Lucky Draw

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Republic Gold and Marlborough Resources NL have finalised an agreement whereby Marlborough’s 75% share of its Lucky Draw tenement, located south of Bathurst in New South Wales, would become part of the portfolio to be explored and developed by Republic Gold. Of the resources in and around Lucky Draw, up to approximately 30,600 ounces is in the tailings from the Lucky Draw Mine.

EL 5777 covers 173 square kilometres and holds two areas of mineralisation, one gold and the other copper. Of these two, the most important for the Company is the indicated and inferred resource of approximately 107,100 ounces of gold.

Some impressive drill hole intersections occur in the remaining mineralisation in the Lucky Draw area. These are 4m at 23 grams per tonne (g/t) Au and 9m at 4 g/t Au at Lucky Draw West and 8m at 37.7 g/t Au and 3.9m at 5.09 g/t Au at Hackney’s Creek. Marlborough’s geological consultant carried out rock chip sampling on the Lucky Draw pit walls and recorded one traverse of 33 meters at 10 g/t Au, including 46 g/t Au over the last 5 meters. This was also reported in the First Annual Report for EL 5777. The consultant concluded in the report that this work is “considered to be of significance given the assay data from previous drilling.”

The following table details the gold resources on EL 5777 at Lucky Draw.

Deposit Indicated Resource Inferred Resource Total Ounces
Tonnes Grade Tonnes Grade
Lucky Draw Tailings (1) 1,441,600 0.7  --   --  30,600
Lucky Draw West (2)  --   --  270,600 3.3 29,000
Hackney's Creek Upper Pod (2) 234,400 2.2  --   --  16,400
Hackney's Creek Lower Pod (3)  --   --  382,900 2.5 31,100
Total 1,676,000 0.9 653,500 2.9 107,100

Notes to the table

  1. This resource is from the metallurgical balance calculated from mine records. The previous tenement holder carried out a programme of 17 drill holes on the tailings and calculated a lesser grade than that shown in the table above of 0.53 g/t Au. At this grade the resource is 24,600 ounces.
  2. These resources are calculated at a cut-off grade of 0.5 g/t Au.
  3. This resource is calculated at a cut-off grade of 1.0 g/t Au.
  4. Resources may not sum to equal totals due to rounding.

Full reports on the Hodgkinson and Lucky Draw projects can be found in the Prospectus.