Pacific Metals (ASE), formerly Jerome Gold Mines, has entered into a letter of intent to purchase a 50% interest in the Wattle Gully gold mining project in Australia.
Situated in the Chewton goldfield, about 100 km northwest of Melbourne, the Wattle Gully property includes a carbon-in-pulp plant with the capacity to treat 50,000 tonnes of ore and 20,000 tonnes of tailings per year.
Preliminary reserves stand at 205,500 tonnes grading 8.99 grams gold per tonne.
Pacific Metals has agreed to pay Concord Mining, an Australian company, $1 million for a 50% interest in Wattle Gully.
Be the first to comment on "Pacific looks at Aussie bet"