La Mascotte Gold Deposit: First JORC (2012) Mineral Resource Of 138,000 oz Au

WA-focused gold explorer, Kalgoorlie Gold Mining (ASX:KAL) (‘KalGold’ or ‘the Company’), is pleased to announce the first JORC (2012) Mineral Resource at the La Mascotte gold deposit within the Bulong Taurus project, 35km to the east of Kalgoorlie-Boulder.

Highlights

• La Mascotte is one of the few outcropping gold deposits in the Eastern Goldfields
• First ever La Mascotte JORC (2012) Inferred Mineral Resource Estimate of:
  • 3.61 Mt @ 1.19 g/t Au for 138,000 oz (0.6 g/t cut-off)
• Resource is estimated above the 220 mRL, or to a depth of ~140 m below surface on a granted mining lease
• Modelled resource footprint measures 700 m north-south by 500 m east-west, with multiple stacked mineralised horizons demonstrating a total sectional thickness of up to ~175 m
• Mineralisation remains open below 220 mRL at several target areas
• Potential for significant resource growth and upgrade with additional drilling
• KalGold direct expenditure cost of only ~A$5 per gold ounce (including drilling and assays)

3.61 Mt @ 1.19 g/t Au for 138,000 oz at a 0.6 g/t cut-off (Inferred).

This includes a higher-grade component of 1.35 Mt @ 1.92 g/t Au for 83,000 oz at a 1.0 g/t cut-off.

KalGold Managing Director and CEO Matt Painter said:

“The definition of 138,000 oz of gold from surface only 35km east of Kalgoorlie Boulder is a major milestone in KalGold’s short history. It reinforces our objective of discovering and defining gold resources in the Eastern Goldfields of Western Australia.

“La Mascotte is one of the few remaining outcropping gold deposits in the Eastern Goldfields. This initial JORC (2012) Mineral Resource Estimate highlights our cost-efficient approach to building a mineral resource base and strengthens KalGold’s credentials as a highly effective gold discovery company. For example, the incorporation of historic drill data into this JORC (2012) Mineral Resource Estimate has saved the Company $1.6 million in drilling-related costs, delivering a realised discovery cost of only $5/oz.

“With gold mineralisation remaining open at depth, KalGold will progress the La Mascotte mineral resource with additional work. We look forward to updating investors on our progress throughout CY2023.”

The La Mascotte Gold Deposit

The La Mascotte gold deposit is one of the few remaining outcropping gold deposits near Kalgoorlie- Boulder in the Eastern Goldfields of Western Australia. Located less than 35km east of the city on the sealed Bulong Road, the deposit can be accessed within 30 minutes’ drive from Kalgoorlie.

Figure 1 – Location map, showing the La Mascotte deposit 35km east of Kalgoorlie and gold plants nearby. Projection GDA94 MGA Zone 51.

La Mascotte is located within the (historic gold rush era) Taurus Goldfield, immediately to the east of the Bulong Goldfield. Geologically, the deposit is hosted by a deformed, metamorphosed, felsic-intermediate volcanosedimentary sequence locally intruded by ultramafic to felsic porphyry pods and dykes. This sequence is juxtaposed against a nickel-mineralised ultramafic sequence to the west and north. Separating these sequences is the regionally extensive, deformed Goddard Fault. KalGold believes this fault to be the controlling structure for gold mineralisation throughout the Taurus Goldfield. Further south along strike, this hosts the high-grade Daisy Milano gold mine operations in the Mt Monger Goldfield.

Although outcrop at La Mascotte is poor, gold-mineralised quartz veining and altered felsic-intermediate volcaniclastic rocks are evident as subcrop and float over several hundred metres (Figure 3). Gold nuggets have also been recovered by our prospector partners over the area (Figure 4). Furthermore, shallow excavations in these areas exhibit a prevailing shallow westerly dip of strata, foliation, and veining.

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