FCG holds Exploration Licence 8024 which covers all historic gold workings in Panama Hat goldfield
Historic gold mining was focused on narrow high grade gold ore zones consisting of ferruginous/limonitic schist. Samples from historic mines gave assay values in 0.5 – 51.1g/t Au associated with 100 – 1050ppm Cu and 5 – 3152ppm Bi. Very high gold values associated with very high bismuth values are an indicative of potential for discovery of high grade gold-copper-bismuth ore bodies (similar to those in Tenant Creek Mining District in NT).
Even though these historic gold workings are located only 30km from Broken Hill, NSW, exploration to date was limited
Drilling (short RC holes with collars close to historic shafts) is planned to test potential for high grade gold mineralisation at shallow depth
Old mine shaft with weathered ferruginous/limonitic brown schist and some quartz
Sample PH101 (51.5g/t Au): ferruginous/limonitic fragments with minor quartz