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Granted Mining Leases ML3333 and ML3434
Exploration Permit EPM 25731
Location / Infrastructure:
* North Queensland location, 7 hours drive from Townsville or Cairns
* 120km south of closest bitumen airstrip (Forsayth)
* Regional proximity to high grade gold mineralisation at Agate Creek
- Potential for near-term start-up of mining operations with mining leases already granted
- High grade gold mineralisation exhibited
- Regional processing opportunities
- Additional ground pegged around mining leases for future exploration upside
* Historical mining at ML3333 from 1922-36 (stopped by water inundation)
* Historical workings on 3 lodes
* Official production recorded of 1,033oz from 1,270t of ore (>25g/t gold grade)
* Mining commenced from surface to a depth of 27m
* Modern mining techniques would assist in facilitating greater recovery of gold.
- Outlook for Australian gold is very positive due to global economic uncertainty and weakening AUD
- Early mining start-up can capitalise on buoyant gold price.
Seller’s Price: $8.5m
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