The Gwendolyn Project consists of two tenements with historical gold mining. The tenements (E77/1580 and M77/1263) cover more than 487 hectares and lie within known gold producing areas. The Company has been aggressively exploring this Project over the last two years that has seen an increase in the resource of 159,700 ounces, an increase of 480% from the historic resource of 33,300 ounces. Tenement M77/1263 currently hosts an uncapped Indicated and Inferred Resource of 193,000 ounces of gold.
The historical mining at Gwendolyn consisted of a shallow oxide pit to a depth of approximately 28 metres. The Mining Proposal for Gwendolyn East Cutback Project and permits to clear have been approved by the Department of Mines and Petroleum. Please refer to the announcement Mining Approvals Secured for Gwendolyn dated 17 June 2013 for more details.
This key approval and permit means the Company is now in a position to finalise the review of its mining options to best exploit the mineral resources at Gwendolyn.