A maiden inferred JORC of 70,500 gold ounces, with a gross value of just under $100 million based on the current gold price, has been estimated at the Golden Mountain project by Minotaur Exploration (ASX: MEP).
A total of 180 diamond and reverse circulation drill holes were used to compile the resource estimation.
Minotaur recently entered into an option agreement with Mining Projects Group (ASX: MPJ) to explore and, at Minotaur’s election, subsequently acquire Xplor Pty Ltd, a wholly owned subsidiary of Mining Projects Group.
The Golden Mountain mining licence covers 2kms of the east-west portion of the southern contact zone of the Strathbogie Granite, which Minotaur said historically around 130,000 ounces of gold were won from downstream alluvial deposits, presumably derived from the granite contact zone.
The licence contains a number of open pit and underground gold workings, including the Meades mine which was the most significant operation, producing 8,600 gold ounces from a maximum depth of 60 metres early in the twentieth century.