Phoenix Ridge is situated just north of the Company’s Beresford and Allanson underground mines, as part of the Westralia mining area and lies approximately 16km from the MMGO treatment plant (see Figure 1).Phoenix Ridge was discovered in early 2019 following a broad spaced diamond drilling program designed to test the interpreted position of D3a and D3b structures below and to the north of the historic Morgans North open pit. In June 2019, the discovery was announced (see ASX 20 June 2019), with significant intercepts including:31.0m @ 6.3g/t Au from 208.0m14.3m @ 12.7g/t Au from 284.8m1.7m @ 127g/t Au from 297.3mFollowing the initial discovery, the Company quickly set out to complete a series of 80m by 80m spaced holes across the project and a maiden underground Inferred Mineral Resource of 841,000t @ 8.1g/t Au for 125,000oz was released (see ASX 3 October 2020).Immediately after the release of the Phoenix Ridge Inferred Mineral Resource, the Company commenced a 40m by 40m spaced diamond infill program. Infill results confirmed the high grade potential of the deposit (see ASX releases 25 November 2019 and 24 July 2020).The Company has now completed the infill drilling program, including a tighter 20m by 20m spaced program in the core of the deposit. An updated Mineral Resource estimate is scheduled to be released. [...]
So from Phoenix ridge we get 1 year worth of production which extend the LOM by 1 year, and my feeling is this is not priced in yet.
DCN Price at posting:
38.0¢ Sentiment: Buy Disclosure: Held
