New Ballarat Gold Corporation plc (NBGC) reported “considerable potential” for its joint venture (JV) Ajax mine in Australia.
AJAX LINE
The JV is a subsidiary between Red Rock Resources plc (50.1%) and Power Metal Resources plc (49.9%).
NBGC has a 100% interest in operator Red Rock Australasia Pty Ltd (RRAL), focusing on the Victoria gold fields.
Licence EL007330 is an advanced exploration prospect of the Ajax Line of prospects near Daylesford.
Initial near-term exploration targets for historical Ajax mines range from conceptual 254,318 to 1,422,443 tonnes, at a conceptual grade range of 6.4 g/t to 18.7 g/t gold.
REPORT
Power Metal chief executive Paul Johnson said that the JV created upper and lower tonnage and grade estimates from average mineralised lode thicknesses combined with production and exploration information.
The estimates for the exploration target Ajax Line EL007330 require drilling to substantiate accuracy of the targets.
NBGC anticipates the first phase of diamond drilling at Ajax before end of 2022 followed by further infill drilling allowing to establish an inferred mineral resource.
TOP TIER
Mr Johnson added that Ajax was “clearly a significant part of the strategic direction for the NBGC business.
“[Ajax] sits strikingly well with the recently acquired EL005535, which covers the former producing Berringa mine.
“In a world where many of our exploration peers are seeking gold discoveries we are privileged to have within our footprint two high-grade former producing gold mines that the RRAL team consider to have been in the top tier of producing mines in Victoria.
“As such, combined with RRAL’s significant exploration footprint of over 1,841km2, it also is project developer, with now two advanced opportunities within the portfolio.”
MT BUTE & O’LOUGHLINS
RRAL is evaluating and analysing final results from the drilling programme covering the Mt. Bute and O’Loughlins prospects.
The JV will integrate findings with the lithological and structural data collected by field geologists.
Mr Johnson said that recently received Mt Bute drilling results confirmed a “coherent mineralised structure”.
Technical assessment in preparation for second phase of exploration drilling will target an intrusive related gold (IRG) prospect.