www.republicgold.com.au
Republic Gold Limited’s vision is to become a leading gold explorer and producer, focusing on gold deposits in Bolivia's and Australia’s slate belt gold provinces. The Directors of Republic Gold offer what they believe is an attractive portfolio of tenements in southern Bolivia, the Hodgkinson Basin in Far North Queensland and in the Lachlan Fold Belt in Central New South Wales.
Republic Gold to focus on Amayapampa, reviews options for Australian projects
Republic Gold (ASX: RAU) is reviewing its exploration and development portfolio in Australia as part of the company’s increased focus on getting the Amayapampa Gold Project, located in Bolivia, into production.
As part of the review, the Board will consider options to farm-out or divest the company’s Australian properties including the Tregoora/Northcote Gold Project resource areas and Burraga.
This is in line with the Republic Gold's overall objective to focus on Amayapampa and free-up management and resources to ensure the company’s flagship gold project – the 1.3m oz Amayapampa Gold Project (35.5mt @ 1.1 g/t with ~50% of resource at ≥1.9 g/t) - is brought into production.
The company considers Hodgkinson Basin to be prospective for gold and anticipates a high level of interest from within the Australian and Queensland mining sector in this asset, as supported by the results of recent work completed at the project.
This project would account for a significant commitment of the Board and management’s time as well as funding.
John Kelly, managing director, said the review of Australian Projects is likely to free up resources and contribute cash towards the company’s future exploration and development commitments on its more advanced and flagship projects.
At the Tregoora gold project in Far North Queensland the soil geochemistry has indicated the potential for two new high grade hotspots (the East Ridge and West Ridge Prospects) approximately two kilometres to the north of the high grade Terrace Creek Prospect.
Surface rock chip samples of 9.3, 7.9 and 3.7 g/t Au were taken from the new East Ridge Prospect.
Petrological examination of samples from the Terrace Creek Prospect indicate why good metallurgical recoveries are encountered from high grade gold zones in the theoretically “refractory” zone below the base of oxidation.
Recent soil geochemical sampling has indicated two new hotspots at Tregoora by delineating the limits of gold anomalism at Tregoora’s West Ridge and East Ridge prospects.
The West Ridge anomaly extends over 700 metres along the Retina Fault, the major mineralizing structure in the region.
The East Ridge Anomaly extends over 500 metres on an apparent splay shear off the Retina Fault. The anomalies occur within silicified sediments of the Hodgkinson Formation and include many +100 parts per billion gold values.
The central 300 metres of the West Ridge anomaly is up to 180 metres wide, due in part to down-slope dispersion. This new anomaly is supported by an envelope of interest outlined in 2008 over the greater Tregoora area by CSIRO and GSQ in a deformation and fluid-flow modelling project for which the company was a major funder.
Metallurgical testwork of the Terrace Creek Prospect hotspot has shown good conventional gold recoveries extending below the base of oxidation and into the “refractory” zone.
The Board of Directors anticipate reporting back to shareholders shortly on the outcome of its review of Tregoora.
