The Wembley Gold Project is located approximately 65km south east of Gleneagle’s Fortnum Gold Project and comprises one granted mining lease and a mining lease application. The granted mining lease covers the Durack and Outback prospects, which host a modest gold resource. Gleneagle is earning an 80% interest in the tenements by spending $500,000 on exploration.
The granted mining lease covers the Durack and Outback prospects, which host a modest gold resource of 568,000 tonnes grading 2.3g/t gold (42,700 contained ounces). The resource comprises an indicated resource of 390,000 tonnes grading 2.2g/t gold containing 27,600 ounces and an inferred resource of 180,000 tonnes grading 2.6g/t gold containing 15,100 ounces. Mineralisation occurs as steeply dipping lodes within volcanic rocks.
During 2006 Gleneagle completed further RC and RAB drilling to test for extensions to mineralised zones within the known resource and to increase the geological understanding of the mineralised system. Gleneagle advise that the resource estimate is to be upgraded to include the 2006 drilling with pit optimisation to be undertaken on the updated resource.
Gleneagle conducted an RC drilling programme of 15 holes in May 2004 to assess the geometry, grade and size potential of near surface mineralised zones within the Durack and Outback prospects, plus strategic deeper RC drilling to test interpreted high grade zones at depth.
Not sure if this the area the announcement is talking about.
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The Wembley Gold Project is located approximately 65km south...
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