Monday, 27th November 2006 (2359 views)

Castlemaine Goldfields, formerly known as Alexander Resources, has seen some promising results after early drilling work at its Chewton project.

Located east of Wattle Gully, a previously explored gold mine, various patches of high grade gold mineralisation have been discovered.

Gary Scanlan, Castlemaine's managing director, said: "There's the potential to have in this location a similar resource to what was in the Wattle Gully mine, it had some 415,000 ounces of gold produced over some 50 year period, put bluntly we see very large potential to generate more Wattle Gully-type discoveries in the Castlemaine field."

One highlight was 0.7 metres at a grade of 28.9 grams of gold of tonne and another at 0.5 metres with 25.5 grams of gold per tonne.

Five holes are planned for drilling in 2007 in the company's Victorian Goldfields which is made of three projects, namely Castlemaine, Sebastian and Tarnaqulla.

Castlemaine Diggings Heritage National Park is applying for World Heritage Site listing but this will not alter Castlemaine's rights to explore within the property and the work has received all necessary approvals.

 

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