Golden Iron Resources (GDI) is a gold exploration and development business that has acquired a number of tenement areas throughout the wider Southern Cross region within the Yilgarn of Western Australia. The diverse suite of tenements is prospective for gold and other base metals.
The tenements include seven mining leases, seven exploration licences and eight prospecting licences. The tenements have an existing JORC compliant gold resource base of some 946,200 t at 5.4 g/t for 161,480 ounces of gold, with strong potential for additional gold mineralisation.
The Company's lead projects are located within the Mt Dimer and Newfield areas. These areas were subject of previous mining operations that were curtailed in the 1990s due to a combination of low gold prices and changes in corporate priorities at the time. Company will have an immediate focus on defining further gold mineralisation and expanding the resources; and then to subsequently establish an operational model that has fit-for-purpose production centres with multiple mines at each centre.
Several of the projects contain existing mining infrastructure, including an established airstrip, decline and equipment foundations (Mt Dimer) and an operational hoisting facility comprising a head frame and hoist (Newfield). The Directors are of the view that this reduces the capital intensity for production and provides a possible path to production should economic levels of resource and reserve be established. The portfolio of mining areas is within an economic transportable distance of both Mt Dimer and Newfield.