Saracen hits production milestone at Carosue Dam
PERTH (miningweekly.com) – Gold miner Saracen Mineral Holdings this week reached the 500 000 oz production milestone at its Carosue Dam operations, in Western Australia, after production at the operation started in January 2010.
“Reaching 500 000 oz of gold production is a significant milestone for the Carosue Dam operation and for Saracen. When we acquired the project in 2006, total mineral resource stood at 780 000 oz, and we had no ore reserves,” said Saracen MD Raleigh Finlayson.
He noted that the company had now increased the mineral resources to some 3.9-million ounces, including 860 000 oz of ore reserve.
“Following the successful completion of a A$61.2-million capital raising, we are looking forward to extending the resource and reserve base through further exploration and development programmes at Carosue Dam, specifically at Red October an Karari,” he said.
Finlayson added that the strong production and forecast cash flow generation at Carosue Dam would allow Saracen to progress the recently acquired Thunderbox operations, also in Western Australia.
“Thunderbox will become our second production centre, with first production potentially commencing within 18 months. An exploration drill programme will test the down plunge extensions of the Thunderbox deposit mineralisation, which remains open and untested about 450 m below surface.”
The Thunderbox resource currently stands at around two-million ounces of gold, with an ore reserve of 700 000 oz.
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