PERTH (miningweekly.com) – Junior Sovereign Gold Company will launch a scoping study into its Mt Andrah gold project, in New South Wales, to investigate the potential of an opencut mine.
A 1 000 m drilling programme was planned to more accurately constrain the tonnage, grade and contained ounces of gold from surface to a depth of 150 m, to support the scoping study.
Sovereign said in a statement on Thursday that the design of a conceptual openpit, stripping ratios, environmental baseline studies and metallurgical studies were being reviewed to determine the possibility of transitioning the company to a cash-generating producer that could organically fund exploration.
The company was in the midst of negotiating a $2-million funding agreement with a Chinese investment consortium, which could see the consortium earn a 50% stake in the project.