Interesting to note that the Kanowna Belle gold mine..located around 20k from from ERL is owned by Northern Star..few years back they were trading at ERL prices..now trading around $5.00
The Penny's Find gold deposit in Western Australia is located 595 kilometres from Perth in the Eastern Goldfield, 50 kilometres north east of Kalgoorlie and 20 kilometres east of the historic Kanowna Belle gold mine that produces around 220,000 ounces of gold a year. The Golden Feather tenements are located within the Penny's Find gold deposit. Kalgoorlie itself produces around 850,000 ounces of gold annually from Australia's largest open pit mining operation within the town itself.
Penny's Find Gold Project Contains 314,000 Tonnes of Gold Bearing ore
Empire Resources Limited discovered the near surface gold resource at Penny's Find that is estimated to contain 314,000 tonnes of gold bearing ore grading at 5.2 grams a tonne. The discovery was of particular importance because of it proximity to Kalgoorlie and the prospect of it being mined by means of an open pit followed at a later date with an underground operation.
Empire Resources Hold 60 Percent Interset in Penny's Find Project and LionGold has 40 Percent
Empire Resources hold a 60 percent interest in the Penny's Find gold mining project. The remaining 40 percent is held by LionGold, through its wholly owned subsidiary, Brimstone Resources Limited. LionGold Corporation Limited is an Asian based mining company. Negotiations are currently taking place whereby LionGold can purchase the 60 percent of the Penny's Find operation held by Empire Resources through Brimstone Resources, a move that would give LionGold 100 percent ownership of the Penny's Find project.
Gold at Penny's Find is of a Medium to High Grading
Gold mineralisation at the Penny's Find deposit is associated with quartz veining that averages up to eight metres in thickness to a depth of 160 metres over a strike length of 250 metres, according to the initial diamond drilling results. Diamond drilling has also shown there to be high grade gold continuing to a depth of 250 metres with the existing resource open at depth. The gold bearing ore at Penny's Find site is of a medium to high grade and mostly course grained. Metallurgical testing so far has shown the presence of both fresh mineralisation as well as oxide ore. It is regarded as being free milling with a gravity recovery of between 60 and 70 percent and a total recovery expectation of up to 97 or 98 percent.
LionGold Looking to Acquire More of Penny's Find Project
LionGold Corporation Limited is fast establishing itself in the global, as well as the Australian gold mining industry. It holds 7.5 million ounces of gold in resources around the world with 810,000 ounces regarded as being reserves. Since March, 2012, LionGold have obtained interests in eight gold exploration and gold mining companies. In Australia it has a 100 percent ownership of the Ballarat underground gold mine in the Castlemaine gold fields in Victoria that is currently in full production. It has also entered into an agreement to process all the gold mined at the A1 gold mine in Victoria at its Ballarat gold processing plant for the next tghree years with an option of a further three years. It is hoping to obtain 100 percent ownership of the Penny's find gold project in the near future. LionGold also has interests in the Citigold Corporation mining project in Queensland and well as Unity Mining operations in Tasmania and New South Wales. http://mininglink.com.au/site/pennys-find
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