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Tuesday, 26th September 2006 (3238 views)

Australian gold mining company Goldstar has reported a record new gold finding at its gold deposit in eastern Victoria.

In a statement to the Australian stock exchange, Goldstar said it had uncovered record drilling results for the Walhalla region, specifically along its Eureka Dyke Bulge venture.

A gold reef with values of up to 5.5 kilograms of gold per tonne far outstrips any previous local gold findings and has given the company cause for increased optimism for the area.

Previous drilling had located gold results with a high of just 90 grams per tonne previously, meaning the potential of the mine could increase substantially, if the results are confirmed by secondary drilling.

A spokesman for Goldstar, Andrew King, told the exchange that the result was "outstanding" and that it greatly improved the company's expected returns.

 

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