Surveying will be conducted at a line-spacing of 50 meters and at a minimum survey height of 60 meters, subject to variation for reasons of safety, land-use, and topographic relief.
Magnetic surveying is a technique commonly used in mineral exploration to detect localized variations in the earth’s magnetic field, from which structural and/or intrusive features of mineralized – or mineralizing – potential may then be defined.
Surveying will commence over the Timor Project, which hosts the historic Leviathan Group of Mines for which historic production of 56,474 ounces of gold at an average recovered grade of 9.14 g/t Au is recorded.
Leviathan Gold Chief Executive Officer, Luke Norman, remarked: “We are very pleased to be commencing a magnetic survey over the entirety of our Victorian landholding.
Drilling at the Avoca Project is ongoing and forms part of a greater program of approximately 30,000 meters that Leviathan is currently deploying at Avoca and Timor.
The Projects are well-served by modern infrastructure, are easily accessible via paved roads, and fall less than 100 kilometers from the regional cities of Bendigo and Ballarat, both long-established centers of mining services and expertise.
More recently, major discoveries have also been made at the Fosterville Gold Mine near Bendigo , which boasts reserves of 1.70 million ounces at an average grade of 23.1 g/t Au, including 1.16 million ounces at an average grade of 61.2 g/t Au2.
The Avoca and Timor projects were the subject of historical mining between the 1850’s and the early 1900’s, during which era operations targeted so-called alluvial “deep lead” gold occurrences – buried auriferous river-bed deposits – as well as primary vein-hosted mineralization developed via shaft and underground stoping methods Such operations reportedly producing 1.3 million ounces of gold in the Avoca and Timor project areas alone.
The information relating to historical gold mines has not been independently verified by the Qualified Person and such information is not necessarily indicative of mineralisation on the properties that it the subject of this Press Release.
The Currighanalt project, which is described as “a high grade orogenic gold deposit characterized by a series of west-northwest trending, moderately to steeply dipping, stacked quartz-carbonate-sulphide veins and arrays of narrow and short extension veinlets” is hosted by rocks of similar lithology and age to those found at Avoca and Timor.
___________________________3 Dalradian Resources , “Technical Report for the Curraghinalt Gold Project, Northern Ireland”, by SRK Consulting.4 State of Victoria Mining Surveyors and Registrar’s Quarterly Reports from 1860 to 1891 and Annual Reports issued thereafter.
The Leviathan Group of Mines and Shaw’s Reef both lie on separate large regional north-south structures known to occur for tens of kilometers associated with hardrock workings over their length.
The securities have not been and will not be registered under the United States Securities Act of 1933, as amended or any state securities laws and may not be offered or sold within the United States unless registered under the U.S.
Such factors include, among other things: risks and uncertainties relating to whether exploration activities will result in commercially viable quantities of mineralized materials; the possibility of changes to project parameters as plans continue to be refined; the ability to execute planned exploration and future drilling programs;COVID-19; the ability to obtain qualified workers, financing, permits, approvals, and equipment in a timely manner or at all and on reasonable terms; changes in the commodity and securities markets; non-performance by contractual counterparties; and general business and economic conditions, Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information.