Positive results bring new opportunities for gold explorer

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 27 Mar 2013   Posted by admin


GOLD-focussed explorer Ramelius Resources has announced completion of a mineral resource estimate for its Water Tank Hill deposit in WA’s Mount Magnet, with plans to start the mining operation process.
The Water Tank Hill satellite deposit, opposite the company’s gold mine, is estimated to contain 63,000 ounces of gold.
Together with the St George resource, Ramelius has a total resource of 125,000oz at a grade of 5.2 grams per tonne of gold which can be accessed by the St George decline.
“Ramelius believes that there are now sufficient resources within close proximity of the St George decline to justify commencing a mining study to demonstrate the economic viability of a mining operation,” a company statement said.
The study for Water Tank Hill and St George is expected to be completed in the June quarter.
“The mineralisation at Water Tank Hill and St George also appears to be open down plunge and potential exists to increase resources from future underground drilling,” Ramelius reported.
The Water Tank Hill resource was first mined by WMC in the 1980s, producing 45,356oz of gold; and by Harmony in the 2000s producing 25,187oz of gold.
St George was mined between 2005 and 2007 and produced 100,590oz of gold. According to Ramelius, it is estimated to contain 62,000oz of gold. Ramelius has projects in WA, Queensland and Nevada in the US.


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