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Metals X Ltd.
Summary
| Project: | Fortnum | |
|---|---|---|
| Deposit: | Fortnum | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 7/15/2016 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Mine Development | |
| Report details: | 15-7-2016: Metals X Ltd. announces a Resource Estimation report for its Fortnum deposit at the Fortnum project. Initial Fortnum development plan incl. updated resources and reserves. The Board of Metals X Limited (“Metals X” or the “Company”) is pleased t | |
| Resources: | (Reserve, Prob.): 5.4Mt @ 1.95g/t Au for 338779oz Au contained | |
| CP/QP: | [Resources]: Jake Russel (Internal) | |
| ABSTRACT: | The Board of Metals X Limited (“Metals X” or the “Company”) is pleased to provide its renovation plan for the Fortnum Gold Project (“FGP”) located 170km northwest of Meekatharra. Fortnum was acquired and settled in late 2015 and Metals X has worked its way through engineering, permitting and approvals for the project to re-start. In addition Metals X has reworked the mineral resource and mining reserve estimates for the key initial feed sources for processing. This work is ongoing and the development plan is till yet to consider any of the main opportunities in the Peak Hill component of the project. An initial 5 year development plan has been devised which presents a robust and low-capital risk start-up plan for the project. Significantly longer mine life exists beyond this initial 5 year plan from known resources which require more validation and drilling, especially the Peak Hill region which is yet to be considered in the development strategy. In addition and in recognition of the excellent exploration and development upside in the project it would be the intent of Metals X to commit to an aggressive exploration effort over the first two years of the project. This is expected to significantly extend the project life and potential. Metals X completed the acquisition of the Fortnum Gold Project, approximately 170km Northwest of Meekatharra in late 2015. The project was acquired by wholly owned subsidiary Aragon Resource Pty Ltd which in turn is wholly owned by the parent of Metals X’s gold division, the wholly owned Westgold Resources Pty Ltd. The FGP is a development ready project and located within historic Horseshoe, Peak Hill and Labouchere gold mining centres that were in production until 2007. The FGP mining area has recent past production of 11.5 million tonnes at 2.8g/t producing just over 1 million ounces. In addition more than 900,000 ounces of gold was produced from the nearby Peak Hill Gold Project which closed in the late 1990’s. | |
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