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The Company aims to rapidly enhance the profile of each of its properties, with regular assessment as to whether or not to proceed with stand-alone exploration, or to enter into strategic joint ventures with major exploration companies. The advancement of exploration, bulk sampling and trial mining on granted mining leases at Rutherfords Table, Grant’s Gully, and Top Camp is designed to progressively define resources and reserves and in the process should result in some cash flow to balance expenditure. The programme and budget defined herein, however, does not and cannot assume any positive cash flow.
Decades of modern era gold exploration in Queensland suggest that potential for further discovery of large, prominently outcropping, gold ore bodies is minimal. However, the Company considers the State is under-explored for non-outcropping deposits and is using enhanced technology of the latest airborne geophysical and surface geochemical sampling to define subtle targets that either have minimal outcrop, have never cropped out or now have a veneer of surface cover. This is highlighted by the fact that 4 of the 9 projects have seen no previous hard rock mining even though all projects have significant free visible gold at surface. Additionally, all the projects and their recognised prospectivity have resulted from the application of new scientific conceptual modelling. Queensland has seen a hiatus in mineral exploration over the last decade during a period of global exploration downturn and corporate consolidation and while issues relating to native title were resolved in the political arena. Scientific research in economic geology has continued throughout this period, albeit at a slower pace than previously, with refinement of models which should assist in discovery. |