Company to double drilling size after gold findThursday, 7...

Company to double drilling size after gold find
Thursday, 7 September 2006. 09:18

The company prospecting for gold at Walhalla, east of Melbourne, says it has found visible gold in most of the reefs it has explored.

Goldstar Resources yesterday told the Australian Stock Exchange of its find and it has doubled the extent of drilling at the Tubal Cain Cyke Bulge.

Andrew King from Goldstar says the results have exceeded expectations.

"The old story was always if you saw visible gold, the reef tended to average around an ounce, 32 grams to the tonne," he said.

"Now we've had a hit as high as 211 grams and 66 grams to the tonne, so to be able to see visible gold, it confirms the style of mineralisation and gives us the high level of confidence to push on."