Aureka grabs 97ha to secure access to Victorian gold project

The company can now fully go to the pursuit of its objective of 3.4 million tons 5.2 meters to its resolution and adventure prospects in Irvine, for 280,000 ounces at 420,000 Once of gold classification at 2-3 grams per tonne (g/t).

The Irvine project is located in the Victoria’s Wimmera region, about 240 km west to the north -Melbourne. The 304,000 ounce gold resource is classifying to 2.4 g/t, ranging from shallow depth to 400 meters.

Irvine’s goals remain open along the strike and in depth. The company has recently started a diamond perforation program for 2000 m at resolution, with the aim of piercing high -grade sprouts to expand and significantly update the resource.

Previous stellar gold shots in Irvine include 5m at 10 g/t, a slice of 9.4 m ranging from 5.3 g/te a blow of 10.8 m in execution at 4.5 g/t.

Irvine is 20 km from the impressive 5 -meter operation of Stawell Gold Mine.

The CEO of Aureka Limited James Gurry said: “The acquisition of these properties is an important step in the supply of a path for the production for the Irvine project while we continue to discover its real potential, we are building a strong base that already contains 304,000 Once d’orce plus an object of exploration from 280,000 to 420,000 ounces.”

Aureka holds the Tandarra project, which is part of the Golden area of ​​Victoria’s BENDIGO which, in a joint venture with catalyst metals listed in Asx. Catalyst has 51 % of the project and manages it.

Tandarra includes Lawry and Upton Road’s promising prospects. Joint Venture’s project is located along the golden corridor of Whitelaw and the tandarra fault, which extends for 13 km along the two faults. Whitelaw’s corridor is considered an important structural control of gold mineralization north of Bendigo.

Tandarra is also located 50 km north-west of Fosterville Gold Operation at the global level of Agnico Eagle and 40 km north of the 22 m Goldfields Bendigo.

Fosterville’s underground mine is one of the richest gold mines globally. Last year he produced 225,000 Once of Gold at an extraordinarily low cost of US $ 653 ($ 1031) for Oncia. With today’s gold price of over $ 3021 (an $ 4807), the mine is almost authorized to print money.

Catalyst has recently completed a seven -hole diamond perforation program and samples are prepared for the test.

The latest perforation program of Aureka in Tandarra includes 1000 m of diamond holes at the Lawry perspective to increase the mineralized imprint of the project.

The program extends for 100 but north and south of a previous campaign, where it has been discovered that multiple mineralized gold areas extend into the fresh rock.

Previous gold results were amazed, with 12.9 m of classification 33.1 g/t 66.4 m, of which 0.5 but one vote of 831 g/te a 9m section in execution at 14.8 g/t gold.

Tandarra has three main perspectives: tomorrow, Macnaughton and Lawry. Tomorrow is considered the most advanced perspective.

In particular, the Tandarra ground is adjacent to the Four Eagles Gold project in Catalyst, which it holds in collaboration with a branch of Gina Rinehart’s Hancock prospecting.

The four -eagle gold votes are on guard. It has a resource of 163,000 ounces at 7.7 g/te 70,000 ounces to a super-grade of 26.2 g/t.

Due to the previous gold successes in Tandarra and its proximity to the Four Eagles project and its high votes, Aureka Management will deeply await the results of the test from the last perforations.

In what could be an additional advantage for the project, Catalyst recently concluded an agreement with Kaiser Reef Ltd, listed in Asx, to sell his Henty gold mine in Tasmania. As part of the agreement, he negotiated an option to acquire a 50 % interest in the Maldon processing structure, a 200,000 tons operating system per annum 100 km south of the four projects of Eagles and Tandarra.

If in Tandarra it is sufficient minimable mineral, Aureka potentially has a place to process the mineral to take advantage of the current hot gold price environment.

Management states that over 7 million dollars have been spent on Tandarra exploration. If the tests from recent perforations indicate the high gold votes, it could prove to be well spent money.

Is your company listed in Asx doing something interesting? Contact: matebirney@bullsnbears.com.au