Grey Sapphire

Project Review

  • Approx 58 km southeast from Kalgoorlie.
  • Close to existing infrastructure – 2 km south of Red 5 (formerly Silverlake) Magic/Mirror mine site.
  • Legacy drilling defined JORC resource.
  • Mine Plan submitted by previous operator.
  • GZI has POW in place for infill drilling.
  • ”The Grey Sapphire and Liassic prospects defined by Silver Lake Resources on lease M26/0402 comprise a JORC compliant resource of 14,352 ounces (210.6 kt @ 2.12 g/t). The strike extension of these resources continues to the south-east and extends into P26/3173*. Further drilling on P26/3173 [now GZI’s P26/4435], approximately 250 metres to the south of the Liassic deposit has identified another discrete zone of mineralisation.” 1
  • Mine Plan submitted by Silverlake Resources.2
  • Excellent potential to convert legacy work into active mine with minimal risk.
  • Goldzone has POW in place for additional infill drilling as may be required.
  • Exploration potential in SW sector of tenement.
  • CLOSE-UP OF GOLD INTERCEPTS In NE CORNER OF TENEMENT
  • CROSS-SECTION SHOWS INTERCEPTS IN DETAIL.

1 Mineralisation Report for Mining Tenement Application P 26/3173, Silverlake, July 2011

2 Supporting Statement for Mining Lease over P 26/3173; Silverlake, July 2011