Gilded Rose Project

The Gilded Rose gold project covers 227 sqkm of exploration tenements (including 6 mining leases for 187ha) within the Pumpkin Goldfield in Cloncurry with a total JORC resource of 108,400 oz Au contained in two separate deposits located at the Gilded Rose (15km southeast of Cloncurry) and Mt Freda (40km southeast of Cloncurry), respectively. In addition, there is a CIL gold plant in Gilded Rose with an annual processing capacity of 60,000t of ore currently placed under care and maintenance.

Gilded Rose-Mt Freda resource estimates (as at 25 October 2013)

Pumpkin goldfield and locations of the Gilded Rose and Mt Freda gold deposits

The Gilded Rose gold deposit is contained within the Mt Norma Quartzite member of the Proterozoic Soldiers Cap Group, which consists of quartzite, schist, phyllite and metamorphosed greywacke, amphibolite and metadolerite. This unit is overlain by the more mafic rocks of the Toole Creek Volcanics which hosts the Mt Freda gold deposit some 25km to the southeast. Gold mineralization at Gilded Rose occurs as sheeted quartz veins and reefs within an interbedded sequence of schist, phyllite and amphibolite rocks which can be traced over 1km along strike. In contrast, the gold mineralization in Mt Freda is present as pyritic/limonitic quartz and carbonate breccia and veins along a near E-W fault zone up to 400m long and 10m wide, steeply dipping south.

Recent drilling by QMC at Gilded Rose and Mt Freda has reported some very significant intersections, including

  • 19m @ 5.53g/t Au from 52m in Hole GR10RC07, including 4m @ 20.68g/t Au from 52m in Gilded Rose And
  • 16m @ 1.99g/t Au from 151m in Hole MF10RC09, including 5m @ 4.47g/t Au from 151m in Mt Freda.

Most mineralized zones remain open along strike and at depth and further drilling will have a great chance to increase the resources.

Cross section through the Gilded Rose orebody

Longitudinal section showing grade-thickness contour at Gilded Rose (looking north)

Longitudinal section showing grade-thickness contour at Mt Freda (looking north)