The Comet Vale Project is recorded as hosting a combined JORC 2012 compliant Indicated and Inferred Mineral Resource of approximately 0.75 million tonnes at 8.4g/t for 203,100 ounces of gold. MINERAL RESOURCE INVENTORY*
The Comet Vale Project is centred on the old mining town of Comet Vale, 100km north northwest of Kalgoorlie, Western Australia. The Goldfields Highway passes through the centre of the Project area and is alongside the Sand Queen main shaft (55m from the centreline of the highway).
Since 2002, Comet Vale has been the subject of extensive exploration and development activity aimed at targeting the area’s gold potential. Most exploration focused on the definition of a mineable inventory at the Sand George deposit and an evaluation of various mining options for feasibility studies for the development of an underground mine.
In 2004 dewatering and rehabilitation of the Sand Queen main shaft to below No.4 Level was completed and infill RC drilling at the south end of Sand Queen identified an Indicated Mineral Resource. Exploration of the Comet Vale lode structure at the Sand George prospect included diamond drilling to test the deeper lode positions, re assessment of the geological model, and recalculation of the mineral resource. Drilling also confirmed a shallow, flat lying structure referred to as the Sand Prince West lode.
Previous underground mining operations were focused on the Sand George deposit, 250m south of the old Sand Queen shaft. The shaft provided access to remnant ore near the shaft and to the Sand George lodes. Gold production at Comet Vale re-commenced in June 2006, 68 years since ore was last hoisted from the shaft.
In May 2010, underground mining operations were suspended at Comet Vale pending resolution of a long term milling solution and an alternative mining plan as the use of the Sand Queen shaft had limitations in relation to the volume of ore that could be hoisted to the surface for processing (4,000t per month).
Since the cessation of mining operations at Comet Vale various mining plans and development schedules have been considered. However, the ability to mine the identified resource in a more efficient manner in order to generate positive project returns was constrained by the limitations of the Sand Queen shaft.
Orminex Limited, as announced on January 25, 2018, formed a strategic Mineral Ventures alliance with one of Australia’s most successful contract mining companies, GBF Mining Pty Ltd (GBF) and entered into conditional agreements to acquire interests in two Western Australian gold projects, one of which is the Comet Vale project.