Kin hopes for more ounces at Cardinia
PERTH (miningweekly.com) – A prefeasibility study (PFS) into the Cardinia gold project, in Western Australia, has estimated that the project could deliver 368 000 oz over a mine life of 8.2 years.
ASX-listed Kin Mining on Friday told shareholders the PFS estimated that a capital injection of A$76.9-million would be required to develop the 1.5-million-tonne-a-year operation, with life-of-mine (LoM) all-in sustaining cost targeted at A$1 442/oz.
The PFS estimated a pre-tax net present value of A$66.8-million and an internal rate of return of 17%, based on a gold price of A$2 000/oz, while LoM revenues have been estimated at A$736.2-million at the same benchmark.
“Over the past 12 months, Kin has successfully reset the Carinia gold project on a strong foundation of reliable technical and financial estimates, which underpin the PFS,” said Kin MD Andrew Munckton.
“The outcomes show we have a project with production potential and significant leverage to the currently strong Australian dollar gold price, however, the board has determined to prioritise opportunities to add higher margin ore feed while development studies continue at an appropriate rate.
“Exploration completed by Kin and previous explorers at the Cardinia project has focused on historic mining centers in areas of surface outcrop. Around 60% of all tenement area is located under shallow, transported cover and has been subject to little modern exploration. A programme of mapping, geochemical sampling and geophysics is under development to target new discoveries in these underexplored parts of proven mining corridors.”
Munckton said that the potential to enhance the mineral inventory through regional consolidation will also be evaluated, given Kin’s location in the Leonora region, while other alternative strategic options will also be considered.
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