Kaiser Reef Limited reported that following the delivery of a first stage Mineral Resource Estimate and accompanying Exploration Target at its 100% owned historic Union Hill gold mine (Union Hill Mine) at Maldon, that is has commenced infill drill planning and early-stage engineering work. This engineering work will be used for the scoping and other technical/planning studies for the potential development of a second gold mining operation at Maldon. Continued exploration and infill drilling targeting increasing the resource size and confidence are also proposed and will be initiated following the results obtained from the engineering work.

Kaiser believes that the Union Hill Mine has the potential to be the next significant gold mine to come online in Victoria (Figure 2). The preliminary engineering and drill planning has identified that future work required will comprise of drill planning, second egress planning, power and ventilation upgrade investigations/planning and various other work, as required. At this early stage it is not possible to provide guidance on the study and decision outcomes.