Clunes is one of Victoria’s major goldfields.  However, the collapse of the Melbourne ‘land boom’ in 1890 led to the closure on many banks, and other financial institutions, and ruin for many investors.  As a direct result, mining companies were unable to raise additional working capital, and in 1893 the mines at South Clunes all closed. 

 

In 2022 and 2023 Esploratore Pty Ltd maintained an active drilling program at the northern end of the goldfield, obtaining outstanding gold intersections in the first two drillholes.  Their program at North Clunes has been completed, and that company is finalising plans for a substantial drilling program at South Clunes, to investigate the extensions at depth of the gold lodes being mined when those mines closed in 1893.  

 

They are also carrying out geochemical surveys on our licences, with some encouraging results.  Under the terms of the Exploration Deed signed with Esploratore Pty Ltd in May 2022, they paid the Company $250,000 for the right to explore on our exploration licences at Clunes for a period of two years, and may extend that right for a further two years by payment of a second $250,000. 

 

Within that maximum of four years they may acquire our three exploration licences on payment of a substantial sum, plus the generous royalty of 2.5% on their future gold sales from the area of our licences if they proceed to production.