The Company’s main project is the A1 Gold Project within mining licence MIN 5294, which includes the entire known A1 Dyke corridor.
The Company’s main project is the A1 Gold Project within mining licence MIN 5294, which includes the entire known A1 Dyke corridor. The A1 Mine is the second largest gold producer in the area, having historically produced more than 620,000 oz up to 1992. The Company is currently actively developing an underground decline to the 1400 Stockwork Zone at a rate of approximately 100m per month.
Since listing, the Company has defined a JORC Code Inferred Resource at the 1400 Stockwork Zone of 750,000 toness at 5.5 g/t gold for 133,000 oz contained gold (reported at a 3 g/t gold cut-off) (see Maiden JORC Code Mineral Resource announcement dated 16 July 2012 for more information). The mining design is for a bulk mineable ore-body.
The Company has also commenced a program of underground diamond drilling aimed at identifying further targets which could be developed and economically extracted as the decline is developed to the 1400 Stockworks. The A1 Gold Project has considerable potential for exploration upside and the Company is actively pursuing extensions to the known stockwork zones.
As well as Inferred Resources, the A1 Gold Project also contains exploration targets, as detailed below:
|Mineralisation Area||Tonnage Range (t)||Grade Range (g/t Au)|
|Upper 1400 Stockworks||1,000,000||1,300,000||5.0||11.0|
|Lower 1400 Stockworks||800,000||1,000,000||3.0||9.0|
The Company is fully equipped to undertake mine development and has a sub-contractor who has employed experienced management, technical and mining staff. Surface infrastructure already in place includes an administration office and first aid facility, state grid power, phone, internet & mine-radio system, drill core and sample preparation facility and heavy equipment workshop with fuel and oil storage.
Advanced project on granted mining lease – fully operational mine site including underground development & infrastructure.
Inferred Mineral Resource in accordance with the JORC Code of 133,000 oz Gold 750,000 tonnes @ 5.5 g/t Au(1,2).
Developing decline at approx 100 metres per month – stockpiling gold bearing material on site.
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