.
Location: 322 km NE from Geraldton, Western Australia, Australia
Level 1, 130 Royal StreetPO Box 6070, East Perth WA 6892PerthWestern Australia, Austria6004
Stay on top of the latest gold discoveries. Examine the latest updates on drilling outcomes spanning various commodities.
Mining scale, mining and mill throughput capaciites.Full profiles of select mines and projects.
Shaft depth, mining scale, backfill type and mill throughput data.Full profiles of select mines and projects.
Equipment type, model, size and quantity.Full profiles of select mines and projects.
Camp size, mine location and contacts.Full profiles of select mines and projects.
The Penny is owned 100% by Ramelius Resources Ltd. subsidiary Penny Operations Ltd.
- subscription is required.
The Mt Magnet production centre includes the multi pit / underground projects.Mt MagnetArchaean gold mineralisation. Mineralisation is principally hosted within Banded Iron Formations (BIF) where gold is spatially associated with NE trending faults and associated with pyrrhotite or pyrite mineralisation. Additionally, gold is commonly found in late stage felsic intrusives or structurally controlled zones which cross-cut stratigraphy on NE trend. Interpretation for Mt Magnet resources is based on a long-history of exploration, open-pit and underground mining. Numerous geological interpretations, pit fact maps and reports exist & almost all resources (except Eridanus) have been previously mined.DimensionsNumerous variations. Examples: Saturn pit cutback 700m long, 350m wide & 190m deep. Main Saturn BIF hosted ore zone strikes length of pit, is 5-30m wide, subvertical and currently drilled to 350m vertical depth. Higher grade zones typically occurring as vertical shoots in BIFs. Minimum width in resource interpretations generally 3-4m, example Golden Stream narrow sub-vertical BIF hosted resource over 270m strike length, drilled to 90m down-dip.PennyThe Penny deposit lies within the Archaean-aged Youanmi greenstone belt. Host stratigraphy for the deposit is a sequence of steeply dipping mafic and ultramafic rocks with minor felsic intrusives. Gold mineralisation is associated with steeply east dipping, quartz-sulphide veins typically 1m to 4m in width. The lodes are visually distinct and typically display sharp boundaries to the mineralisation. Minor zones of discontinuous mineralisation occur in the hanging wall of the main lodes, although these veinlets and structures are considered immaterial and have been excluded from the resource estimation. The mineralised lodes are largely hosted within the granodiorite unit or at the granodiorite-amphibolite contact. The lodes appear to slightly cross-cut stratigraphy and transgress into the amphibolite unit toward the north. Although the Penny West and Penny North lodes are spatially separate and offset by approximately 60m in a general northeast direction, a similar stratigraphic setting and transgression occurs for both lodes. Immediate wall rocks are typically mylonitic with some albite and sericite alteration. The gold mineralisation at Penny is hosted within a persistent, narrow, steeply east dipping (65° to 80°) quartz-sulphide lode containing both disseminated and coarse gold with grades ranging up to hundreds of grams per tonne. The Penny North lode extends over 400m in strike while Penny West extends nearly 300m. Penny North varies in thickness from 1 to 4m. The Penny West vein is slightly thinner, ranging from 1 to 3m in width. Both quartz veins are variably massive, laminated or brecciated with a highly variable sulphide assemblage of pyrite, pyrrhotite, galena, chalcopyrite and sphalerite. Some sulphide zones are semi-massive and can comprise 50 - 90% sulphide. Visible gold can be seen proximal to galena and sphalerite. Pb anomalism is significant with lode Pb grade up to 1%. Ag grade is also significantly higher than typical Archaean lode gold deposits and can be up to a 1:1 ratio with Au.DimensionsPenny lodes are a narrow vein/lode style. Penny North strikes N and dips 55° to E. Average width around 2-3m, ranging from 1m to 6m. Strike and dip extent of Penny North is 400m by 250m. Penny West is similar to Penny North in orientation and extent with an average width ranging from 1-2m. Strike and dip extent of Penny West is 300m by 200m below the open pit.
