Castlemaine Goldfields Limited (ASX:CGT) reports its activities for the quarter ended 31st December, highlighted by:-
Revised Ballarat mine plan and production ramp up underway:-
- 24,083 tonnes of commissioning ore at an average grade of 3.4 g/t gold was mined from satellite sources, producing 2,023 ounces of gold.
- Development of the Lower Llanberris decline is one month ahead of schedule. First access to the Mako Lode due in February.
- The transition from contractor mining to owner-operator mining occurred to plan.
- Initial JORC Inferred Resource1 estimate by CGT for the Mako Lode in the Llanberris compartment of 100,000 tonnes at an average gold grade of 10.5 g/t for 33,100 ounces of gold.
- The JORC Inferred Resource1 for the Mako Lode subsequently increased by 15% to 121,000 tonnes at 10.0g/t Au (ranging between 5-11 g/t Au) for 38,300 ounces of gold.
- Since revising the mining schedule and refining the ore source estimation and dilution techniques being used, the satellite ores have met expected grades.
- A second underground diamond drill rig has commenced drilling close-spaced infill holes into the Britannia-Mako exploration target. Visible gold is seen in the first holes.
Ballarat mine exploration hits the first significant gold intersection of 6.5m @ 8.9 g/t on the Sulieman Line in the Victoria Compartment.
Raydarra and Sebastian project licences, north of Bendigo were subject to a farm-in Heads of Agreement with Navarre Minerals Ltd (ASX:NML).
$9.8M was raised via an institutional entitlement offer and a further $1.3M via a retail entitlement offer, for a net $10.3M raised after costs.
Cash on hand as at 31 December was $16.3M.
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