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Gold Ridge Mining Ltd - History
The Gold Ridge Project is an advanced stage gold project located on the island of Guadalcanal in the Solomon
Islands. The Gold Ridge Project was previously operated by Ross Mining N.L. and Delta Gold Ltd.
The Gold Ridge Project is now at the feasibility stage of redevelopment. Between the commencement of commercial production in August 1998 and the closure of the mine in June 2000 due to civil unrest, the Gold Ridge Project produced approximately 210,000 ounces of gold. At the time of the closure, there were mineral resources remaining in all four of the designed pits: Valehaichichi; Kupers; Namachamata; and Dawsons. During 2005, ASG completed 2,492 m of drilling, primarily to provide samples for the ongoing metallurgical testwork. ASG is currently completing an infill drill program in order to prepare a new mineral resource estimate in conjunction with a feasibility study and to provide samples for additional metallurgical testwork.
Early History
Gold was first reported in the region in 1568 by a Spanish explorer near the mouth of the Matepono River, which flows from the Gold Ridge Project. Active prospecting began in 1931 when an Australian botanist found alluvial gold and traced it upstream to the Gold Ridge Project. In 1939, a prospecting licence was granted to the Balasuna Syndicate (the "Syndicate"), which began prospecting and hydraulic sluicing in the Gold Ridge Project area. The Japanese invasion in 1942 halted all operations.
After the war, the Syndicate still held the prospecting licences, but the destruction of the equipment hindered restart efforts. Mapping by the British Solomon Islands Geological Survey was carried out in the 1950s, and, in 1955, the Syndicate obtained a prospecting licence and carried out additional studies. No major lodes were found and the prospect was abandoned.
Modern Developments
Modern exploration in the area commenced in 1983 when Amoco Minerals successfully tendered for Gold Ridge SPL 130. Two years later, Cyprus Minerals purchased the project from Amoco. Cyprus then farmed out part of the project to a joint venture with Arimco Mining Ltd. A feasibility study for the development of a mining project was completed in 1990 and this study was updated in 1992. After some 43,000m of drilling and the two feasibility studies, the joint venture withdrew in 1992, having spent in excess of US$13 million, and allowed the mining leases to lapse.
The Solomon Islands government put the Gold Ridge project to tender in 1994 to 10 international companies. The successful bidder was Saracen Minerals Pty Ltd, a subsidiary of the Australian oil and coal mining company Crusader Limited. In March 1995 Ross Mining N L purchased Saracen’s gold project interests, comprising Gold Ridge and other areas in Australia and Vanuatu, and commenced a new feasibility study for the development of the Gold Ridge project.
Work done by Ross Mining during this feasibility study, and subsequently, included a further 103,000m of drilling, which took the total amount of drilling at the project to 159,000m, comprising 38,000m of diamond drilling and 121,000m of RC drilling.
Ross Mining decided that the project was viable and a treatment plant and associated infrastructure were built, and open mining commenced in August 1998.
On May 1, 2000, Delta Gold Ltd purchased all of the shares of Ross and became the owner of GRML, the owner and operator of the Gold Ridge Project. Delta Gold was forced to abandon the mine in June 2000 because of the civil unrest on Guadalcanal. In January 2002 Delta Gold merged with Goldfields to form Aurion Gold which was subsequently taken over by Placer Dome Inc. In December 2002, the AHAC paid out on the political risk policy to Delta Gold and in return received ownership of the mine through a new holding company, JV Mine. ASG acquired the Gold Ridge Project through an international bidding process that commenced in September 2004, and took control of the Gold Ridge Project on May 30, 2005
The Gold Ridge Project is now at the feasibility stage of redevelopment. Between the commencement of commercial production in August 1998 and the closure of the mine in June 2000 due to civil unrest, the Gold Ridge Project produced approximately 210,000 ounces of gold. At the time of the closure, there were mineral resources remaining in all four of the designed pits: Valehaichichi; Kupers; Namachamata; and Dawsons. During 2005, ASG completed 2,492 m of drilling, primarily to provide samples for the ongoing metallurgical testwork. ASG is currently completing an infill drill program in order to prepare a new mineral resource estimate in conjunction with a feasibility study and to provide samples for additional metallurgical testwork.
Early History
Gold was first reported in the region in 1568 by a Spanish explorer near the mouth of the Matepono River, which flows from the Gold Ridge Project. Active prospecting began in 1931 when an Australian botanist found alluvial gold and traced it upstream to the Gold Ridge Project. In 1939, a prospecting licence was granted to the Balasuna Syndicate (the "Syndicate"), which began prospecting and hydraulic sluicing in the Gold Ridge Project area. The Japanese invasion in 1942 halted all operations.
After the war, the Syndicate still held the prospecting licences, but the destruction of the equipment hindered restart efforts. Mapping by the British Solomon Islands Geological Survey was carried out in the 1950s, and, in 1955, the Syndicate obtained a prospecting licence and carried out additional studies. No major lodes were found and the prospect was abandoned.
Modern Developments
Modern exploration in the area commenced in 1983 when Amoco Minerals successfully tendered for Gold Ridge SPL 130. Two years later, Cyprus Minerals purchased the project from Amoco. Cyprus then farmed out part of the project to a joint venture with Arimco Mining Ltd. A feasibility study for the development of a mining project was completed in 1990 and this study was updated in 1992. After some 43,000m of drilling and the two feasibility studies, the joint venture withdrew in 1992, having spent in excess of US$13 million, and allowed the mining leases to lapse.
The Solomon Islands government put the Gold Ridge project to tender in 1994 to 10 international companies. The successful bidder was Saracen Minerals Pty Ltd, a subsidiary of the Australian oil and coal mining company Crusader Limited. In March 1995 Ross Mining N L purchased Saracen’s gold project interests, comprising Gold Ridge and other areas in Australia and Vanuatu, and commenced a new feasibility study for the development of the Gold Ridge project.
Work done by Ross Mining during this feasibility study, and subsequently, included a further 103,000m of drilling, which took the total amount of drilling at the project to 159,000m, comprising 38,000m of diamond drilling and 121,000m of RC drilling.
Ross Mining decided that the project was viable and a treatment plant and associated infrastructure were built, and open mining commenced in August 1998.
On May 1, 2000, Delta Gold Ltd purchased all of the shares of Ross and became the owner of GRML, the owner and operator of the Gold Ridge Project. Delta Gold was forced to abandon the mine in June 2000 because of the civil unrest on Guadalcanal. In January 2002 Delta Gold merged with Goldfields to form Aurion Gold which was subsequently taken over by Placer Dome Inc. In December 2002, the AHAC paid out on the political risk policy to Delta Gold and in return received ownership of the mine through a new holding company, JV Mine. ASG acquired the Gold Ridge Project through an international bidding process that commenced in September 2004, and took control of the Gold Ridge Project on May 30, 2005
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