Projects
The Welcome Again Mine
Great Eastern Gold holds a 100% interest in ML 10125, encompassing ‘The Welcome Again Mine’, located within the Leyshon Gold corridor near Charters Towers, Queensland. This mine has been drilled and the main shaft sunk, and with high grades of gold close to the surface, it will be able to be brought into production rapidly and cost effectively, indicating a high level of profitability.
In addition to an independent JORC-compliant Mineral Resource Statement and Ore reserve statement, all agreements plans and permits necessary to commence mining are in currency and in place. Mine plans including capital and operating cash flow modelling are completed.
By bringing ML 10125 rapidly into gold production , Great Eastern Gold will be able to be quickly established as a conservative, low-cost, high-return gold producer.
SHORT LEAD TIME
Gold pouring and production within six to nine months.
LOW START-UP COSTS
Estimated to be less than USD $20 million.
LOW ALL-IN SUSTAINING COSTS
Estimated to be less than USD $460 per ounce.
MINERAL RESOURCES OF 102,000 OUNCES (JORC CODE)
Measured and inferred resources of 102,000 ounces under the JORC classification, calculated on a resource depth of 260 metres. This may be substantially upgraded given the depth of neighbouring resources.
POTENTIAL THREEFOLD RESOURCE TO DEPTH
Gold in the Charters Towers region is known to run to depths of more than 1000m. The Welcome Reef is likely to run to significant depth.
WELCOME AGAIN MINE |
OUNCES AU |
|---|---|
| Measured and inferred JORC Resources | 102,000 |
| Best expert Opinion to 400m | 146,000 |
Australia’s highest unmined gold intersections
History
The Welcome Mine operated from the late 1800s to the early 1900s on the Puddler Creek formation with great success. Selective mining produced and average of over an ounce per tonne. Returning from the great war, miners were faced with a ‘damaged beyond repair’ pump, a collapsed shaft and a gift of land from the Government for their services in WWI. It was seventy years before Capricornia Prospecting revisited the site and stumbled onto some very impressive drill results.
In 1997 a shaft was sunk with the intention of starting mining production by extracting the high grade ore shown in drilling. Unfortunately the company lacked funds and was unable to complete the extraction. This mine contains Australia’s highest un-mined drill intersection (1343 grams per tonne).
Great Eastern Gold plans to refurbish the 70m deep 1997 shaft, install all new infrastructure and extract the resource using modern, narrow vein mining technologies.