AUGUSTA GOLD PROJECT SUMMARY - COSTERFIELD, VICTORIA
Costerfield is one of Australia's most important gold-antimony provinces and has been the site for a new discovery of high grade gold and antimony ore (Augusta Deposit). Technical and financial studies predict strong returns based on the current ore reserves and excellent potential for future growth.
The essential features of the project are:
bullet
A probable mining reserve of approximately 204,000 tonnes at 10.9g/t gold and 5.7% antimony.
bullet
A small open cut that is mined and completely rehabilitated within 12 to 18 months.
bullet
On going underground operations that have a very small surface disturbance.
bullet
Capital expenditure in the order of $12.5 million generating cash surplus of approximately $ 6.5M per year.
bullet
The creation of approximately 40 jobs all of which will be resident in the local area.
bullet
A mine life of 3 years based on probable reserves at 65,000 to 75,000 tonnes per annum.
bullet
Inferred resources and exploration potential that are expected to provide additional years of operation.
bullet
Annual production of approximately 8,200 ounces of gold bullion plus 5,500 tonnes of antimony concentrates containing 12,900 ounces of gold and 3,300 tonnes of antimony.
Resources and Reserves
AUGUSTA MINERAL RESOURCES
The Mineral Resources of the Augusta deposit, as estimated by McArthur Ore Deposit Assessments Pty Ltd (MODA) in August 2005 are:
Table 1 - Augusta Mineral Resources
Category
‘000 Tonnes
Density
g/t Au
%Sb
Contained
Au (oz)
Contained
Sb
(t)
Indicated
116
2.84
22.6
11.7
84600
13660
Inferred
4
2.75
15.7
6.2
2200
270
TOTAL
120
2.84
22.3
11.5
86800
13930
AUGUSTA ORE RESERVES
The Ore Reserves of the Augusta deposit, as estimated by McArthur Ore Deposit Assessments Pty Ltd (MODA) in August 2005 are:
Table 2 - Augusta Ore Reserves
(Note: All ore reserves tabled below are classified as probable)
RESERVES (PROBABLE)
Tonnes
Density
Au
Sb
Contained
Au
Contained
Sb
('000)
(g/t)
(%)
(oz)
(t)
Open Cut Reserve
11
2.40
17.3
3.0
6,200
330
Underground Reserve
193
2.69
10.5
5.8
65,300
11,250
TOTAL RESERVES
204
2.67
10.9
5.7
71,500
11,580
N.B. rounding errors may occur
The Augusta resource/reserve estimate was prepared by Steven Richardson BSc(Hons) MAusIMM, Shane Marshall BEng MAusIMM and Ray Hazeldene GradDip AppGeol MAIG MAusIMM, under the direct supervision of Gary McArthur PhD FAusIMM MMICA MSEG and Adrian Molinia BE(Hons) FAusIMM CPMin. Apart from Ray Hazeldene (employed by Mindeco Pty Ltd) all are employees of McArthur Ore Deposit Assessments Pty Ltd (MODA). Dr McArthur and Mr Molinia have 30-35 years’ experience as professionals in the Australian mining industry, mainly involved in the underground extraction of base metal deposits. They also have extensive experience in the estimation of resources and reserves over a wide variety of deposit styles. As such, Dr McArthur and Mr Molinia both meet the requirements as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (AusIMM/AIG/MCA, 2004), to be Competent Persons for the estimation of Augusta Mineral Resources and Ore Reserves.
- Forums
- ASX - By Stock
- AGZ
- cash cow!time to get interested :)
AGZ
a.g.d. mining limited
cash cow!time to get interested :), page-3
-
-
- There are more pages in this discussion • 21 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Add AGZ (ASX) to my watchlist
Currently unlisted public company.
The Watchlist
CCO
THE CALMER CO INTERNATIONAL LIMITED
Anthony Noble, MD & CEO
Anthony Noble
MD & CEO
Previous Video
Next Video
SPONSORED BY The Market Online