Citigold Corporation Limited (ASX:CTO) is an Australian, listed gold explorer engaged in the exploration and development of the flagship Charters Towers Gold Project in Queensland, Australia. Charter Towers Project is situated in one of Australia’s highest-grade major goldfields with an JORC-Compliant inferred resource of 14 million ounces and an average gold grade of 14g/t.
Citigold is embarked on the path of unlocking the value of the gold assets at Charters Towers to add more value to the shareholders’ investment. The Company is charting a high-growth path under the leadership of Mr Mark J Lynch as the Executive Chairman. Mr Lynch holds vast experience in all stages of mining operations, right from exploration to plant design to pouring of gold bars.
The Company has set a target to take the production level to 300,000 ounces of gold annually, maintaining the operations at ultra-low cost. To keep the mining and extraction cost lower, CTO is planning on putting up a processing unit in close vicinity of its Central mine area. Design and engineering works are at full throttle to help commence the production. The Company has already produced 100,000 ounces of gold during the trial mining operations, which demonstrated the potential of the project.
Citigold will undertake underground mining operation at its Central Mine site, for which all required infrastructure is in place. The Company is bringing in the latest technology available for gold mining, keeping the objective of ultra-low-cost mining intact.