Shiraz Oxide and Sulphide Development
GCM has outlined a 10 month development plan for Shiraz to potentially become alternate and/or secondary source of oxide and sulphide ore for the NJV processing plant.
GCM has acquired an extensive historical drilling database that contains over 400 drill holes and associated assays which require only minimal validation drilling for the information to be used to estimate JORC 2012 Resources.
A preliminary plan has been outlined for approximately 5,000m of drilling to confirm the existence of economic mineralisation in the tailings dam, waste dump and pit surrounds which will then be used to delineate necessary Resources required for the application of a mining licence to allow oxide and sulphide mining to commence.
Stage 1
Oxide Mining Development
Waste dump and tailings dump to be sampled. No grade control drilling was undertaken during the original mining period between 1993-4. Historical mining identified the existence of a much larger supergene enrichment zone which as a result of no laboratory grade control practices, was likely misdirected to the waste dump and is now a prime target for low cost VAT leach recovery.
The historical open pit never reached design depth when mining ceased in 1994 and significant remnant mineralisation remains.
Resource upgrades by independent third expected in Q3 2022.
Drilling and engineering is planned to delineate open pit reserve as part of the feasibility evaluation to develop and mine the oxide deposits.
Stage 2
Sulphide Mining Development
Drilling to confirm and delineate sulphide resources based on current mineralised target estimates.
High grade historical drilling intersections remain intact beneath unachieved pit design depth including 43m @12.5g/t Au from 77m (hole 304).
Drilling and engineering in early 2023 to delineate ore reserves as part of a sulphide feasibility.
Sulphide ore mineralised target of 140,000oz.
