Gold Gold Resources Accessible EDR JORC Reserves Exploration Production World Ranking Industry Developments
Content maintained by Mike Huleatt
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Gold
Strong gold prices continued throughout 2009. The impact of the global financial crisis resulted in a sharp fall in exploration expenditure in the first half of the year which a strong second half could not offset resulting in an overall reduction in spending for the year. However, exploration continued to generate a very large number of intersections of economic significance justifying further work. In contrast, production rose in 2009 after a sharp fall in 2008, but still remained beneath the 2007 level.
Gold has a range of uses but the two principal applications are as an investment instrument and in the manufacture of jewellery. Secondary uses in terms of the amount of gold consumed are in electronic and dental applications.
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Resources
Australia's gold resources occur and are mined in all States and the Northern Territory. At the end of 2009, total Australian gold resources were 993 tonne higher than at the end of 2008. After allowing for the replacement of those resources lost to production (223 tonne) newly delineated resources added to the national inventory totalled 1220 tonne or 39.2 million ounces (Mozs) in 2009.
Australia's Economic Demonstrated Resources (EDR) rose by 1144 tonne or 26.8 Mozs in 2009 to 7399 tonne and accounted for 82% of total demonstrated resources, a similar proportion to the past three years. In 2009, EDR increased in the Northern Territory and all States on the back of continuing high gold prices. Although Western Australia continued to dominate EDR with 2980 tonne, its share fell again in 2009 to 40% of national EDR compared to 47% in 2008 and 49% in 2007. This reduction in share occurred despite Western Australia's EDR increasing by 46 tonne and again was the result of strong growth in other States, particularly in New South Wales, South Australia and the Northern Territory.
Subeconomic Demonstrated Resources rose by only 14 tonne in 2009 with a small increase of 17 tonne in the Paramarginal Demonstrated Resources category being slightly offset by a reduction of 3 tonne in the Submarginal Demonstrated Resources. Resources in the paramarginal category rose to 1495 tonne with 71% of total Paramarginal Resources occurring in Western Australia. This share also was higher than the 67% in 2008 but similar to the 72% in 2007. The Submarginal Demonstrated Resources fell by 3 tonne to 120 tonne, just over half of which was in Western Australia.
Following an increase in 2008, the level of Inferred Resources fell in 2009 by 165 tonne to 4431 tonne. Western Australia (45%) and South Australia (23%) dominate Inferred Resources.
Accessible Economic Demonstrated Resources
EDR for gold are essentially unencumbered with less than 2% is in any form of restricted area. At Australia's 2009 rate of production, EDR is sufficient for about 33 years. Increased production in 2009 was more than offset by increased EDR resulting in a small increase in the estimated production life. Resources classified only as reserves under the Joint Ore Reserve Committee (JORC) Code will support only 16 years at the 2009 production rate, which is a similar period to that in 2008. These estimates are average figures and there are some operations which may continue after these periods and there are others which will close before the end of those periods. However, the relatively short life suggested by these estimates highlights the importance of maintaining substantial short and medium term exploration programs.
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JORC Reserves
EDR is the sum of the JORC Code reserves categories plus those resources from the Measured and Indicated Resource categories assessed by Geoscience Australia as likely to be economic. In 2009, 48% of EDR fell into the JORC reserves.
Exploration
On the basis of calendar year exploration spending reported by the Australian Bureau of Statistics (ABS), gold again received the second largest share of exploration expenditure with iron ore remaining as the dominant target in 2009. Gold exploration spending fell by almost 19% to $463.3 million and its share of total exploration spending was 23%. Western Australia continued to dominate gold exploration by attracting $276.8 million ($52.3 million less than in 2008 and its share of total gold exploration rose from 58% in 2008 to 60% in 2009 on the back of strong growth in spending in the second half of the year. All other jurisdictions, except the Australian Capital Territory, had gold exploration during the year and encouraging results were reported from them.
It should be noted that ABS data reported on above will not include exploration for copper-gold mineralisation where the explorer nominates copper as the principal commodity. Such expenditure will be reported as exploration for copper.
On a financial year basis, the ABS reported gold exploration spending for 2008-09 was $438.1 million, a reduction of $154.6 million over 2007-08.
