Executive Summary
In the first quarter of the 2011 financial year, Carrick Gold took further steps to achieving its vision to deliver exceptional shareholder returns through the discovery, delineation and development of mineable precious metals.
Successful drilling programs were undertaken on the Lindsay's, Kurnalpi and Kalgoorlie West Projects during the quarter and have assisted with the discovery and delineation of gold bodies at these sites.
At the Lindsay's Eastern Structure, Parrot Feathers, a seven-hole diamond drill program was completed to test the Parrot Feathers Structure at depth.
This successful drilling program encountered significant gold mineralisation in six of the holes and the results improved the geological confidence in the continuation of this structure.
The results will be used in future pit modelling as the Company continues its focus on developing the Lindsay's project toward production.
Several areas were the subject of a reverse circulation (RC) drilling program on the Kurnalpi Project during the period Kug, Five Mile and Zandor.
At the Kug prospect, five RC holes were drilled in the quarter to test the northern extension of two structures, with each hole showing significant zones of alteration associated with gold mineralisation.
The Five Mile prospect was subject to a three hole drill program designed to test extensions of a gold mineralised structure defined from previous work.
Drilling in each of the holes encountered significant alteration and quartz veining showing prospectivity for hosting of a gold structure.
The Zandor prospect was drilled to test possible extensions of the Five Mile structure in areas where quartz veining had been shown to host `nuggety' gold and old site undertaken by previous permit holders has indicated prospectivity. Zones of alterations were encountered with characteristics known for hosting gold mineralisation.
An RC drilling program on the Kalgoorlie West Project was undertaken with 19 holes testing the anomalous gold values returned by previous aircore drilling programs.
Future drill targets have been identified at Grant's Patch and Ora Banda South and will form part of the work in trying to understand the geological controls of the mineralisation encountered.
Additionally, RC drilling is planned in the December quarter for Kalpini Project, targeting the Atlas shaft to further define geology of the region and to initiate a resource.
While continuing detailed exploration work on the Kurnalpi and Kalpini projects, we are concentrating on developing the Lindsay's project towards production. The Board believes the Lindsay's project will develop into a long term open pit mining operation.
It remains the Company's intention to proceed with resource definition to:
A. Increase Carrick's indicated resource.
B. Focus on exploration at Lindsay's, Kalpini and Kurnalpi.
C. Audit Carrick's gold resource inventory to assess viable minable operations.
The Company further strengthened its management team with Laurence Freedman AM being appointed chairman subsequent to the end of the period as well as Robert Schuitema being appointed to the board. Please see below for more information on the new Chairman and Director.
Bevan Jaggard was appointed to the position of Company Secretary following the end of the quarter, subsequent to the resignation of Elaine Carr from the position and the Board.
