Assets

MG Gold is continually seeking and evaluating historical high-grade goldfields globally, with a proven production pedigree and strong orebody knowledge to ensure lower risk and cost effective exploitation. The key company asset is the Inglewood project, located in Central Victoria, Australia

Assets > Australia

Inglewood Gold Project

The Inglewood goldfield is located 45 km northwest of Bendigo, and 165 km northwest of Melbourne, Victoria. MG Gold holds a Mining Licence (MIN4639; 11 km2) and Exploration Licence (EL5529; 58 km2) over the entire Inglewood goldfield. MIN4639 includes the Maxwell’s mine site, which includes company offices, workshop, core shed, Maxwells shaft and winder, and a 100,000 t per annum gravity and CIP processing plant.

Geologically, it sits near the western margin of the Bendigo-Ballarat Zone in the western Lachlan fold belt. The Bendigo-Ballarat Zone consists predominantly of deep marine Ordovician quartz-turbidites of the Castlemaine Supergroup, which have been metamorphosed to lower greenschist facies and folded into a north-south trending series of chevron folds.

The Ordovician sandstone-shale turbidite sequence is folded into north and south plunging anticlinoria–synclinoria cut by east-dipping faults, which refract across the folds hinges, opening up dilation zones where the faults cross-cut bedding in the limbs of the folds. Dilation zones formed in this setting are the host sites for quartz-gold-sulphide vein mineralisation.

Mineralization at Inglewood is dominated by narrow quartz-gold-sulphide veins or reefs. The veins are east-dipping and generally dip around 60º. They comprise massive, through brecciated to laminated quartz textures. Sulphides present include pyrite, galena and sphalerite. Gold is present as free gold in the quartz and is often coarse and/or visible. Masses to a few mm are recorded. Gold distribution is highly nuggetty, resulting in high-grades (e.g. 100s g/t Au) distributed within very low-grades (<1 g/t Au).

The goldfield has produced approximately 149,000 oz Au from 166,000 t of quartz reef. The historical recovered grade was around 24 g/t Au, though this does represent highly selective mining and some sorting underground. Inglewood is a constituent field of the world-class Central Victorian goldfield which has produced over 60 Moz of gold since 1850.

Inglewood has potential for discovery of small- to medium-sized (<100,000 t), high-grade (>10 g/t Au) shoots at relatively shallow depths (<400 m). There are at least eight prospective target zones within the Mining Licence area, which contain over ten identified reef structures. Many of these structures have been mined to less than 150 m depth. The company believes that the field represents a good opportunity to develop a sustainable gold business.

The Company will invest funds over the next two years on a number of initiatives including; environmental sustainability/management and hydrogeological studies; historical research and geological modelling; regional geological mapping; a staged 20,000 m diamond drilling campaign; and resource estimation and development studies. The initial priority of the company is to drill the Maxwell’s line of reef and to re-establish production at the Maxwell’s mine as soon as possible. It is in the process of investigating targets across both the MIN and EL.