Projects & Royalties

Gidginbung

Project: Gidginbung
Commodity: Gold , Copper
Royalty: 2.0% NSR
Subsidiary: Altus Royalties Holdings Ltd
Location: Australia
Deposit Style: High sulphidation epithermal gold system associated with the Gilmore suture and 0.7Moz former Gidginbung mine
Key Attributes: Part of the exploration stage copper gold Temora Project in the Lachlan Fold Belt
Asset Stage: Brownfields exploration
Results: The Dam: 532koz Au, 121kt Cu. Gindingbung: 391koz Au, 7kt Cu
Next Phase of Work: Sandfire FY22 exploration budget of US$14m for Australia eastern states, including geophysics, geochemistry and drilling at Gidginbung
Deal Partner: Sandfire Resources (SFR.ASX)
Deal Terms: Acquired from Newcrest Mining

Project Overview

The Gidginbung project is located approximately 16 km north-west of the town of Temora in central New South Wales, Australia. It falls entirely within the confines of exploration license EL5864 which is 100% held by Sandfire Resources. EL5864 was granted on 29 May 2001 and the expiry date is 28 May 2022. In addition to Gidginbung, the Dam Project also falls partially within the confines of exploration license EL5864.

Gidginbung is part of Sandfire Resource’s Temora project, an advanced copper-gold exploration project in New South Wales. The Temora project is located in the highly prospective Gidginbung Volcanics, which form a north-north west trending belt from Temora to West Wyalong. The Gidginbung Volcanics are a very well mineralised group of rocks with numerous gold and copper occurrences distributed throughout the entire belt. The main targets in the Temora project area are porphyry copper-gold and high or low sulphidation epithermal gold deposits. A number of mineralised systems have already been defined within the Gidginbung Volcanic Complex, including the historical Gidginbung high sulphidation gold mine and a number of mineralised porphyry prospects including the Dam deposits. Regionally, Newcrest's Cadia copper-gold porphyry mine is located approximatley 150km northeast of Gidginbung while CMOC's Northparkes copper-gold porphyry mine is located 175km north. 

Sandfire is targeting potential new and higher grade deposits that could be discovered using modern exploration techniques, such as low level multi element geochemistry, SWIR, high power IP and reprocessed geophysics. Sandfire is undertaking a programme of drilling and ground based geophysical surveys following land access negotiations and stakeholder engagement. Work includes Diamond, RC and AC drilling as well as IP geophysical surveys. In 2022, Sandfire plans to spend US$14m on exploration of its Australia eastern states projects, including geophysics, geochemistry and drilling at Gidginbung and the Dam projects.

Royalty Overview

Altus owns 80.1% of an uncapped 2.0% NSR royalty over gold and other minerals mined from exploration licence EL5864.

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