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Mincor Resources NL
Summary
| Project: | Kambalda | |
|---|---|---|
| Deposit: | Widgiemooltha, Norseman | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 4/26/2017 | |
| Report Code: | JORC | |
| Report Type: | Feasibility Study | |
| Project Stage: | Mine Development | |
| Report details: | 26-4-2017: Mincor Resources NL announces a Feasibility Study report for its Widgiemooltha, Norseman deposit at the Kambalda project. NPV (8%) of A$25.7M, initial LOM of 19 months, Initial ore reserve for deposit. Mincor Resources NL (ASX: MCR) is pleased | |
| Resources: | (Reserve, Total): 823590t @ 2.7g/t Au for 72580oz Au contained at deposit | |
| CP/QP: | [Resources]: Rob Hartley (Internal) | |
| ABSTRACT: | Mincor Resources NL (ASX: MCR) is pleased to announce that it has taken a major step forward with its gold development strategy with the release today of robust results from the FS on its 100%-owned Widgiemooltha Gold Project in Western Australia. The FS confirms the economic viability of a low capital cost start-up gold mining operation based on the extraction of shallow reserves across 10 open pits at North Widgiemooltha, with the ore to be treated via a toll-treatment arrangement at one of the several operating mills in the region. Key FS outcomes include a low upfront capital outlay of just A$2.8 million, which is forecast to generate an undiscounted cash-flow at a flat A$1,600/ounce gold price of A$28.3 million, with a maximum cash drawdown of A$7.3 million. The Project is forecast to recover a total of 65,863 ounces of gold over an initial mine life of 19 months. The Company’s Gold Resource inventory at Widgiemooltha and Norseman contains ~300,000 ounces across six prospects (see Appendix 1). The bulk of the Mineral Resource inventory (238,040 ounces) is contained within five key prospects at Widgiemooltha that form the basis of the FS. The Jeffreys’ Find prospect was not included in the FS at this time. The FS includes a maiden start-up Ore Reserve of 823,590 tonnes at 2.7 g/t Au for 72,580 ounces. Mincor’s Managing Director, Mr Peter Muccilli, said the FS marked a key step forward in the Company’s gold strategy, detailing a compelling mining investment case based on initial reserves of 72,580 ounces – sufficient to underpin a robust open pit mining operation over an initial 19-month mine life. | |
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