PERTH (miningweekly.com) – Gold junior Calidus Resources on Thursday announced a maiden reserve for the Blue Spec satellite deposit, at its Warrawoona project, in Western Australia, which could support the planned Stage 2 sulphide plant.
Calidus has announced a maiden reserve of 83 000 oz at the Blue Spec deposit, which, combined with the 17 000 oz reserve at the Copenhagen deposit, will provide a combined 100 000 oz reserve that will be treated at the proposed sulphide plant.
The sulphide processing plant which will be known as the Warrawoona Stage 2 expansion, will initially treat Copenhagen and Blue Spec ore for a combined seven years, with additional feed possible from the Coronation satellite pit at Warrawoona and other exploration targets.
Calidus told shareholders that the announcement of a maiden reserve for Blue Spec would allow the company to advance the sulphide plant project towards a final investment decision by mid-2023.
“This maiden reserve for Blue Spec shows we have a clear pathway to growing production at Warrawoona to 140 000 oz/y, increasing free cashflow significantly and enabling us to leverage existing infrastructure,” said Calidus MD Dave Reeves.
“Our growth strategy is now underpinned by reserves of 600 000 oz in a tier-one location, with a strategically located operational hub and exceptional team.
“Calidus is in an enviable position with a solid foundation of production and a strong growth pipeline based on a substantial reserve base and significant scope for further increases in mine life through organic and inorganic growth.”