gault deposit: The Gault deposit, part of the company Tampia project 12 kilometres south-east of Narembeen, was discovered by BHP Minerals in 1987 and sits in a soon-to-be harvested barley paddock, according to Australian Broadcasting Corporation. The deposit contains an estimated 310,000 ounces of gold and Explaurum, which recently raised $7.8 million through new investors and existing shareholders, has told the stock market the mineralised area could be three times bigger than previously thought. Cereal cropping and cattle and sheep production are the biggest employers in the Wheatbelt town of Narembeen, nearly 300 kilometres due east of Perth, but ASX-listed gold company Explaurum is embarking on a $2.5 million drilling program which has the potential to transform the town economy. A feasibility study on the development of an open pit mining operation and standalone processing plant is due to be completed by the end of next year. We really do see it as a potential company maker." Mine could provide incentive to stay Farmer Derek Hooper and his wife Wendy live in a homestead with their three children, just a few hundred metres from the proposed open pit at Tampia. Explaurum managing director John Lawton has promised any future mining operation would be based out of Narembeen. "The general response we've received from the Narembeen community ... it overwhelmingly positive and they want to see the project proceed," Mr Lawton said. "Obviously we've got to establish that it can proceed, and that it viable. "But we're really positive about the project.
(news.financializer.com). As
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Tagged under gault deposit, deposit topics.