Toolleen Oxide Development

Toolleen oxide development will utilise the same CIL oxide ore processing facility at Nagambie that is being constructed primarily for the treatment of the Golden Camel oxide deposit.

Toolleen is located within EL5449 where CYL have a 50.1% equity interest. Any proposed development would be subject to CYL approval and a mutually agreed joint venture in accordance with equity positions and the terms of the JV agreement for EL5449.

Toolleen is located 6km SW of the Golden Camel mine. Shallow oxides were mined in 2001 with ore transported to the Maldon mill for processing. GCM proposes to mine the Toolleen deposit using underground mining techniques.

Recent drilling (2020) intersected high-grade mineralisation (ie. 2m @ 27/7g/t Au) that will be targeted as part of the identified mineralised target of 34Koz (attributable production ounces subject to CYL/GCM equity distribution).