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Ausgold Ltd.
Summary
| Project: | Katanning | |
|---|---|---|
| Deposit: | Katanning | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 11/26/2018 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 26-11-2018: Ausgold Ltd. announces a Resource Estimation report for its Katanning deposit at the Katanning project. Updated mineral resource estimate at the project. Ausgold Limited (ASX: AUC) (“Ausgold”, the “Company”) is pleased announce an expanded and | |
| Resources: | (Resource, Total): 25.10Mt @ 1.29g/t Au for 1038Koz Au | |
| CP/QP: | [Resources]: Michael Lowry (SRK Consulting (Canada) Inc.) | |
| ABSTRACT: | Ausgold Limited (ASX: AUC) (“Ausgold”, the “Company”) is pleased announce an expanded and upgraded JORC 2012 Mineral Resource estimate for the Company’s 100% owned Katanning Gold Project (KGP). The new Resource is 25.1Mt at 1.29 g/t Au for 1.04 million ounces of gold (Table 1) which is a 32% increase in total contained ounces and a 10% increase in grade, from the previous 2017 Resource estimate (ASX Announcement 21 Aug 2017). Completed by SRK Consulting in accordance with the 2012 JORC Code, assessment has been undertaken of the three stacked Jinkas, White Dam and Jackson trends, each of which has a 4.5 km strike length. Coupled with the addition of the Dingo and Datatine deposits (Figure 1), this new Resource incorporates recent reverse circulation (RC) drilling (112 holes for 15,344m) and diamond drilling (7 holes for 861m), which has targeted high grade mineralisation and strike extensions of known mineralisation, as well as historical data validated by recent drilling. Ausgold’s Managing Director, Matthew Greentree commented: “The new Mineral Resource estimate is a substantial increase from previous Resource estimates and a huge step forward for the Project. The increase and upgrade of the Resource highlights the potential for a standalone mining operation, and together with significant upside potential from near Resource exploration, the near term development potential of the Project has improved significantly. The increase of 253,160 ounces to the KGP Resource is the direct result of targeted drilling and improved geological understanding across the project. The new mineralisation model, which has been constrained to 170m below surface, demonstrates that gold mineralisation at the KGP is continuous and robust under a number of cut-off grades, with clear extensions to mineralisation, which allow for further Resource expansion in the near term. With a systematic approach, Ausgold has demonstrated robustness of the current shallow Resource and has growing expectations of the exploration potential, both near Resource and regionally across the total 17km of strike length. We look forward to delivering further growth of the Resource through exploration success, as well as updates on the progress of initial mining optimisation and feasibility studies. 2019 is shaping up to be an exciting year of growth for the Company and for our shareholders.” | |
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