Lost and Forgotten Australian Gold Mines Now Rediscovered

 
Recent drilling suggests Leviathan Gold (TSXV: LVX | OTC: LVXFF) could uncover untapped seams of gold left behind a century ago

Nothing has the mystery and allure of abandoned gold mines – with the possibility that mothballed mines from the distant past left behind massive seams of undiscovered gold, just waiting to be uncovered by modern technologies.

Well, that is precisely what Leviathan Gold (TSXV: LVX | OTC: LVXFF) is doing right now – only the mines have already been rediscovered!

The company, a recent spinoff from an exploration company named Kirkland South, is embarking on a comprehensive underground drilling campaign at the epicenter of Australia’s famous gold rush.  

At its peak in the mid- to late-1800s, this region produced in excess of 2,500 tonnes of gold -- or more than 80 million1 ounces!

This was also where the largest gold “nugget” ever found anywhere on earth was located – a massive chunk the size of a cement block (3,123 ounces) and worth $4.4 million at today’s prices.

Despite these huge finds, in the early 1900s the financial world lost interest in gold.  Wealthy investors turned to stocks and bonds instead, making vast fortunes overnight.  

As a result, large parts of Australia’s massive gold fields were abandoned and forgotten. Also forgotten was that this high-grade gold geology had never been explored below the waterline – due to the technological limitations of primitive older mining operations.

Everything changed in 2015!  That’s when Kirkland Lake purchased the old Fosterville Mine.  

Diamond drilling discovered a newly discovered underground resource estimate in the millions2 of tons, and the new owners realized they were literally sitting on a gold mine.  

Today, Fosterville is the largest gold producer in Victoria, Australia, yielding 619,3663 ounces in in 2019 and 640,4674 ounces in 2020.  

And just last year, two fist-sized nuggets in the area were discovered by two miners, Brent Shannon and Ethan
West, estimated to be worth $250,000. 

The Fosterville Mine is one reason why Kirkland Lake’s shares skyrocketed from $1.73 a share in 2015 to as high as $545 in 2020 – a gain of up to 3,021%6.

And now Leviathan Gold (TSXV: LVX) has bought up the mining rights to 138 square miles7 of exploration fields, the Avoca and Timor Projects, right next-door to Fosterville, and also unexplored below the waterline.  

Brownstone geology above the waterline. Greenstone geology below the waterline.
 

Enormous Profits in Just a Few Months


The company from which Leviathan Gold Ltd (TSXV: LVX | OTC: LVXFF) is a spinoff, Fosterville South, caught investors’ attention in 2020 when its shares jumped from 87 cents8 to $4.229 per share10 – a gain of 385%11 in just a few months – before the whole industry pulled back at the end of 2020. 

Leviathan Gold Ltd (TSXV: LVX | OTC: LVXFF)’s Avoca and Timor projects consists of dozens of former mines, all proven producers of gold, having been mined back in the late 
19th century and early 1900s and reportedly producing 1.3 million12 ounces of gold.  

However, the methods used a century ago were archaic by today’s standards, largely confined to extraction of shallow, near-surface and visible deposits from ancient river beds.  

Incredibly, no systemic, modern exploration of the projects has been carried out until Leviathan Gold Ltd (TSXV: LVX | OTC: LVXFF) arrived on the scene with an array of state-of-the-art geophysical and drilling techniques. 

LVX now has two drill rigs on the ground at Avoca, and preliminary drilling is already uncovering evidence of this “undiscovered” high-grade gold.
 
  • 8.24 g/t Au over 6.63 meters, including 11.54 g/t over 1.83 meters and 82.1 g/t over 0.28 meters13
  • 5.40 g/t Au over 11.02 meters, including 17.72 g/t over 2.19 meters14
Altogether, there are 3015 quartz reef targets already identified just on the Avoca property alone. Only one, the Surprise Reef, has ever seen any drilling.
 

In short,  a string of high-grade gold mines forgotten for a century – next-door to the mega-producing Fosterville Mine -- are now being vigorously explored by Leviathan Gold Ltd (TSXV: LVX | OTC: LVXFF).  

The Fosterville Mine has current reserve estimates of 2.7 million ounces at an average grade of 31.0 g/t, and Kirkland Lake continues to aggressively explore the property  If Leviathan Gold Ltd (TSXV:LVX | OTC: LVXFF) uncovers anything similar, it means exponential returns for investors..

This could be one of those rare opportunities precious metals investors wait decades to find.

As always, the time to investigate any world-class gold opportunity is right now, before any major discovery. 

For more information on Leviathan Gold Ltd (TSXV: LVX | OTC: LVXFF), click on the link below:


 



 

Disclaimer: Leviathan Gold is a client of Dynamic Wealth Research
 

Source:
1 https://www.newswire.ca/news-releases/leviathan-gold-to-commence-drilling-with-a-second-rig-at-its-newly-acquired-avoca-and-timor-projects-871254990.html
2 “Soon David’s thoughts turned to proper mining at Fosterville. Exploration by percussion and later diamond drilling produced a resource estimate of 3.5 Mt at 2.3 g/t of material suited to open pit mining and heap leaching. AMC was engaged to prepare a feasibility study for the project.””  https://amcconsultants.com/experience/kirkland-lake-fosterville-gold-mine/
3 https://www.kl.gold/our-business/australia/fosterville-mine/default.aspx
4 https://www.kl.gold/our-business/australia/fosterville-mine/default.aspx
5 Jul 31, 2020 52.02 54.74 51.80 54.60 54.21 https://finance.yahoo.com/quote/KL/history?p=KL
6 https://percentagecalculator.net/
7 Converted from 223 square kilometers
8 Converted from CAD $1.10.  See https://www.xe.com/currencyconverter/convert/?Amount=5.35&From=CAD&To=USD
9 Converted from CAD $5.35.  See https://www.xe.com/currencyconverter/convert/?Amount=5.35&From=CAD&To=USD
10 Figures provided in:  https://www.newswire.ca/news-releases/leviathan-gold-to-commence-drilling-with-a-second-rig-at-its-newly-acquired-avoca-and-timor-projects-871254990.html
11 https://percentagecalculator.net/
12 https://www.newswire.ca/news-releases/leviathan-gold-to-commence-drilling-with-a-second-rig-at-its-newly-acquired-avoca-and-timor-projects-871254990.html
13 https://dynamicwealthresearch.com/news/leviathan-gold-reports-initial-results-of-diamond-drilling-at-the-excelsior-prospect-at-its-avoca-project
14 https://dynamicwealthresearch.com/news/leviathan-gold-reports-further-results-of-diamond-drilling-at-the-excelsior-prospect-at-its-avoca-project
15 From PDF, “DWR_Leviathan_InvestorReport_6”

 
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