Eridanus (Mt Magnet)
Eridanus is a new discovery (2017-18) and comprises of a large, low-grade felsic hosted stockwork style deposit. Gold mineralisation is associated with an east-west trending sericite-silica+pyrite altered granodiorite bound to the north and south by feldspar-phyric porphyry units.
The deposit is located, between the existing Lone Pine and Theakston (backfilled) pits, 1.6km south of Shannon.
Significant drilling and project development work was conducted during 2018 and 2019. A Stage 2 open pit cutback has been approved by the Board for mining and the latest Ore Reserve as at 1 April 2020 was 5.2 Mt @ 1.2 g/t for 194,000 oz.
Truncated view to West. Block model (>0.6g/t) with Stage 1 pit at March 2020 (blue) & Stage 2 cutback design (green)