- Kaiser Reef (KAU) kicks off drilling at the Nuggety Reef Historic Mine, located within the Maldon Goldfield of Victoria
- The surface diamond drilling program will target both the eastern and western reefs which are located within the main north-south Nuggety shear zone
- Specifically, drilling is following up historic holes, one of which returned 1.4 metres at 9.78g/t gold
- In other news, Kaiser’s founder and Executive Director Jonathan Downes, will transition to Managing Director and has been awarded a pay increase to $280,000 per annum
- Shares have been trading 8.8 per cent higher to close at 18.5 cents
Kaiser Reef (KAU) has kicked off drilling at the Nuggety Reef Historic Mine in Victoria.
The reef is located at the northern end of the Maldon Historic Gold Mine within the Maldon Goldfield located between Bendigo and Ballarat.
Kaiser believes Maldon is an underexplored, prospective high-grade goldfield and said exploration in this area is a high priority for the company.
Moreover, the company said Nuggety Reef was discovered in 1856 and produced 301,000 ounces of gold from 50,000 tonnes of ore, averaging 187 grams gold per tonne (g/t) over a 10-year period.
The mine workings strike north-south and comprise two sub-vertical east-dipping quartz reefs, referred to as the west reef and the east reef which the company plans to target in its surface diamond drilling program.
Specifically, drilling is following up historic holes, one of which returned 1.4 metres at 9.78g/t gold.
The shear zone reportedly continues to the south and the prospective target contact within the Harcourt granite remains essentially untested down plunge.
This program complements the underground exploration underway at Maldon, where initial results have returned 0.8 metres at 63.6g/t gold within 1.8 metres at 29.6g/t gold.
In other news, Kaiser is transitioning its Executive Director role for company Founder and geologist, Jonathan Downes, to Managing Director.
Through the role transition, Mr Downes has been awarded an $80,000 salary increase to $280,000 per annum.
Shares were trading 8.8 per cent higher to close at 18.5 cents.