Golconda Gold Ltd. holds 74.7% of Galaxy mine through Galaxy Gold Reefs (Pty) Ltd. which owns 100% of the mine.
The remaining 17% of the shares of Galaxy Gold Mining (Pty) Limited (formerly, Galaxy Gold Mining Limited, “Galaxy”) were donated to the Phakamani Foundation Trust (operating as Phakamani Foundation NPC) on March 19, 2019. The donation was made in relation to the BEE Requirement.
The remaining 10% of the shares of Galaxy Gold Reefs (Pty) Ltd. were donated to a South African community-based trust and a South African local employee share scheme on March 19, 2019, with each receiving 5% of the shares. The donation was made in relation to the BEE Requirement.
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Summary:
MINERAL DEPOSITS BEING INVESTIGATED
The Galaxy Gold Mine targets gold mineralisation of the Archaean BGB, which is world-renowned for its gold content. Gold mineralisation generally occurs as shear-hosted, mesothermal deposits hosted within various lithologies of the Barberton Supergroup, with mines largely located in close proximity to major regional faults, such as the Sheba, Lily and Barbrook faults (Anhaeusser, 2012).
As per Anhaeusser (2012), the gold deposits of the BGB can be subdivided into three main types:
1. Sulphide ore that is unoxidized and complex. This ore accounts for the majority of production in the area to date;
2. Gold-bearing quartz veins and shears. These ores contain negligible amounts of sulphides minerals, but are common throughout the area; and
3. Weathered ore that occurs in oxidized zones. This ore historically represented the main gold source.
The deposits are associated with multi-episodic structural influences amplified by granite emplacement, causing greenschist to amphibolite grade metamorphism. Auriferous fluids migrated into brittle-ductile fractures and shear zones, pronounced in deformed Fig Tree and Moodies sediments along the north-western flank of the BGB associated with the Ulundi and Eureka synclines (Anhaeusser, 2012).
MINERALISATION
Mineralisation in the area is structurally controlled, with gold mineralisation appearing to be controlled by subtle secondary structures associated with the Giles Shear. Gold and pyrite are generally dispersed throughout the laminated siltstones, with higher grades being found in quartz carbonate veins cutting the laminated siltstones at a high angle. Mineralisation is also found within an Archaean BIF of the BGB, which forms the non-continuous base of the Fig Tree Group. BIF boudinages are separated by fuchsitically altered ultramafic rocks in the south and in the north by younging interbedded greywackes and shales of the Fig Tree Group (Meadon, 2010).
Over 20 separate reefs and zones of mineralisation form part of a widespread and complex gold mineralised system. On surface, the system extends over 6 km in length and 600 m in width. The Mine comprises several gold orebodies of the BGB located on four main structural lines, as described in Item 7 (b). The Woodbine, Giles, Galaxy, Golden Hill, Agnes Top, Pioneer & Tiger Trap, Ivy and Princeton orebodies form the highpriority focus of this Report. GGR is also targeting the Ivy and Ceska Shaft Pillars, as well as gold contained in the historical TSFs of the area, including Biox North TSF, Alpine Pioneer TSF, Woodbine East TSF, Woodbine North TSF, Woodbine South TSF, Hostel East TSF and Hostel West TSF.
The narrow tabular orebodies (Giles, Woodbine, Agnes, Alpine) show good geological continuity along strike length. Mineralisation occurs throughout the orebodies with variable grades. The orebodies are continuous along strike. Distinct pay shoots are encountered, such as at Princeton. The BIF style orebodies tends to pinch and swell. The ultramafic hosted orebodies show similar structural controls.