Shakeout with volume, could run now?, page-23

Market cap is $19million according to HC

50 Million ounce (1,500 tonne) Gold Potential

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Exploration to date has determined the high grade deposit contains a gold Inferred Mineral Resource of 11 million ounces (25 million tonnes at 14 grams per tonne). Growing the gold resources and reserves is a core business for Citigold.

Citigold's exploration and studies to date have led to the conclusion that the overall Charters Towers goldfield, currently held by Citigold, has the exploration potential to contain up to 50 million ounces of gold at grades expected to be similar to the existing known Inferred Mineral Resource. Depending on the width of the mineralisation and dilution factors, the grades expected are from 7 grams per tonne gold to 14 grams per tonne gold. The exploration target tonnages range from 220 million tonnes at 7 grams per tonne to 110 million tonnes at 14 grams per tonne. This conclusion is well founded and based on the following facts.

	Column 1	Column 2
0	1.	The goldfield has already yielded 6.6 million ounces of gold;
1	2.	Citigold has already defined an additional 11 million ounces of mineral resources from part of the goldfield down to a depth of 1200 metres;(all of the current mineral resources are above this dept);
2	3.	The structures containing the gold mineralisation are considered to extend to at least 3,000 metres in depth.
3	4.	Citigold has drilled a near vertical core hole of 2,000 metres and intersected gold mineralisation at 1,900 metres depth.
4	5.	Significant mining to date has generally remained above 700 metres depth. This makes the area a 16 million ounce field down to 1200 metres depth (past production + mineral resources).
5	6.	At least four (4) additional major parallel structures remain unexplored. The structures have been mapped, are gold mineralised and have previously been partly mined. These parallel structures could contain four times the known mineralisation.

Citigold's exploration strategy is focused around and adjacent to its mining operations at Charters Towers. This is referred to as "brownfields" exploration, exploring in and around known mineralised areas, rather than exploring "greenfields" or unknown areas. The Company holds over 200 square kilometres of exploration tenements covering approximately 80 prospects that have potential for economic mineralisation.

NOTE: This target, over and above the current defined Mineral Resource, is conceptual in nature as there has been insufficient exploration to define it as a Mineral Resource and it is uncertain if further exploration will result in the determination of a larger Mineral Resource.

http://www.citigold.com/about/features/26-50-million-ounce-1600-tonne-gold-potential

11 Million ounce (342,000 kg) Gold Deposit


Citigold's gold deposit is currently the largest and highest grade in Australia.

	Column 1	Column 2	Column 3
0	​		11 million ounces of gold (342 tonnes) Inferred Mineral Resource* - JORC compliant.
1		Mineralisation is 25 million tonnes at 14 grams of gold per tonne.
2		Size of the deposit determined after an extensive period of evaluation by the company's experienced technical team led by eminent consulatant geologist Mr Christopher Towsey, in accordance with the Australasian JORC Reporting Code. The report was published in 2012.
3		Contained within Citigold's continuous mineral tenements located at Charters Towers, North Queensland, Australia.
4		Gold grade estimates are based on 1,550 significant drilling samples.
5		Drilling samples at the time, only go to a depth of 1,200 metres, so the entire 11 million ounce resource is above that, with the deposit open below that depth.
6		Independent research indicates that the gold under Charters Towers may continue down to 3,000 metres deep. So the huge area below the drill holes has great potential.
7		In 2008 Citigold, with the financial support of the Queensland Governments Department of Mines and Energy, drilled a very deep 2,000 meter diamond core hole and successfully intersected several reef structures. The deepest intersection was close to 2,000 metres; therefore proving the structures containing the gold mineralisation extend to that depth.
8		Our plan is to build up to a mining rate of 320,000 ozs a year. A mining rate of 500,000 ozs a year would be required to mine the same number of ounces in a 15 year period.
9		Charters Towers gold is hosted in structures with good vertical continuity down to 1,300 metres based on deep drilling and detailed historical mining records.

	Column 1	Column 2
0		There is good geological continuity of the fractures containing the gold and the economics of mining at Charters Towers reef is well known from the past and current mining.
1		27 metre-grams of gold per tonne of mineralisation is the average of 272 the significant drill intersections in the mineralised bodies, above at a cut-off of 9 metre-grams of gold per tonne (the average cutoff grade of past mining).
2		27 metre-grams of gold per tonne of mineralisation is the same as the historical in situ resource grade (based on recovered gold and mining metres). Therefore it is excellent that modern drilling of the materialisation used for the Inferred Mineral Resource  matches the historically mined gold grades. Proving the mineralisation is the same.
3		The Resource grade of 14.7 metre-grams of gold per tonne of rock was the average grade from 623 significant drill intersections above 3 metre-grams of gold per tonne. Drill intersections in the central 'city' mining area showed a slightly lower grade of 13.5 grams of gold per tonne of rock.
4		Based on extensive past mining over a large area it is known that the 'pay-ability' of the structures averages 30% and therefore in calculating the 'pay-ability' or high grade part of the mineralised bodies.

http://www.citigold.com/about/features/22-10-million-ounce-311000-kg-gold-deposit

Remember with gold stocks, they can go into very undervalued time periods, look at RSG, it's been to a few cents before in 2000 and back to 25c before as well... http://bigcharts.marketwatch.com/ka...&lf2=8&lf3=4&height=981&width=1045&mocktick=1