CARRICK GOLD LIMITED

Transcription

1 CARRICK GOLD LIMITED ACN Ground Floor, 12 St. Georges Terrace, Perth, WA 6000 G.P.O. Box 2567, Perth, WA 6001 Tel: (08) Fax: (08) ASX QUARTERLY ACTIVITIES REPORT For the Quarter Ended 31 December 2010 Highlights Operations Definition drilling of the Atlas structure at the Kalpini project through 21 reverse circulation (RC) holes for 2120 metres. Best result 2 meters at grams per tonne (g/t) gold (au) from 29 metres depth. Auger Drilling on two leases at the Kurnalpi projects identified targets for follow-up rotary aril blast (RAB) drilling. Corporate Appointed experienced mining executive, John McKinstry as Chief Executive Officer (CEO). Refer page 6 for details of his background. Appointed Laurence Freedman AM as Chairman. Refer page 7 for details of his background. The Company remains well funded with $21.0 million in cash and no debt. Moved Company office to a new location, resulting in substantial cost savings and room for future staff expansion. Executive Summary During the December quarter, Carrick Gold Limited (ASX Code: CRK) continued to take the necessary steps to move as rapidly as possible towards gold production within the financial year. Future drill targets have been identified at Grant s Patch and Ora Banda south and will form part of the work to gain a deeper understanding of the geological controls of the mineralisation encountered and to drill test Aircore targets identified from previous Aircore drilling. It remains the Company s intention to proceed with resource definition drilling to: A. Increase Carrick s resource; B. Focus on exploration at Lindsays, Kalpini, Kurnalpi and Kalgoorlie West; C. Explore and define high grade near surface mineralization able to be converted from resources into reserves;

2 D. Audit Carrick s gold inventory to assess viable mineable operations in order of priority. Photo of drilling near Kalpini OPERATIONS A summary of geochemical sampling at Kalpini and Kalgoorlie West is given in Table 1. A total 670 geochemical samples were collected from the auger drilling at Carrick Gold s Kalgoorlie West and Kurnalpi projects. Table 1: Geochemical Sampling at Kalpini and Kalgoorlie West Project Tenement Number of Geochem Samples Kurnalpi M28/ Kurnalpi P28/ Kalgoorlie West-Kundana E16/ Kalgoorlie West-Zuleika P16/ Kalgoorlie West-Zuleika P16/ Kalgoorlie West-Zuleika P16/ Kalgoorlie West-Zuleika P16/ Total Number of samples 670 Anomalous silver and gold results were returned for tenement M28/90 at Kurnalpi. Gold values ranged between 0.2g/t up to 0.6g/t and silver values ranged from 0.3g/t to 2.04 g/t. 2

3 Strong anomalous silver values were also received from the geochemical samples at the Kalgoorlie West project with the silver values reaching up to 12 g/t. The geochemical samples form part of an ongoing exploration program and will help in identifying new drilling targets at these projects. RC drilling at Kalgoorlie West (Grants Patch) will commence in February, 2011 and is designed to follow-up previous encouraging Aircore results. Kalpini Drilling Update A total of 21 reverse circulation holes were drilled in the vicinity of the Atlas shaft and the associated old workings, achieving a total of 2120m Figure1. Historically, the Atlas shaft is known to have produced 7,806 ounces (oz) of gold from 15,218 tons of ore at an average grade of 16.5 g/t (Man of War Geological Report 2003). The recent drilling was aimed at identifying the high grade shoots associated the north west-trending and north east-dipping shear zone and parallel to the old line of workings. Gold mineralisation appears to be located in the hydrothermally altered and mineralised Dolerite wall rocks that border the locally brecciated quartz vein within the shear zone. The best results for gold obtained are presented in Table1 below. Better results appear to be found in the holes that are to the west of Atlas shaft Figure1. The encouraging results will help in identifying new targets and improving the geological understanding of the controls of mineralisation in the area. A reverse circulation drilling program to further test the Atlas structure and to identify the high grade gold shoots around the Atlas shaft area will commence mid January,

4 Project Hole_ID Table X: XXXXXX Hole Easting Northing Azimuth Dip From To Downhole Grade Type MGA94_51 MGA94_51 (m) (m) Interval (m) (g/t Au) Intercept Description KALPINI KPRC g/t KALPINI KPRC g/t g/t g/t KALPINI KPRC g/t KALPINI KPRC g/t KALPINI KPRC g/t KALPINI KPRC g/t KALPINI g/t KALPINI KPRC g/t KALPINI KPRC g/t KALPINI KPRC g/t KALPINI KPRC g/t KALPINI KPRC g/t KALPINI KPRC g/t KALPINI g/t KALPINI KPRC g/t KALPINI KPRC g/t KALPINI g/t KALPINI g/t KALPINI KPRC g/t KALPINI KPRC g/t 4

5 Exploration period: FROM: 1 October 2010 TO: 31 December 2010 Location Type of hole Hole ID Number of holes Lindsay s Project Parrot Feathers Deeps (Au) Parrot Feathers Deeps(Au) New Discovery (Au) West Prospect (Au) Kurnalpi Project Brilliant Project (Au) Discovery Hill (Au) Halfway Hill (Au) KUG Prospect (Au) Five Mile Prospect (Au) Zandor Prospect (Au) Number of metres Kalpini Project Kalpini (Au) RC KPRC Kalgoorlie West Project Kalgoorlie West (Au) Dingo Range Project Dingo Range (Au) Spargoville Project Spargoville (Au) TOTAL

