Highlights
- 134,000 oz gold JORC compliant resource
- Logistically well located and easily accessible
- Tasman owns 380 hectares of freehold land on which the resource is
located
- Substantial tenement size provides scope for expansion of resource
base and new discoveries
- Extensive mining plant and equipment on site
The Challenger project offers solid upside potential
with the existing ore body open down plunge and several nearby prospects
only partially drilled.
Challenger sits within the historic Adelong Goldfield
which was one of the major gold producing areas of New South Wales with
estimates of total historical production between 1857 and 1947 ranging
up to 1.4 million oz. The goldfield is located on the Gilmore Suture, a
major crustal structure associated with a number of important gold and
porphyry style gold-copper deposits such as Cowal, Temora, West Wyalong
and the Cobar field. At Adelong the gold mineralisation is contained
within more than 65 quartz reefs, with some reefs extending for over two
kilometres in length.
Within the Challenger project there remains
significant exploration potential in extensions of the known veins as
well as in other veins that are relatively under-explored.
Mineralisation is mesothermal in nature and there appears to be little
vertical zoning. The gold is generally fine grained and is reported to
be free milling. Recent test work confirms that recoveries of 90% or
more are achievable. A Pre feasibility Study was prepared for GCR’s
wholly owned subsidiary, Challenger Gold Limited in September 2002.
At the Challenger project the JORC compliant resource
is as follows:
| Cut-off |
INDICATED |
INFERRED |
TOTAL RESOURCE |
| Gold (g/t) |
Tonnes (kt) |
Gold (g/t) |
Tonnes (kt) |
Gold (g/t) |
Tonnes (kt) |
Gold (g/t) |
Gold (oz) |
| 0.50 |
1,256 |
2.17 |
637 |
2.35 |
1,873 |
2.22 |
134,000 |
| 1.00 |
871 |
2.76 |
397 |
3.33 |
1,268 |
2.91 |
119,000 |
| 1.50 |
616 |
3.40 |
273 |
4.30 |
8889 |
3.67 |
105,000 |
The Challenger project represents an excellent
“brownfields” exploration project that warrants further exploration
based on a vein by vein review of the mining potential in order to find
extensions and repetitions of the high grade veins mined by the early
miners.
- The potential to augment the known resources of the Challenger ore
bodies is considered to be high. The Challenger ore body remains open
down-plunge to the north with encouraging drill indicated grades such
as 3 metres at 10.87g/t gold.
- Historic mining records also point to possible extensions adjacent
to the southern margin, with a recent drill hole by GCR of 19 metres at
3.66 g/t gold, confirming continuity of mineralisation.
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