Citigold's Charters Towers goldfield is located surrounding the town of Charters Towers (8,500 population) in north eastern Queensland, Australia. The Charters Towers gold mines are situated 128 kilometres southwest of the major coastal City of Townsville (about 190,000 population) and are on the main Flinders Highway leading west from Townsville to the inland mining city of Mt. Isa. Townsville is a major road, rail, sea and air transport terminus and is located approximately 1,100 kilometres north of Brisbane and 2,000 kilometres north of Sydney.
Citigold's Charters Towers gold deposit is Australia's largest high grade major gold deposit with Mineral Resources of 14 million ounces of gold. (32 million tonnes @ 14g/t)
Our Charters Towers goldfield is the home of Australia’s richest goldfield having produced 6,600,000 ounces (205 tonnes) of gold over a 45 year period with an incredible average ore grade of 38 grams (1.25 ounces) per tonne. Gold production averaging 145,000 ounces a year for the 45 years. The peak gold year was 1898 at 320,000 ounces. This gold was mainly produced from one of the five major goldfield structures – the other four are relatively unexplored. Citigold's Charters Towers gold deposit is Australia’s largest bonanza grade gold deposit with current mineral resources of 14 million ounces of gold. Since 2004 for the first time in history one company, Citigold Corporation, controls the heart of this distinguished deep sourced goldfield. Only a small part of the gold deposit has been worked leaving the rest for Citigold. The historical mines were very profitable paying an estimated $1,000 million (one $billion) in dividends to their shareholders, in today’s dollars. Our current gold mine operations proves there are many rich reefs waiting to be mined.
Mining operations at Charters Towers are by underground mining methods. The gold deposits are hosted in very strong granodiorite rock that has a compressive strength of several times stronger than commercial grade concrete. This makes for good mechanised mining conditions.
The gold deposits today are accessed by two Declines (downward sloping tunnels). Mining method is modern drill and blast technique. The underground tunnel system is complex and requires careful design and engineering based on the geological mine design setting out where the valuable ore is located.
The technical mining method is mechanised (long-hole open stoping on 15 metre sub-levels) which allows for low-cost operations.
Gold bearing ore will be then hauled from the surface on the approved public heavy haulage road route for 8 kilometres to the gold extraction plant.
The gold extraction plant will be located away from the populated areas of the town about 10 kilometres south west of the town centre along the Flinders Highway.
The plant outputs gold 'dore' bars from Citigolds ore (containing about 60% gold and 30% silver) which are then shipped by secure transport to a gold bullion refiner where the gold and silver are refined and the mine is paid for these valuable metals.
Citigold's management focus is to increase shareholder value by strategically developing highly profitable and sustainable gold production from the rich mining lands of Charters Towers.
We will be restarting a world class mine.
Citigold's mineral tenure cover an extensive area of over 175 square kilometers (17,500 hectares) centred around the heart of the rich Charters Towers goldfield.
These tenements comprise (a) Mining Leases where we will be operating and expanding the gold mines, including the Central and Imperial area; (b) Mineral Development Licenses that cover the direct extensions to the mining areas in readiness for future conversion into Mining Leases prior to gold production, and (c) Exploration Permits Minerals that we are exploring to expand the gold deposits.
The Mining Leases grant to Citigold exclusive mining rights to the valuable metals. Gold and silver are the principal valuable metals mined by Citigold and we pay a royalty to the Queensland State Government of 5% of the sale price of gold and silver extracted.
Safety, Health, Environment and Community
Citigold is committed to continue its proven practice of operating in harmony with the local community by the practise of and adherence to high standards of occupational health, safety and environment (OHS&E). To explore for and produce gold profitably and sustainable without harming our employees, the community or the environment".
Citigold has successfully sustained high standards through its involvement with personnel at all levels and strongly encourages personnel as well as management to contribute directly to risk management decisions.
Environmental permits and government approved environmental management systems have been granted and are in place. The gold project operates in harmony with the local community of Charters Towers and its surrounding environment. Citigold ensures its various mine site activities adhere to and reflect quality standards as mandated by environmental legislation, industry practice and procedure.