 |
|
|
| 50 Million ounce (1,600 tonne) Gold Potential. |
|
 Exploration to date has yielded the current 10 million ounce gold mineral resource. Growing the gold resources and reserves is a core business for Citigold.
Citigold's exploration and studies to date have led to the conclusion that the overall Charters Towers goldfield, currently held by Citigold, has the exploration potential to contain up to 50 million ounces of gold. This conclusion is well founded and based on the following facts -
| 1. | The goldfield has already yielded 6.6 million ounces of gold; |
| 2. | Citigold has already defined an additional 10 million ounces of mineral resources from part of the goldfield down to a depth of 1200 metres; |
| 3. | The structures containing the gold mineralisation are considered to extend to at least 3,000 metres in depth. Significant mining to date has generally remained above 700 metres depth. This makes the area a 16 million ounce field down to 1200m depth. |
| 4. | At least four additional major parallel structures remain unexplored. The structures have been mapped, are gold mineralised and have previously been partly mined. These parallel structures could contain four times the known mineralisation. |
Citigold's exploration strategy is focused around and adjacent to its mining operations at Charters Towers. This is referred to as "brownfields" exploration, exploring in and around known mineralised areas, rather than exploring "greenfields" or unknown areas. The Company holds over 300 square kilometres of exploration tenements covering approximately 80 prospects that have potential for economic mineralisation.
(Updated January 2010)
|
|
|
|