Nullagine Gold Project
During July the Board announced that the development of the Nullagine Gold Project would be placed on hold. The main reason for this decision was the substantial fall in the Australian dollar price of gold due mainly to the significant appreciation in the Australian/US dollar exchange rate. This had adversely impacted the proposed project development returns and the Board reassessed the development option, along with other factors, for the project and decided to defer the development of the project until such time as the project economics have improved.
Figure 1 : Outline of the Nullagine Project area showing the location of the main resources
Table 2 : Mineral Resource Inventory for the Nullagine Project
|
Measured |
Indicated |
Inferred |
Total |
||||||||
Deposit |
Millions Tonnes |
Au (g/t) |
koz |
Millions Tonnes |
Au (g/t) |
koz |
Millions Tonnes |
Au (g/t) |
koz |
Millions Tonnes |
Au (g/t) |
koz |
Golden Eagle |
4.74 |
2.04 |
311 |
1.44 |
1.75 |
80.8 |
1.34 |
1.72 |
74.2 |
7.52 |
1.93 |
466 |
Barton |
0.71 |
2.11 |
48.1 |
0.46 |
2.13 |
31.1 |
0.20 |
2.70 |
17 |
1.36 |
2.20 |
96.2 |
Beatons Creek * |
- |
- |
- |
- |
- |
- |
1.60 |
2.15 |
110.6 |
1.60 |
2.15 |
110.6 |
Golden Gate |
0.37 |
3.76 |
45.1 |
0.11 |
3.59 |
13.1 |
0.08 |
3.17 |
7.8 |
0.56 |
3.64 |
66 |
Harrier |
0.11 |
2.19 |
7.5 |
0.27 |
2.66 |
2.3 |
0.02 |
2.24 |
1 |
0.15 |
2.28 |
10.8 |
Condor |
0.10 |
2.38 |
7.6 |
0.03 |
2.44 |
2.6 |
0.03 |
2.75 |
2.3 |
0.16 |
2.46 |
12.5 |
Falcon |
0.10 |
2.58 |
8.2 |
0.03 |
2.33 |
2.3 |
0.03 |
2.40 |
2.1 |
0.16 |
2.50 |
12.6 |
Crow |
0.02 |
2.77 |
2.3 |
0.01 |
2.72 |
0.2 |
- |
- |
- |
0.03 |
2.76 |
2.6 |
All Nations |
0.50 |
2.04 |
32.6 |
0.06 |
1.75 |
3.5 |
0.04 |
2.23 |
2.6 |
0.60 |
2.02 |
38.7 |
Shearers |
0.21 |
1.81 |
11.9 |
0.22 |
1.51 |
10.9 |
0.09 |
1.50 |
4.2 |
0.52 |
1.60 |
27.1 |
Little Wonder |
- |
- |
- |
0.19 |
1.70 |
10.2 |
0.21 |
1.70 |
11.2 |
0.39 |
1.70 |
21.4 |
Otways |
- |
- |
- |
- |
- |
- |
0.49 |
1.40 |
22.1 |
0.49 |
1.40 |
22.1 |
Gambols |
- |
- |
- |
- |
- |
- |
0.20 |
1.50 |
9.6 |
0.20 |
1.50 |
9.6 |
Total |
6.85 |
2.15 |
474.2 |
2.57 |
1.90 |
157.1 |
4.31 |
1.91 |
265 |
13.73 |
2.03 |
896.3 |
* Note: Resource estimates prepared by Hellman & Schofield Pty Ltd using a multiple indicator kriging technique, apart from the Beatons Creek resource which is based on an estimation by the previous owner.
Resource definition drilling in 2007 will continue to focus on new prospects generated by recent and ongoing reconnaissance exploration along the Golden Gate trend and further east in the Eastern Creek area.