Gateway giddies-up at Gidgee
4th October 2019
Resources Rising Stars
Drilling on a minor portion of the 18km-long contact of the Montague Granodiorite has delivered Gateway Mining a maiden resource of 240,000 ounces of gold, and the company has immediately launched into a 16,000m drilling program hoping to quickly add additional ounces (reports MiningNews).
Gateway managing director Peter Langworthy said the maiden inferred resource for the Whistler and Montague deposits of 3.4 million tonnes grading 2.2 grams per tonne was an important first step for the project in the emerging play.
Whistler has 109,000oz that can be mined from an open pit, and a small 11,000oz higher grade underground component.
Montague's resource totals 100,000oz, including a 20,000oz high-grade underground resource grading 10.3gpt.
The open pits have been modelled using a A$2400 gold price, above today's spot price around $2230/oz.
Both deposits are open in all directions, are 800m apart, and cover around 3km of the contact., about 70km north of Sandstone.
Whistler has potential to extend the mineralisation along strike to the north and south, down-plunge and in a series of recently discovered separate flat-lying structures.
Montague has potential for multiple parallel structures at depth as well as expansion of the granite quartz-stockwork mineralisation in the base of the historical open pit that Gateway now calls the 20,000oz grading 1.3gpt Boulder deposit.
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