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Mt Carlton delivers strong quarter for Navarre

5th January 2022

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – ASX-listed Navarre Minerals has reported a strong quarter of production from its recently acquired Mt Carlton gold project, in Queensland.

The A$90-million transaction with gold miner Evolution Mining was settled in December, and under the terms of the acquisition, economic interest in the operation accrued to Navarre for the entire quarter commencing October 1, 2021.

Navarre reported this week that payable metal production for the quarter consisted of 14 603 oz of gold, 100 781 oz of silver and 610 t of copper from the processing of 236 672 t mined from a combination of underground and openpit ore from the V2 orebody.

The Mt Carlton operations comprise an openpit and underground mine, and a 950 000 t/y processing plant situated on a tenement package of approximately 815 km2.

Future mining operations at Mt Carlton will be supplemented by the nearby Crush Creek deposit, which hosts an initial high-grade resource containing 126 000 oz gold at 3.5 g/t from only nine months of concentrated drilling. This asset was acquired by Evolution in late 2020.

In the 2021 financial year, the Mt Carlton operations produced 58 371 oz of gold at an all-in sustaining cost (AISC) of A$1 937/oz, including A$19.6-million of net mine cash flow in the fourth quarter alone. The operation is expected to produce between 45 000 oz and 50 000 oz of gold in the 2022 financial year at an AISC of A$1 650/oz to A$1 700/oz.

Edited by Creamer Media Reporter

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