Empire estimates A$2m from first Penny's Find ore
PERTH (miningweekly.com) – The first processing campaign at the Penny’s Find gold project has been completed, with about 1 500 oz expected from 21 710 t of ore.
ASX-listed Empire Resources on Thursday told shareholders that the campaign was expected to generate well over A$2-million worth of gold.
“The first treatment campaign has confirmed the free milling nature of Penny’s Find ore and its high gravity gold recoverable component,” said Empire MD David Sargeant.
“The recently completed, second round of grade control drilling has provided further strong confidence in the geological model being used for Penny's Find. As expected, the openpit mining operations will shortly be accessing the higher-grade part of the orebody.”
Sargeant pointed out that with a total average openpit grade of 4.62 g/t gold to a depth of 80 m, the project is providing an excellent production opportunity for Empire, given the current sustained high gold price.
A second parcel of 16 000 t of ore is currently being processed through the Burbanks mill, and is expected to add further cash flow this month.
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