The upgrade of Doray Minerals’ resource for the high-grade Da Vinci gold discovery in the Deflector gold/copper mine has set the company “firmly on the path” to reaching its ‘target 1-5-1’ strategic goal of producing 100 000 oz/y of gold, over a minimum of five years and at an all-in sustaining cost (AISC) of less than $1 000/oz.
The ASX-listed miner on Thursday announced an upgraded mineral resource for Da Vinci of 248 000 t at 12.5 g/t gold and 0.5% copper for 100 000 oz of gold and 1 200 t of copper – an increase of 61% from the June 2018 mineral resource.
This raised the overall Deflector mineral resource to 2.85-million tonnes at 8.7 g/t and 0.6% copper for 800 000 oz of gold and 16 600 t of copper.
Doray has started a mining study on Da Vinci, with the view of introducing the high-grade ore into the Deflector mine plan “as early as possible”, the company said. The mining study will be completed by the end of December.
“Our target 1-5-1 strategic goal is aimed at delivering sustained value for the company and our shareholders by maximising the potential of our exceptional Deflector asset. The Link Lode orebody and Da Vinci, which were both delineated last year, will play a pivotal role in the company achieving this goal,” said MD Leigh Junk.
He added that Deflector had not yet encountered the end of Da Vinci’s mineralisation and that a A$10-million near-mine exploration programme was under way to build on the results.
The Deflector mine will produce 80 000 oz to 85 000 oz of gold and 2.25-million to 2.75-million tonnes of copper in the 2019 financial year, at an AISC of $1 050/oz to A$1 150/oz.