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Castlemaine Goldfields infill drilling hits 11.5m at 44.5 g/t gold at Ballarat Mine


Castlemaine Goldfields (ASX: CGT) has intersected further high grade gold assays from infill drill-holes into the recently estimated Mako JORC Inferred Mineral Resource at the Ballarat mine.

Highlights include: 11.5 metres at 44.5 grams per tonne (g/t) gold from 96.1 metres, 7.1 metres at 7.3 g/t gold from 75.8 metres, and 11.2 metres at 6.4 g/t gold from 70.0 metres.

The company's initial Mako Resource estimate is proving robust with all infill holes drilled since October supporting the geological model on which it is based.

The Mako Lode has a JORC Inferred Resource estimation in the Llanberris compartment of 100,000 tonnes at 10.5 g/t gold for 33,100 ounces of gold.

Castlemaine remains on track with the underground development at the project with the current schedule indicating the first access into this high grade gold lode in March 2012. Successful mining of this gold lode will demonstrate that economic gold production is possible at Ballarat.

This mining will also underpin the company's belief in the potential of the Ballarat goldfield, and its exploration target of between 400,000 to 750,000 tonnes at a grade range of between 4 g/t and 8 g/t, for between 70,000 and 165,000 ounces of gold within the Llanberris and Britannia compartments.

On September 26 Castlemaine forecast that the company will produce 50,000 gold ounces next year, after pouring the first gold during recommissioning at the Ballarat Gold Project.


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