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Northern Star Resources Ltd.
Summary
| Project: | Pogo | |
|---|---|---|
| Deposit: | Pogo | |
| Location: | United States | |
| Commodities: | Gold | |
| Date: | 4/24/2019 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Active Mining & Production | |
| Report details: | 24-4-2019: Northern Star Resources Ltd. announces an Exploration/Drilling Update report for its Pogo deposit at the Pogo project. Drilling results incl. 5.4m @ 80.2g/t Au from77.3m. Northern Star Resources Limited (ASX: NST) is pleased to report on its ac | |
| Resources: | (Resource, Total): 8.8Mt @ 14.7g/t Au for 4.15Moz Au contained at Pogo | |
| CP/QP: | [Overall Report]: Michael Mulroney (Internal) | |
| ABSTRACT: | Northern Star Resources Limited (ASX: NST) is pleased to report on its activities in the March quarter, during which the Company’s Australian operations performed comfortably within guidance and the investment in the Pogo gold mine saw the project reach its turnaround point. Gold sold in the quarter totalled 185,296oz at an AISC of A$1,369/oz. This included the sale of 82,000oz in the month of March alone, which reflected the early benefits of the changes made at Pogo. In light of this strong progress at Pogo, Northern Star is set for record production in the June quarter of 235,000-260,000oz at an AISC of A$1,075-A$1,175/oz. Group FY2019 production guidance is maintained at 850,000-900,000oz. AISC guidance has increased slightly from A$1,125- A$1,225/oz to A$1,225-A$1,275/oz. Production across the Australian operations is set to be at the top end of FY2019 guidance of 600,000- 640,000oz. At Pogo, significant progress has been achieved in the March quarter and into the month of April, with production set to rise over the coming quarters as long-hole stoping is ramped up. This is expected to result in a 60/40 split of stoping to development ore in the coming quarters. The new mining method of long-hole stoping commenced late in the March quarter and represented only 11% of the quarter’s processed tonnes. The April month to date figure has increased to 27% and the processed head grade has risen to over 8gpt. Pogo mining physicals were significantly impacted in the March quarter due to a delay in equipment delivery, with only five of the scheduled sixteen pieces of underground mobile plant arriving in the quarter. The delivery of the remaining eleven units in the June quarter will see productivities and efficiencies continue to rise and lower the unit costs. Northern Star Executive Chairman Bill Beament said the benefits of the changes being made at Pogo were now flowing into the results. “The introduction of the new mining method and the late delivery of some equipment reduced production at Pogo, which in turn temporarily drove up the costs per ounce,” Mr Beament said. “But these changes are starting to pay dividends, as the results in the months of March and April show. As well as ramping up tonnages from the long-hole stoping towards the end of the quarter, we cut site expenditure to an average of US$18.5M a month in the March quarter from an average of US$22.5M a month in the previous two quarters. | |
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