A return to our golden age
CENTIUS Gold, a mining company hoping to strike it rich west of Coffs Harbour, has returned some positive news for its shareholders.
Exploring tenements of old goldfields in NSW and Queensland, the company says an aerial survey of the Orara Valley's Bobo tenement, near Coramba, has identified extended mineralisation and new targets.
The fly-over undertaken in July provided images of magnetic material under the ground.
In a report to the Australian Stock Exchange, Centius Gold managing director and geophysicist John Slade said the survey defined "a 6km by 3km west-north-west striking belt'.
He said the area identified included the Bobo, Grace, Grahams and Black Bull prospects.
"The magnetic data shows formations hosting the mineralisation extend for several thousand metres along the strike," Mr Slade said.
"To the south of Bobo-Black Bull zone there are more magnetically active formations striking west-north-west.
"These are interpreted as extensions of the magnetite quartzite's responses to the east associated with the Mt Browne and Coramba goldfields.
"These represent a new target for this part of the Nana-Coramba goldfield, as they could host base metal mineralisation plus gold."
Centius says it has a high probability of success at Coramba, as detailed testing and bulk sampling of the Bobo-Black Bull deposits indicate possible large tonnages of proven gold.
With a primary focus on gold and copper-gold porphyry, the company focuses on old goldfields, discovered in the 1850s to 1880s, with historical production of up to 100 tonnes of gold.
Unlike the historic shaft and tunnel mines, used to work more than 150 mines on the Orara goldfield more than 100 years ago, it would construct an open pit mine operation.
The company is also exploring prospects at Gympie, Temora and Forbes, and believes precious metals remain at the old goldfields, because mining stopped due to flooding as there was no pumping technology at the time, or due to labour interruption as workers went to war.
The recent aerial survey was also undertaken on behalf of Altius Mining, which is interested in a mine at Karangi, while another company, Anchor Resources, is proposing a mine at Bielsdown, 15km north of Dorrigo.
News of renewed mining interest in the region has sparked some controversy.
Coffs Harbour councillor Mark Graham, Clarence Valley campaigner Judith Melville, and residents group Dorrigo Environment Watch have gone public with concerns that mine tailings may contaminate waterways and drinking water sources.