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Kaiser finished the reporting period
Merger creates having sold 759oz at an average price of Cayley proves
$2,224/oz after taking charge of the A1 mine
new White and Maldon exploration tenements from a higher grade
Centennial Mining Ltd in January.
The A1 mine has operated on a reduced
Rock star mining rate for 18 months but Kaiser Reef for Stavely

is undertaking a ramp-up plan designed to
hite Rock Minerals Ltd’s pivot to- access increased production sources from tavely Minerals Ltd is back in the ex-
Wwards Victoria is closer to being airleg and mechanical mining methods. Sploration groove after posting up to
realised after it and takeover target Aus- While mining and production has been 21% copper, 25 g/t gold and 2,540 g/t
tar Gold Ltd agreed to a revised merger modest, Kaiser Reef sees a much greater silver in recent drilling on its namesake
implementation deed. prize on the horizon following a concerted project in western Victoria.
White Rock and Austar had agreed to exploration effort with the Queens Lode the Hole SMD135, completed in April, pro-
the merger – 0.78 White Rock shares for 1 first major exploration target. duced hits of 26.4m @ 1.17% copper, 0.17
Austar share – in February but the deed was A bypass decline was developed for the g/t gold and 8 g/t silver (including 6.4m @
redrawn in March-April to deal with the over- Queens Lode during the quarter, allowing 4.02% copper, 0.5 g/t gold and 29 g/t silver –
hang of Austar’s listed options. larger mechanised equipment to be used with 1m @ 21.2% copper and 142 g/t silver)
The rationale behind the deal remains the and underground drilling to be ramped-up. and 13m @ 1.54% copper, 2.2 g.t gold and
same; a strengthened balance sheet and The exploration strategy received an ear- 203 g/t silver (including 1m @ 10.05% cop-
the benefit of White Rock’s higher profile in ly boost with underground drilling results of per, 25.2 g/t gold and 2,540 g/t silver) inter-
North American capital markets where Vic- 3.7m @ 68.6 g/t gold, 12.1m @ 24.3 g/t and cepting the Copper Lode Splay and Cayley
torian gold stories are well regarded. 8.5m @ 9.26 g/t reported during the quarter. Lode targets respectively.
The jewel in Austar’s crown is its portfolio The hole was a step-out on the Cayley
of tenements in the Walhalla-Woods Point Lode and is the most north-eastern hole
gold belt, Victoria. While it is a modest pro- Fair maiden drilled to date. As a result of the intercept,
ducer of gold concentrate from the Morning Stavely has extended mineralisation of the
centrate was shipped in the March quarter numbers for Stavely said the high-grade intervals were
Star mine – 5,800kg @ 1,640 g/t gold con- high-grade deposit to 900m strike.
– the wider exploration potential of the Wal- associated with high-tenor copper sulphide
halla field remains untapped. Navarre bornite, further emphasising the high-grade
On announcement of the deal in Febru- nature of the Cayley Lode.
ary, White Rock’s technical adviser and well- maiden resource for the Resolution and The recent holes were part of an intensive
known North American mining executive Dr A Adventure prospects on the Stawell Cor- resource drill-out of Cayley Lode, focused
Quinton Hennigh said the Austar deal was a ridor project could be just the first of several on extending the deposit which could prove
rare opportunity. updates for Navarre Minerals Ltd over the next crucial in improving the economics of Stave-
“The acquisition of Austar will give White 12 months. ly, where the Thursday’s Gossan deposit
Rock control over one of the high-grade Navarre announced the initial JORC boasts a resource of 28Mt at 0.4% copper.
gems of the Victorian goldfields,” he said. 2012-compliant inferred resource of 3.89mt
White Rock further confirmed the value @ 2.43 g/t for 304,300oz gold from Resolute
attributed to the Austar assets in May when and Adventure in March, however, with an
it reached agreement with Thomson Re- exploration target of 3.4-5.2mt @ 2-3 g/t for
sources Ltd to farm-out 70% of its Mt Car- 280-420,000oz gold also reported, the com-
rington lead-zinc-silver project in New South pany further increases in its sights.
Wales. Navarre managing director Ian Holland said
“With the proposed merger contemplated the maiden resource and exploration target
between White Rock and Austar, joint ven- confirmed Resolution and Adventure “as qual-
turing our Mt Carrington asset will allow ity gold deposits with outstanding economic
White Rock to focus on this significant Vic- potential”.
torian gold production and exploration op- “The maiden mineral resource will be the
portunity as well as our exciting projects in first instalment of what we believe will be a
Alaska,” White Rock managing director Matt growing resource base and the first step in es-
Gill said. tablishing the Stawell Corridor gold project as
an emerging gold-producing camp,” Hollands
said.
Kaiser gets to million ounce deposits such as the 5 moz gold
Stawell has a long-held reputation for multi-
work on A1 Magdala mine. With 70km strike under its con-
trol, Navarre is confident it can turn Adventure
roadmap and Resolution into economic discoveries.
“The company is now drilling at Adventure
with the aim of converting the exploration tar-
The high-grade Cayley Lode continues to
aiser Reef Ltd has completed its get to additional mineral resources,” Holland provide encouragement for Stavely Minerals
Kmove into gold mining, pouring first said. “We believe there is a high likelihood that on its namesake copper-gold project
gold under its ownership of the A1 mine this campaign will significantly add to our re-
in the March quarter. source base.”

aUSTRaLIa’S PaYDIRT JUNe 2021 Page 43