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Mincor Resources NL
Summary
| Project: | Kambalda | |
|---|---|---|
| Deposit: | Widgiemooltha, Flinders West | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 11/7/2017 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Mine Development | |
| Report details: | 7-11-2017: Mincor Resources NL announces a Resource Estimation report for its Widgiemooltha, Flinders West deposit at the Kambalda project. Mineral resource update for Widgemooltha. Mincor Resources NL (ASX: MCR) is pleased to advise that it continues to | |
| Resources: | (Reserve, I+I): 5.457Mt @ 1.9 g/t Au for 328.6Koz contained at Widgemooltha | |
| CP/QP: | [Resources]: Robert Hartley (Internal) | |
| ABSTRACT: | Mincor Resources NL (ASX: MCR) is pleased to advise that it continues to make progress with plans to bring its 100%-owned Widgiemooltha Gold Project (WGP) in Western Australia into production in early 2018. Key regulatory approvals have now been received from the Department of Mines, Industry Regulation and Safety (DMIRS) allowing the commencement of mining operations at the WGP and the Mineral Resources have been updated to incorporate the results from two drilling programs. The WGP Feasibility Study* (FS) confirmed the economic viability of a low capital cost start-up gold mining operation based on mining a number of shallow open pits, with the ore to be treated via a toll-treatment arrangement (for full details, see ASX announcement dated 26 April 2017). The FS is forecast to generate net pre-tax cash-flow of A$28.3 million, assuming a gold price of A$1,600/oz, from its start-up Ore Reserves at a forecast AISC of A$1,126/oz. There is significant exploration upside at the WGP as numerous shallow high-quality intersections are yet to be captured in the Mineral Resource inventory and remain open along a highly prospective 5.5km long shear corridor (Figure 1). Two small but highly successful drill programs completed in June and August 2017 were focused on resource definition drilling to upgrade the low confidence Inferred Resources that resided within the optimisations pit shells. These areas were not incorporated in Ore Reserve calculations in the FS (Figure 2a). The revised Gold Mineral Resources inventory at the WGP has now increased to 267,100 oz of gold, representing an additional 29,070 oz at a respectable $9.60/oz discovery cost. An increase to the Indicated Resources category was achieved, mostly from the Flinders West prospect. | |
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