Historical mining district in highly prospective Central Victoria Goldfields
The Malmsbury Project is located in the same region as the large, high grade Fosterville Gold Mine. Cumulative historic production in the area exceeds 61 Moz gold and it has become an epicentre of a modern gold rush with noteworthy discoveries including:
- Kirkland Lake Fosterville mine: 6.8 Moz gold at 7.4 g/t Au
- Catalyst Metals (ASX:CYL) exploring overed extensions of Bendigo trend (22 Moz historic production)
- Kalamazoo Resources (ASX:KZR) exploring adjoining Castlemaine field (6.1 Moz historic production)
The Malmsbury Project has a known gold resource containing 104,000 ounces of gold at an average grade of 4 g/t Au. The project has high order exploration targets with previous mining to shallow depths that remain to be tested with modern exploration.
Drilling by GBM has demonstrated that the characteristics of an intrusion-related gold systems (IRGS) persist to at least 1km depth in the project area. Reviews of structural and mineralogical characteristics of the mineralisation have confirmed a number of key similarities with the large, high grade Fosterville Gold Mine, including:
- Mapped distribution / scale of the historic workings
- Age of mineralization (373Ma) similar as Fosterville
- Gold-Antimony (Bi Te Mo As) association of mineralisation
- Inferred link to deep intrusive suggesting IRGS deposit class
The Malmsbury licence covers over 4 km of strike length of historic workings. High-grade small-scale historic UG production for the Drummond North section of the field is estimated to have been 100kt grading 29 g/t Au to a depth of approximately 200 m below the surface. GBM’s drill data shows that a 5 km long field is significantly underexplored in the context of the Fosterville Model, Catalyst and Kalamazoo exploration success in the region.
Malmsbury – Intrusion Related Gold System
Intermittent exploration of the Belltopper - Drummond North field was recorded from 1964 to 2007 when GBM gained control of the goldfield. GBM and previous company drilled 49 holes which has been used to define an initial resource for one structure, Leven Star Reef: 820 kt at 3.95 g/t (2.5 g/t cut off) for a total of 104 koz gold to 150 m below surface.
Best intersections from GBM and historic drilling at Leven Star include:
A GBM drill hole intersected gold mineralisation approximately 300 m below surface, confirming mineralisation extends well below the known resources at Leven Star and other historic workings along the > 4 km mineralised trend.
Malmsbury Gold Project Resources
The Malmsbury Gold Project is located within the Bendigo structural zone of Victoria. During the year the resource was review and upgraded to comply with the requirements of JORC 2012. This has not resulted in any change to the reported resource. For details please refer to the ASX release dated 4 July 2019 (CP K Allwood). For the original release refer to the ASX announcement dated 19 January 2009.
There has been no change in the resource for the Malmsbury Project from the previous year other than the reclassification to be reported under JORC 2012.