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Thursday, December 7, 2023

Early Success – Maldon Goldfield

Kaiser Reef Limited (ASX:KAU) (“Kaiser”, or the “Company”)the “Company”) is extremely pleased to announce the first exploration results for the high-grade Maldon historic gold mine located between Bendigo and Ballarat. The Maldon Goldfield is 100% owned by Kaiser and is comprised of several historic underground mines. After some minor refurbishment work a modern established decline under the goldfield is being used by Kaiser to support this drilling activity.

  • High Grade First Exploration Results from the 100% owned Maldon Goldfield (past production exceeding 1.74M Oz @ 28 g/t gold)
  • Second Diamond Drill Rig booked to target the Nuggetty Reef Historic Gold Mine within Maldon (past production of 301,000 Oz @ 187 g/t)
  • Significant Preliminary results include:
    • UH-UDH-001: 0.3m at 54.5 g/t gold within 1.2m @ 14.1 g/t gold
    • UH-UDH-005: 0.65m @ 33.4 g/t gold
    • UH-UDH-006: 0.8m @ 63.6 g/t gold within 1.8m @ 29.6 g/t gold
    • UH-UDH-018: 0.8m @ 12.1 g/t gold and 0.3m @ 11.7 g/t gold
    • UH-UDH-021: 1.5m @ 6.5 g/t gold
  • Exploration initially targeting the Eaglehawk Reef within Maldon at depth (past production from the Eaglehawk Reef is 491,400 Oz gold)
  • Decline power and ventilation – the decline was subject to minor upgrades such as the electrical distribution to support the underground activities
  • Drilling ongoing
The results were returned from underground diamond drilling at the high-grade Maldon gold mine with a powerful LM90 Boart Longyear diamond drilling rig (Figure 1). The drilling rig is operating well from underground at the Union Hill decline. The results returned some excellent high-grade intervals (Figure 2) which are characteristic of previously mined areas at Maldon. In the context of the “contained metal” we are pleased to report that 5 of the 11 drillholes returned an exceptionally high average “gram x metre” interval of 20.5 g/t gold.
Read the full ASX release here.
“This article includes content from Kaiser Reef, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.”

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