Signs of gold deposits in North Karnataka

By Our Special Correspondent Bangalore, The Hindu, 30 April 2004 :

There are indications of fairly large gold deposits suitable for open pit mining in north Karnataka, according to Deccan Gold Mines Ltd. (DGML), the first private sector gold exploration company listed on the Bombay Stock Exchange.

The only working gold mining company in the country, the Hutti Gold Mines, is in Karnataka, and one of the areas where DGML has carried out exploratory drilling is just north of the area leased to Hutti Gold Mines.

Sandeep Lakhwara, Managing Director, DGML, told presspersons here on Friday that exploratory drilling had just been completed in Haveri and Dharwad districts.

According to the company’s chief consulting geologist, Vasudev, exploration is on over an area of 5,000 sq. km. within which DHM has identified 22 independent sites based on surface geological studies and sampling.

Preliminary drilling had been completed at four of the 22 target sites.