Data published by the Canadian company Metals Economics Group (MEG) on company exploration budgets for non-ferrous minerals indicates that intended budgets for gold exploration in Australia for 2009 totalled US$445.5 million or A$625 million based on the exchange rate used by the Metals Economics Group (MEG). This budget was about 26% higher than actual spending reported by the ABS. The differences between reported budgets and actual spending on gold exploration is likely to be the result of the impact of the global financial crisis on exploration, particularly in the first half of the year when ABS expenditure data for gold exploration showed levels well under the previous year. The continuing dominance of iron ore is likely to have played a part also as the impact of the financial crisis on iron ore exploration was limited with the continuing strong interest in iron ore from China.
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The MEG data show that 40% of gold exploration budgets were expected to be directed at grassroots exploration compared to 36% in 2008 and 47% in 2007. The share of minesite gold exploration budgets reported by MEG rose in 2009 to 36% compared to 25% in 2008 but late stage gold exploration budgets fell to 24% compared to 39% in 2008. Although there was some recovery in grassroots gold exploration the budgets for 2009 again highlighted the continued concentration on brownfields exploration for gold.
New gold mineralisation was found across the continent and at depth below known deposits in a variety of mineralisation styles. The Archean greenstones of Western Australia's Yilgarn Craton remain a very favourable target, although substantial opportunities exist in other provinces. A major review of the highlights of gold exploration in Australia in 2009 is available in the document Australian Mineral Exploration: A Review of Exploration for the Year 2009 - Extended Edition, which is available for download from the Geoscience Australia website. Indicative of drill intersections reported across the country in 2009 which highlight the potential, with further exploration, to yield resources to underpin the Australian gold sector into the medium to longer term are:
New South Wales
Alkane Resources Ltd reported encouraging drill intersections from the McPhillamys prospect, 35 kilometres (km) southeast of Orange, where it is in joint venture with Newmont Australia Ltd. An intersection of 299 metres (m) at 1.09 grams per tonne (g/t) Au from 68m included 207 m at 1.38 g/t Au from 160 m and 30 m at 3.21 g/t Au from 336 m. Another hole returned 135 m at 1.0 g/t Au from 41 m and 69.6 m at 1.04 g/t Au from 225 m.
Intersections at the Dargues Reef project near Majors Creek reported by Cortona Resources Ltd continued to highlight the potential of the area. At Dargues Reef, an intersection returned 17 m at 7.44 g/t Au, 5.0 g/t Ag and 0.1% Cu. At Exeter Farm results included 19 m at 6.62 g/t Au, 7.0 g/t Ag, and 0.13% Cu from 114 m and 3 m at 7.3 g/t Au from 179 m.
Northern Territory
Westgold Resources Ltd reported results from the Western Zone at the Rover 1 project 80 km southwest of Tennant Creek, which included 128 m at 1.2% Cu, 1.2 g/t Au, 2.0 g/t Ag, 0.07% Bi, 0.05% Co from 402 m and 13 m at 3.7% Cu, 0.13 g/t Au, 1.6 g/t Ag, 0.13% Co from 433 m.
Queensland
The combined Indicated and Inferred Resource at Renison Consolidated Mines NL's Agate Creek epithermal gold project is 14.8 million tonne (Mt) at 1.0 g/t Au, at a 0.3 g/t Au cut off. Regional mapping within the area has resulted in the identification of new prospects where rock chip sampling returned up to 357 g/t Au from the Phoenix Prospect; up to 2510 g/t Ag, 5.58% Cu, 3.4% Pb and 5.94% Zn from the Moon Beam Prospect, and up to 7.77 g/t Au from the Will Scarlet Prospect.
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At the Cracow gold mine near Theodore, drilling on the Kilkenny prospect produced significant intersections including 12.8 m at 14.18 g/t Au which included 2 m at 79.4 g/t Au. Newcrest Mining Ltd has 70% of the project and is the project manager and Lion Selection Ltd has 30%.
South Australia
Southern Gold Ltd's drilling at its Golf Bore Prospect, 40 km northeast of the Challenger Gold Mine extended down plunge gold mineralised shoots. In the Golf Bore Prospect Central Zone intersections reported included 33m at 1.1g/t Au, including 5 m at 2.13 g/t Au and 9 m at 2.26 g/t, 27 m at 1.15 g/t Au and 17 m at 1.0 g/t Au. In the South Zone intersections included 13 m at 1.01 g/t Au from 82 m (including 4 m at 2.08 g/t from 82 m) and 19 m at 1.04 g/t Au from 112 m (including 6m at 2.0 g/t from 117 m).
