A gold explorer is taking a fresh look at the potential of the once-famed Maldon goldfields.
Kaiser Reef Limited recently launched a new gold exploration program after acquiring 100 per cent of Centennial Mining Ltd and its assets.
Those assets including the A1 gold mine, Maldon Goldfield, the Union Hill Mine (care and maintenance), Nuggety Mine (historic) and the Maldon processing plant.
The gold explorer and producer has been conducting a successful mining operation at its high-grade A1 gold mine at Woods Point, south of Mansfield, and earlier this year conducted its first gold pour at its processing plant in Maldon.
Kaiser executive director Jonathan Downes said the company began the latest diamond drill rig exploration program earlier this month and planned to bring in a second diamond drill rig as the program progressed.
“We are currently exploring targets in the existing Union Hill decline just north of the Maldon township at a depth of approximately 200 metres below the surface,” he said.
The existing decline was constructed in the 1980s and the last significant exploration for potential high-grade gold ore at the site was around the same period.
Geologists at Kaiser believe the site is worth another look.
“Maldon is home to Australia’s richest gold mine – the Nuggety Reef Mine,” Mr Downes said.
Historic production within the Maldon Goldfield is recorded to be in excess of 1.74 million ounces of gold at 28 grams per tonne.
“Australia’s highest grade gold mine, the Nuggety Reef produced 301,000 ounces of gold at 187 grams per tonne. That is around $750 million in today’s prices,” he said.
Mr Downes said in comparison the average Australian gold mine was currently producing around one gram of gold per tonne.
He said the established serviced decline at the Union Hill site allowed excellent underground access for drilling high-grade shoots and facilitating underground drilling and potential development.
“The initial drilling program will target regions identified as being close to the existing underground development and with historical encouraging results within the Union Hill decline,” he said.
“This drilling will initially test identified mineralised areas and step out to explore for and define economic ore zones.”
Kaiser Reef Limited received regulatory approvals before commencing drilling on the granted mining licence. Once the ongoing diamond drilling has been completed at the operating high-grade A1 Mine at Woods Point in approximately two months time, Kaiser intends to expand exploration at Maldon with the second diamond drilling rig.
