Proactiveinvestors Australia Austar Gold Ltd Proactiveinvestors Australia Austar Gold Ltd RSS feed en Mon, 27 May 2019 01:15:12 +1000 Genera CMS (Proactiveinvestors) (Proactiveinvestors) <![CDATA[News - Austar Gold continues to hit high-grade gold at Rose of Denmark Gold Mine including 72.85 g/t ]]> Austar Gold Limited (ASX:AUL) has continued to intersect high-grade gold from an ongoing exploration program at the Rose of Denmark Mine in Victoria, including 72.85 g/t.

The program was designed to define the shape and geometry of the main dyke structure which hosts the mineralisation.

The results have identified further zones of high-grade gold mineralisation at the mine that demonstrate near-term accessibility.

New drilling results

Results include:

2.45 metres at 8.66 g/t from 29.65 metres including 0.45 metres at 42.28 g/t from 31.65 metres;

0.50 metres at 26.40 g/t from 32.2 metres;

0.29 metres at 13.28 g/t from 69.05 metres; and

0.80 metres at 72.85 g/t from 41.70 metres.

More than 40 holes drilled

Austar Gold chief executive officer Tom de Vries said: “The diamond drilling above and below the level of the Rose of Denmark Adit is defining the shape and geometry of the dyke and is nearing completion.

“We have completed 16 holes in this current phase of drilling with ongoing encouraging results.

“Since December 2017 we have drilled over 40 holes and our knowledge of the ore body continues to grow – drilling is ongoing with the program advancing to the north towards to Rose of Denmark dyke bulge.

“Once the geometry of the dyke has been defined a further program of holes will be drilled within the dyke to test the mineralisation at depth.”

READ: Austar Gold Ltd confirms gold production will start at two historical Victorian mines

The drilling demonstrates the dyke varies locally and at mine-scale in width and dip.

The results provide further confidence in the potential of the dyke as a source of mining inventory to complement production from Morning Star over the coming weeks.

Moving forward Austar will continue defining the dyke’s geometry and continue drilling from the northern-most drill site with the longest being expected to be 130 metres down the line of the dyke bulge. 

- Jessica Cummins 

Sun, 17 Feb 2019 23:02:00 +1100
<![CDATA[News - AuStar confirms gold production will start at two historical Victorian mines ]]> AuStar Gold Limited (ASX:AUL) will begin production at the historical Morning Star and Rose of Denmark gold mines in Victoria's eastern goldfields after receiving impressive exploration results.

Through gaining a requisite level of confidence in its mineral resource inventory estimation, the company has decided to start mining this quarter at the former mines, adhering to its target set out in December 2018.

Ore will be processed at the Morning Star gravity processing plant with the bulk of the material for plant feed coming from McNally’s Reef and the nearby Rose of Denmark mine.

Begin development

AuStar aims to begin development this week with logistics and procurement activity underway.

The mine development plan will focus on exposing the reef at McNally’s, developing along the structure then targeting stoping on the highest-grade drill holes.

Best high intervals from recent drilling included:

-          1.1 metres at 171.84 g/t gold including 0.20 metres at 937.5 g/t

-          1.05 metres at 169.31 g/t including 0.40 metres at 103.29 g/t

Production based on “excellent exploration”

AuStar's CEO Tom de Vries said the decision to commence production reflected the excellent progress that had been achieved with recent exploration.

He said: “We have repeatedly witnessed diamond drill core with visible gold and accompanying outstanding high-grade assay results, which gives us confidence that mining can be undertaken successfully.

“Our process plant is proven, the infrastructure is all well tested and our exploration work gives us confidence that we have high-grade material available for mining.

READ: AuStar Gold intersects further high-grade gold in Morning Star drilling

 “While initial throughput rates will be modest, further exploration success will enable increased production over time.”

Exploration activity including diamond drilling will continue at both mines to replace the material processed through the plant as well as add to the inventory.

- Jessica Cummins

Tue, 05 Feb 2019 00:41:00 +1100
<![CDATA[News - AuStar Gold intersects further high-grade gold in Morning Star drilling ]]> AuStar Gold Ltd (ASX:AUL) has intersected high-grade gold in diamond drilling at its Morning Star Gold Mine in Victoria.

The results indicate extended mineralised gold zones across both McNally’s and Stone’s Reefs, with both having a higher-grade core of gold mineralisation.

