With gold first discovered at
Carrick in 1864, exploration and mining on the Carrick Goldfield in Central
Otago, New Zealand, has now been ongoing for more than 130 years. Recorded
historical hard rock production from up to 52 different mining claims from 1864
to about 1921 is 24,047 ounces (oz) of gold.

Since 1980 Amoco Minerals New
Zealand Limited, CRA Exploration Pty. Limited, Amax Gold Mines New Zealand
Limited and Summit Gold (New Zealand) Limited have conducted modem systematic
exploration campaigns targeted at locating shear controlled gold bearing quartz
lodes and stockwork deposits. More than NZ $1million has been spent by these
companies on aerial photography, geological mapping, stream sediment surveys,
soil and rock chip geochemistry as well as reverse circulation (RC) percussion
and diamond drilling.

RC drilling by Summit Resources in 1997 has
identified a 1,500 m long zone of low-grade gold mineralisation at Lower
Carrick, with an average grade of 1.00 g/t Au over a 14 m average thickness.
This gold mineralisation, hosted within a low angle shear zone, has analogies
with the Hyde-Macraes Shear Zone in eastern Otago. Recent exploration and
drilling at Carrick has revealed the potential to discover large (>0.5
million ounce (Moz)) low-grade bulk shear controlled quartz vein and stockwork
gold deposits similar to those now being mined at
Macraes.