They have actually proved that there is a “classic”...

They have actually proved that there is a “classic” Stawell-style gold mineralisation on the tenement. And it extends another 6km to the south from target 3. That definitely brings a concept of open pit gold mine similar to Stawell gold mine. The current grades are OK IMO. I wouldn't expect very high grades from this type of deposit. It'd be already a very large deposit if it extends for 6km.

"The Irvine basalt is believed to extend for at least another 6km to the south from Target 3 and is interpreted from geophysics to extend for a total of 8km. Historic alluvial workings have been mapped over much of the Irvine basalt (refer Figure 2) and these provide encouragement for further exploration along this structure.

An exploration plan for the entire 8km extent of the Ararat Goldfield is under consideration and a geochemical and geophysical data acquisition program, as a potential precursor to more AC drilling, is expected to start early in the new year."