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MGT Resources Limited (MGS)
is a publicly listed company on the Australian Securities Exchange (ASX).
About MGT Resources Limited
MGT Resources Limited is an Australian based ASX listed tin producer and base/precious metals explorer with operations in Queensland. Through its 89.48% owned subsidiary, MGT Mining Limited, MGT holds a portfolio of growth and development assets in both tin and gold.
MGT’s key producing asset is the flagship Mt Garnet Project in the historic Herberton tin fields near Atherton in Far North Queensland.
MGT’s growth activities in Queensland include:
- The Pyramid Gold Project; and
- The Southern Queensland Projects
MGT shares are listed on the Australian Securities Exchange (ASX:MGS) and the Company’s head office is located in Sydney, Australia.
MGT Resources is Australia’s second largest tin producer with gold exploration assets in Queensland, Australia.
MGT was founded in 2008 with a vision to capitalize on exploration and mining resource investment opportunities during the peak of the Global Financial Crisis.
MGT Resources proceeded to take full advantage of a market with highly undervalued assets and did
so by acquiring a controlling interest in a tin and gold project in Far North Queensland.
MGT acquired a stake in what was known as Xtreme Resources Limited (now MGT Mining Limited).
With the uncertainty of the financial climate at that time, MGT Resources saw value in and agreed to invest $1.86M in Xtreme to acquire just under 74% of the issued capital in the company, and has since increased its stake to 89.43%
Since the acquisition, the Company has proceeded to upgrade the existing plant and equipment, and to undertake further exploration, reaching the following milestones:
- A full upgrade of the existing plant, improving recovery rate to up to 85%;
- Processing capacity of 70,000tpa (input capacity);
- Recruitment and deployment of a high calibre technical team with significant experience in minerals processing;
- Exploration programs to expand and upgrade current JORC resources.
Mt. Garnet Project
The Mount Garnet Project is MGT’s flagship project, and includes the following tenements:
- The Mount Veteran Mill (ML 4349)
- Summer Hills (ML 20547)
- Nymbool Projects (EPM 16948) including Heads or Tails (ML 20655)
The primary focus of these tenements is tin exploration and mining; however EPM 16948 is also prospective for porphyry style copper-gold mineralisation.
Pyramid Gold Project
The Pyramid project is located within EPM 12887 in the Drummond Basin, North Queensland and is located on a major north-northeast trending belt of gold mineralisation developed over a strike length of 20 km.
Gold at the Gettysberg prospect is hosted in the Saint Ann’s Formation sediments (a sedimentary package consisting of siltstones, sandstones and some thin beds of algal limestone and quartz pebble conglomerates).
Mineralisation at the Pyramid Project consists of Epithermal quartz veins, graphite-pyrite-sericite stylolitic veinlets and breccia matrix infills. This mineralisation is only hosted in micaceous sandstones of the Saint Anns Formation and appears to be of epithermal style. The gold mineralisation appears to plunge shallowly to the north and there has been limited drilling in this direction.
Southern Queensland Projects
MGT has three separate gold prospect areas in Southeast Queensland, Yarrol (EPM 8402), Mt Steadman (EPM12834) and Gooroolba (EPM 15426). MGT aims to advance these projects with further drilling and to assess the amenability of heap leaching at Mt Steadman and of trucking higher grade gold from Yarrol:
At the Yarrol prospect porphyry style gold mineralisation is associated with a suite of dioritic bodies.
At Mount Steadman, porphyry style gold and molybdenum is associated with various granitoids and acid dykes with gold located in a shallow dipping zone of sheeted quartz veining within the granitoids.
At Gooroolba, porphyry style gold-molybdenum requires further exploration drilling.
The tenements are located within the northern New England Fold Belt which is made up primarily of a complex volcanic arc-continental margin succession related to a Carboniferous subduction complex. The structural framework of the area is dominated by North-northwest shears like the Perry fault and northeast cross-cutting faults. These regional structures are overprinted by north-trending faults that have a strong spatial relationship to Permian to Triassic copper-gold mineralisation.
The Yarrol Basin contains sediments of Carboniferous to Permian age intruded by Permian to Triassic plutonic rocks. The largest copper porphyry in the region is Coalstoun (85 Mt grading 0.3% copper). Mount Rawdon, a large breccia pipe, (2006 reserve statement of 33.3 Mt grading 1.01 g/t gold and 3.14 g/t silver) is currently being mined.
MGT Resources Limited
Suite 205 B
68 York Street
+61 2 9262 1122
Fax: +61 2 9299 5175
The General Overview, Services, Products and Projects information for this profile was last edited on 01 Feb 2016.