Ausgold's Cracow project is located within 20 kilometres of Newcrest's 1 million ounce Cracow gold mine and 375 kilometres northwest of Brisbane.
SRK Consulting finalised an assessment of the project's gold prospectivity during this period and concluded that the intrusive and volcanic rocks within Ausgold's Cracow project area are prospective for gold and copper mineralisation.
More specifically, SRK Consulting stated that the Company's Cracow project potentially hosts epithermal gold mineralisation analogous to Newcrest's Cracow deposit within the Camboon Formation and intrusion-related copper-gold mineralisation within the Permian granites and diorites.
Having received independent confirmation of the project's potential to host gold and/or copper-gold ore bodies, Ausgold completed an extensive stream sediment sampling program over its Cracow project area during this period.
Ausgold anticpates receiving the assays results from this sampling program in late August.
