Goldeck-Siflitz Project

The Goldeck Siflitz Project is located immediately East of the Drau River Valley, 2km south of High Grade Metals core storage facilities at Mollbrucke. The license area is comprised of 37 exploration concessions, covering an area of approximately 27km2.

A large number of ore occurrences (Sb, Hg, Au, Ag, Cu, Pb, Zn, W) have been mined within the Goldeck-Kreuzeck mountain ranges. This is due to a massive tectonic fault-shear and over-thrust zones which were continually exploited for gold and antimony at the Guginock and Siflitz districts. The 1920s explorations at Guginock discovered a significantly mineralised system, two generations of arsenopyrite, gold and traces of base metal sulphides at grades from about 3 to 20 g/t Au. Re-sampling by BBU in the 1970s gave values ranging from 4.8 to 18.2 g/t Au, averaging 12 g/t Au.

In 1995, Canadian company Argosy Mining Corp has since undertaken exploration work at the Guginock prospect. This work included: Geological/structural mapping of the Guginock drift; 22 channel samples which grading between 0.5g/t and 12.1 g/t Au; Geological mapping over a 7km2 area immediately south of the Siflitz Graben; and three 100m directional drillholes (GU1, GU2, GU3) immediately west and east of the Wallner stollen, 30m above the Guginock drift entrance. One of the drillholes, GU-1 intersected an interval of 9m at 6.2g/t.

This project is not the primary focus of the Company’s immediate exploration program, but will be systematically explored over the next 5 years.