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Westgold Resources Ltd.
Summary
| Project: | Cue | |
|---|---|---|
| Deposit: | Cue | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 10/14/2019 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Active Mining & Production | |
| Report details: | 14-10-2019: Westgold Resources Ltd. announces an Exploration/Drilling Update report for its Cue deposit at the Cue project. Drilling results incl. 13.50m @ 9.82g/t Au from 64m. Westgold Resources Limited (ASX:WGX) (Westgold) is pleased to release its expl | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: Jake Russell (Internal) | |
| ABSTRACT: | Westgold Resources Limited (ASX:WGX) (Westgold) is pleased to release its exploration highlights for the period ending 30 September 2019. Exceptional results were received across all operations. Now that Westgold has advanced its core assets in the Murchison Region through a phase of major capital investment, its three plants are operating at full capacity and it has brought six underground mines into production. Westgold’s underground mines have been significant past producers with over six million ounces of historic production and a further four million ounces in remaining total Mineral Resources. These mines underpin the future of Westgold’s Murchison operations and Westgold has made meaningful headway to bringing them back to their past glory. A key feature of this pool of underground mines is that their average depth of past production (although variable) is only 452 vertical metres which compares favourably with our peer group mines that are approaching an average of nearly one kilometre in depth. Considering that the average mine advances only 50 vertical metres per annum, there remains substantial growth in each of these mines not only to reach the average but to extend beyond this level. Over the ensuing years and as Westgold has managed to achieve in the past three years, the progressive replacement of reserves by the continual upgrading of resources has exceeded the rate of depletion. Now that the intensive phase of growth capital on plant refurbishment and mine development to re-establish these mines has began to wane, Westgold will turn its focus toward delivering the growth in both short-term and deeper extensions to these already prolific mines. | |
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