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Great Northern Minerals Ltd.
Summary
| Project: | Golden Ant | |
|---|---|---|
| Deposit: | Golden Cup | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 12/10/2019 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 10-12-2019: Great Northern Minerals Ltd. announces a Resource Estimation report for its Golden Cup deposit at the Golden Ant project. Initial mineral resource estimate for project. Great Northern Minerals Limited (ASX:GNM, “Great Northern Minerals” or the | |
| Resources: | (Resource, Inf.): 0.256Mt @ 3.6g/t Au for 30Koz Au contained at Golden Cup | |
| CP/QP: | [Resources]: Andrew Beaton (AKB Mining Geology Services Pty Ltd.) | |
| ABSTRACT: | Great Northern Minerals Limited (ASX:GNM, “Great Northern Minerals” or the “Company”) (formerly Greenpower Energy Limited) is pleased to announce an interim JORC resource estimate for the Golden Cup Gold Mine in Northern Queensland (Figure 1). At a 0.75 g/t Au cut-off grade the initial inferred resource estimate is 256,000 tonnes at 3.6 g/t Au for approximately 30,000 ounces of contained gold. Table 1 below sets out the resource estimate at a variety of cut off grades. The Golden Cup mineral resource estimate was independently estimated by experienced mine geologist Andrew Beaton of AKB Mining Geology Services Pty Ltd (AKB), and the full report is attached to this release as Appendix A. Golden Cup, along with Camel Creek and Big Rush, is one of three gold mines acquired by Great Northern Minerals as announced to the ASX on 15 August 2019. The Golden Cup mineral resource is composed of 3 lodes located beneath 3 previously mined open pit gold mines (Figure 2). Lodes 2 and 3 are part of the same mineralised structure but their relationship to Lode 1 has not been established. Exploration next year will seek to determine if these lodes represent an offset of the same structure or 2 parallel zones. The historic gold production from the Golden Cup oxide zone was approximately 20,000 ounces and when combined with the current resource this takes the total endowment at Golden Cup to 50,000 ounces of gold which compares favourably with GNM’s previous exploration target (ASX release 4 July 2019. The resource at Golden Cup is open with very little drilling below 50 metres vertically or outside the mineralisation model as seen in the long section views through Lodes 2 & 3 (Figure 3) and Lode 1 (Figure 4). | |
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