

This RC drilling program is part of an extensive exploration work program undertaken by Kalamazoo aimed at advancing the significant potential of this broad epizonal gold-antimony mineralised system.

Kalamazoo believes that the drilling targets are favourably located in the hanging-wall position of the major regional-scale, north-south trending Muckleford Fault.

This is considered a key deep-tapping conduit for gold mineralising fluids and could potentially provide the company with strong free gold drilling results.

Kalamazoo share price snapshot

Kalamazoo spent most its early ASX listing hovering around the 10 cents per share mark until a 40 cent price jump in January 2019. It reached a high of 80 cents in July last year but has since fallen to its current price.

The Kalamazoo share price is down 24% in 2021 so far and 44 cents against the basic materials sector.

The post Kalamazoo (ASX:KZR) share price jumps on Victorian gold drilling appeared first on The Motley Fool Australia.

The Kalamazoo Resources Ltd (ASX: KZR) share price is flying higher today on the back of an acquisition from Northern Star Resources Ltd (ASX: NST).

Yesterday, Northern Star announced its decision to divest the Mt Olympus Project, comprising most of the Ashburton Project in Western Australia, to Kalamazoo.

While Northern Star shares jumped 4% on the news, Kalamazoo shares were stuck in a trading halt and only resumed trading this morning. At the time of writing, the Kalamazoo share price has rocketed 42% to 69 cents.

Kalamazoo is a gold and base metals explorer. Its focus is on identifying commercial mineral deposits to explore at its Victorian gold projects and Western Australian gold-base metals projects.

What's the deal?

Kalamazoo has acquired the Ashburton Gold Project, which is located on the southern edge of the Pilbara Craton in Western Australia.

The project produced 350,000 ounces of gold between 1998 and 2004. It currently holds a JORC Code (2012) resource estimate of 20.8 million tonnes at 2.5 grams per tonne gold for a contained 1.65 million ounces.

Under the terms of the agreement, Kalamazoo will pay Northern Star deferred contingent cash consideration of $17.5 million. This consists of:

• $5 million on mining of the first 250,000 tonnes of ore;
• A 2% net smelter royalty (NSR) on the first 250,000 ounces of gold produced, with a 0.75% NSR on any subsequent gold produced from the tenements; and
• The same NSRs on any other metals produced from the tenements.

Kalamazoo views the acquisition as an important addition to its Pilbara gold assets. And in a similar investment strategy to the acquisition of its flagship Castlemaine Gold Project in Victoria, the deal structure enables the company to invest funds directly "into the ground".

The company believes the project has significant regional greenfields and brownfields exploration potential; a large drilling, geological, geochemical, and geophysical database; and numerous walk-up drilling targets.

The exploration team will be led by Kalamazoo director Paul Adams, who was previously the managing director of Spectrum Metals. Exploration focus will include an immediate review of the exploration datasets, field reconnaissance of identified prospect areas, and target generation.

Management commentary

Commenting on the deal, Kalamazoo chair and chief executive Luke Reinehr said:

"This is a tremendous outcome for our shareholders and an outstanding addition to our prospective portfolio of gold projects in the Pilbara. Kalamazoo is in the unique position of having major assets and tenure in two of the most highly rated gold exploration provinces in the world today – the Victorian Goldfields and the Pilbara."

Meanwhile, Northern Star executive chair Bill Beament said:

"The Ashburton project no longer fits in Northern Star's portfolio but still has strong potential on both the exploration and production fronts. The royalty structure also enables Northern Star to retain an exposure to the project."

The post Kalamazoo Resources share price rockets 42% on Northern Star deal appeared first on The Motley Fool Australia.