MGT has three separate gold prospect areas in Southeast Queensland, Yarrol (EPM 8402), Mt Steadman (EPM12834) and Gooroolba (EPM 15426). MGT aims to advance these projects with further drilling and to assess the amenability of heap leaching at Mt Steadman and of trucking higher grade gold from Yarrol:
At the Yarrol prospect porphyry style gold mineralisation is associated with a suite of dioritic bodies.
At Mount Steadman, porphyry style gold and molybdenum is associated with various granitoids and acid dykes with gold located in a shallow dipping zone of sheeted quartz veining within the granitoids.
At Gooroolba, porphyry style gold-molybdenum requires further exploration drilling.
The tenements are located within the northern New England Fold Belt which is made up primarily of a complex volcanic arc-continental margin succession related to a Carboniferous subduction complex. The structural framework of the area is dominated by North-northwest shears like the Perry fault and northeast cross-cutting faults. These regional structures are overprinted by north-trending faults that have a strong spatial relationship to Permian to Triassic copper-gold mineralisation.
The Yarrol Basin contains sediments of Carboniferous to Permian age intruded by Permian to Triassic plutonic rocks. The largest copper porphyry in the region is Coalstoun (85 Mt grading 0.3% copper). Mount Rawdon, a large breccia pipe, (2006 reserve statement of 33.3 Mt grading 1.01 g/t gold and 3.14 g/t silver) is currently being mined.