Wattle Flat Historical Gold Mining Area:526 kg total of recorded hard rock gold production of which the principal contributors were: Surface Hill (Big Oakey Mining Company) – 208kg; the Queenslander – 115kg; and Solitary Reef – 118kg. In addition, gold has been won from extensive alluvial workings in the Turon River and in the creeks draining the hard rock mineralised areas.
Possible Cadia-type system:Magnetic data over the Wattle Flat area is similar to Cadia-Ridgeway and Northparkes.
Spring Gully with large gold anomalySpring Gully was discovered by RGC Exploration using regional drainage geochemistry and following this up with a soil survey that defined a large gold anomaly >0.05g/t Au. The area was subsequently tested by 6 diamond holes and 63 RC holes which outlined a body of mineralisation estimated to contain about 3.55 Mt @ 1.01g/t gold. Altius upgraded this data to 4.6 Mt @ 1.0g/t Au, cut off grade 0.5g/t Au.
Queenslander Gold Estimates:At the Queenslander, there is an estimated 0.7 to 1.0 Mt @4.3 to 5.9g/t Au. In the mine area, a thick mineralised zone in the diorite returned assays of between 3.4 and 5.9 g/t Au. It has been intersected down dip from the mine in QDD002 and further down to a depth of 130m below surface in QXD001. Northwards, the mineralised horizon is found in QDD003 as a 1.34m intersection (1.2 m. true) returning 52.2g/t Au. The current interpretation suggests that this is close to the northerly limit of the mineralised dyke.
High Prospect Area:Whalans Hill, Caledonian and Pennyweight Ridge typically revealed mineralised zones between 5m and 30m (true) width returning 0.2-0.7g/t Au containing veins of 1m width and occasionally 2m, carrying 1 and 10g/t Au.
TARGETS
Wattle Flat magnetic anomaly, possible Cadia-Ridgeway type system feeding high-grade gold mineralisation near surface.
Spring Gully large low grade deposit 1.0-4.6 Mt @ 1-1.75g/t Au
The Queenslander deposit 0.7 to 1 Mt @4.3-4.9g/t Au
STATUS & COMPANY GOALS
Determine the extent of the monzonites present and define the intrusive/potential porphyry mineralisation previously described.
Planned sampling, including drilling, to start in 2012.
Applications for Mining Leases to be lodged with the necessary environmental approvals to be sought by end 2012.
