Gold struck at New Zealand's deepest mine could be worth $2b

Gold has just been struck at New Zealand’s deepest mine and the operators believe it could be worth $2 billion.

“Around 850 metres deep into the ground near Ikamatua on the West Coast is an abundance of quartz reef…
Federation Mining is a major employer on the West Coast and 80 percent of its staff are local…
With a forecast of 70,000 ounces a year”.

“Federation Mining has signed an Agreement with leading gold miner OceanaGold for the future development of Snowy River Mine Project, located near Ikamatua on the West Coast of the South Island of New Zealand”.


Federation Mining has so far found visible gold in six of nine diamond drill holes at its Reefton Snowy River Project.

The highlights to date were from a drill hole 200m below the historic workings, which had found gold at the rate of 38.1 grams a tonne, and a drill hole 150m below the historic workings which found gold at 19.5 grams a tonne, said Federation vice president Simon Delander.