JOHANNESBURG (miningweekly.com) – Canadian explorer and developer Dalradian Resources will start the permitting process for its project in Northern Ireland by the end of this year, when it submits its planning application for building a gold mine at the Curraghinalt deposit.
The planning application will be followed by two key developments in 2018 - the release of an updated mineral resource statement in the first quarter and a revised feasibility study in the second quarter.
The new mineral resource statement will be based on the drilling completed in 2017 and the feasibility study will incorporate the details of an expected updated mineral resource, revised modelling methodology and sorting technology.
Dalradian recently completed a sensitivity study on two major veins in the resource model where a new approach to modelling resulted in a 32% increase in estimated minable ounces.
CEO Patrick Anderson said on Friday that the Toronto-headquartered company was well funded to progress the project through the permitting process, while continuing with exploration and other technical work.
At the end of September, the company had cash and cash equivalents of $48.8-million, compared with $35.7-million at December 31. Warrants exercised up to the end of the third quarter brought in $30.6-million and subsequent to the end of the quarter, a further $19.2-million.
Dalradian further said it expected the private placement financing with Orion Mine Finance Fund II and Osisko Gold Royalties to close before month-end. This would bring in gross proceeds of C$78.25-million.