The project status has a Inferred Resource within a vicinity of two million ounces of gold to be proven. A large portion of Mining License 509 tenement remains unexplored. The tenement has greater soft and hard rock potential to be explored and evaluated.
Mining License 509 tenement has a vast resource of mineral sands which are highly mineralized. Indicative mineralogical composition as determined by XRD Analysis: Chromite (Fe,Mg)(Cr,Al)204 16.03% / Hematite Fe203 12.95% / Ilmenite FeTi03 45.99% / Quartz Si02 9.9% / Spinel Mg-Fe-Al-Oxide 10.36% / Zircon (Zr)Si04 4.77%.
Gulf Minerals Target Critical & Strategic Metal Resource 7,788,376 tonnes.
a) The likely potential for significant quantities of Rare Earth Elements to exist is huge. Rare Earth Elements identified of significance after preliminary testing are Niobium (a minor metal not a Rare Earth), Scandium, Cerium, Neodymium, Lanthanum and Yttrium totalling 329ppm.
Gulf Minerals Target REE Resource 668,426 tonnes.
Hells Gate Exploration Limited
Level 6, PwC Haus, Harbour City, Port Moresby, National Capital District, Papua New Guinea
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