So a good ann today regarding CH1. This by itself would be good enough to justify the current share price but wait there will be more.
It looks like they will make their 4Moz target but really they're doing well enough at 3Moz already.
There's Jon's comments:
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Please find below the link to our latest announcement regarding the independent JORC 2012 Resource update for Castle Hill Stage 1.
Independent expert geologists Cube consulting have audited and signed off on the resource that has grown in size and quality. CH1 is now over 1.1 million ounces at 1.6g/t with the higher confidence indicated category comprising over 70% (807,000 ounces) of the metal at 1.7g/t.
Infill drilling to a 50mX25m pattern has confirmed resource quality in this area and depth and extension drilling continues. We are now demonstrating the endowment in the multi-stage multimillion ounce gold camp.
Cube will be signing off on the Stage 2 and Red Dam resources in coming weeks. These models are being handed on to Golder, our engineering consultants to update the mine optimisations and design. We are talking a very large, low strip ratio open cut with ore at surface. Golder will then sign off on reserves and the 8-10 year initial mine plan.
Drilling continues at depth at CH1 and north of stage 1 which is emerging as Castle Hill Stage 3 in this large undeveloped gold camp.
The DFS is on track for completion in Dec and Blue Funnel mining and milling is progressing well ensuring a healthy cash balance well beyond next year.
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PXG Price at posting:
21.3¢ Sentiment: None Disclosure: Held
