Photo by: Bloomberg
PERTH (miningweekly.com) – ASX-listed junior Intermin Resources has lifted the production target for its Teal gold mine, in Western Australia, from the previous estimate of 20 000 oz, to between 21 000 oz and 22 000 oz.
The company told shareholders on Tuesday that mining operations at Teal Stages 1 and 2 had been completed, with 230 000 t of oxide and transitional ore, at a claimed grade of 3.2 g/t gold, for 23 500 oz mined.
This compared with the 203 000 t of ore, grading 3.2 g/t gold for 20 700 oz estimated in the feasibility study for both stages.
The miner has increased the recovery expectations, based on the additional tonnage, expected grade and improved recoveries.
“While the project has not been without its challenges, Teal has more than delivered on its promises, and it is extremely pleasing to see the mine perform well against feasibility study estimates,” said Intermin MD Jon Price.
“The company is now in a strong position to fund an aggressive growth strategy. In 2018, this growth strategy means resource growth and new discoveries in one of the most productive goldfields in the world.
“We now look forward to delivering ongoing results from the 55 000 m drill programme under way and believe the key Anthill, Blister Dam and Teal project areas have the potential to deliver a significant step change for the business.”