- Gold mining company Citigold (CTO) has kicked off the 2021 exploration program at its Charters Towers Gold Project
- The start to the company’s exploration program was made possible by the end to the traditional wet season
- Citigold’s program aims to increase the density of sampling, and to fill in gaps from a sampling program completed last year
- Fieldwork will initially consist of geological traverses upstream, taking samples, and identifying potential sources of previously identified anomalies
- Citigold is in the grey and trading at 1.3 cents per share
Gold mining company Citigold (CTO) has kicked off the 2021 exploration program at its Charters Towers Gold Project.
As its name suggests, the Charters Towers goldfield surrounds the town of Charters Towers, located in northeastern Queensland. The related gold mines sit approximately 128 kilometres southwest of the coastal city of Townsville.
The company’s 2021 exploration program at this project has finally been made possible, thanks to the end of the traditional wet season which is common in the northern, more tropical regions of Australia.
Citigold’s 2021 exploration efforts at Charters Towers will surround the gold production mining leases, which cover 23 square kilometres and include the central gold mining site. The total exploration areas include 26 square kilometres of mineral development licences, plus 163 square kilometres of exploration permits.
The exploration program’s short-term goal is to increase the density of sampling across the company’s exploration land titles, as well as to fill in gaps from a successful sampling program which was completed at the end of last year.
The company’s program’s long-term goal is to increase the mineral resources and reserves at the Charters Towers Project. The Charters Towers goldfield currently has an inferred mineral resource of approximately 25 million tons at over 14 grams per ton of gold, as well as roughly 620,000 ounces of gold in the probably ore reserve.
The fieldwork conducted during the 2021 exploration program will initially consist of conducting geological traverses upstream, taking outcrop rock-chip and float samples, and attempting to identify potential sources of anomalies that have previously been identified.
Citigold is in the grey, trading at 1.3 cents per share at 12:27 pm AEST.