Zuleika Gold Limited is a gold exploration company with four major exploration projects and one development project, a farm-in Joint Venture on the K2 Gold Mine in the East Murchison Goldfields in Western Australia.
Zuleika Gold has Farm-in Joint Ventures with Asra Minerals Limited (ASX:ASR) whereby Zuleika has the rights to earn into two areas adjacent to Kalgoorlie, namely Zuleika Gold (75%) and Credo Well (50%) in a region which has produced > 20 million ounces of gold. The region has a number of mines currently being operated by Evolution Mining Limited (ASX:EVN), Northern Star Limited (ASX:NST) and the largest Chinese gold producer, Zijin Gold. Zuleika consolidated the historical data bases with Asra data and generated ~30 priority targets at Zuleika and 11 at Credo. Exploration so far has resulted in a Mineral Resource at Credo and a number of drill intersections that require further testing. The Company is also actively generating new targets through soil geochemical sampling and geological interpretation.
Zuleika Gold also acquired interest (80%) in two tenements north of the gold mining centre of Kalgoorlie at Menzies (196 km²) and Goongarrie (154 km²). Zuleika now has a major presence in the gold-rich Kalgoorlie region and is excited about the exploration potential of this relatively under-explored ground in this region.
Zuleika Gold Limited has the right to earn up to a 50% equity interest in the partially developed K2 Gold Mine under a binding farm-in joint venture withVango Mining Limited (ASX:VAN). The K2 Gold Mine has Measured, Indicated and Inferred underground Resources of 374,000 tonnes at 8.9 g/t for 107,000 ounces. A legal dispute between the parties is pending resolution and it is hoped this will facilitate development of this high-grade underground mine.