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Woulfe Mining to Fast-Track Muguk Gold Mine Evalution

Woulfe Mining Corporation has decided to speed up the evaluation of the Muguk gold mine in South Korea. The mine was closed in 1997 due to a low gold not making it a viable mining operation. It is now being revived by the company.

Melbourne based AMC Consultants have been hired by Woulfe Mining as technical advisors for the project. They are to make a 3D model of the Muguk mine workings using the available level plans and long sections. AMC Consultants will also update the extensive database comprising final survey of underground workings prior to closure, face grades, drill data, ore extraction data and process data. The consultants will also prepare an NI 43-101-compliant resource estimate for the main mineralized structures.

The Sangdong tungsten-molybdenum project in South Korea is the flagship project for Woulfe Mining. It is progressing at a good speed as the feasibility study is well underway and the construction of the mine is on track for beginning in early 2012. Now they can focus on the Muguk mine.

The Muguk gold-silver mineralisation is hosted within a series of parallel, steeply dipping quartz veins that extend discontinuously for 400-2,000 metres along strike and to a known depth of 800 metres. The average width of the veins is typically less than 1 metre, although the veins pinch and swell and can be up to 2 metres in width in places.

Brian Wesson, Woulfe Mining CEO and President said that they were very pleased to be moving ahead with Muguk now that Sangdong was on track for development. Muguk was a very exciting gold project as it had a significant residual resource above 10 g/t gold. With the gold price now more than six times the price when the mine closed, there was potential to increase this resource significantly using a lower cut-off grade. There were numerous secondary mineralised veins within the mining field which add to the potential upside. The grades at Muguk were well above the average for operating gold mines worldwide, recently reported to be around 2 g/t gold.

Joel Scanlon

Written by

Joel Scanlon

Joel emigrated to Australia in 1995 and worked for five years in the mining industry as an exploration geotechnician, using GIS mapping and CAD software. Upon moving to the North Coast of NSW, Australia Joel worked as a graphic designer for a leading consultancy firm. After that, he ran a successful business providing web services to businesses along the eastern seaboard of Australia. During this time, he developed and launched News-Medical.Net. Joel has been working with AZoNetwork since the company was founded in 2000.


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