this maybe is why they want to hammer diucon and eagle to increase the grade???
Use of Funds: Proceeds from the Offer, together with existing cash, to be applied to:
- Commencement and completion of the Mallina Gold Project prefeasibility study;
- Resource extension drilling at Hemi and Regional deposits;
- Resource definition drilling, particularly at Diucon and Eagle zones;
- Exploration drilling for new discoveries across the Company’s 150km tenement package;
- Operations support and pre-development capital expenditure items; and
- Corporate costs and general working capital.
Investment Highlights:
- Multi -million -ounce gold discovery within the Pilbara’s world class infrastructure; roads, mains power, gas, port, airstrip, communications.
- High quality Scoping Study shows annual gold production potential of >450koz with >70% of JORC Indicated resources in initial evaluation period with clear upside.
- Maiden Hemi resource of 6.8Moz defined at a discovery rate of ~450koz per month over 15 months and remains open.
- Large open pit development is amenable to a low cost, bulk mining scenario with production flexibility.
- Continued rapid growth in resource endowment as resource extension drilling has been successful at Diucon and Eagle and is continuing.
- Significant future exploration upside as the company commits to exploration across its 150km tenement package.
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