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CWG 31.0¢

small cap gold spec !!!!!!

  1. ytrade

    1,430 Posts.

    30/01/2003 10:07:54
    12,500,000 shares on issue last price .15 cents
    Market cap $ 1,875,000
    Second Quarter Activities & Cashflow Reports




    Exploration Licence 5937 embraces the Boorook silver and gold field
    33 km northeasterly from Tenterfield and 14 km northwest of Drake in
    New England, where numerous small but rich lodes within metasediments
    and volcanics near granite in close proximity to the regionally
    important Demon fault were discovered in the 1870's.

    From operations mainly in the period to 1885 a production of almost
    125 000 ounces of silver (from about 5 000 tonnes of ore) and 1 000
    ounces of gold has been recorded. Actual gold production undoubtedly
    was much greater, but gold grades cannot be assessed from the
    available data.

    This metal production was obtained predominantly from two main lines
    of mineralisation - the Golden Age and, 1 km to the west, the
    Wellington (or Nil Desperandum) - traceable for up to 3 km along
    their northerly trend. Numerous other lodes are known within the
    Licence, but there is little record of their extent and production.

    Lode widths ranged up to 6m (possibly where mineralised structures
    intersected), but the average was 0.6-1.0 metre. The length of the
    shoot worked in the Golden Age Mine ranged up to 85m, with operations
    reaching a depth of 97m on the underlay.

    Most of the ore won from this mine was oxidised (extending to the 25m
    Level); The primary ore, (mixed base metals, gold, pyrite,
    arsenopyrite and silver sulphosalts) was complex and posed
    considerable metallurgical problems. Mining was also adversely
    affected by water influx and lack of development capital.

    Previous exploration in the Boorook field comprised mapping,
    sampling, soil and stream sediment geochemistry, IP geophysics and
    seven percussion and cored holes (totalling 537m in length) drilled
    in the early 1980's.

    Work to-date by the Company has comprised geological examination and
    sampling of many of the old mines, with a total of 195 samples (from
    dumps and outcrop chip-channel) collected for assay. From this work
    8 zones (totalling 11 km in strike length) prospective for narrow,
    high grade gold-silver vein mineralisation have been identified.

    The average grade of the 26 samples higher than 1 g/t gold was 11.15
    g/t; the 4 samples above 10 g/t averaged 40.54 g/t with a maximum of
    157 g/t. For silver 27 samples in excess of 100 g/t averaged 587 g/t;
    5 samples above 1 000 g/t averaged 2 070 g/t with a maximum of 3 380

    Follow-up exploration (including trenching and drilling as
    appropriate) is planned for the coming months.

    The Boorook silver/gold project offers significant potential for the
    discovery of small to medium sized, high grade and high value vein
    deposits that could offer development potential in the short term.


    Anticipated grant of the Mount Hope Licence Application during the
    coming quarter will permit planned drilling at Mount Solitary to
    increase resources to be undertaken.

    No work was undertaken within the Gilgunnia Licence.


    Field work at the old Ruby Silver Mine was continued during the
    period under review.

    This work has indicated that the silver-rich shoots are associated
    with late stage acid dykes within the Rockvale Adamellite.

    The line of lode is traceable for 650m in old workings, with widths
    of up to almost 3 m reported.

    A geophysical survey 32 years ago outlined an anomalous IP zone to
    the northeast of the Main Shaft.

    This zone, as well as the silver mineralisation encountered in
    previous drilling, will be the focus for future exploration in the
    area, with drilling planned for later this year.


    No work was carried out during the quarter in the Ottery and
    adjoining Licences which cover prospective tin mineralisation in the
    Emmaville District.


    The Grenfell Licence Application was cancelled in November after an
    initial field inspection of the known silver and gold deposits proved

    ELA 2000 covering an area of Ag-base metal-As-Sn concentration
    centred 27 km northerly from Deepwater in New England was lodged
    during the period under review.

    Licence pursuant to this Application and those at Belara and Wisemans
    Creek have been offered to the Company and it is expected formal
    grant of title will take place within several months.


    Triako Resources are the JV operator of the Bobadah Licence 50 km to
    the north.

    No exploration activities were reported in this area during the


    (Thundelarra Exploration Ltd & Menzies Gold Ltd earning 70%)

    JV partner Thundelarra Exploration Ltd report the following for the
    quarter ending December 2002.

    "The Rothsay project hasan Indicated/Inferred Resource of 69 000 oz
    of gold at an average grade of 11 g/t gold using a 7 g/t cut-off and
    a 1.2 in minimum mining width. The Rothsay mine is developed on a
    major shear zone, with consistent quartz veining extending for 600 m.
    A successful diamond drilling program was completed last quarter by
    Menzies Gold Ltd, with holes targeted below existing workings in
    order to obtain additional resource information and representative
    metallurgical samples for production planning. Two metallurgical
    samples were submitted to Perth based metallurgical laboratory,
    Oretest. The samples were tested for traditional gravity/leach
    amenability as well as conventional flotation. The results were
    positive, with total recoveries ranging from 96.8% to 97.9% and
    reagent consumption low to moderate. Importantly, the results
    indicate that the deeper Rothsay ore is amenable to conventional
    processing and does not require flotation as originally assumed."



    No progress has been made on Indigenous Access Agreement negotiations
    over the Mary Kathleen group of tenements.



    Significant Sn + Cu/Ag mineralisation occurs within a relatively wide
    zone of quartz-siderite veining (the Stannite Lode) about 2 km
    northwest of Zeehan in northwestern Tasmania.

    In 1970 drill indicated/inferred resources were reported as 540 000t
    @ 1.46% Sn, 1.81%Cu and 5.1 oz/ton Ag.

    During the quarter all data held by Mineral Resources Tasmania was
    examined and site inspection of the Licence area was undertaken.

    The results of all work to-date on the Stannite Lode have been
    collated and an up-dated resource estimate is being prepared.

    The above report has been prepared by Lincoln McClatchie of
    McClatchie Pty Ltd who is a competent person as defined under the
    Australian Stock Exchange List Rules.

    Mr McClatchie has consented in writing to the inclusion of the above
    Information in this report in the form and context in which it

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