Crater Gold Mining Limited announce that it has signed an agreement to undertake a helicopter borne Electro-Magnetic Survey (HEM), combined with aeromagnetic surveying, over all 5 of its Queensland based tenements at Croydon. The contractor engaged for the survey is New Generation Geophysics (NRG) Xcite utilising their Airborne Electromagnetic (AEM) system. The survey is scheduled for commencement early to mid-June this year and is expected to be completed in 7 to 10 days with interpretation results anticipated by August this year allowing follow-up to begin soon after. The Company holds five Exploration Permits Mining (EPM) in the Croydon region of North Queensland for a combined area of 227.2 km2. The EPMs cover 5 priority aeromagnetic anomalies (A1, A2, A3, A5 and A6) interpreted from Government aerial surveys and 3 residual gravity anomalies (G1, G2 and G3) identified from a combination of Government regional ground surveys and detailed ground surveying by the Company. Currently, there is strong renewed interest in the Croydon area, particularly for gold, as evidenced by the many small to medium sized exploration companies who have taken up, or applied, for tenements covering most of the Croydon Goldfield and some of its surroundings. Recorded gold production from the Croydon Goldfield has been almost one million ounces. This is considered to offer considerable encouragement as modern day examination of similar
worldwide occurrences of this size has often resulted in the discovery of previously unrecognised significant world class +one million ounce hard rock gold deposits. HEM surveying is considered to be the optimum technical choice for evaluating the potential of the Croydon tenements as the technique has achieved outstanding success both in Australia and world-wide. The survey will target graphite mineralisation, gold bearing quartz
reef mineralisation and polymetallic mineralisation, and is capable of penetrating up to several hundred metres below ground surface. Survey flight lines will be orientated E-W with a N-S line spacing of 400m with 200m infill line spacing where better anomaly definition is required. Excluding 200m infill lines, the survey overall will involve a total of 602 line kilometres of data acquisition.