World class postcode with similar geology and surface mineralisation to Fosterville. The Fosterville Gold Mine has recently been ranked the highest underground grade (Q1 2020), 10th largest (Q1 2020) and lowest cost (Q1 2019) gold mine in the world.
Very rarely are significant gold deposits discovered from scratch…
The record grade and production at Fosterville is the result of knowledge that had been accumulated and applied over 20+ years of mining and exploration. Fosterville started as a small-mid scale heap operation that produced up to 40,000 ounces of gold per year from several shallow open pits in the 1990’s.
Through an understanding of structural controls, mineral indicators and alternative thinking, the first deep holes were drilled 1995 and successfully confirmed the existence of deeper and higher-grade mineralisation that was to become the beginnings of the far more significant sulphide operations being exploited today.
The GCM team was part of the original sulphide mineralisation discovery at Fosterville in 1995.
This is how GCM operates!
The GCM model is to delineate and develop lower grade disseminated ore bodies (low risk) as opposed to chasing the unpredictable higher-grade “nuggetty” style deposits synonymous with historical gold production in Victoria (high risk).
This is similar to the development history of Fosterville which transitioned from a low-grade shallow heap leach deposit to the current high-grade sulphide operation at depth.