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:
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- 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.
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