Mineral Lease C591-C597, C654 TC8 lease block term report 9 May 1978 to 30 September 1996

Abstract

The TC8 gold-copper deposit was initially discovered under tenure EL 357. During the mining lease tenure, extensive drilling indicated a resource of 67 000 tonnes at 41g-t Au. The mine was developed in 1986 and additional drilling updated the ore reserves in June 1987 to 39000 tonnes at 29g-t Au, with 17000 tonnes at 26.9 g-t Au having been mined already. Mining was completed in October 1988 with total gold production being 45658 ozs Au. The tenements were acquired by TC8 Pty Ltd, a wholly owned subsidiary of Giants Reef Mining Ltd. TC8 Pty Ltd, conducted a gravity and magnetic survey which indicated 3 pods of potential magnetite bearing lithologies. Vacuum drilling completed in 1993 indicated the surface expression of the orebody at surface only. RC and Diamond drilling was completed to test the upper copper zone for additional resources, results were disappointing. A copper resource estimation contains 142 000 tonnes at 4.0 percent Cu using a 1.7 percent Cu cutoff. It is intended to use the plant of TC8 for processing the Edna Beryl ore.