Key facts about Citigold Corporation Limited (ASX: $CTO) and the announcement

Citigold Corporation Limited (ASX: $CTO) has released its quarterly report for the period ending 30 June 2024, dated 30 July 2024. The company, focused on the high-grade Charters Towers Gold Project, has successfully completed 100,000 ounces of gold production test mining and established its mine site. Citigold aims to be a 300,000 plus ounces per annum ultra-low-cost gold producer and continues to explore new reefs to increase mineral resources. The latest exploration update has revealed a new gold discovery warranting follow-up, and the company is also keeping a watching brief for critical minerals and other metals.

Executive commentary on the exploration update

Citigold's Chairman, Mr Mark Lynch, stated: 'It is intriguing that there are no known gold deposits or historical workings that could be responsible for the anomalies. This is a new gold discovery, warranting follow-up. It confirms our view that there is still undiscovered gold mineralisation in and around the goldfield. While it is too early yet to know the significance and full extent of this new mineralisation, it is encouraging to know that new gold mineralisation is still being unearthed.'

Summary of the exploration update and corporate strategy

The exploration update from Citigold Corporation Limited (ASX: $CTO) has unveiled a new gold discovery, indicating the presence of undiscovered gold mineralisation in and around the goldfield. The company continues to focus on becoming a 300,000 plus ounces per annum ultra-low-cost gold producer and is also keeping a watching brief for critical minerals and other metals. Citigold's ambitions include returning substantial profits to shareholders in harmony with the local environment. The company is actively exploring new reefs to further increase mineral resources and aims to optimize future plans for an intensive exploration program with priority areas identified from the current and previous exploration programs. Additionally, the company is working with parties at various stages of discussions regarding funding opportunities and has commenced working on the 2024 Annual Report.