Cameron Well is situated midway between the Company’s Westralia and Jupiter mining areas at Mt Morgans. It lies only 9km to the north‐west of the Company’s new 2.5Mtpa CIL treatment plant. The Company’s goal is to further define the discovery through 2018 and complete Feasibility Study activities with the intention of potentially including the project into the Company’s production outlook. The Company aims to release a maiden Resource Estimate and Ore Reserve in 2HCY2018 and look to accelerate production from the project in early CY2019.
The Company is excited by the potential of the discovery and the impact the free-digging oxide material could have on the overall operations at Mt Morgans. Longer-term, Dacian aims to continue to test the deposit at depth (current aircore drilling depth averages 49 metres).
For background, Dacian Gold first commenced reconnaissance aircore drilling at Cameron Well in September 2016. Over the course of the following 14 months, Dacian Gold completed 855 reconnaissance aircore drill holes which confirmed Cameron Well as a large, approximately 6km2 near‐surface oxide gold anomaly. The anomaly is underlain, in part, by a 1.1km diameter circular magnetic anomaly, referred to as the Cameron Well Syenite Complex (see Figure 2 & 3). Numerous multi‐gram intersections were returned from 50m x 50m spaced aircore drilling within the Cameron Well Syenite Complex.
Following the return of the mineralised 50m‐spaced aircore drill holes, the Company completed an initial 6‐hole diamond drill program beneath several of the oxide gold intersections. Drill hole 17CWDD0005 returned a spectacular intercept of 2.3m @ 311.3g/t gold from 100m below the surface, clearly showing very high grade mineralisation is present in the bedrock below the oxide gold anomaly. After completing the initial bedrock drill test at Cameron Well, the Company proceeded to infill‐drill the remainder of the 6km2 oxide gold anomaly with 542, mostly 50m‐spaced, aircore drill holes. Again, numerous intersections were returned as well as the identification of a 4km long south‐west to north‐east oriented mineralised structure showing a shallow dip to the north‐west (see Figure 3).
Figure 3 shows the extent of the 6km2 oxide gold anomaly at Cameron Well based on all previous drilling results.
Please refer to the Company’s ASX releases dated 8 November 2017, 14 February 2018 and 22 May 2018, for more detail on the Cameron Well discovery.