The company has flagged upgrade potential previously. From the website:
“The Forrestania Gold Project contains an existing Mineral Resource of 5.9 Mt at 1.25 g/t for 240,000 ounces of gold, classified and reported in accordance with the JORC Code (2012), with a recent Scoping Study (see ASX Announcement released 2nd May 2017) suggesting both the technical and financial viability of the project. “
Highlights
- Binding agreement signed for 80% of the Gold Rights at Forrestania Gold Project.
- Existing ~216K ounce JORC Resource with strong exploration upside.
- Scope for high grade open pit mining – previous mining produced 95,865 tonnes @ 8.81g/t for 27,146 oz Au.
- 450km² tenement package covers over 50km strike length of the Forrestania greenstone belt
- High gravity gold recovery with free-milling gold – non-refractory ore.
- Existing resources are amenable to conventional open pit mining.
- Low capital costs via processing through local toll treatment facilities – advanced discussions underway.
- Located in one of Australia’s most prominent regions for gold mining.
- Value accretive asset with early production opportunity.
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