AuStar Gold Reports Consistent Drilling Results at the Rose of Denmark Mine

  • May 28, 2019 AEST
  • Team Kalkine
AuStar Gold Reports Consistent Drilling Results at the Rose of Denmark Mine

AuStar Gold Limited (ASX: AUL), formerly known as Mantle Mining Corporation Limited and based in Spring Hill, Australia, is engaged in the exploration of gold deposits. Its flagship asset is the Morning Star Gold project located in Melbourne, Victoria.

Today, on 28 May 2019, AuStar Gold announced that the first phase of the resource definition drilling had been concluded for discerning the controlling dyke’s geometry as well as identify mineralisation zones present at the Rose of Denmark mine. The Rose of Denmark mine is a highly prospective mine which can be accessed in the near future.

The initial drilling was carried out to s restricted nominal depth of 30 m below the main adit, sufficient to develop around two high sub-levels of 15 m each.

New Drilling Results include:

In the latest resource drilling, about thirteen (13) new diamond drillholes were completed for the total length of 468 metres along the main adit of Rose of Denmark mine. The drilling started from the dyke bulge area and then went on south towards the portal. The drilling of holes was targeted until the total length of the dyke sheet to evaluate the spots hosting multiple quartz veining, that primarily constitute the mineralised packages within the dyke.

Source: Company announcement dated 28 May 2019

Of late, Geological modeling and analysis would commence on all the concluded drilling work and a maiden JORC compliant Mineral Resource is anticipated to be concluded by the end of the May 2019.

Recently on 17 May 2019, AuStar Gold informed the stakeholders that after conducting due diligence enquiry, the Board had decided to not submit a Deed of Company Arrangement (DOCA) to Centennial Mining Limited creditors before the CTL creditors’ meeting that was to be held on the same day. AuStar had commenced discussions on the above-mentioned subject with the Administrators, Korda Mentha, and other parties in early May (around 3 May 2019) to assess the potential of proposing a DOCA to CTL. Meanwhile, AUL continued to track Centennial’s progress. More on this can be read here.

In its March 2019 Quarterly Report, AuStar posted that it has re-started the mining at its Morning Star Gold Mine during January-end, with rail development to be undertaken towards the interpreted eastern boundary of McNally’s reef. Besides, a high-speed centrifugal concentrator was also installed at the site in March 2019 to improve gold recovery.

Of the total gold production of 121.11 ounces from Dore, ~ 31.02 ounces were sold during the quarter. An agreement was also finalised with Gekko Systems, a global leader in mineral processing solutions, for offsite processing of residual concentrate to recover additional gold. The cash in hand as on 31 March 2019 was ~ $ 973,000.

With a market capitalisation of $ 10.17 million and ~ 3.39 billion outstanding shares, the AUL stock price settled the day’s trading at $ 0.004, zooming up by 33.33% by $ 0.001, with ~ 19.02 million shares traded.


This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. Kalkine Media does not in any way endorse or recommend individuals, products or services that may be discussed on this site. Our publications are NOT a solicitation or recommendation to buy, sell or hold. We are neither licensed nor qualified to provide investment advice.


All pictures are copyright to their respective owner(s) does not claim ownership of any of the pictures displayed on this website unless stated otherwise. Some of the images used on this website are taken from the web and are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it below the image.


There is no investor left unperturbed with the ongoing trade conflicts between US-China and the devastating bushfire in Australia.

Are you wondering if the year 2020 might not have taken the right start? Dividend stocks could be the answer to that question.

As interest rates in Australia are already at record low levels, find out which dividend stocks are viewed as the most attractive investment opportunity in the current scenario in our report.

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK