17 GRANTED MINING LEASES & EXCLUSIVE RIGHTS to 60sq klms EXPLORATION/PLANT/ EQUIPMENT/ ESTABLISHED INFRASTRUCTURE ESTIMATED RESOURCE 1,863,000 LCM

Palmer Rivers Operational Project

Mine Details

Commodity: Gold
Location: Australia
Terms: For Sale
Price: AU$3.500,000.00 (excluding GST)

Contact Seller

Summary:

Located on historic Palmer River Goldfields these 17 mining leases, high grade, granted to 2031-2036. PLUS 3 x Exploration Permits covering 60sq klms exclusive rights. Plant & Equipment, excellent established infrastructure; roads/tracks/dams, exceptional camp & communications.

Palmer gold is known as some of the purest natural gold in the world and assays at 97-98% gold.

Granted Alluvial Leases and surrounding Exploration Permit areas have hard rock potential.

With a successful alluvial operation currently in production, this project represents a rare opportunity to secure a large group of Palmer River mining leases comprising 566 ha; plus exclusive rights to a further 60 square kilometres of Exploration areas in Far North Queensland.

This project offers the potential to launch a campaign to discover further resource, substantially increasing production & cementing security of longevity of the mining project.

The sellers may consider tailoring the offering to buyer’s requirements.

Estimated resource 1,863,000 LCM (Loose Cubic Metre) under granted mining leases plus considerable resource yet to be pegged within exploration areas.

Location and Access:

LOCATION & ACCESS: Located 260klms N.W. Cairns (4-½ hour drive) and 100 klms west of the Mareeba-Cooktown section of the Peninsula Development Road. Mareeba and Atherton are the nearest industrial and retail service centres. Cairns International airport connects to 31 national and international destinations.

The project leases are located on Mt Mulgrave and Palmerville cattle stations. Access is by Hurricane/Karma Waters Road off the Peninsula Development Road to Hurricane Road leading to Groganville; then by registered mine-access roads. Mareeba Shire annually grade the road to the Groganville turn-off. Acccess may be restricted for short periods during wet season (December to March)

Description:

ESTIMATED RESOURCE and RESERVES
An estimated resource of 1,863,000 LCM(Loose Cubic metre) within the granted mining leases; average grade 1 oz per 80/100 LCM.

On review of the method of mining conducted by ADR/AUR; creek beds previously mined by that company were re-tested by G Donovan & G Robinson. Results proved up significant gold reserves remaining in creek beds and on some higher terraces. Some of this resource has been secured under granted mining leases.

The current mining operation relocated to this group of tenures beginning 2016 and is currently working on other ground in the area, consistently producing 1 ounce to 80/100 per m³.

Geology:

The following sections are a quote fro CR20418(A to P 4048) Hamilton. G, 1988 Solomon Pacific Resources NL (reference)
REGIONAL GEOLOGY – The area is underlain by Middle Devonian to Lower Carboniferous rocks of the Hodgkinson Formation. This formation is a thick accumulation of micaceous greywache, siltstone and slate with the intercalcations of basic volcanics, cherts and conglomerates. These lithologies have been metamorphosed to greenschite facies and are steeply folded and strongly cleaved.

LOCAL GEOLOGY
The principle lithologies making up the Hodgkinson Formation in this area are the strongly cleaved phyllites and sandstones which, being the least resistant units, are exposed only with in the creeks. Areas between the creeks, along the ridges and spurs are generally covered in quarts and chert float derived from pyritic quartzites (recystallized chert), cherts and the quartz veins and quartz fault infilling which form the more resistant interfluves.

History:

Gary Donovan (owner) has mined and prospected the area over a 28 year period, culminating in securing rich alluvial ground. Mr Donovan has an intimate knowledge of the subject area and its history. He was Operations Manager for Madden ResourcesNL (AUR/ADR) 1988/89) and worked for CRA as Operations Manager at Mt Kare in the highlands of Papua New Guinea. Using this experience, the Donovan family has mined in the area for 27 years and accumulated significant leases and exploration areas for future production.

In the historic account of mining in the Palmer River goldfields including the watersheds of McGann’s and Kennedy’s the following excerpt makes interesting reading– in 1874 an estimated 10000 men busily working the rich alluvial gravel the Palmer River recorded production of between 1-2 million ounces of gold from 1878 through to the early 1880s.
In the historic account of mining in the Palmer River goldfields including the watersheds of McGann’s, Kennedy and Cannibal Creeks. (ref: de Havelland D published 31.12.1986) .

Additional Information:

HISTORIC EXPLORATION HISTORY
Company Reports (CR) are available through Queensland Mines Department (GEORES);using relevant EPM numbers. See attached appendices.

Historically, exploration and drilling for hard-rock has been carried within the subject area by several companies; BHP, Strike Exploration, Carpentaria Gold, Shell, Solomon Pacific to name a few. Donovan’s held a JV with BHP for over 9 years under EPM:9795 (Kennedy’s,McGann’s/Jabiru Creek area) under which extensive exploration was carried out within the subject areas. BHP withdrew when they joined BHPBilliton as at that time as their focus was away from gold.
HISTORIC COMPANY REPORTS AVAILABLE ON REQUEST

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