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Saracen Mineral Holdings Ltd.
Summary
| Project: | Thunderbox | |
|---|---|---|
| Deposit: | King of the Hills, Thunderbox Open Pit | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 7/27/2016 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Active Mining & Production | |
| Report details: | 27-7-2016: Saracen Mineral Holdings Ltd. announces an Exploration/Drilling Update report for its King of the Hills, Thunderbox Open Pit deposit at the Thunderbox project. Drilling results incl. 14.78m @ 29.05g/t Au from 75.18m at King of the Hills. Sarace | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: Daniel Howe (Internal) | |
| ABSTRACT: | Saracen Mineral Holdings (ASX: SAR) is pleased to advise that it has tripled its exploration budget to A$42 million for this financial year as part of a strategy to grow the inventory and production at its existing mines. The substantial commitment reflects Saracen’s high level of confidence in the organic growth credentials of its Carosue Dam and Thunderbox operations. The targets have resulted from the systematic and rigorous ranking of Saracen’s exploration portfolio over the past two years. The A$65 million capital requirement of the Thunderbox development resulted in a reduced exploration spend of only A$11.1 million and A$14.3 million in FY15 and FY16 respectively. King of the Hills is located 65km to the south of Thunderbox, immediately adjacent to the Goldfields Highway. This significantly mineralised system produced 1.9Moz since 1985. Saracen acquired the King of the Hills and Kailis gold projects in August 2015 for a total consideration for both projects of A$3m cash in two tranches, A$0.3m on completion (paid), plus A$2.7m upon the earlier of commercial production from Kailis or 4 years following completion. Multiple opportunities to define additional Resources were identified following an extensive structural and lithological review of existing data, combined with additional mapping and logging information. Several areas in and around the existing underground workings were highlighted as well as significant potential to the south of the current underground mine (Figure 10). | |
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