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The Kalgoorlie North Gold Project (Kalgoorlie North or Project), located 45km north of Kalgoorlie in Western Australia.
Atom engaged Ravensgate Minerals Industry Consultants (Ravensgate) to undertake
an independent review of current resources within the extensive geological data
set on the Project. This investigation has confirmed that the resources of
10.7mt at 1.2g/t Au for 505,000 ounces of contained gold identified at
Kalgoorlie North are consistent with the JORC Indicated &Inferred Resource
classification. The Ravensgate report also confirmed potential for the Project
to host numerous significant resource targets with an updated exploration target
of 12Mt to 16Mt grading 2.0 g/t to 2.3 g/t .
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98 km2 of granted mining and prospecting leases covering 25km of strike over the
well mineralized Bardoc Tectonic Zone extending north from Broad Arrow.
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Centred in a major gold producing region with excellent infrastructure and
proximity to existing processing facilities.
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Ravensgate confirms JORC Inferred Resource of 10.7mt @ 1.2 g/t for 505,000oz Au,
with additional mineralisation identified in over 50 prospects and on extensions
to existing resources.
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Multiple mineralised structures and extensive drilling database offer potential
for significant resource expansion.
A 6,470 meter infill drilling and exploration drilling program was completed by
the end of January 2010. An extensive new work program encompassing an initial
5,000 meters of combined RC and diamond drilling at Excelsior North and North
Talbot is now planned to commence in April 2010. This drilling is the next step
in a program designed to further increase the resources at the Project and to
upgrade Inferred Resources to Indicated status.
The Company will be reviewing many of the other resources within the Project
during the coming months and has budgeted up to 30,000 metres of drilling on the
Project during 2010 to test existing and new targets. The Company is confident
that its future exploration programme will target an increase in the global gold
resource base from 505,000 ounces to 1.25 million ounces of gold within two
years.
The geological database acquired when the Project was acquired includes data from
9,784 drill holes and drilling/assessment work undertaken during more than 20
years of exploration over the 25km of strike of the prospective Bardoc Tectonic
Zone. Ravensgate Resource Consultants are continuing their review of this high
quality drilling and assay information to identify further immediate resource
extension opportunities and refine drilling programs over the 13 previously
drilled resource areas and an initial 20 high priority prospects within the 98
square kilometers of granted tenements.
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