Olary is creating a new (initially unlisted) Gold Mining company consolidating the highly prospective historical gold mining region in South Australia by acquiring a nearby operating gold and copper processing facility and initially adding its Mannahill project ore through that facility.
An initial strong cashflow is planned together with a long life from adding additional ore from regional stranded old gold mining projects.
Management have a track record in operating mines and significant geological knowledge of the region.
Manna Hill Gold Mine strike length 12 km of historic 1800’s 1900 gold mines
Four project areas: Westward Ho, Homeward Bound, Elsie May, Eudunda Hope east to Jacksons
15 km of quartz reefs, shafts and outcrop offer great opportunities for deeper and new discoveries
Extensive samples, reported Au up to 46.09 g/t and higher
Host of highly prospective targets already identified. Westward Ho Project drill in 1980 by Newmont Mining declared pre JORC 2012 resources of 4Mt of 2.5 g/t Au and 320,000 oz Au resource.
4,900 tonnes of tailings 3.97 g/t Au or ~625 ounces ready for processing
Other nearby project
Low cost production no blasting or crushing required
100tph Wet Gravity separation plant assembled and ready for operation.
Host of highly prospective targets already identified; some drill ready in underlying basement and hard rock deposits.
Prospective for several styles of mineral deposit: Elluvuim, alluvial and pacers gold deposits, Narrow but high grade hydrothermal gold veins deposit, Large parallel gold bearing veins along a large NNW SSE. 1 km wide shear zone
Historical mining activity and previous exploration in the SA region has identified over 20 gold mine sites where significant historic mining has occurred, with 100’s of remaining pits & shafts visible.
15 high priority exploration targets already defined by strong geochemical or geophysical anomalies, or limited previous mining and drilling.
Rare Earth Mineral (1% Monazite) locations are defined by 2002 Radiometric Surveys extending beyond the ML boundaries.
Highest priority gold targets located at 8 major regional locations.
BlueMount Capital is providing Corporate Advisory Services to this Company.
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