Exploration

At Bullabulling, two large mineralised trends have been identified for primary orogenic gold mineralisation, the north-south striking Bullabulling Trend and the east-west to northwest-southeast striking Gibraltar Trend. The Bullabulling Trend contains the most laterally consistent gold mineralisation and can be traced for over 6 kilometres of strike. From north to south, it covers the following deposits and prospects - Bonecrusher, Dickson, Hobbit, Phoenix-Bourke-Wills, Bacchus, Edward and Griffin.

Currently, we are focusing exploration drilling at the Phoenix and Bacchus pit areas, at a 2.2 kilometre middle stretch of the Bullabulling Trend.  It is in this part of our licence area that we intend to open our first producing new gold mine, which will be built with an initial target production of up to 150,000 ounces of gold per year.

However, the geology suggests that there is potentially a lot more gold to be discovered along the whole Bullabulling Trend and the separate Gibraltar Trend that appear to host similar commercial concentrations.

The final Phase One drilling was completed in early May. In total, there were 254 holes, covering 36,540 metres drilled during Phase One, at a cost of approximately A$ 5.1m met equally by GGG and Auzex.

Phase One tested the commercial viability of the project, and produced resources of about 2.6m ounces, of which over 710,000 ounces were independently verified as being in the Indicated category.