The Mt Carrington Gold-Silver Project is located 5km from the township of Drake in northern NSW on the Bruxner Highway, approximately 4 hours by car southwest of Brisbane and 1 hour from the regional centres of Casino and Tenterfield in NSW. The Project includes mining leases covering 1,000Ha; an exploration licence covering 183km2; onsite office and accommodation and amenities; a 1.5Mt tailings dam; a 750ML freshwater dam; a reverse osmosis water treatment plant; access to State power grid; previous processing plant foundations; and a current environmental assurance bond of ~ A$0.968M.
Thomson has entered into a binding Terms Sheet with White Rock Minerals Ltd (ASX:WRM) for an Earn-In and JV in relation to the Mt Carrington silver-gold project providing Thomson the right to earn up to 70% of the project via a series of staged project spends and cash payments. The Earn-In will leverage of the work undertaken by White Rock to an Updated PFS “Gold first, Silver second” approach as detailed in their ASX Release dated 19 August 2020.
There has been a long history of gold-silver and copper mining at Mt Carrington starting in 1853 and with modern small scale open pit mining by Mt Carrington Mines from 1974 to 1990. Since that time Thomson’s JV partner White Rock Minerals Ltd has undertaken a substantial amount of work including a positive updated Mt Carrington Prefeasibility Study (U-PFS) based on a “Gold First Strategy” with a gold Probable Reserve (JORC 2012) using a conventional crush / grind and CIL processing circuit. For full details of the U-PFS, including the Probable Reserve, see White Rock’s ASX Release dated 19 August 2020.
The U-PFS did not include additional JORC 2004 defined resources in the Red Rock and Guy Bell gold dominant deposits nor in the Lady Hampton, White Rock, White Rock North and Silver King silver dominant deposits. These additional resources offer the potential to extend the mine life with a possible “silver second” stage development at the Project
Location and Geology
Mt Carrington tenement package covers a 183 km2 area of a 12 km diameter mid Permian age collapsed volcanic caldera hosting an extensive alteration system with widespread low to intermediate sulfidation gold-silver polymetallic epithermal and copper (gold) occurrences. This is a highly permissive setting for mineralisation that at a caldera scale appears to be significantly under explored compared to similar geological settings globally.
|Mt Carrington||U-PFS – JORC 2012||ASX:WRM - 19 August 2020, Exceptional Updated Gold Pre-Feasibility Study Results|
|Gold First Reserves – JORC 2012|
|Gold First Resources – JORC 2012|
|Gold First Resources – JORC 2012||ASX:WRM - 19 August 2020, Exceptional Updated Gold Pre-Feasibility Study Results, and ASX:WRM - 9 October 2017 Improved Gold Resources at Mt Carrington Gold-Silver Project.|
|Silver Dominant Resources – JORC 2004|