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Summary
- Initial Drilling campaign commences at Stuart Town, plans to target historic mining centres.
- Historical mining centres within Stuart Town commenced during 1850s with over 170koz of recorded gold production – record were kept only after the peak of the gold field. The project is considered highly prospective for bulk gold mineralisation.
- Drilling program will initially commence with Reverse Circulation (RC) drilling followed by Diamond drilling.
Kaiser Reef Limited (ASX: KAU), a Lachlan Fold Belt based gold hunter, announced the commencement of the inaugural drilling programme at the flagship Stuart Town gold project.
Initial Drilling Campaign at the flagship Stuart Town gold project
The inaugural drilling program plans to test priority targets including Rockdale and Specimen Hill mining mines with Reverse Circulation (RC) drilling initially and diamond drilling during the program. The program targets the assistance of a geophysical investigation as well as investigate several prospects within the fecund historic gold workings in the region.
Location of Specimen Hill and Rockdale Mines at the Stuart Town Gold Project Source: Kaiser Reef ASX 3 September 2020
The Stuart Town project in the past has been subjected to minimal modern investigation since the historical gold mining commenced during mid 1850’s with the geological model and source of gold not extensively studied or updated even to date.
Read Here: Kaiser Reef prepares for maiden drilling, Matches Gold Price Rally
A Premium Gold Project in the World-Class Lachlan Fold Belt
The wholly owned Stuart Town gold project is located in the highly prospective Lachlan Fold Belt between the Alkane Resources Ltd (ASX:ALK) Boda discovery and Newcrest Mining Limited (ASX:NCM) Cadia Ridgeway operations in New South Wales. The Lachlan Fold Belt has been the talk of the town and features easily amongst the hottest gold exploratory grounds across Australia.
Gold Projects and operations in the neighbourhood of Stuart Town Gold Project Source: Kaiser Reef investor presentation 17 July 2020
Kaiser’s Stuart Town gold project hosts one of the densest concentrations of historical mines with over 80+ such operations recording +170,000 ounces of gold. The historical mining centres with depths up to 228 metres operated along a strike length greater than 250 metres and is interpreted to be highly prospective for gold mineralisation.
Must Read: Kaiser’s Stuart Town near Drilling Program, all necessary permits and landowner agreements received
Drilling Rig and support truck at the backfilled historic Rockdale shafts Source: Kaiser Reef ASX Update 3 September 2020
Drilling Permits Granted - Kaiser Reef in early August had announced receiving drilling permits and landowner access agreements required for the start of the initial drilling programme at the Stuart Town Project. Kaiser had already secured services of Australian Mineral & Waterwell Drilling (AMWD) for a drilling rig to conduct Reverse Circulation (RC) and diamond drilling.
Kaiser is committed to explore and develop its Stuart town and newly acquired Macquarie North projects in the Lachlan Fold Belt, creating value for its shareholders even during the dismal times of a pandemic.
Must Read: Kaiser Reef’s strong portfolio in LFB, Stocks up 80% since IPO
Kaiser Reef ended 3 September 2020 at $0.380 price a share, up by 4.11%. KAU is offering excellent returns of over 85% against the issue price in only ~6 months of its listing on ASX, having a market capitalisation of $12.21 million.
All financial information pertains to Australian currency unless stated otherwise.
