Brown field exploration is inherently lower risk than green field exploration because of its proximity to existing mines. However, value can be destroyed if exploration is continued after all sustantial economic deposits in the region has been discovered.
Many 'old timer' gold miners believed all the economical gold has been mined in the Hill End district. I believe most old timers would have forgotten more than most modern day miners know today.
Is this old brown field mine living of the fame from almost 140 years ago? Maybe it's The Beyers and Holtermann nugget? The "lure of gold"? Considering no significant finds since mining of substantial ounces stopped in 1874. Remembering most of the gold was found close to the surface and most was alluvial gold.
Mines closed down because of declining grades and the miners subsequently moved on to better grounds in Victoria.
I have this report from the NSW Department of Primary Industries compiled in 2007. Here are some of the highlights:
"Some of the veins were followed for more than 600m horizontally; the Star of Peace and Mica veins at Hawkins Hill were followed down for over 200m. The richest values came from the top 120m.
Between 1870 and 1872 Hawkins Hill yielded very rich deposits at depths of 40-50m. The deepest workings on Hawkins Hill went down to about 240m.
After 1874 mines closed down, and prospectors moved to other fields, leaving only isolated mining of old reef workings and alluvial diggings.
Production from Hawkins Hill declined during 1873 and no new ore bodies of comparable size or quality have been found since then."
http://www.dpi.nsw.gov.au/__data/assets/pdf_file/0006/109725/hill-end-gold-deposits.pdf
http://www.dpi.nsw.gov.au/__data/assets/pdf_file/0003/109479/hargraves-goldfield.pdf
Hmmmmmmmmm.....compiled in 2007 and "Production from Hawkins Hill declined during 1873 and no new ore bodies of comparable size or quality have been found since then"
Food for thought.
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