HIGHLIGHTS
Copper Hill – Molong Project
- Review of increased mine and mill throughput rates continuing
- Drill targets defined at Power, Hayshed and Vale Head prospects
Other Projects
- Cargo – five core holes completed at the Spur-Dalcoath mineralised system
- Two core holes planned to test high grade Essex lode system at Cargo
- South Australia – drilling program planned, good progress on access
- Airborne EM data received for the Gilgunnia project areas
- Ground EM surveys commenced to follow up Gilgunnia airborne EM.
Copper Hill – Molong Project
As previously reported for the June Quarter, GCR determined the 2-million tonnes per annum throughput, with staged, expanded production rates, was insufficiently robust to attract funding.
The study was based on:
- Copper price of AUD 7,242/tonne and gold price of AUD 1214.44/ounce
- AUD:USD exchange rate of 1.00
- Discount rate of 10%
- Mine life of 15 years
- Average waste:ore ratio of 0.84:1
- Average grades, over the life-of-mine, of 0.422% copper and 0.445 grams/tonne gold
- Flotation recovery targets, based on results at that time, of 75% for copper and 45% for gold.
- Annual average metal production estimates of 6,300 tonnes of copper and 14,000 ounces of gold.