AuStar Gold Limited (ASX: AUL) has provided the following update regarding the planned regional exploration program within the Company’s extensive exploration licenses, surrounding its flagship Morning Star mining operation at Woods Point, Victoria.
Over the last several months, the Company has held numerous discussions with highly qualified counter parties interested in farming in or joint venturing sections of the Company’s exploration portfolio. Notwithstanding the receipt of a number of potentially attractive proposals, which included significant proposals of investment, the Company has elected to progress its program alone and retain 100% interest in its portfolio of exploration ground.
Read the full announcement here.
Highlights:
- New geological leadership has delineated and is commencing the Company's regional exploration program for the coming half year.
- Multiple regional prospects have been identified targeting near-term potential for conversion to mining opportunities.
- AuStar Gold progressing program on a 100% basis.
Fig (1): Maid of the Mountain Fig (2): Toombon
This region of Victoria, the Walhalla-Woods Point goldfields has produced more than 6Moz Au. Within this belt, the company holds a tenure position of approximately 670km2 with historical production of 1.7Moz Au.
The Morning Star mine historically produced ~857koz gold at an average grade of ~26.5g/t Au.
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