EL7330

This property is at an advanced stage in its exploration cycle. A historical line of workings suggest high grade in the order of 14g/t with historical production at Ajax Mine of over 300,000 ounces. The line of workings extends from south of Daylesford along a contiguous reef system for nearly 5 kilometres. Extensions to the reef system to the north pass through the tenement, and may continue as far as the Steers Pioneer mine line of workings within the company’s Yandoit tenement. Gold has been identified principally to be within structurally controlled saddle reefs, flat lying veins and west dipping reverse faults. In addition to the well-defined structural controls, gold mineralisation is identified in the wall rock comprising disseminated gold in strong similarity to the world class Fosterville mine, north east of Daylesford.

The Company is already working on the development of a detailed 3D model, encompassing the historical workings and surface mapping to identify the key structural elements which are instrumental to lode development. From the modelling, it is anticipated that diamond drilling will commence shortly thereafter.