Great Divide Mining Ltd, a new Queensland gold, antimony and critical metals explorer, has reported its maiden inferred mineral resource estimate (MRE) at the Yellow Jack Project in accordance with the 2012 JORC Code.
The resource at the Yellow Jack project totals 1.84 million tonnes at 0.86 grams per tonne gold for 51,100 ounces contained gold and is reported above a 0.5 gram per tonne gold cutoff grade.
The oxide gold resource is open at depth and along strike with this initial drilling limited to only 70m vertical depth.
Further diamond core drilling and RC drilling is planned in the coming months and is expected to expand the mineral resource.
Metallurgical test work is planned on the drill cores to determine if ore-sorting and other potential metallurgical processes can improve the gold head grade.
A conceptual mine plan, LiDAR survey, and other works are also planned for the coming months as Great Divide Mining advances towards a pre-feasibility study for mining at Yellow Jack.
This follows the company’s ASX IPO in late August, since which the company’s share price has increased by 50 per cent, making it one of 2023’s most successful ASX IPOs.
Chief Executive Officer Justin Haines commented said it was exciting to announce the company’s first mineral resource estimate within weeks of being listed on ASX.
“This MRE is the first step towards eventual gold production at Yellow Jack, which could take advantage of nearby existing infrastructure, including multiple processing plants, facilitating a low capex mining operation at Yellow Jack.
“We are in the process of completing a conceptual mine plan for Yellow Jack in the coming weeks.”
