The gold deposits, E42, E41, E46 and GRE46 are structurally hosted, epithermal to mesothermal gold deposits occurring within and marginal to a >500m thick dioritic to gabbroic intrusion (Muddy Lake Diorite) doming the stratigraphically upright andesitic and dacitic volcaniclastic rocks and lavas.

Gold mineralisation is associated predominantly with extensional, dilatant and shear quartz-carbonate veining with pyrite and a later base metal assemblage consisting of sphalerite, chalcopyrite, and galena. Visible gold is often associated with this base metal event.

Geology of the GRE46 prospect is controlled by the north to south striking Glenfiddich Fault which separates the moderate north-west dipping Cowal mine sequence of trachydacitic lavas, volcaniclastic mudstones and diorite on the western side from andesitic lava, various mass flow conglomerate units, mudstones and diorite on the East. Bedding changes sharply on the East of the Glenfiddich with GRE46 units steeply dipping to the west. Bedding remains upright younging to the west.

Mineralisation at the GRE46 underground deposit is structurally controlled and is intimately associated with logged or mapped structures. A complex geometry of E-W striking, sub-horizontal extensional veins, moderate south dipping shear extensions and steep south dipping colloform and laminated veins are present at the GRE46 deposit. The three main structures affecting mineralisation at GRE46 are the Glenfiddich F ........

Mining method assessments indicated that sub-level open stoping (SLOS) with pastefill was the most appropriate mining method for the GRE46 underground deposit.

Access to the orebody will be via a decline positioned on the hangingwall (HW) in the upper section of the Galway and Endeavor orebodies and from the Footwall (FW) for Dalwhinnie and Regal orebodies. The stope extraction sequence is a combination of longitudinal and transverse stope extraction. Grade control infill drilling will be required prior to production related activity. Infill drilling commenced in June 2021 targeting a spacing of 20 m by 20 m and with second pass drilling to 10 m by 10 m as required. All stope voids are to be backfilled with pastefill.

Mining recoveries were set at 100% for development activities, and 95% for stoping activities.

All material mined underground will be trucked to surface to the Run of Mine (ROM) pad or waste dump.

The development of the Cowal Underground Mine is progressing well and is on budget and schedule. Approximately 6,450 metres of underground development has been completed to 30 June 2022 and first production ore is on schedule for the June 2023 quarter.

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