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Thursday, 30th August 2007 (2796 views)

Australia-based St Barbara Limited has announced the discovery of high-grade mineralisation at Tower Hill.

The site is two kilometres away from the firm's Gwalia gold treatment plant and previous open pit mining at the site ended in 1989 after the recovery of 176,000 ounces of gold to a depth of 80 metres.

Mineralisation at the site has been shown to exist to a vertical depth of at least 200 metres by previous drilling, with St Barbara claiming that "significant potential for underground mining" is present.

According to Eduard Eshuys, the managing director and chief executive officer of St Barbara, the possibility of commencing gold production from Tower Hill in 2008 will now be assessed.

"Tower Hill has the capability to be a significant contributor to the company's growth plans," Mr Eshuys wrote in a statement.

St Barbara was founded in 1969 and is based in Melbourne, Victoria. It has four main exploration projects, according to the firm's website, with Leonora Gold, Southern Cross and Marvel Loch Deeps in addition to Gwalia.

 

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