Tasmania
Bendigo Mining Ltd reported further extension to mineralisation at the Henty Gold Mine with drill intersections including 9.1 m at 11.8 g/t Au, 3.5 m at 34.5 g/t Au and 3 m at 8.7 g/t Au. These were beneath the previously mined Darwin South Zone.
Victoria
At the Bendigo Mining Ltd Kangaroo Flat mine in Bendigo, a sub-vertical zone of auriferous quartz veining cross-cutting predominant structures was identified. The zone is 10-15 m long, 3-5 m wide and more than 170 m high, with intersections including 3.7 m at 105 g/t Au and 5 m at 10 g/t Au.
Northgate Minerals continued near-mine exploration at the Fosterville and Stawell gold mines. At Fosterville, drilling confirmed that gold mineralisation on the currently mined Phoenix fault system continues both laterally and down plunge, with intersections including 6.7 m at 10.1g/t Au. At 30 June 2009, Fosterville had 564 000 ounces (ozs) of contained gold in Ore Reserves and 1.967 Mozs of contained gold in Measured, Indicated and Inferred Resources. At the Stawell mine, an additional 93 000 ozs Au Ore Reserves and 130 000 ozs Au resources were delineated in 2009. At 30 June 2009, the Stawell mine had 313 000 ozs of contained gold in Ore Reserves and 435 000 ozs of contained gold in Indicated and Inferred Resources.
Western Australia
Independence Group NL and its partner AngloGold Ashanti announced an increase in the Tropicana open-cut resource, 230 km east-south-east of Laverton, from 4.05 Mozs Au to 5.01 Mozs made up of Measured Resource of 19.9 Mt at 2.38 g/t Au for 1.53 Mozs Au, Indicated Resource of 31 Mt at 2.06 g/t Au for 2.01 Mozs Au and an Inferred Resource of 24.3 Mt at 1.83 g/t Au for 1.43 Mozs Au for a combined resource of 75.3 Mt at 2.07 g/t Au for 5.01 Mozs Au. Following a positive pre-feasibility study the Tropicana Joint Venture approved the start of a Bankable Feasibility Study (BFS) which will focus on a detailed assessment of owner and contract mining options and on optimising capital and operating costs.
Beadell Resources Ltd announced the discovery of a saprolite gold anomaly at its Neale Prospect in the Tropicana East project, immediately north of the AngloGold- Ashanti and Independence Group Joint Venture Tropicana tenements. Aircore drill samples returned values of 674 parts per billion (ppb) Au (0.67 g/t) and 312 ppb Au (0.31 g/t) from separate holes in the southern part of the tenement. The company also announced new gold anomalies at Hercules and Pleiades in the project area.
Beadell Resources Ltd announced that drilling at its Handpump Prospect in the West Musgrave Complex in Western Australia near the border with South Australia intersected significant gold mineralisation in rhyolitic breccia. An intersection of 65 m at 0.83 g/t Au from 10 m depth included a high grade zone of 5 m at 5.1 g/t Au from 35 m depth within a zone of 15 m at 2.3 g/t Au from a depth of 30 m. The company commented that these results represent the first economic gold intersection in the Musgraves.
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Production
Australian gold production reported by the Australian Bureau of Agricultural and Resource Economics-Bureau of Rural Sciences (ABARE-BRS) for 2009 was 223 tonne, an increase of 4% from the 2008 level. Australia's largest producer in 2009 was the Super pit at Kalgoorlie with 0.6 Mozs or 19 tonne. It was followed by the Telfer operation, also in Western Australia where production was almost 0.58 Mozs or 18 tonne. Western Australia continued to dominate Australian production with 152 tonne, just over two-thirds of total Australian output and an increase of 13% on the output achieved in 2008 (Table 1).
2005 (t) 2006 (t) 2007 (t) 2008 (t) 2009 (t)
New South Wales 28.05 27.04 34.89 31 25
Victoria 5.24 6.27 6.42 5 8
Queensland 23.99 21.47 20.81 18 16
South Australia 6.24 6.75 6.92 7 8
Western Australia 173.14 165.10 155.29 134 152
Tasmania 8.34 5.10 4.19 5 4
Northern Territory 16.55 14.03 16.54 15 10
Australia 261.53 245.76 245.04 215 223
Source: ABARE-BRS Australian Commodity Statistics 2008 and ABARE-BRS Australian Mineral Statistics, March Quarter 2010
Table 1. Australian gold production 2005 to 2009.
