Can't believe I missed this bit of info on the company but could be a massive earner if they can crack any issues with the metallurgy that may exist.
I say any issues that may exist because being tailings its not going to be a simple mining process but still that amount of gold and silver is worth a gross $1.6Billion plus in ground. Should stress this isn't an NPV but a simple gross in ground value estimate but its a massive figure
Did they ever have a crack at processing these tailings?
"The Hellyer tailings were produced between 1988 and 2000 as the residue from processing approximately 16 million tonnes of ore from the former Hellyer Mine. They are contained in a purpose built storage facility and submerged beneath water to prevent oxidation and generation of acid mine drainage. None of the Fossey tailings (also containing Au and Ag) have been included in the resource quoted in the Annual Report; however that remains an additional potential source of feed material.
The tailings contain in excess of 800,000 ounces of gold and 32,000,000 ounces of silver. Metallurgical studies have indicated that the Albion process is the preferred process route at this stage, though further work is planned, including some further roasting test work."
BSM Price at posting:
0.5¢ Sentiment: None Disclosure: Held
