Saracen Mineral Holdings Limited holds a large tenement position in the South Laverton region covering substantial strike lengths of two major structural zones, the Laverton Techtonic Zone and the Keith-Kilkenny Techtonic Zone, which host most of the gold deposits in the region. Over 20Moz of gold has been discovered in the last 15 years in the Laverton and Keith-Kilkenny Techtonic Zones. The substantially under-explored covered areas, potential for blind flat-lying mineralised structures, growing understanding of the geological controls on gold deposits, and the large tenement holding, are factors that support the potential for further gold discoveries in the region.
Saracen is embarking on a well funded, agressive exploration campaign. The aim of this program is to increase resources and reserves so as to realise Saracen's strategic target of becoming a 250,000ozpa gold producer (see graph below).
In June 2011 the Saracen board approved an exploration budget of $25 million. Following a review of our targets and future production profile, this amount was increased to a total of $35 million in September 2011.
This amount includes: