Ausgold Limited Releases update on Current projects and Joint Ventures

AUC

Ausgold Limited (ASX: AUC) is an ASX listed mineral exploration and development company. It is based in Perth, Australia and has a portfolio of highly prospective projects across Australia. The current priority of the company is the Katanning Gold project in south-west Western Australia.

On 2nd April 2019, the company released a presentation for the investors regarding its current working and operational updates on its various projects. The major highlight of the presentation was its current priority and having 100% interest, Katanning Gold Project.

The Katanning Gold Project is situated two hundred- and seventy-five-kilometres south-east of Perth. The tenements in the area have covered around 4031km2 of the Katanning Greenstone Belt which the company has held since 2009. There was a change in the management in early 2017, which led a thorough re-interpretation of the Katanning Gold Project geological model after accounting for all the drilling that has been conducted from late 2015 until that point.

From the Katanning Gold Project, the measured resource stood at 2.07Mt with 2.15g/t of gold which accounted for 143,000 ounces of gold while the indicated resource stood at 8.29Mt with 1.28g/t of gold which accounted for 340,000 ounces of gold. Inferred resource stood at 14.7Mt with 1.17 g/t of gold totalling to 556,000 ounces of gold. In total 25.1Mt. All the estimations were done independently by Independent estimation by SRK Consulting.

Some of the highlights of the Katanning Gold Project are:

  • Pit optimisations and metallurgical studies are being carried on to convert resource ounces to mineable ounces
  • 47% of gold in Measured and Indicated categories
  • Shallow – Resource-constrained to 170 metres vertical and open at depth

Katanning Gold Resource – Extensions:

  • Jinkas South high-grade mineralisation has been identified along a strike length of 350m
  • Jinkas South is a newly identified high-grade zone discovered in recent drilling, including 26m @6.6 g/t, 16 m @ 6.21 g/t and 15m @ 3.66 g/t Au
  • 850-metre gap which is priority one for infill RC and diamond drilling underway has been identified in drilling along strike, north from high-grade Jinkas lode with a coincident geochemical and geophysical anomaly which is a prime target to add ounces

Red HillVanadium Project

  • It is a valuable acquisition for the company and is secured via ground acquisition
  • Preliminary metallurgical test work on the site, including DavisTube and Static Roast and leach tests, has produced highly encouraging results
  • The project is Just 20kms north of Katanning town with all infrastructure in place, including freight rail line.

Two Joint ventures namely Yamarna Joint Venture which is located in a highly prospective Yamarna Greenstone Belt 125 kilometres north-east of Laverton in central Western Australia and Doolgunna Joint Venture, located in WA’s Bryah Basin (150km north?east of Meekatharra) were also discussed briefly in the presentation.

On 13th March 2019, the company announced the joint venture with Great Boulder Resources related to Yamara project.

On the technical front, the stock traded flat at A$0.020 on ASX as of 2nd April 2019 (AEST: 3:11 PM). In the last six months, the share declined by 23%, and the YTD return stands at negative 13%.


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