Maiden reserve declared at Camel Creek JV
PERTH (miningweekly.com) – Metals explorer Northwest Resources and its joint venture (JV) partner Millennium Minerals have declared a maiden ore reserve at the Camel Creek project, in Western Australia.
The Camel Creek JV, which is 50:50 held by the partners, was now estimated to host an ore reserve of some 1.07-million tonnes, grading 1.4 g/t gold for 48 300 oz of contained metal.
Under the JV agreement, each party was entitled to 50% of the physical gold produced from the initial four JV deposits, which would be mined and processed by Millennium through its Golden Eagle treatment plant, with the parties sharing the mining, processing and rehabilitation costs.
The ore reserve estimate was based on the 2012 mineral resource estimate for the Junction, Roscoes Reward and Little Wonder deposits, but excluded the Round Hill deposit.
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