Mining company NewPeak buys rights to historic Tansey gold mine
A gold mine west of Gympie shut down during the Second World War has been bought by a mining company with exploration permits in at least three other countries.
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A gold mine west of Gympie that was shut down during the Second World War by a worker shortage has been bought by a mining company with exploration permits in at least three other countries.
NewPeak Metals has announced the purchase of the Tansey Gold Mine, owned by GoldStrike Mining, for $250,000 - this included $200,000 in NewPeak shares and $50,000 cash.
Gold has resurfaced as a popular haven for investors amid the economic uncertainty created by US President Donald Trump’s trade tariffs.
The exploration permit covers 12sq km near the Burnett Highway at Tansey, about 60km northwest of Gympie and 17km north of Goomeri.
A statement by the company on Monday said the mine was run from 1934-1942 by the South Burnett Gold Mining Syndicate.
It was shut due to wartime worker shortages, although low recovery rates, and a lack of available water and funds also contributed to its closure.
The mine was the only “significant” gold producer at Tansey, the statement said.
Queensland Department of Mines drilling in the late 1960s found gold and silver.
It has been under lease and explored by several companies in past years, before GoldStrike Mining took over.
NewPeak managing director Mark Purcell said it was a “ low cost, high potential acquisition”.
“Tansey includes several small historical mines located in an under-explored area close to highways and infrastructure,” Mr Purcell said.
“Limited exploration work has been conducted since the 1960s, with modern exploration techniques such as induced polarisation surveying providing fresh opportunities for drill targeting.
“The South Burnett Mine has not been comprehensively explored, notwithstanding attractive historical mining grades and the fact known mineralisation is open along strike and at depth.”
The purchase adds the mine to NewPeak’s existing portfolio which includes exploration projects in Argentina, New Zealand, and Finland.
It joins a growing number of renewed gold mine projects across the Gympie region including efforts to reopen the old El Dorado mine at the city’s southern edge and at Devils Mountain, 40km northwest of Gympie.
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