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    GNM announces maiden 30,000 oz resource at Golden Cup

    Great Northern Minerals Limited (ASX: GNM) has proclaimed a highly encouraging update regarding its Golden Cup Gold Mine in Northern Queensland.

    The company announced an initial inferred JORC resource estimate of 256,000 tonnes @ 3.6 g/t Au for 30,000 ounces at a 0.75 g/t Au cut-off grade for the Golden Cup Gold Mine. GNM said that the resource is open at depth and along strike.

    The company noted that potential milling options exist within trucking distance.

    Great Northern Minerals said that the current drill program is now complete with results expected over the coming weeks.

    Golden Cup mine

    The Golden Cup Mine is a small but high-grade heap leach operation located 15 kilometres from the Camel Creek Mine that has produced 201,081t @ 2.83 g/t Au at a strip ratio of less than 2.

    The Golden Cup mineral resource is composed of 3 lodes located beneath 3 previously mined open pit gold mines. Lodes 2 and 3 are part of the same mineralised structure but their relationship to Lode 1 has not been established.

    GNM’s exploration next year will seek to determine if these lodes represent an offset of the same structure or 2 parallel zones.

    The historic gold production from the Golden Cup oxide zone was approximately 20,000 ounces and when combined with the current resource this takes the total endowment at Golden Cup to 50,000 ounces of gold which compares favourably with GNM’s previous exploration target

    Open at depth and strike

    The company reported that the resource at Golden Cup is open with very little drilling below 50 metres vertically or outside the mineralisation model.

    JORC resource estimate

    Great Northern Minerals announced that it has completed the JORC resource estimate for the Golden Cup Gold Mine.

    The Golden Cup mineral resource estimate was independently estimated by experienced mine geologist Andrew Beaton of AKB Mining Geology Services Pty Ltd (AKB).

    GNM said that the Mineral Resource estimate is reported above a cut-off grade of 0.75g/t Au and is reported below the historical open pit excavations.

    At a 0.75 g/t Au cut-off grade, the company reported that the initial inferred resource estimate is 256,000 tonnes at 3.6 g/t Au for approximately 30,000 ounces of contained gold.

    Golden Cup Inferred Gold Resource table is as shown below.

    RC drill program at Golden Cup

    GNM reported that it has recently completed a small RC drilling program at Golden Cup, consisting of 8 holes to obtain further geological and QAQC data as recommended by AKB.

    The company said that the coming year will see a significant drill program with the aim to rapidly increase the resource at the Golden Cup Project.

    The results from the recent drilling program are expected to be received within the coming weeks.

    Next steps

    The company reported that further work will include drill testing for extensions to the known mineralization, mostly down dip; additional metallurgical test work to determine the most appropriate process route for gold recovery; and the completion of an initial Scoping Study on the economics of developing a gold producing operation at Golden Cup.

    Management comments

    Great Northern Minerals Managing Director, Cameron McLean said: “The Board and Management of Great Northern Minerals are delighted to announce a JORC resource estimate at Golden Cup. This represents a significant milestone for the Company and our trajectory.

    The focus for the immediate future is increasing this resource and the current drill program aims to do that. We are excited by the prospects of 2020 and what it holds for this company”.

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    • Delayed Prices (USD) - Last Updated 27-06-2022
    • Gold $1,826.40
    • Silver $21.14
    • Platinum $908.00
    • Palladium $1,802.00
    • Dalian Iron Ore i2209 $113.98
    • Aluminium $2,456.00
    • Cobalt $72,400.00
    • Copper $8,381.00
    • Lead $1,915.00
    • Nickel $22,400.00
    • Tin $24,590.00
    • Zinc $3,350.00