PERTH (miningweekly.com) – ASX-listed Mincor Resources’ gold strategy is starting to gain traction as the company announced a gold inventory of some 117 000 oz at its Kambalda gold operations, in Western Australia, and the start of a full-scale feasibility study at its Jeffreys Find project.
Mincor CEO Peter Muccilli said this week that the rapid growth of the company’s gold resource inventory was extremely pleasing, given that it had occurred in only three months.
“We now have over 117 000 oz of gold in resource, with two-thirds of that at the higher-confidence indicated resource level, allowing us to fast-track the start of our first feasibility study, which is already under way.”
The resource estimate included a resource of 61 560 oz at the Jeffreys Find deposit, and a maiden inferred resource of 30 340 oz for the Bass project. Mincor also upgraded the resource at the Oliver West deposit, which was now estimated to host 14 440 oz, while the Hronsky project was estimated to host some 10 770 oz of gold.
“There is clearly excellent potential here, not only for a rapid, low capital cost start-up and near-term cash flow, but also a platform to build our gold business. Of course there is still a lot of work to be done, but we have made a great start,” said Muccilli.
Mincor was hoping to establish near-term cash flow through the development of a series of small, shallow and easy-to-mine openpits, with the Kambalda regions’ longer-term potential based on exploration success.