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Dacian Gold Ltd.
Summary
| Project: | Mt Morgans | |
|---|---|---|
| Deposit: | Mt Morgans | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 12/18/2018 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Active Mining & Production | |
| Report details: | 18-12-2018: Dacian Gold Ltd. announces a Resource Estimation report for its Mt Morgans deposit at the Mt Morgans project. Updated ore reserve estimate at Mt Morgans. Dacian Gold Ltd (“Dacian Gold” or “the Company”) (ASX: DCN) is pleased to announce that O | |
| Resources: | (Reserve, P+P): 26.737Mt @ 1.6g/t Au for 1.389Moz Au contained at Mt Morgans | |
| CP/QP: | [Overall Report]: Rohan Williams (Internal) | |
| ABSTRACT: | Dacian Gold Ltd (“Dacian Gold” or “the Company”) (ASX: DCN) is pleased to announce that Ore Reserves at its Mt Morgans Gold Operation (“MMGO”) near Laverton in Western Australia have increased by 16 per cent to 1.39Moz. The increase marks another important step in Dacian Gold’s strategy to establish Mt Morgans as a ~200,000oz-a-year operation with a +10-year mine life, and comes as the Company remains on track to achieve commercial production at Mt Morgans this month. Total Ore Reserves for the MMGO now stand at 1.39 million ounces (net of mining depletion), an increase of 16% from the previous Ore Reserve estimate completed for the MMGO Feasibility Study (see ASX release 21 November 2016). The Ore Reserve includes an initial maiden Ore Reserve estimate for the Company’s third mining centre, Cameron Well, of 45,000 ounces. Total Ore Reserves for Westralia increased by 17% to 575,000 ounces, net of mining depletion of 28,000 ounces, while at Jupiter, Ore Reserves of 611,000 ounces were consistent with Jupiter’s previous Ore Reserve estimate (net of mining depletion). Dacian Executive Chairman, Rohan Williams, said the Ore Reserve update capped off an excellent year for the Company and showed that Mt Morgans was delivering on both the production and exploration fronts. “This Ore Reserve increase to 1.4Moz provides more evidence of the substantial exploration and organic growth potential at Mt Morgans, representing the first Ore Reserve update since our 2016 Feasibility Study and providing us with production visibility through until at least FY2025. “With 3.5Moz in Resources, we are confident we can deliver on our vision to establish a +10-year mine life at an annual production rate of ~200,000ozpa. Several important programs are underway to continue growing our Mineral Resources and Ore Reserves at Westralia, while at Cameron Well the maiden Ore Reserve provides a foundation to start the development of our third mining centre. “With commercial production on track to be achieved this month, we are continuing to demonstrate a strong track record of achieving our key targets as we ramp up production and grow the inventory and mine life at Mt Morgans.” | |
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