Friday, 23rd June 2006 (2482 views)

A new Australian gold explorer is preparing to commence drilling after raising $6 million in its initial public offering.

Panaegis Gold Mines will drill at Nagambie gold mine in Victoria next week, expecting to find finely disseminated gold rather than "nuggety" deposits, according to chairman John Cornelius.

The team will carry out reverse circulation drilling to 6,000m and test to an underground depth of 300m. The mine is currently believed to have a total resource of 75,000 ounces.

Mr Cornelius told the Australian Associated Press that recent exploration of the historic mine showed "confirmation of the presence of gold-associated assemblages" that had not previously been identified.

He added that the Panaegis portfolio was "sufficient to provide a continuously active exploration program".

 

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