Northern Star doubles Pegasus resource
PERTH (miningweekly.com) – Gold miner Northern Star Resources has more than doubled the resource at its Pegasus deposit, in Western Australia, increasing the miner's expected output from the Kundana operation.
The Pegasus deposit is now estimated to host some 2.1-million ounces, at 11.4 g/t gold for 763 000 oz, representing a 16% increase in grade and a 115% increase in contained ounces, compared with the previous estimate.
Northern Star MD Bill Beament said on Wednesday that the Pegasus deposit would generate significant cash flow, add years to the low-cost Kundana operation, and provide outstanding potential to grow the company’s high-grade gold inventory further.
“This resource increase supports our view that Pegasus is one of the best high-grade gold discoveries in Australia in the past ten years. It is every gold miners’ ideal scenario; a deposit rapidly approaching one-million ounces at a grade of more than 10 g/t, located immediately next to an existing operation.”
The Pegasus deposit was expected to contribute an additional 50 000 oz/y to Northern Star’s production from mid-2015, and would lift Kundana’s total production rate to some 125 000 oz/y.
Beament pointed out that the cost of bringing Pegasus into production would be around A$10-million, with the ore being accessed through existing decline at the adjacent Rubicon mine.
Furthermore, the Pegasus deposit remained open at depth and along strike, highlighting significant potential for further resource increases, Beament added.
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