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Regional Exploration In March 2007 Goldstar was advised it had been successful in its tender application to the Victorian Government for a substantial mineral exploration block comprising four Exploration Licences located immediately adjacent to the Walhalla Gold Project.
In addition, the newly secured exploration block includes a number of historic workings. Up to 40 have already been identified from an initial broad scale data review, some which have recorded high-grade gold production of up to 30,000 ounces. Indications are that only limited work was undertaken on the largest of these prospects below the water table. Goldstar has commenced an aggressive exploration programme within the new tenement areas as part of an expanded regional exploration strategy. This involves an evaluation of the potential for additional greenfields dyke bulge style targets within the Company’s exploration leases. In addition, re-processing of historic geophysical data will be undertaken with the aim of further expanding the structures identified in previous regional work on the Southern tenements. Based on the regional exploration work undertaken to date, Goldstar estimates that, within a 1km radius of Eureka, it has only drilled 10-15% of the dyke bulge targets generated from the re-processing of the geophysical data. This represents a very exciting opportunity for the Company, particularly as there is no known historic mining activity associated with any of the newly identified targets. It is anticipated that a drill rig will be moved to the northern tenement regions during the September 2007 Quarter to continue assessment of exploration targets.
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The four new Exploration Licences are located immediately to the north, east and south of Goldstar’s existing tenements, EL 3311, which contains the Eureka and Tubal Cain Projects, and EL 4660. They have more than doubled the Company’s total ground position in the Walhalla-Woods Point Goldfield and are interpreted to contain extensions of the significant Ross Creek Line of mineralisation as well as other major regional structures that have been identified in the region.
