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Saracen Mineral Holdings Ltd.
Summary
| Project: | Thunderbox | |
|---|---|---|
| Deposit: | Thunderbox | |
| Location: | Australia | |
| Commodities: | Gold-Nickel | |
| Date: | 8/1/2019 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 1-8-2019: Saracen Mineral Holdings Ltd. announces a Resource Estimation report for its Thunderbox deposit at the Thunderbox project. Updated mineral resources and ore reserves. Saracen Mineral Holdings (ASX: SAR) is pleased to announce the latest results | |
| Resources: | (Reserve, P+P): 28Mt @ 1.7g/t Au at Thunderbox | |
| CP/QP: | [Resources]: Daniel Howe, Lynn Widenbar (Internal;Not stated) | |
| ABSTRACT: | Saracen Mineral Holdings (ASX: SAR) is pleased to announce the latest results of its highly successful organic growth strategy, with Reserves rising by 32 per cent to a record 3.3Moz. The new Reserves fully underpin a 7 year production profile of 400,000oz a year from FY21 (after the Carosue Dam mill is expanded to 3.2Mtpa). The update also includes a further ~6Moz in Resources, highlighting the additional growth potential at and around the Company’s mills in Western Australia. With a further A$50 million budgeted for exploration in the current financial year, Saracen has strong potential to establish a +10- year mine life at 400,000oz a year. Saracen Managing Director Raleigh Finlayson said the Company was now set up to generate substantial production and cash flow for many years, fully-supported by low-cost Reserves located close to its existing mills. “To define over 1 million additional ounces in Reserves in just 12 months is an outstanding result,” Mr Finlayson said. “To do it at an average cost of A$30/oz and have all the Reserves at or near our existing mills is exceptional. “Saracen’s future is now fully under-written by long mine life and Reserves and we have a pipeline of growth underpinned by an additional 6Moz in Resources. “When this is viewed against our 7 year, unbroken track record of meeting or beating guidance, it is clear that Saracen is ideally positioned as a highly-reliable Australian gold producer with substantial production and a strong growth outlook.” Saracen has budgeted A$112 million for growth capital this financial year as part of its strategy to capitalise on the increased Reserves by growing production to 400,000oz a year. “This will see us expand the Carosue Dam mill to 3.2Mtpa and achieve a steady-state production rate of around 400,000oz a year, by which time our need for capital expenditure is expected to decline,” Mr Finlayson said. “This should see us generate increased cash flow at a time of falling capital costs.” | |
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