Aeris Resources chairman Andre Labuschagne believes that a 260 per cent mineral resource increase at the Roses Pride deposit will revitalise the Cracow gold mine in Queensland.
The company updated the Roses Pride mineral resource to 26,000 ounces, totalling 177,000 tonnes at 4.6 grams per tonne of gold for 26,100 ounces of gold.
The estimate is based on findings from Aeris’ surface reverse circulation (RC) drilling completed last June, which tested the strike continuity beyond the mine footprint.
“The increased mineral resource at Roses Pride is a pleasing result and demonstrates the brownfields exploration opportunities that we believe exist at Cracow,” Labuschagne said.
Aeris has planned for further drilling at Roses Pride for the first half of this year, with mineralisation remaining open along strike running north.
Roses Pride is the northernmost deposit at Cracow and hosts high grade gold mineralisation in low sulphidation epithermal veins along fault structures.
This is prominently gathered over a one-kilometre strike, with several other minor mineralised splays in the footwall and hanging wall of the zone.
Aeris acquired the Cracow gold mine from Evolution Mining last June and was attracted to its consistent and reliable operations, which had been running since 2004.
At present, the Cracow mine life is predicted to last up to 2023, but Aeris is confident this could extend further with the new mineral resource estimate and the mine’s strong track record of replacing ore reserves.
The company has put aside a budget of $13 million to explore and develop the Killarney, Kenneth and Sterling brownfields targets, the Ballymore, Northwest Corridor and Boughyard greenfield opportunities, as well as the existing Roses Pride deposit.