Highlights
Ballarat
- The Ballarat Mine re-commenced gold production in September 2011 and embarked on a planned nine month ramp-up in activities.
- Over 2,100 metres of underground development was completed during the year, with 39,000 tonnes of ore mined from smaller satellite sources.
- The gold processing plant is now fully operational with 2,937 ounces recovered from re- commissioning on low grade material at a calculated head grade of 3.1 g/t Au.
- After year end, mining reached the primary high grade Mako Resource with development driving on ore commencing in February 2012.
- The Inferred Resource estimate for the Mako Lode in Llanberris was updated subsequent to year end to 121,000 tonnes at 10.0g/t Au for 38,300 ounces of gold.
- An independent technical review of Exploration Targets beyond the Mako Lode Resource confirmed them to be in the range of 400,000t to 750,000t at a grade of between 4 g/t and 8 g/t, for between 70,000 and 165,000 ounces of gold.
- High grade gold exploration results on the Sulieman line of mineralisation showed the potential for a third ore source with additional discovery potential to the north and south.
- The first significant gold intersection was obtained in the Victoria compartment to the north of current mining activities.
Castlemaine
- A high grade exploration target was identified at Bicentennial 220m north of the Wattle Gully mine. The best drill intersection was 7.9m @ 6.1 g/t Au, including 2.7m @ 17.7 g/t.
- A section of close-spaced drilling in the central part of the Chewton Inferred Resource added structural detail and enhanced the understanding of the local mineralization.
- Drilling at Quartz Hill confirmed a fault intersection reported in 2008 (0.8m @ 121 g/t Au). The new intersection of 0.3m @ 156 g/t Au is 28 metres up-dip from the earlier intersection.
Tarnagulla
- A 4,000 metre RC program was completed with a maximum gold grade of 29 g/t Au received to date and further assay results to come.
- A successful trial of partial leach soils sampling showed potential to be applied across the project.
Sebastian / Raydarra
- A farm-in agreement with Navarre Minerals Ltd was established to explore both projects’ licences.
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