6 REHABILITATION As an ongoing commitment, rehabilitation of tenements was carried out during the quarter where ground disturbance had taken place. All tenements are in good standing with rates and rents paid. NEXT QUARTER Follow-up drilling will be undertaken at Kalpini (Atlas project) to further identify high grade gold shoots. Resource modelling of the Lindsay s eastern structure (Parrot Feathers) will be undertaken to assess depth extensions of the resource. RC drilling of targets previously identified at Kurnalpi will be executed. CORPORATE Appointment of Chief Executive Officer - sets path to production Carrick Gold has enhanced its management team with the appointment of experienced mining executive, John McKinstry, to the role of Chief Executive Officer. Mr McKinstry brings strong operating capability to Carrick Gold with over 25 years experience with international mining companies including Normandy, Newmont Mining & MIM, specialising in the development and bringing to production of mining operations. In his most recent role as Chief Executive Officer with North Queensland Metals Ltd he built a team of 180 people, was responsible for raising $30 million in capital, executed feasibility studies, managed joint venture relationships, delivered profits from operations and increased shareholder value significantly. He began his career at the Agnew Nickel Mine, and spent 3 years at Leinster before transferring to Mount Isa with MIM, where he held various production roles. John joined Normandy Mining Group in 1992, firstly working as manager of mining at the Golden Grove operation in Western Australia, then senior mining engineer in Perth working on the proposed Boddington Mine, then 18 months in Paris working with the Normandy/ BRGM JV, La Source, on the Ovacik gold project in Turkey. John returned to Australia in 1996 to complete a feasibility study on the Pajingo joint venture gold project at Charters Towers and went on to manage the operation for the next 5 years. During the last year (2000) he also managed the Mt Leyshon mine. In 2001, John was transferred to New Zealand to run Normandy s Waihi Gold. In 2002 John was transferred to 6

7 Nevada, USA to run the Midas Mine, which was now owned by Newmont Mining, after its successful takeover of Normandy. Carrick Gold Chairman Laurence Freedman AM said Mr McKinstry s skills will be very valuable to Carrick Gold as it continues the transformation from explorer to develop its production capabilities New Chairman appointed Laurence Freedman AM Laurence Freedman AM was appointed as Chairman on 14 October Mr Freedman has a long history of involvement and expertise in public companies with international trading and investment activities. He began his career with the Gold Fields Group: initially as an analyst; he rose to Director of Group of Companies. He later joined BT Australia as Manager, Investments. In 1980 he founded EquitiLink Ltd, an investment management group which he grew to a global company with operations around the world and over $3 billion under management. He held Chairman and/or Director positions in a number of public and private companies in Australia, the United States, the UK, Canada, New Zealand and Taiwan. He was a member of the syndicate which bought the Ten Network out of receivership. He became a Director and helped make it the most profitable media network in Australia for some years. In 2000 he sold out of the EquitiLink Group and in 2004 sold out of the Ten Group. He currently manages his private investment portfolio of international shares, property and fixed income securities. He is a mentor to a number of resources, biotech and technology companies. He is Chairman of the Freedman Foundation, a philanthropic foundation funded by the Freedman family, which assists and supports young Australians in many areas of endeavour. The foundation also finances a broad range of medical and scientific programs and organisations. In 2001 he was awarded The Order of Australia for services to the community, to medical research and the arts and to business and investment in Australia. WORKING CAPITAL At the conclusion of the December quarter (31/12/2010), Carrick Gold Limited held $21 million at bank and no debt. 7

8 For further information, please contact: Robert Schuitema Laurence Freedman David Greer Company Secretary Chairman Executive Director Carrick Gold Limited Carrick Gold Limited Radar Group The information in this report which relates to exploration results Is based on information compiled by Jabulani Machukera (Lindsays & Kalgoorlie-West Project exploration) & Peter Paterson (Kurnalpi Project exploration) who are Members of the Australasian Institute of Mining and Metallurgy with a minimum of five years experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as Competent Persons as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources, and Ore Reserves. Mr. Machukera & Mr. Paterson consent to the inclusion in the report of the matters based on their information in the form and context in which it appears. Mr. Machukera is an employee of Carrick Gold Limited. Mr. Paterson is an employee of Tarnwood Pty. Ltd. which consults to Carrick Gold Limited. Robert Schuitema Company Secretary About Carrick Gold Limited Carrick Gold Limited (ASX Code: CRK) is a gold exploration and development company based in Perth, Western Australia. The Company s suite of tenements covers an area of over 450km2 and is located within 50-90km of the world-renowned gold-mining town of Kalgoorlie, Western Australia. Three gold deposits have been discovered - at the Lindsay s, Kalpini and Kurnalpi s Brilliant projects with a number of other prospects in the exploration pipeline. With $21 million in cash and no debt, Carrick is well-funded to pursue the exploration and development of its projects. The Company is focused on developing its three main projects toward production. ASX Code CRK Shares on Issue m Previous Close $0.615 Market Capitalisation (as at previous day s close) $85.5 m Directors & Management Chairman of the Board - Laurence Freedman AM Chief Executive Officer - John McKinstry Non-Executive Director - Ross Gillon Non-Executive Director - Brian Martin Non-Executive Director/ Company Secretary - Robert Schuitema Project Director - Bevan Jaggard Website Address: 8

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