USD $4,111.97
Goldman Northern Drill Drive is designed to open new underground positions for testing multiple Maldon reefs
Kaiser Reef Limited (ASX:KAU) has taken the first development cut at the Union Hill Gold Mine within its Maldon Gold Project in Victoria, marking the first development at the site in almost eight years.
The Northern Drill Drive is intended to provide underground positions for testing north of the existing workings, including the Eaglehawk and Linscott’s reefs and the parallel Ladies and Sailor’s reefs.
Kaiser said the existing decline can support both exploration access and potential future production. The project also has a permitted mining lease and an operating processing plant.
Kaiser Reef Managing Director Brad Valiukas:
Maldon represents a district-scale gold opportunity for Kaiser, with numerous historical mines and lines of working that remain substantially underexplored, despite having produced an enviable 1.75Moz at 28g/t.
Crucially, Maldon offers more than just historical pedigree and exploration upside. It is supported by a fully permitted and operating processing plant, a fully permitted mining lease and an existing decline that will allow both access for exploration and potential future production.
It’s a milestone for both the Maldon Gold Project and Kaiser to have jumbo development underway beneath Union Hill, establishing this new drill platform for exploration. We have been stripping some narrow sections at the top of the decline already, with a view to future haulage, but it’s good to now be taking cuts and breaking new ground at the Union Hill Gold Mine.
We are committed to generating the most value from the entire Project, and are undertaking works that will both grow the Project as a whole and advance towards expanding production. Drilling from underground is a key part of the strategic plan to both define Resources and clear the way for the next stage of development.
Kaiser is a profitable gold miner with a robust balance sheet and a strong pipeline of exploration and development opportunities. We are well-positioned to both capitalise on a strong gold price and add significant further value to our assets with targeted investment.
