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Carbine Resources Ltd.
Summary
| Project: | Mount Morgan | |
|---|---|---|
| Deposit: | Mount Morgan | |
| Location: | Australia | |
| Commodities: | Gold-Copper-Silver-Sulphur-Pyrite | |
| Date: | 12/8/2016 | |
| Report Code: | JORC | |
| Report Type: | Feasibility Study | |
| Project Stage: | Pursuing Environmental Approval | |
| Report details: | 8-12-2016: Carbine Resources Ltd. announces a Feasibility Study report for its Mount Morgan deposit at the Mount Morgan project. Feasibility Study delivers 2 year payback and AISC of A$549/oz. Carbine Resources Limited (Carbine) (ASX: CRB) is pleased to a | |
| Resources: | (Maiden Reserve, Prob): 9.9Mt @ 1.19g/t Au, 0.16% Cu for 572 AuEq oz contained | |
| CP/QP: | [Overall Report]: n/a (n/a) | |
| ABSTRACT: | Carbine Resources Limited (Carbine) (ASX: CRB) is pleased to advise that a Feasibility Study (FS) has found its Mount Morgan Gold-Copper Project in central Queensland, Australia will enjoy low operating costs, a rapid payback period and a long mine life. The estimated preproduction capital cost would be A$85 million and the all-in sustaining costs after by-product credits would be A$549/oz. The Project’s economics enable a forecast payback period of just two years. The Feasibility Study Base Case (FS Base Case) was based on a 1.1mtpa throughput rate achieving a 9.5 year mine life. The estimated Ore Reserve is associated with just four of the historical tailings dumps at Mount Morgan delivering gold, copper sulphate and premium unroasted iron pyrite concentrate to market. Carbine and GR Engineering Services (GRES) entered into a strategic partnership in relation to the Mount Morgan Project (ASX: 23 December 2015) and GRES were awarded the work associated with the FS. GRES have successfully completed the FS including the study management, process design, and process layout and infrastructure design. In light of the study’s strong technical and financial outcomes, the Board has decided to advance the project finance options, optimize offtake arrangements for the premium unroasted iron pyrite market, continue with the Project’s regulatory approval process and consolidate project ownership. As an extension to the FS, Carbine has also completed an assessment of a 20 year mine life case (Expanded Case) which is an expansion of the FS Base Case at the same production rate. Significant historical production data and reconciliation of that data enables the Company to consider this case with reasonable confidence. However, the Company cautions that the Expanded Case study is currently partly based on low-level technical and preliminary economic assessments, and is insufficient to support the estimation of additional Ore Reserves. Further evaluation work and appropriate studies are required before the Company will be in a position to estimate any additional Ore Reserves, or provide certainty that the results from the Expanded Case will be realized (See section 15 for the full details of the Expanded Case). | |
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