Citigold Corporation - Restarting a World Class Gold Mine - 30 July 2024
CITIGOLD CORPORATION LIMITED (CTO) Share Update July 2024 Tuesday 30th
Citigold Corporation Announces Restart of World Class Gold Mine
Citigold Corporation Limited (ASX:CTO) has announced significant progress in restarting its high-grade Charters Towers Gold Project, aiming to become a major low-cost gold producer.
Instant Summary:
- Citigold aims to produce over 300,000 ounces of gold annually.
- Successful test mining with 100,000 ounces of gold produced.
- Ongoing exploration programs to discover new mineral resources.
- Recent rock chip sampling has revealed new gold anomalies.
- Focus on state-of-the-art technologies and efficiencies.
Company Overview
Citigold Corporation Limited is an Australian gold exploration and development company focused on the Charters Towers Gold Project in northeast Australia. The project is production-ready after a successful test mining phase that produced 100,000 ounces of gold. The company aims to produce over 300,000 ounces of gold annually using advanced technologies to ensure ultra-low-cost production.
Exploration Update
Citigold has been actively exploring its 175 square kilometers of prospective grounds surrounding the Central Mine mineralization area. Recent rock chip sampling on Exploration Permits located nine kilometers south and southeast of Charters Towers has yielded promising results. Out of forty samples, twelve contained detectable gold, with four samples showing significant anomalies. The highest anomaly recorded was 0.42 g/t Au, spread over an area of approximately 1.5 x 1 kilometers.
New Discoveries
Citigold's Chairman, Mr. Mark Lynch, expressed excitement over the new gold discoveries, stating that there are no known gold deposits or historical workings responsible for these anomalies. This new discovery confirms the potential for undiscovered gold mineralization in the area. While it is too early to determine the full extent of this new mineralization, the findings are encouraging.
Critical Minerals
In addition to gold, Citigold is keeping a watchful eye on critical minerals identified by the Australian Government as essential for modern technologies and national security. These include high-purity alumina, antimony, arsenic, beryllium, bismuth, and others. Samples were assayed for gold and a suite of 36 elements, including 15 of Australia's 30 critical minerals, using advanced analytical methods.
Geology and Exploration
Citigold's Mineral Resources and Ore Reserves for the Charters Towers Gold Project are reported in accordance with the Australasian JORC Reporting Code 2012. The company continues to optimize future plans for intensive exploration programs, with priority areas identified from current and previous exploration activities. No new exploration drilling was undertaken during the quarter, but regulatory compliance reporting for exploration, mine, and environmental activities continued.
The announcement of restarting the Charters Towers Gold Project is a significant development for Citigold Corporation. The company's focus on ultra-low-cost production and the potential for new gold discoveries are likely to positively impact its stock price. Investors may view this as a strong growth opportunity, especially given the company's commitment to using state-of-the-art technologies.
Investor Reaction:
Analysts are expected to react positively to Citigold's announcement, given the company's strategic focus on becoming a major gold producer. The recent exploration results and the potential for new gold discoveries add to the company's growth prospects. However, investors will be keenly watching for further updates on the project's progress and any additional discoveries.
Conclusion:
Investors should keep a close eye on Citigold Corporation's developments as the company progresses with its Charters Towers Gold Project. The potential for significant gold production and new discoveries makes this an exciting time for the company and its shareholders. Subscribe to our newsletter for regular updates and in-depth analysis on Citigold Corporation and other stock market news.