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Tick Hill scoping proves project economics

17th March 2020

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – The Tick Hill gold project, in Queensland, could produce some 25 000 oz of gold over a 12-month period, a scoping study has found.

ASX-listed Carnaby Resources told shareholders that the scoping study contemplated a mining and toll treatment operation producing some 348 000 t of ore grading 2.47 g/t gold.

The reprocessing of the high-grade East Paddock tailings stockpile of some 285 000 t, at 1.42 g/t delivering some 13 000 oz of gold, providing a low risk project startup, will result in negligible pre-production capital requirements and immediate cash flow.

An optimised openput cutback of the Tick Hill pit would deliver a further 14 600 oz of gold, Carnaby said.

The scoping study estimated that pre-tax life-of-mine cash flows would reach between A$17-million and A$35-million, with all-in sustaining costs estimated at A$1 247/oz.

“The scoping results are highly significant and we look forward to progressing the project rapidly and advancing discussions with regional operators in the district,” said Carnaby MD Rob Watkins.

“Successful commencement of the Tick Hill gold project at a time of record gold prices will allow self funding of ongoing exploration at Tick Hill for many years to come.”

Edited by Creamer Media Reporter

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