Drilling at Kaiser Reef's Nuggety Reef mine has struck gold. Pic: via Getty Images
Yes, there’s still gold at Kaiser’s Nuggety Reef mine
Mining
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Initial drill results reveal there’s still a bunch of gold to be found at Kaiser’s Nuggety Reef mine in Victoria, once one of Australia’s highest-grade gold producers.
The small-scale diamond drill program that was intended to improve the company’s understanding of mineralisation controls in both the eastern and western reefs within the main north-south Nuggetty shear zone, returned a top hit of 2.2m grading 10.3 grams per tonne (g/t) gold including 0.4m at 52.8g/t gold.
This had followed up on historical holes that returned results such as 0.4m at 205g/t gold and 1.4m at 9.78g/t gold.
Kaiser Reef’s (ASX:KAU) modelling of bismuth trends – subsidiary to the main Nuggety gold mine trend – has identified a very exciting untested target with significant up and down plunge extents, additional to deeper down plunge trends.
It has also identified several geophysical exploration targets at the Maldon project, which also hosts Nuggety Reef.
Although overprinted by granitic fluids, these type of reef mineralisation are similar to other Central Victoria fields such as Fosterville and Bendigo
With previous drilling at the Eaglehawk Reef returning results such as 0.3m at 54.5g/t gold and 1.5m at 6.5g/t gold, Maldon is considered to be an underexplored yet potentially very prolific high-grade gold field.
Future work
Drilling is already underway at the Eaglehawk Reef targeting prospective potential ore shoot extensions along the reef.
This has been carried out from underground locations using a full-scale underground rig that was last used at the company’s A1 Mine.
Future drilling at the Nuggety Mine will test down dip positions near the granite contact and following the down plunge positions of the Nuggety Mine.
Drilling will also be designed to delineate the bismuth mineralisation trend and coincident for a high-grade shoot within that.
This article was developed in collaboration with Kaiser Reef, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