With ongoing positive results from the drilling program, AuStar has increasing confidence in the identification of a minerals inventory to begin mining the two reefs.

Sludge hole drilling results from McNally’s include: 2.4 metres at 18.8 g/t gold from 2.4 metres (uphole), including 1.2 metres at 30 g/t from 2.4 metres; and 1.2 metres at 41.4 g/t from 2.4 metres.

Results from diamond drilling include: 2.4 metres at 3.5 g/t from 61.3 metres, including 0.8 metres at 6.5 g/t within McNally’s; and 1.2 metre at 4.2 g/t from 44 metres within Stone’s Reef.

READ: AuStar Gold raises $5.5 million for development of Victorian gold operations

AuStar chief executive officer Tom de Vries said: “The latest phase of exploration drilling from 6 level at the Morning Star Gold Mine has now been completed and the results continue to be very encouraging.

“All assays have been returned from drilling on 6 level and the diamond drill rig is now drilling from 9 level.

“The first of the holes from 9 level has shown that the Stone’s Reef extends well to the south of our previous interpretation and still carries gold mineralisation.

“Several holes are to be drilled up from 9 level through Stone’s Reef and up to the McNally’s Reef to test both reefs to the south of previous drilling.

Sufficient material to warrant mining

“Probe drilling (also known as sludge drilling) into the roof of the 7 level drive using hand-held rock drills has returned very encouraging results.

“[These indicate] that in parts of 7 level, McNally’s Reef passes close to the old drives, increasing the extent of the mineralised zones and possibly improving accessibility.

“The consistently high-grade nature of McNally’s Reef along with that of the Stone’s Reef gives us increasing confidence that we will have sufficient material to warrant the mining of these gold-bearing reefs in the very near future.”

Portfolio of advanced high-grade gold projects

AuStar is focused on building a gold-bearing minerals inventory to generate sustainable economic production from its portfolio of advanced high-grade gold projects.

The Woods Point Project, which contains the historic Morning Star Gold Mine, has significant, fully-operational infrastructure including a mine shaft and processing plant and is position for near-term mining.

AuStar also intends to explore and develop its adjoining tenements in the Walhalla to Jamieson gold district into low-cost, high-grade gold production projects.

Mon, 07 Jan 2019 22:51:00 +1100
<![CDATA[News - AuStar Gold raises $5.5 million for development of Victorian gold operations ]]> AuStar Gold Ltd (ASX:AUL) has arranged a placement of $5.5 million to fund development and further exploration at its Morning Star and Rose of Denmark gold mines in Victoria.

Binding commitments have been received for around 1.22 million shares at 45 cents per share.

The company is also providing an opportunity for existing shareholders to participate through a share purchase plan, on identical terms to the placement.

This will raise an additional $1 million, with the ability to accept oversubscriptions for a further $1 million.

‘Transformational capital raising’

AuStar chief executive officer Tom de Vries said this was a transformational capital raising for the company.

He said: “[This] will enable AuStar Gold to accelerate its immediate trial mining activities, intended to both prove concept as well as deliver economic gold production outcomes to the company.

“With trial mining underway at Rose of Denmark and excellent drilling and face sampling results continuing to be delivered at Morning Star, I am confident grade reconciliation work over the next several weeks, in line with continuing production, will demonstrate the effectiveness of AuStar’s development strategy.

‘Region with huge exploration upside’

Net proceeds from the capital raising will be used for:

An accelerated resource exploration and definition program at the company’s Victorian gold mines;

Accelerated trial mining and production activity at the mines;

A regional exploration program across AuStar’s tenement package, comprising the bulk of the Walhalla/Wood Points gold trend; and

General corporate and working capital purposes, including future growth initiatives.

AuStar chairman Frank Terranova said he was very pleased with the level of investor interest shown in the company.

Terranova said: “The company is now totally focused on delivering, for shareholders, on the exceptional potential apparent in its position as a well-funded, production-ready gold operation in a region with huge exploration upside.”

AuStar is focused on returning to production the historic Morning Star mine, an advanced high-grade gold project with significant infrastructure including processing plant and strategic tenement footprint.

The company also intends to develop its adjoining tenements in the Walhalla to Jamieson gold district into low-cost, high-grade gold production projects.

Mon, 13 Aug 2018 04:40:00 +1000