Poseidon secures more gold in WA
PERTH (miningweekly.com) – ASX-listed Poseidon Nickel has struck an option agreement to acquire the Lancefield gold tailings, in Western Australia.
The company told shareholders on Monday that the option agreement was an exciting opportunity for Poseidon to add considerable value to the Windarra gold tailings project, which is currently being considered.
A June prefeasibility study for the Windarra gold tailings project estimated that it could produce some 44 000 oz of gold based on the processing of the North and South tailings dams, using a low-cost hydraulic mining and a new conventional 1.5-million-tonne-a-year cyanidation-leach processing facility.
The project is estimated to require a capital investment of A$24.6-million, and would generate revenues of A$112.3-million at a C1 cash cost of A$1 209/oz recovered.
The Lancefield gold tailings are located some 17 km from the proposed Windarra gold processing facility and cover an area of 700 m by 500 m, equating to 35 ha. The Lancefield gold tailings could be trucked to Windarra and processed in the proposed facility with minimal modifications to the currently-envisaged plant configuration, Poseidon told shareholders.
Poseidon has paid a A$20 000 exclusivity fee and A$25 000 option fee for the Lancefield tailings, and would pay A$450 000 in four equal instalments on the execution of a formal agreement, as well as a 1.5% net smelter return royalty.
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