Since 1990, the Yandal Greenstone Belt has been a world-class gold district which has produced three major gold deposits over the past 30 years. But nestled within the 300km stretch is the under-explored Lake Maitland tenement which has long been held by not gold, but uranium miners.
Between those three major gold deposits, there have been 14 million ounces (Moz) of gold mined. To put that in perspective, outside of the Wiswatersrand gold rush, there are only 100 goldfields in the world that have produced more than 3.5 Moz of gold.
Lake Maitland is located just 20km away from Bronzewing where 7 Moz of gold has already been discovered with the mine only recently shutting down four years ago.
With Lake Maitland being located within such close proximity to proven gold resources in a world-class gold district, explorers have shown significant interest in the Lake Maitland tenement which is owned by uranium miner Toro Energy (ASX: TOE).
Having known the history of the Yandal Greenstone Belt, Toro took aerial magnetic images over Lake Maitland in 2016 which confirmed the tenement to present all of the principal exploration target criteria needed for large Yandal-style gold deposits.
Toro’s focus has always been on uranium production but a subdued uranium market has led Toro to commence geophysical testing, in advance of drilling, on their Lake Maitland tenement which is right in the middle of proven gold resources. This initiative to take the lead themselves presents a strong show of confidence by the company in their resource potential for gold.
In a proven gold district where exploration infrastructure is already in place, Toro Energy’s timing to survey Lake Maitland signifies an interesting period of activity for the company and the world class Yandal Greenstone Belt.
Toro Energy trade under the ASX code ‘TOE’.
*OzFinancial are paid a retainer for assisting TOE with their Private Investor Management