Wednesday, 9th November 2005 (2770 views)

Monarch Resources has acquired the Davyhurst Gold Project from Croesus Mining for $5 million.

The West Australian asset is 120km north-west of Kalgoorlie and within the Davyhurst-Mt Ida greenstone belt.

Since 1897 the Davyhurst field has produced around 1.15 million ounces, while the Davyhurst project currently has an 808,000 ounce gold resource inventory.

According to managing director John Davis, Monarch's new acquisition has great potential.

"Our view is that the focus of exploration historically has been on the extension of known historical workings and close to open pits, with limited attention on the extensive regional potential," he said.

"We believe there is significant potential for further new discoveries," he further commented, suggesting that the company hoped to define substantial resources at depth.

Mr Davis pointed out that several different types of mineralisation, covering 60km of strike, were evident throughout the project area.

 

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