Please find link below to our latest announcement, the development of the Blue Funnel gold mine.
Stage 1 of the mine consists of mining the remaining ore from the existing shallow open cut and extracting additional ore from the northern section of the pit after laminated veins were found during pit mapping and subsequent GC drilling.
Mining using local contractors will deliver 85,000 tonnes at 3.5g/t at a W:O strip ratio of 5:1. The ore will be hauled on our road network to the Greenfields toll mill and treated over 6-8 weeks.
Gold production of 9,000 ounces at an all in cash cost of $980/oz delivers a net cash result of over $3m at A$1350 gold price. Using todays gold price, the cash surplus would exceed $4m.
We have a series of other small scale mines under assessment with the aim of delivering as much cash in to the bank as possible in the current equity market environment.
Drilling continues in line with plan with infill programmes complete and extensional programme commenced.
As advised earlier, all new data is now going in to the geological models for independent evaluation and updating early in the Sept Qtr.
To view the announcement, please click on the link below:
