Source : THE AGE NEWS
Aureka Limited has revealed a potentially efficient, low-capital pathway to re-open its Comstock gold and silver project in Victoria, immediately backing the study by lodging a small-footprint prospecting licence application over the key Walkers Pit.
The positive news around a potential development stems from an initial concept study completed by engineering and geological consultants Measured Group and Minserve, with operational input from regional toll-milling specialists Core Prospecting.
Aureka says the study identified a fast-to-market start-up operation focused on the shallow mineralisation at Walkers Pit.
By utilising existing road networks and pit ramp access last used in the late 1990’s, the company says it plans to bypass heavy pre-mine earthworks and development costs, keeping upfront capital requirements limited to onsite setup and overheads.
‘We also look forward to seeing the progress of the infill diamond drilling now underway at Comstock.’
Aureka Limited managing director James Gurry
In tandem with the study outcomes, Aureka has applied for a prospecting licence to allow early production. The tailored application outlines a small footprint of less than five hectares housed entirely within the previously disturbed mine area.
The proposed operation features a seven-year mine life, designed around shallow mineralisation, with all ore carted to nearby processing plants for toll treating.
The concept study is supported by a solid geological foundation at Comstock, which hosts an inferred mineral resource estimate of 1.45 million tonnes grading 1.21 grams per tonne (g/t) gold for 56,500 ounces of gold, alongside 100,000 ounces of silver.
Historical drilling across the Walkers Pit zone highlighted shallow, high-grade mineralisation, led by standout intercepts of 14 metres at 7.2g/t gold from 18m, 2.2m at 27.4g/t gold from 63.2m and 3.1m at 17.24g/t gold from 22.5m.
Aureka Limited managing director James Gurry said: “It is encouraging to see the study identify a pathway to re-opening the Comstock project at the Walkers pit area with low upfront capital and entirely within a previously disturbed footprint.”
The low-capital restart strategy complements the junior explorer’s broader, multi-asset Victorian gold portfolio.
The company recently expanded its total inferred gold resource by 26 per cent to 454,800 ounces, driven by its flagship Irvine project just 16 kilometres from the multimillion-ounce Stawell gold mine.
Irvine hosts 398,000 ounces of that global inventory and remains the subject of an ongoing diamond drilling campaign.
The group’s wider regional tenement holding also includes the Jubilee gold project near Ballarat, the Morning Bill gold and base metals project and critical minerals potential across the broader St Arnaud region.
The company, meanwhile, continues to run a 1000-metre infill diamond drilling program at Walkers Pit, consisting of six short holes averaging less than 100 metres in depth. Aureka says the assays are pending.
The campaign aims to validate the historical drilling data, increase density to support a higher-confidence resource classification and supply fresh samples for critical metallurgical testing.
Geological data gathered from the rigs will be fed into advanced scoping and technical studies to firm up production targets.
With a low-cost blueprint on the table and a mining licence application lodged, the company looks to be systematically ticking off its development milestones.
As drilling continues to strengthen the resource at Walkers, another rig is busy probing for fresh mineralised extensions at Irvine, leaving Aureka advancing on two fronts as it works to make Comstock its first producing Victorian gold operation.
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