Citigold’s gold deposit is currently the largest and highest grade in Australia.
11 million ounces of gold (342 tonnes) Inferred Mineral Resource* – JORC compliant.Mineralisation is 25 million tonnes at 14 grams of gold per tonne.
Drilling samples at the time, only go to a depth of 1,200 metres, so the entire 11 million ounce resource is above that, with the deposit open below that depth.Independent research indicates that the gold under Charters Towers may continue down to 3,000 metres deep. So the huge area below the drill holes has great potential.In 2008 Citigold, with the financial support of the Queensland Governments Department of Mines and Energy, drilled a very deep 2,000 meter diamond core hole and successfully intersected several reef structures. The deepest intersection was close to 2,000 metres; therefore proving the structures containing the gold mineralisation extend to that depth.
Charters Towers gold is hosted in structures with good vertical continuity down to 1,300 metres based on deep drilling and detailed historical mining records.
There is good geological continuity of the fractures containing the gold and the economics of mining at Charters Towers reef is well known from the past and current mining.
Based on extensive past mining over a large area it is known that the ‘pay-ability’ of the structures averages 30% and therefore in calculating the ‘pay-ability’ or high grade part of the mineralised bodies.