Republic Gold Takes Option On Four Mining Leases At Tregoora Gold Project
Republic Gold (ASX: RAU) has paid a $50,000 refundable deposit for the purchase of four granted mining leases at the Company’s Tregoora Gold Project in Far North Queensland.
The mining leases are strategically located between the Company’s 111,000 ounce Sleeping Giant Prospect and Terrace Creek Prospect where the Company recently announced a drill intersection of 8 metres at 6.85 g/t Au in FN073, which followed up other high grade intersections at this Prospect.
Republic has a “first right of refusal” over a small CIP and flotation treatment plant located on one of the mining leases. The treatment plant may be readily refurbished for use in the future, should the Company decide to purchase the plant.
Republic has acquired the results of two drillholes underneath the northern most of the mining leases:
- MR6, being 1.49 metres at 4.34 g/t Au and 5.39 % Sb from 62.6 metres downhole; and
- MR1, being 3.35 metres at 13.97 g/t Au and 6.97 % Sb from 108.5 metres downhole.
Clearly, the leases are highly prospective for high grade gold (Au) with these results.
These two drillholes have been selectively sampled and there are no assays up or down dip from these intersections, with the core no longer available. The main open pit zone, which is on the northernmost of the four mining leases, was mined for antimony. A high grade antimony vein was mined by underground and open pit mining down two levels. The third historic underground level is untouched by the open pit mining.
A drilling programme will be designed to test the length of the Retina Shear zone covered by the mining leases and deeper drillholes will test MR1.
The four mining leases cover approximately 39 hectares and are wholly contained within the mining lease application at Tregoora already submitted to the Queensland Mines Department by the Company.
Three of the mining leases cover 800 metres of the Retina Shear Zone. The Retina Shear Zone is the primary geological structure associated with gold and antimony mineralisation at Tregoora and strikes for approximately 50 kilometres, much of which is in the Company’s exploration leases.
