Here is an extract from part of the announcement made by Mungana at 11.37 today.
Mungana Goldmines Poised to Drill After Making ASX Debut 100,000m of Drilling Planned to Increase Current Resources of 1.85Moz Gold and 180,000t Copper Mungana Goldmines Limited (ASX: MUX) is set to hit the ground running after making its debut on the Australian Securities Exchange today, with aggressive drilling programs scheduled at its flagship Mungana and Red Dome Gold Projects in Queensland within two weeks. The first drill rig is due on site at Red Dome by mid]June with a second rig arriving by the end of the month. Mungana plans an aggressive exploration program consisting of approximately 100,000 metres of drilling over the next 18 months, with the aim of increasing the current measured, indicated and inferred resource from 1.85 million ounces of gold, 180,000 tonnes of copper and 13 million ounces of silver to over 3 million ounces of gold in resource. gThis marks the beginning of a significant new chapter in gold exploration in the Chillagoe region of North Queensland,h said Mungana Goldminesf Managing Director, Mr Pat Scott. gMungana Goldmines is set to embark on one of the largest exploration programs seen in the Australian gold sector in recent times, with around 100,000 metres of drilling planned to increase our resource inventory and lay the foundations for a substantial, long]life gold mining businessh. gShareholders and investors can expect regular news flow in the months ahead as the drill rigs start turning and delivering results which we expect will finally unlock the substantial potential of these quality gold assets, which were originally acquired and progressed by our parent company, Kagara Limited,h Mr Scott added. RED DOME
KZL Price at posting:
51.5¢ Sentiment: Buy Disclosure: Held