World Ranking
The United States Geological Survey (USGS) estimate world gold reserves remained unchanged at 47 000 tonne in 2009. According to the USGS, South Africa has the world's largest reserve of gold which remained unchanged at 6000 tonne accounting or 12.8% of world reserves. The USGS estimates Australia has the second largest reserve with 12.3% followed by Russia with 10.6%.
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Data published by the USGS shows world mine production of gold in 2009 to be 2350 tonne, an increase of 90 tonne on the estimated 2008 production level. China remained the leading producer with 300 tonne followed by Australia with 220 tonne and South Africa and the USA each with 210 tonne.
Industry Developments
A limited review of developments is available in the document Australian Mineral Exploration: A Review of Exploration for the Year 2009 - Extended Edition, which is available for download from the Geoscience Australia website. For a more comprehensive discussion of project development the ABARE-BRS report Minerals and Energy - major development projects - October 2009 listing is available for download from the ABARE-BRS website.
go to
https://sites.google.com/site/goldandsilver2012/gold
Some of the major developments are:
Boddington (Newmont 100%) in Western Australia where milling was expected to start in late in 2009 with production over the first five years expected to average around 1.0 Mozs/yr. Average annual production over the current 15 year life of mine will be around 850 000 ozs of Au and 30 000 tonne of Cu. Production at Boddington has started.
Kagara Ltd was constructing the Mungana mine in north Queensland and production has commenced. Annual output from the project is expected to be around 80 000 ozs.
Exco Resources Ltd's White Dam project in South Australia some 50 km west of Broken Hill is expected to yield around 50 000 ozs a year when it reaches full capacity in 2010.
Catalpa Resources Ltd is redeveloping the Edna May mine in Western Australia. At full production the mine is expected to produce around 100 000 ozs of gold annually.
In addition there are a number of existing operations which are being expanded including the Challenger mine in South Australia, Ridgeway Deeps in New South Wales and the Homestead underground operation at Paddington and the Athena underground mine at St Ives in Western Australia.
Content maintained by Mike Huleatt
go to
https://sites.google.com/site/goldandsilver2012/gold
Gold
Strong gold prices continued throughout 2009. The impact of the global financial crisis resulted in a sharp fall in exploration expenditure in the first half of the year which a strong second half could not offset resulting in an overall reduction in spending for the year. However, exploration continued to generate a very large number of intersections of economic significance justifying further work. In contrast, production rose in 2009 after a sharp fall in 2008, but still remained beneath the 2007 level.
Gold has a range of uses but the two principal applications are as an investment instrument and in the manufacture of jewellery. Secondary uses in terms of the amount of gold consumed are in electronic and dental applications.
go to
https://sites.google.com/site/goldandsilver2012/gold
Resources
Australia's gold resources occur and are mined in all States and the Northern Territory. At the end of 2009, total Australian gold resources were 993 tonne higher than at the end of 2008. After allowing for the replacement of those resources lost to production (223 tonne) newly delineated resources added to the national inventory totalled 1220 tonne or 39.2 million ounces (Mozs) in 2009.
Australia's Economic Demonstrated Resources (EDR) rose by 1144 tonne or 26.8 Mozs in 2009 to 7399 tonne and accounted for 82% of total demonstrated resources, a similar proportion to the past three years. In 2009, EDR increased in the Northern Territory and all States on the back of continuing high gold prices. Although Western Australia continued to dominate EDR with 2980 tonne, its share fell again in 2009 to 40% of national EDR compared to 47% in 2008 and 49% in 2007. This reduction in share occurred despite Western Australia's EDR increasing by 46 tonne and again was the result of strong growth in other States, particularly in New South Wales, South Australia and the Northern Territory.
Subeconomic Demonstrated Resources rose by only 14 tonne in 2009 with a small increase of 17 tonne in the Paramarginal Demonstrated Resources category being slightly offset by a reduction of 3 tonne in the Submarginal Demonstrated Resources. Resources in the paramarginal category rose to 1495 tonne with 71% of total Paramarginal Resources occurring in Western Australia. This share also was higher than the 67% in 2008 but similar to the 72% in 2007. The Submarginal Demonstrated Resources fell by 3 tonne to 120 tonne, just over half of which was in Western Australia.
Following an increase in 2008, the level of Inferred Resources fell in 2009 by 165 tonne to 4431 tonne. Western Australia (45%) and South Australia (23%) dominate Inferred Resources.
