Golden Cross Resources (ASX:GCR)
has entered into a joint venture over a drill-ready, high grade epithermal Veraguas gold project in central Panama and has also acquired an option over a unique geological, geochemical and geophysical database covering much of Panama.
GCR is confident that the project will deliver encouraging early results from IP and drilling and that the database will prove invaluable in GCR's efforts to apply for additional concessions in Panama. Panama is highly prospective and marks the mid-point in the giant copper-gold porphyry - epithermal belt extending the length of the Americas.
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GCR
purchases King Eagle Resources, a private mineral explorer with
gold, uranium and nickel properties in Queensland and Western
Australia
Golden Cross Resources (ASX:GCR) has
signed an agreement for the purchase of King Eagle Resources Pty
Limited (“KER”) for consideration totalling $3.3 million,
comprising $0.3 million cash and $3 million worth of new GCR shares
at a minimum issue price of 5 cents per share.
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Ross Louthean at Mineweb on Copper Hill
June 2007
~COPPER HILL~
containing, in-ground, 439,000 tonnes of copper and 1.28 million ounces of gold
• Drilling at Copper Hill since September 2006 has confirmed the previous JORC-compliant resource estimate and has resulted in a small increase in the tonnage, but at reduced copper and gold grades. Economic modelling and financial studies are in progress.
• Copper Hill conceptual pit optimisations yield positive operating NPVs, which exclude capital costs, using metal prices below current spot but higher than historical long-term average prices.
• At Copper Hill, an Induced Polarisation (“IP”) survey, designed to generate targets along strike from the main deposit, defined several anomalous zones of coincident chargeability, resistivity and magnetics, one of which, known as the Power Anomaly, has been core drilled to a depth of over 400m.
GCR continues to evaluate its 100%-owned Copper Hill, a low grade porphyry-related copper-gold project containing over 439,000 tonnes of copper and 1.28 million ounces of gold (JORC-compliant total Ind [58%] + Inf [42%] Resource of 137Mt at 0.32% copper & 0.29g/t gold using a 0.2% copper cut-off).
GCR is working towards building a low-cost mining operation that will extract about 8 million tonnes of ore per annum, producing, over a ten to twelve year mine life, over 340,000 tonnes of copper and over 600,000 ounces of gold.
This scenario may be viable, at reasonable copper and gold prices, because of Copper Hill's very low strip ratio (waste:ore = 0.6:1) and excellent infrastructure - the town of Molong is 5 km south, the Mitchell Highway runs through the project area,a rail line in reasonable condition terminates at Copper Hill and a 132Kv power substation is only 4.5km away. Water may be sourced from Lake Burrendong with water entitlements to be applied for and a 40km pipeline required for an 8 million tonnes per annum operation. Recent indications that the drought may be breaking are encouraging.
Cullen Mining Services and AMDAD are working together on the next round of pit optimization studies now extending through May. These companies are experienced mine design and development specialists and their involvement will assist in determining the next phase of work at Copper Hill.
40 Copper Hill Cross Sections (.pdf's) with all assays
Following completion of the new geological model at the end of May, a new Resource Estimate will be made in early June, new
optimised pits designed and financial models run. Drilling has been halted while all anomalous areas - defined by the high resolution airborne survey, the recent IP survey and geochemical compilation - are assessed and prioritised
The drill rig is heading for GCR's Kempfield Silver-Barite and Sunny Corner Lead-Zinc-Copper-Gold projects to complete an eight hole RC program.
Other News
• Cybele Resources, a 96.3% owned subsidiary of TSX-listed explorer TLC Ventures, has farmed into the nearby Cargo Project and has completed the first round of drilling. Cargo contains porphyry-style copper gold mineralisation and is "on-trend", to the northwest, from Newcrest's Cadia-Ridgeway deposit cluster.
• An agreement has been signed to sell Adelong Gold Project for $3 million worth of cash and shares, to be paid by instalments, plus a 1% production royalty worth $2 million at present gold prices.
• A joint venture with Zinifex was entered into over GCR's Wagga Tank property, prospective for basemetals, gold and silver.
• A joint venture over GCR's Cullerin (Breadalbane) property, prospective for base metals, gold and silver, was agreed with Tri Origin Minerals.
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GCR has expanded its exploration efforts with new tenements applied for in the Molong Volcanic Belt and within the Cobar Basin near Wagga Tank and CBH's (ex-Triako's) Hera polymetallic deposit.
• A new application has been lodged over Ni-PGM-prospective ground at Katalpa in the Thomson Orogen
in northwestern NSW
BoardRoom Radio carries the October 10 EM&E
Conference Presentation here and
the accompanying visuals (.ppt as a .pdf) are available here.
Please open the .pdf first.
A 2006 ResourceStocks' article can be read here.
The
most recent presentation can now be downloaded from the Presentations page.
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