Castlemaine Goldfields Limited (CGT) is successfully exploring for Gold in the Victorian Goldfields.

Listen to an audio broadcast recorded on the 23rd of June 2008 with Mr Gary Scanlan, MD and CEO and Boardroomradio in a presentation titled CGT - Pathway to Production

Castlemaine Goldfields Limited holds significant exploration licences encompassing three substantial goldfields in Central Victoria, all having prominent gold production.

• Castlemaine Project – 100% of tenements over substantially all the Castlemaine Goldfield.
• Sebastian Project – 75% interest in a joint venture and 100% of surrounding tenements abutting the northern end of the Bendigo Mining leases.
• Tarnagulla Project – 100% of the Tarnagulla Goldfield that yielded exceptionally high grade ore.

The Castlemaine goldfield is considered to have multi-million ounce potential. It is under-explored and under-developed.

The historical field produced some 5.6 million ounces of gold. Less than 1 million of the ounces came from underground mining, and nearly half of those ounces came from the Wattle Gully mine that was not discovered until the 1930’s. Inadequate differentiation of the Castlemaine geology from that of Bendigo and Ballarat limited successful underground mining in the first gold rush.

A substantial drilling program has now been conducted across the goldfield, validating the target model developed by CGT from historical research and extensive mapping. This drilling evidenced some 33 fault reef targets. A JORC Code compliant Inferred Resource was released on 2 June 2008 relating to the Chewton Deposit, the first of the targets to be drilled. Drilling is ongoing to define other deposits along the central corridor.

JORC Code Compliant Resources

Click here to see CGT's share price.

Key Investment Attributes

• 100% of the  Castlemaine goldfield is under-explored and has multi-million ounce potential,
• A new geological model has been developed from extensive historical research that has then been validated by successful drilling,
• An initial JORC Code compliant Inferred Resource of 686,000 ounces was released on 2 June 2008,
• Structurally oriented drilling has generated numerous other targets across the field including exciting intersections at Specimen Gully within the pine plantation in the northern part of the field ,
• A high caliber team of geologists has been assembled,
• Culture of  disciplined expenditure and low corporate overheads,

and

• Sebastian drilling shows exploration potential,

and

• Tarnagulla field has potential for discovery away from the high grade Poverty Reef. Attractive farm-in discussions with a new JV partner are well advanced
• Share register contains key knowledgeable shareholders with successful track record in targeting resource sector investment potential.

All these attributes evidence unrealized value in Castlemaine Goldfields Limited

Background

The Company is located at the old Wattle Gully mine site in Chewton, situated on the Melbourne side of Castlemaine in Central Victoria. This photo taken in early May, 2007 shows the Company office located in the old resident managers house, with the old stamp battery in the background to the house. The old Wattle Gully headframe and the mast of a drilling rig completing hole CGT-012 on the Chewton Deposit are also visible. Focus continues to be on maintaining low overheads and putting expenditure into exploration in the ground.

Since the official discovery of gold in Victoria in June 1851, the State has produced over 2,500 tonnes of gold.  This accounts for some 32% of all Australian gold production and 2% of all the gold ever mined in the world. 

Most of this Victorian gold production was won between 1851 and the virtual closure of mining in the State in 1915.  It took until the rapid expansion of gold mining in Western Australia in more recent years to surpass Victoria's rich gold heritage.