Accessible Economic Demonstrated Resources
EDR for gold are essentially unencumbered with less than 2% is in any form of restricted area. At Australia's 2009 rate of production, EDR is sufficient for about 33 years. Increased production in 2009 was more than offset by increased EDR resulting in a small increase in the estimated production life. Resources classified only as reserves under the Joint Ore Reserve Committee (JORC) Code will support only 16 years at the 2009 production rate, which is a similar period to that in 2008. These estimates are average figures and there are some operations which may continue after these periods and there are others which will close before the end of those periods. However, the relatively short life suggested by these estimates highlights the importance of maintaining substantial short and medium term exploration programs.
go to
https://sites.google.com/site/goldandsilver2012/gold
JORC Reserves
EDR is the sum of the JORC Code reserves categories plus those resources from the Measured and Indicated Resource categories assessed by Geoscience Australia as likely to be economic. In 2009, 48% of EDR fell into the JORC reserves.
Exploration
On the basis of calendar year exploration spending reported by the Australian Bureau of Statistics (ABS), gold again received the second largest share of exploration expenditure with iron ore remaining as the dominant target in 2009. Gold exploration spending fell by almost 19% to $463.3 million and its share of total exploration spending was 23%. Western Australia continued to dominate gold exploration by attracting $276.8 million ($52.3 million less than in 2008 and its share of total gold exploration rose from 58% in 2008 to 60% in 2009 on the back of strong growth in spending in the second half of the year. All other jurisdictions, except the Australian Capital Territory, had gold exploration during the year and encouraging results were reported from them.
It should be noted that ABS data reported on above will not include exploration for copper-gold mineralisation where the explorer nominates copper as the principal commodity. Such expenditure will be reported as exploration for copper.
On a financial year basis, the ABS reported gold exploration spending for 2008-09 was $438.1 million, a reduction of $154.6 million over 2007-08.
Data published by the Canadian company Metals Economics Group (MEG) on company exploration budgets for non-ferrous minerals indicates that intended budgets for gold exploration in Australia for 2009 totalled US$445.5 million or A$625 million based on the exchange rate used by the Metals Economics Group (MEG). This budget was about 26% higher than actual spending reported by the ABS. The differences between reported budgets and actual spending on gold exploration is likely to be the result of the impact of the global financial crisis on exploration, particularly in the first half of the year when ABS expenditure data for gold exploration showed levels well under the previous year. The continuing dominance of iron ore is likely to have played a part also as the impact of the financial crisis on iron ore exploration was limited with the continuing strong interest in iron ore from China.
go to
https://sites.google.com/site/goldandsilver2012/gold
The MEG data show that 40% of gold exploration budgets were expected to be directed at grassroots exploration compared to 36% in 2008 and 47% in 2007. The share of minesite gold exploration budgets reported by MEG rose in 2009 to 36% compared to 25% in 2008 but late stage gold exploration budgets fell to 24% compared to 39% in 2008. Although there was some recovery in grassroots gold exploration the budgets for 2009 again highlighted the continued concentration on brownfields exploration for gold.
New gold mineralisation was found across the continent and at depth below known deposits in a variety of mineralisation styles. The Archean greenstones of Western Australia's Yilgarn Craton remain a very favourable target, although substantial opportunities exist in other provinces. A major review of the highlights of gold exploration in Australia in 2009 is available in the document Australian Mineral Exploration: A Review of Exploration for the Year 2009 - Extended Edition, which is available for download from the Geoscience Australia website. Indicative of drill intersections reported across the country in 2009 which highlight the potential, with further exploration, to yield resources to underpin the Australian gold sector into the medium to longer term are:
New South Wales
Alkane Resources Ltd reported encouraging drill intersections from the McPhillamys prospect, 35 kilometres (km) southeast of Orange, where it is in joint venture with Newmont Australia Ltd. An intersection of 299 metres (m) at 1.09 grams per tonne (g/t) Au from 68m included 207 m at 1.38 g/t Au from 160 m and 30 m at 3.21 g/t Au from 336 m. Another hole returned 135 m at 1.0 g/t Au from 41 m and 69.6 m at 1.04 g/t Au from 225 m.
