Capricorn readies for drilling at Mt Gibson
KALGOORLIE (miningweekly.com) – Gold miner Capricorn Metals is hoping to start production at its recently acquired Mt Gibson project, in Western Australia, within the next two to two-and-a-half years.
Speaking at the Diggers & Dealers conference, CEO Kim Massey said that the company is hoping to have the tenement applications at Mt Gibson granted within the next three months, allowing the company to start on a 30 000 m drilling campaign.
Capricorn in late July announced the A$39.6-million acquisition of the Mt Gibson gold project consisting of A$25.6-million in cash, a further A$14-million to seller Avenger Projects in the form of 7.65-million fully paid ordinary shares in the company, representing a 2.1% holding in the company, and the grant of a 1% net smelter royalty on all minerals produced from the project area, including gold production in excess of 90 000 oz.
The Mt Gibson mine historically produced more than 868 000 oz of gold between 1986 and 1999, before being placed on care and maintenance when the gold price reached around A$450/oz.
The project has a Joint Ore Reserves Committee-compliant inferred mineral resource of some 2.08-million ounces, and could host an operation similar in size to Capricorn’s producing Karlawinda asset, which will produce some 110 000 oz/y to 125 000 oz/y, Massey said on the sidelines of the conference.
Capricorn was expected to spend some A$5-million at the Mt Gibson operation within the next 12 months on the drilling programme, as well as initial feasibility studies, Massey added.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Established in 1983, the ASTPM is an industry association and representative body of the welded carbon steel tube and pipe manufacturers of South...
VISIT SHOWROOM
ATI systems comprises five divisions: electrical assemblies, drives and controls, feedback sensors, enclosures, and strip guiding.
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
