- Great Northern Minerals (GNM) releases an initial mineral resource estimate (MRE) for its Camel Creek gold deposit in northern Queensland
- The initial MRE comes in at 2.4 million tonnes grading 2.6 g/t gold and 0.4 per cent antimony for 202,000 ounces of contained gold and 9,000 tonnes of antimony
- About 65 per cent of the MRE is located in the Hinge Zone, which remains open at depth and along strike
- Great Northern says it intends undertaking a systematic drilling program to test for possible extensions and support the potential for an underground mining operation
- Shares in Great Northern are steady on the market and are trading at 0.6 cents
Great Northern Minerals (GNM) has released an initial mineral resource estimate (MRE) for the Camel Creek gold deposit in northern Queensland.
Camel Creek forms part of the company’s Golden Ant project, which lies about 200 kilometres north-west of Townsville.
The indicated and inferred MRE stands at 2.4 million tonnes grading 2.6 grams per tonne gold and 0.4 per cent antimony for 202,000 ounces of contained gold and 9,000 tonnes of antimony.
About 65 per cent of the MRE is located in the Hinge Zone, which remains open at depth and along strike.
The company said further drilling has the potential to “significantly increase” the Camel Creek resource.
Great Northern intends undertaking a systematic drilling program this year to test for extensions in the hope of results supporting a possible underground mining operation.
The Camel Creek MRE lifts the overall Golden Ant MRE in contained gold terms by 111 per cent from 183,000 ounces to 386,000 ounces and resource tonnes terms by 65 per cent from 3.7 million tonnes to 6.1 million tonnes.
“Camel Creek also contains significant antimony, raising the potential to produce an antimony concentrate at Camel Creek,” Managing Director and CEO Cameron McLean said.
“This is a material step forward for GNM … and will underpin the Golden Ant project scoping study.
“Exploration activities will continue at our Golden Ant Project as we seek to further increase the mineral resource and, as part of the scoping study, seek to better understand the potential for higher-grade mineral resources at depth at Camel Creek and Golden Cup.”
GNM shares were steady at 0.6 cents at 12:28 pm AEDT.