CTO 0.00% 0.6¢ citigold corporation limited

cto possibly 30-40 mill ounces of gold

  1. 8,457 Posts.
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    Have being digging a bit deeper into the CTO resource and found this...

    CTO is looking to open its first mine shortly,once its up and running they will then use the profits from this to fund opening up more of their ground,they already have the processing plant in place and with the gold price about to breakout CTO has massive potential.

    Take a look at the chart and you;ll see people are begining to wake up to CTO's potential


    Page 25
    5.2 Gold Resource Potential
    Based on the assumption that ore shoots similar to those previously mined
    at Charters Towers will persist or be repeated at depth, the Charters
    Towers Gold Project area can reasonably be expected to contain a resource
    potential of 15 million ounces, indicated in Table 4.
    Table 4 – Gold Resource Potential
    (in ounces)
    · Central Area – Main E-W Lodes 7 million ounces
    · Central Area – Southern E-W Lodes 1 million ounces
    · Central Area – NNW Lodes, Victory area 2 million ounces
    · Central Area – NNW Lodes, Towers Hill area 2 million ounces
    · East Area 0.4 million ounces
    · South – Merrie Monarch area 0.8 million ounces
    · South – Black Jack area 0.6 million ounces
    · West Area 0.8 million ounces.
    Total (rounded) 15 million ounces
    *NOTE: The above total is rounded to the nearest significant figure in
    accordance with reporting standards


    Charters Towers Gold Production Plan
    To determine the above figures the past mine output was tabulated
    (Appendix 1) and production figures and payability percentages
    attributable to the various regional zones were extracted. Average depths
    of underground development were derived from old mine plans and mine
    managers' reports. From these figures, area calculations of the potential
    known reef depth extension to 2000 metres were made based on the above
    factual data, assuming the mineralisation persists at a similar intensity to
    that demonstrated by past production. This includes the Brilliant Gold
    Reef Project area with its potential resources of between 1.3 and 2.6
    million ounces of contained gold, estimated by Morrison, 2001.
    Previous estimates of the total potential of the goldfield were made by
    Richter (1988) who estimated the gold mineralisation potential at between
    7 and 30 million ounces. This included a minimum potential on the Central
    lodes of 2 million ounces. He considered that there was a high probability
    for at least one other main lode system (3 million ounces) plus up to five
    other ore shoots in both the Central area and elsewhere in the goldfield.
    This potential is within known limits for this type of mineralisation (10 to
    40 million ounces, as outlined above).



    Outstandingly valuable gold resource company at a very moderate price

    Gold Production Plan aimed at 6.8Moz

    Gold resource potential 15Moz

    Budgeted production costs US$115 per ounce

    Market capitalisation approximately A$68.8M (US$44.5M)

    Completely unhedged - production to commence 2003

    Fully-operational processing plant on site - capacity to produce 100,000 oz/pa. Will be increased to reach the corporate goal of 250,000 oz/pa

    Narrow, flat-dipping veins in hard granite are excellent for deep underground mining as expensive supports are not needed and automated mining methods can be used

    Leases & approvals in place - no legal or environmental impediments

 
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