Tuesday, 21st June 2005 (2790 views)

Bendigo Mining has revealed that it has discovered a new gold-bearing reef close to its Bendigo Goldfield project in Australia.

The new reef, dubbed Alexandria, appears to be at least 900 metres long, between three and ten metres wide, and about 50 metres high, the company stated today.

Managing director Doug Buerger indicated that the Alexandria Reef was "the largest gold-bearing reef identified by our exploration", which would significantly increase production at the goldfield.

He said in a statement that further drilling was needed to assess the grade of the reef, but there was a "high probability" that it would bear economic grade gold.

Bendigo Mining started work on a processing plant worth Aus $5 million at the Bendigo Goldfield site, intending to produce 140,000 ounces of gold a year.

By the seventh year of operations, it hopes to have boosted production to as much as 500,000 ounces per annum.

The historic Bendigo Goldfield project was acquired by the company from Western Mining in 1992 for $1.9 million.

 

« Back to Gold News stories

 

The news feeds on this site are independently provided by Adfero Limited © and do not represent the views or opinions of the World Gold Council.