Kalamazoo clinches more Victorian Goldfields exploration turf

ASX-listed gold explorer, Kalamazoo Resources has nailed down an exploration licence for its strategic 44-square-kilometre Myrtle gold project within the prolific Bendigo Zone in Victoria’s gold-rush territory. The company says Myrtle, 30km south of the high-grade Fosterville gold mine, will play an important role in its plan to consolidate exploration tenure in the immediate vicinity of Fosterville and the resurgent Central Victorian Goldfields.

The addition of the “under-explored” Myrtle project expands Kalamazoo’s ground-holdings in the Bendigo Zone to about 515sq.km, complementing its nearby Castlemaine and South Muckleford gold projects.

Castlemaine has been the source of about 5.6 million ounces of historical gold production from alluvial mining. South Muckleford has produced 2.1 million ounces from underground mining.

According to Kalamazoo, while considered prospective for Fosterville-style mineralisation, the Myrtle project area has not been tested by systematic modern exploration techniques and has no known historical drilling.

The company intends immediately undertaking a community engagement process before starting a “low impact” exploration program at Myrtle that will initially involve a regional-scale soil sampling survey.

Kalamazoo says it has a strategy to build a Victorian gold exploration portfolio and is looking at a global resource “target threshold” of one million ounces of gold with an average grade exceeding 10 grams per tonne.

Myrtle sits on the southern border of the North Central Victorian Goldfields Ground Release minerals exploration blocks, which are adjacent to Kirkland Lake Gold’s world-class Fosterville mine. Leases are expected to be awarded by the Victorian Government in the second half of this year.

Kalamazoo has lodged tenders for Block 3 and Block 4 and sees either or both of them as an ideal fit with Myrtle.

The $57 million market-cap company suggests they are highly prospective exploration tenements considering their proximity and similar geological setting to Fosterville and other regional discoveries.

The North Central Victorian Goldfields exploration blocks were the subject of a highly competitive tender process.

The Myrtle gold project is a great addition to our Victorian portfolio, given its proximity to our nearby Castlemaine and South Muckleford gold projects.

Kalamazoo recently kicked off a 4,000m reverse circulation drilling campaign at the Fentiman’s Reef, Smith’s Reef and Charcoal Gully prospects within its South Muckleford project near Maldon.

The triumvirate of prospects forms part of a broad epizonal gold-antimony mineralised system the company says is analogous to the style of mineralisation that occurs at the Fosterville and Costerfield deposits.

Kalamazoo says its drilling will vector in on potential extensions to known historical mine workings, soil geochemical and ground geophysical anomalies and favourable structures over a 130m-260m depth range across all three prospects.

Assays are pending.

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