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Westgold Resources Ltd.
Summary
| Project: | Fortnum | |
|---|---|---|
| Deposit: | Fortnum | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 4/15/2019 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Active Mining & Production | |
| Report details: | 15-4-2019: Westgold Resources Ltd. announces an Exploration/Drilling Update report for its Fortnum deposit at the Fortnum project. Amended previous announcement to fix calculation error. The March 2019 quarter witnessed the tipping point for our Murchison | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: Jake Russell (Internal) | |
| ABSTRACT: | The March 2019 quarter witnessed the tipping point for our Murchison operations where the pool of assets transitioned from a heavy investment and development phase to one of a steadier operating phase. The Big Bell mine remains in an intensive development mode and will do so for the remainder of the calendar year. However, the other assets in the group are now cash generating and funding the Big Bell investment. Overall gold output (WGX ores only) for the group increased by 12% over the previous quarter to 67,168 ounces. Overall cash costs (C1) reduced by 18% over the previous quarter to A$1,105 per ounce and overall AISC’s reduced by 15% to A$1,269 per ounce. The gold group generated a Mine Operating Cash Flow of $25.5 million up 85% on the previous quarter. Net mine cash flow increased by 61% over the previous quarter to $28.6 million. Meekatharra Gold Operations (MGO) output was in-line with the previous quarter at 23,333 ounces. Lower grade production sources processed in the quarter translated to higher costs with Cash cost (C1) increasing by 7% to A$1,346 per ounce and AISC increasing by 4% to A$1,483 per ounce. Construction delays have deferred the planned commissioning of the new secondary crushing circuit to June 2019. The Cue Gold Operations (CGO) continued its ramp-up in gold output as open pit ores from the Day Dawn pits and higher grade stope ore from the Comet underground began to dominate ore blends. Gold production increased a solid 37% over the previous quarter to 20,108 ounces. Coincidentally, cash costs (C1) reduced by 37% to $1,076 per ounce and AISC reduced by 29% to A$1,250 per ounce. At CGO at the Big Bell Mine, ore stoping from the newly defined (and additional) southern ore position commenced late in the quarter and new development (twin declines) to re-establish the previous sub-level cave mine will commence in April 2019. Big Bell remains on track to ramp to full output progressively over the remainder of CY 2019. The new Big Bell village commenced construction during the quarter with a planned completion date of early May 2019. | |
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