Schellgaden North & South is located within the upper Mur Valley, County of Lungau in the Federal State of Salzburg. The Schellgaden North Exploration Area consists of 36 overlapping freischurfe covering a contiguous area of 17.3km² (Figure 1).


             Figure 1. Schematic Map of the Schellgaden North & South Exploration Permits comprising overlapping freischürfe together with the                             locations of main historic gold mines (shown as yellow circles). 

Gold mining at Schellgaden dates back to pre-Roman times. Known gold mines, such as Stüblbau, date back to the 12th-13th Century and the smaller Schulterbau Mine is likely to be considerably older. Chroniclers described the presence of some 150 gold mines during the heyday of mining in the 16th Century. Accordingly, Schellgaden has been considered one of the richest and most active gold mining districts in Austria. Although frequently interrupted, mining activity continued until the first half of the 20th Century.

Apart from the known mine survey undertaken by VOEST Alpine Steel in the 1980’s, which was designed to focus on scheelite occurrences within the old mines, little is known of exploration efforts in the area prior to the Canadian company, Argosy Mining Corp, acquiring the Schellgaden North tenement holdings in 1995 through its Salzburg based subsidiary (“AMG”).

In May-June 1995, AMG undertook systematic geochemical sampling of accessible stope faces in a number of historic mines in Schellgaden North & South. From a total of 133 channel samples, geochemical analyses, of gold and 34 other elements, provided the first modern evaluation of the Schellgaden ore bearing layers. Channel samples collected by AMG revealed average gold grades of 7,508 ppb to 10,012 ppb (7.5 – 10.0 g/t) for the Barbara Lager in the Stüblbau Mine and average grades of 8,352 (8.3 g/t) in the Schulterbau Mine. Peak grades of nearly 1 ozs/t (34,280 ppb) where recorded in the Knappenstube East Mine. In addition, AGM commissioned the first modern metallurgical studies on mineralised samples randomly chosen from several stopes inside the Stüblbau Mine. In 1995 AMG also drilled four diamond core holes (SCHG-1 to SCHG-4) to a depth of +100 m south of the Stüblbau mineralised bodies.

The company’s primary “short-term” objectives earlier in 2018 are to delineate and upgrade potential mineralisation targets to the status of Exploration Target, within the context of the JORC Code (2012), as early as possible in order to begin drilling. This is planned to involve both surface and underground core drilling within the Stüblbau Mine perimeter following a 3-D Laser Survey, and conduct both appropriate geophysical and geochemical surveys across HRK’s.

In May 2018, the company released an initial Exploration Target for the project area (Table 1), to be addressed by the upcoming drilling program in 2018.


                                                      Table 1. Schellgaden Exploration Target* dated 23 May 2018



                       Figure 2. Geological modelling showing 3D projections of target zones and planned historic holes


                         Figure 3. Geological modelling showing the planned drilling at the Schellgaden Project


The objective of the proposed exploration program will be to test the Exploration Target presented. The first pass drill holes are planned to be spaced irregularly and will aim to confirm the continuity of the mineralised horizons outside of the historically mined area extending towards the Katschberg Tunnel. The program is scheduled to commence in the June quarter of 2018 and be completed during the September quarter. The proposed locations, shown on Figures 2 and 3, are subject to confirmation from regulatory bodies and landholder access agreements. As such, they are regarded as preliminary and may be subject to change.

* More information available in ASX release dated 23rd May 2018.




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