Monday, 23 February 2015
METALIKO Resources has announced a maiden resource for the Corboys deposit, one of the undeveloped deposits that could be processed through its Bronzewing plant.
Corboys has an indicated resource of 700,000 tonnes at 2.17 grams per tonne gold for 48,800 ounces of gold, at a 1.5gpt lower cut-off.
The resource sits from surface to around 50-70m depth and is open in most directions.
Intercepts not included in the maiden resource include 3m at 30.7gpt gold from 25m; 3m at 9.7gpt gold from 56m; and 17m at 3.36gpt gold from 61m.
Corboys sits around 40km north of the Bronzewing mill, acquired last year from the administrators of Navigator Resources.
Metaliko has renamed the project Yandal and its strategy is to increase the resources via the testing of brownfields targets which can be processed through the mill.
The Dragon-Venus mine target, around 30km south of Bronzewing, is a focus right now, with a JORC resource estimation underway.
“Accessing third party gold deposits within economic haulage distance could provide sufficient ore for an economic case to restart the Bronzewing mill,” Metaliko said.
Metaliko executive director Dr Michael Ruane acquired a major stake in nearby gold explorer Echo Resources late last year and unsuccessfully attempted to gain board control last week at a general meeting.
Echo’s Julius gold discovery in Western Australia’s Yandal gold belt is only 70km from Bronzewing.
Echo confirmed that Ruane had previously contacted the company with a written proposal for a joint venture at Bronzewing, which was rejected.
Shares in Metaliko fell 3.4% to A2.8c.