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Northern Star Resources Ltd.
Summary
| Project: | Pogo | |
|---|---|---|
| Deposit: | Pogo | |
| Location: | United States | |
| Commodities: | Gold | |
| Date: | 8/1/2019 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Active Mining & Production | |
| Report details: | 1-8-2019: Northern Star Resources Ltd. announces a Resource Estimation report for its Pogo deposit at the Pogo project. Statement of mineral resources and ore reserves. Northern Star Resources (ASX: NST) is pleased to announce a substantial increase in it | |
| Resources: | ||
| CP/QP: | [Resources]: Michael Mulroney (Internal) | |
| ABSTRACT: | Northern Star Resources (ASX: NST) is pleased to announce a substantial increase in its Group Reserves and Resources, which in turn paves the way for the Company’s next round of organic production growth. The Company’s annual Reserve and Resource Statement also features a significant increase in grades and a marked rise in Measured & Indicated Resources, which will underpin further growth in Reserves over coming years. Northern Star Executive Chairman Bill Beament said the Statement reflected Northern Star’s highly successful strategy of investing in exploration to expand the inventory, which would in turn underpin organic production growth and increased financial returns. He said the inventory growth was particularly notable given the wider trend of reducing resources across the gold industry both within Australia and overseas. “These outstanding results show that the Northern Star cycle of investing in exploration and development continues to drive the Company’s operational and financial success,” Mr Beament said. “Not only have we have grown our world-class Reserve and Resource inventory by one-third despite mining nearly one million ounces in FY19, we have increased the grades and the size of the crucial Measured and Indicated category. “This sets us up for repeating the next stage in our cycle, which is another round of organic production growth and further increases in free cashflow.” Mr Beament said the huge growth in the inventory at the Pogo gold mine in Alaska was more firm evidence of the strong progress being made at the project. “Earlier this week we announced a significant increase in production and sharply lower costs at Pogo in the June quarter,” he said. “Now we have backed this up with a maiden JORC Reserve of 1.5Moz at 7.5gpt and a 43 per cent increase in the Resource to almost 6Moz at 9.6gpt. This Resource figure is the largest amount in the history of the project. “Pogo is on track for further production growth as this financial year progresses, with output in the second-half forecast to be in the range of 120,000-140,000oz. “We are confident that with the operational gains we are making and the outstanding Reserve and Resource position we have established, Pogo is well on its way towards returning to its historical status as a Tier 1 asset” Mr Beament said the results at the Australian operations were also exceptional. “Almost everywhere we look at the Australian operations, there has been strong growth,” he said. | |
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