Not a bad read also.....$300'000 Gold mine you must be joking well done MNM. Black highlight is worth a little note also......Peace out Stocks 78
Mantle Mining Corporation (ASX: MNM) has completed the acquisition of the high grade and idle Norton Gold Mine in Queensland from
Norton Gold Fields (ASX: NGF) for A$300,000 cash.
Once all geologic and mining data related to the acquisition is received, the company will construct a detailed geological and topographical survey model of the mine.
These data, along with more detailed mine planning, scheduling and costing data, can then be used to input into Mantle’s Internal Scoping Study document.
Mantle will then be able to confirm and more accurately model the production, profit and loss and cash flow potential of the mine.
Mining, metallurgical, process and marketing studies are under finalisation and will feed the final version of the scoping study document as well as mining services contracts and plant and equipment acquisition justifications.
Once completed, and confirmed by Mantle’s internal and external consultants, the results of the scoping study will be released. Capital costs to bring the mine back into production are forecast to be less than $1 million.
Norton Gold Mine
The mine was last worked in 2005/06 with about 5000 tonnes of material processed through Gympie Gold’s treatment plant before operations were terminated due to Gympie Gold falling into administration and Norton refocussing on the Paddington Field in Western Australia.
The acquisition includes ML 80035, as well as an established camp facility in the local town of Nagoorin and all related intellectual property geologic and mining data.
ML 80035 contains pre-strip pits already in-place and Frampton zone material stockpiled for early processing.
Preliminary metallurgical test work on Frampton material points to a simple, low cost process of crushing and flotation to create a high value concentrate. There is also potential for gravity recovery of free gold.
Norton Gold Mine has a total non-JORC Resource of 453,000 tonnes at 7.4 g/t for 108,000 ounces of gold. Minor work is required to accomplish JORC compliance.
http://www.*.com.au/companies/news/...-gold-mine-from-norton-gold-fields-53370.html