Intersections at the Dargues Reef project near Majors Creek reported by Cortona Resources Ltd continued to highlight the potential of the area. At Dargues Reef, an intersection returned 17 m at 7.44 g/t Au, 5.0 g/t Ag and 0.1% Cu. At Exeter Farm results included 19 m at 6.62 g/t Au, 7.0 g/t Ag, and 0.13% Cu from 114 m and 3 m at 7.3 g/t Au from 179 m.
Northern Territory
Westgold Resources Ltd reported results from the Western Zone at the Rover 1 project 80 km southwest of Tennant Creek, which included 128 m at 1.2% Cu, 1.2 g/t Au, 2.0 g/t Ag, 0.07% Bi, 0.05% Co from 402 m and 13 m at 3.7% Cu, 0.13 g/t Au, 1.6 g/t Ag, 0.13% Co from 433 m.
Queensland
The combined Indicated and Inferred Resource at Renison Consolidated Mines NL's Agate Creek epithermal gold project is 14.8 million tonne (Mt) at 1.0 g/t Au, at a 0.3 g/t Au cut off. Regional mapping within the area has resulted in the identification of new prospects where rock chip sampling returned up to 357 g/t Au from the Phoenix Prospect; up to 2510 g/t Ag, 5.58% Cu, 3.4% Pb and 5.94% Zn from the Moon Beam Prospect, and up to 7.77 g/t Au from the Will Scarlet Prospect.
go to
https://sites.google.com/site/goldandsilver2012/gold
At the Cracow gold mine near Theodore, drilling on the Kilkenny prospect produced significant intersections including 12.8 m at 14.18 g/t Au which included 2 m at 79.4 g/t Au. Newcrest Mining Ltd has 70% of the project and is the project manager and Lion Selection Ltd has 30%.
South Australia
Southern Gold Ltd's drilling at its Golf Bore Prospect, 40 km northeast of the Challenger Gold Mine extended down plunge gold mineralised shoots. In the Golf Bore Prospect Central Zone intersections reported included 33m at 1.1g/t Au, including 5 m at 2.13 g/t Au and 9 m at 2.26 g/t, 27 m at 1.15 g/t Au and 17 m at 1.0 g/t Au. In the South Zone intersections included 13 m at 1.01 g/t Au from 82 m (including 4 m at 2.08 g/t from 82 m) and 19 m at 1.04 g/t Au from 112 m (including 6m at 2.0 g/t from 117 m).
Tasmania
Bendigo Mining Ltd reported further extension to mineralisation at the Henty Gold Mine with drill intersections including 9.1 m at 11.8 g/t Au, 3.5 m at 34.5 g/t Au and 3 m at 8.7 g/t Au. These were beneath the previously mined Darwin South Zone.
Victoria
At the Bendigo Mining Ltd Kangaroo Flat mine in Bendigo, a sub-vertical zone of auriferous quartz veining cross-cutting predominant structures was identified. The zone is 10-15 m long, 3-5 m wide and more than 170 m high, with intersections including 3.7 m at 105 g/t Au and 5 m at 10 g/t Au.
Northgate Minerals continued near-mine exploration at the Fosterville and Stawell gold mines. At Fosterville, drilling confirmed that gold mineralisation on the currently mined Phoenix fault system continues both laterally and down plunge, with intersections including 6.7 m at 10.1g/t Au. At 30 June 2009, Fosterville had 564 000 ounces (ozs) of contained gold in Ore Reserves and 1.967 Mozs of contained gold in Measured, Indicated and Inferred Resources. At the Stawell mine, an additional 93 000 ozs Au Ore Reserves and 130 000 ozs Au resources were delineated in 2009. At 30 June 2009, the Stawell mine had 313 000 ozs of contained gold in Ore Reserves and 435 000 ozs of contained gold in Indicated and Inferred Resources.
Western Australia
Independence Group NL and its partner AngloGold Ashanti announced an increase in the Tropicana open-cut resource, 230 km east-south-east of Laverton, from 4.05 Mozs Au to 5.01 Mozs made up of Measured Resource of 19.9 Mt at 2.38 g/t Au for 1.53 Mozs Au, Indicated Resource of 31 Mt at 2.06 g/t Au for 2.01 Mozs Au and an Inferred Resource of 24.3 Mt at 1.83 g/t Au for 1.43 Mozs Au for a combined resource of 75.3 Mt at 2.07 g/t Au for 5.01 Mozs Au. Following a positive pre-feasibility study the Tropicana Joint Venture approved the start of a Bankable Feasibility Study (BFS) which will focus on a detailed assessment of owner and contract mining options and on optimising capital and operating costs.
