Primary reveals significant find of gold nuggets at Mount Bundy

Precious metals explorer Primary Gold Limited (ASX: PGO) has unveiled an impressive haul of gold nuggets from its Mount Bundy Gold Project, which it believes may lead to a nearby source.

Weighing more than 40 ounces in total, the were discovered by a prospector on ridge lines over the course of a month in an under explored region.

Primary Gold Managing Director, Garry Mills said the company believes the angular shape of the nuggets suggest they were found close to the source as minimal rounding has occurred compared to nuggets that have travelled significant distances and been exposed to physical transport mechanisms.

“This is a significant discovery of nuggets when compared to other well-known gold producing regions in Australia,” Mr Mills said.

“It is clear from the discovery of these nuggets coupled with historic exploration results and Primary’s own field exploration that the Mount Bundy Project is highly prospective for gold but remains under explored.”

Mr Mills said the company is now preparing to test what has been a lightly explored area.”

Apart from Primary’s 2017 initial exploration program, drilling has not occurred in areas outside of the Toms Gully deposit for more than 20 years and the company has now instigated a systematic exploration program to assess new potential.”

The Mount Bundy Gold Project is located approximately 100km from Darwin and consists of a 1,500km2 tenement package within the Pine Creek gold region where over 14m oz of gold have been discovered to date.

The Project currently consists of three deposits, the Rustler Roost and Quest 29 open pittable deposits as well as the high grade Toms Gully underground mine. Combined these deposits have a resource of 1.78 million ounces of gold.

Primary released a positive Scoping Study for the Mt Bundy Project in 2017 which examined a 3Mtpa operation, with All in Sustaining Operating Costs of AISC of A$1,054/oz.