News

April 10, 2007

Morning Star Hits It Rich In The Gap Zone

By Our Man In Oz

When an ore sample assays 53 ounces of gold to the tonne, not 53 grams (which would be eye-catching enough) something seriously interesting must be happening in the rocks being explored. That is certainly the case at the Woods Point project of Morning Star Gold, a largely overlooked Australian explorer planning to re-develop what was once one of Australia’s top goldfields. Rich, but narrow veins, were always a highlight of the Woods Point area, part of the rugged hill country of eastern Victoria. During its 101 year production history which ended in 1963, a series of mines at Woods Point yielded more than 1.6 million ounces of gold at an average grade of 26 grams a tonne, not far short of the magic one ounce to the tonne (31.1g/t) which the old-timers craved. So far, only a handful of investors have discovered the work of Morning Star, though the rise in its share price from A12 cents to A30 cents over the past six months is a pointer to the growing level of interest.

The key belief underpinning work at Woods Point is that the early miners, including the one-time leader of Australian resources, Western Mining Corporation, left a lot of gold behind, especially in Morning Star’s namesake mine, the Morning Star. Max Garling, a Sydney-based lawyer who has been in charge of Morning Star, including its time when trading as Mt Conqueror Mines, told Minesite during a visit to his Sydney office that the most exciting aspect of site work was exploring the so-called...