Beadell Resources Ltd announced the discovery of a saprolite gold anomaly at its Neale Prospect in the Tropicana East project, immediately north of the AngloGold- Ashanti and Independence Group Joint Venture Tropicana tenements. Aircore drill samples returned values of 674 parts per billion (ppb) Au (0.67 g/t) and 312 ppb Au (0.31 g/t) from separate holes in the southern part of the tenement. The company also announced new gold anomalies at Hercules and Pleiades in the project area.
Beadell Resources Ltd announced that drilling at its Handpump Prospect in the West Musgrave Complex in Western Australia near the border with South Australia intersected significant gold mineralisation in rhyolitic breccia. An intersection of 65 m at 0.83 g/t Au from 10 m depth included a high grade zone of 5 m at 5.1 g/t Au from 35 m depth within a zone of 15 m at 2.3 g/t Au from a depth of 30 m. The company commented that these results represent the first economic gold intersection in the Musgraves.
go to
https://sites.google.com/site/goldandsilver2012/gold
Production
Australian gold production reported by the Australian Bureau of Agricultural and Resource Economics-Bureau of Rural Sciences (ABARE-BRS) for 2009 was 223 tonne, an increase of 4% from the 2008 level. Australia's largest producer in 2009 was the Super pit at Kalgoorlie with 0.6 Mozs or 19 tonne. It was followed by the Telfer operation, also in Western Australia where production was almost 0.58 Mozs or 18 tonne. Western Australia continued to dominate Australian production with 152 tonne, just over two-thirds of total Australian output and an increase of 13% on the output achieved in 2008 (Table 1).
2005 (t) 2006 (t) 2007 (t) 2008 (t) 2009 (t)
New South Wales 28.05 27.04 34.89 31 25
Victoria 5.24 6.27 6.42 5 8
Queensland 23.99 21.47 20.81 18 16
South Australia 6.24 6.75 6.92 7 8
Western Australia 173.14 165.10 155.29 134 152
Tasmania 8.34 5.10 4.19 5 4
Northern Territory 16.55 14.03 16.54 15 10
Australia 261.53 245.76 245.04 215 223
Source: ABARE-BRS Australian Commodity Statistics 2008 and ABARE-BRS Australian Mineral Statistics, March Quarter 2010
Table 1. Australian gold production 2005 to 2009.
World Ranking
The United States Geological Survey (USGS) estimate world gold reserves remained unchanged at 47 000 tonne in 2009. According to the USGS, South Africa has the world's largest reserve of gold which remained unchanged at 6000 tonne accounting or 12.8% of world reserves. The USGS estimates Australia has the second largest reserve with 12.3% followed by Russia with 10.6%.
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Data published by the USGS shows world mine production of gold in 2009 to be 2350 tonne, an increase of 90 tonne on the estimated 2008 production level. China remained the leading producer with 300 tonne followed by Australia with 220 tonne and South Africa and the USA each with 210 tonne.
Industry Developments
A limited review of developments is available in the document Australian Mineral Exploration: A Review of Exploration for the Year 2009 - Extended Edition, which is available for download from the Geoscience Australia website. For a more comprehensive discussion of project development the ABARE-BRS report Minerals and Energy - major development projects - October 2009 listing is available for download from the ABARE-BRS website.
go to
https://sites.google.com/site/goldandsilver2012/gold
Some of the major developments are:
Boddington (Newmont 100%) in Western Australia where milling was expected to start in late in 2009 with production over the first five years expected to average around 1.0 Mozs/yr. Average annual production over the current 15 year life of mine will be around 850 000 ozs of Au and 30 000 tonne of Cu. Production at Boddington has started.
Kagara Ltd was constructing the Mungana mine in north Queensland and production has commenced. Annual output from the project is expected to be around 80 000 ozs.
Exco Resources Ltd's White Dam project in South Australia some 50 km west of Broken Hill is expected to yield around 50 000 ozs a year when it reaches full capacity in 2010.
Catalpa Resources Ltd is redeveloping the Edna May mine in Western Australia. At full production the mine is expected to produce around 100 000 ozs of gold annually.
In addition there are a number of existing operations which are being expanded including the Challenger mine in South Australia, Ridgeway Deeps in New South Wales and the Homestead underground operation at Paddington and the Athena underground mine at St Ives in Western Australia.
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