Six-figure jobs BOOM: Mining firms unlock huge $65million reserves of untapped gold in Australia – creating work for thousands of people
- Gold mining sites in Queensland are being re-explored due to new technology
- Previously mined sites have drilling information making finding deposits easier
- Great Northern Minerals researching one site with estimated $65 million of gold
A resurgence in the gold-mining industry in North Queensland has brought with it the hope of an economic boom in the region.
Several companies have re-activated previously abandoned mines, banking on improved technology being able to find and extract reserves of the precious mineral that were previously overlooked or inaccessible.
Great Northern Minerals is working on three mines that have been previously worked about two hours northwest of Townsville.
Millions of dollars worth of gold reserves are being drilled for in North Queensland with the expanding mining sector expected to create thousands of jobs (file image)
Estimates for one of those sites, known as Golden Cup, are that it could yield about 30,000 more ounces of gold, worth $65 million at current prices.
The company is using historic data from previous explorations of the sites.
‘It’s one of those projects where it has been significantly de-risked because there has been drilling done there before, so we’re just confirming that,’ company managing director Cameron McLean told the Townsville Bulletin.
‘It’s very rare that an exploration company has a bit of a head start on a project like we’ve had. So it’s not as much of a punt if it was more of a greenfields site,’ he said.
The company is aiming to open a mine within 12 months.
Queensland Resources Council CEO Ian Macfarlane said re-establishing old mining sites was becoming more common in the state.
‘It’s always good to see businesses having a crack at an old prospect,’ he said.
A resurgence in the gold-mining industry in North Queensland has brought with it the hope of an economic boom in the region. A mine in Blackwater, Queensland, is pictured
He said new technologies were helping to extract and process the minerals more efficiently.
Great Northern Minerals was not the only company using this approach.
Resolute Mining has re-energised its Ravenswood gold mining site which it had previously considered closing.
Laneway Resources opened its Agate Creek gold mine this year in Forsayth in central north Queensland.
Other mines are also following this trend.
The Queensland mining industry was worth almost $40 billion in 2017-18.
A successful mine in the area will bring jobs not only on-site but in nearby towns receiving fresh demand for their goods and services.