Kreuzeck West Project

The Kreuzeck West Project is located in Goldeck-Kreuzeck Mining District, in between Nörsach-East Tyrol and Irschen, north of the Drau Valley. The Project includes four significant historical mines; Rabant, Gurskerkammer, Fundkofel, and Knappenstube-Strieden.

The Kreuzeck West Project lies within an Exploration Permit, comprising 44 Freischurfe, which encompasses a total area of approximately 23.9km2.

Previous mining activities suggest a trend, or zoning, from predominantly stibnite ore bodies (such as encountered in the Rabant Mine) to stibnite and arsenopyrite-gold (such as encountered in the Gurskerkammer Mine) to gold (& silver) in the east (such as encountered in the Fundkofel Mine). Gold at the Fundkofel Mine is mostly bound to arsenopyrite, in ore shoots limited to a “greenstone” belt.

The Rabant-area stibnite ore bodies, with their lenticular to layer like shapes, are interpreted as stratiform, as is the Gurskerkammer Mine’s stibnite and arsenopyrite-gold mineralisation, whereas the Fundkofel Mine gold mineralisation is related to vein like, discordant structures suggesting an hydrothermal origin.

The Strieden-Knappenstube mineralisation is strata-bound and an earlier SP geophysical survey, together with soil geochemistry purportedly indicated a potential 3.6 km long mineralized sulphide belt.

At the Fundkofel Mine the average gold grade calculated from channel samples taken over 1 metre sample intervals of all exposed ore is 14.7 g/t Au (6.6 g/t Ag). The past geological and structural surveys at the area surrounding the mine are supportive of a much larger mineralized area.

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