WGX x 3, OGC, WM
Of late, West Australian gold miner Westgold Resources aka WKG has-been releasing update after update on its Meekatharra property, while occasionally mentioning the assets it picked up in the merger with KRR. Now we get an update on their other major mining centre, Fortnum.
We are presented with a new Scoping Study (aka PEA) for a 10-year plan to increase production at Fortnum, first by extracting existing Ore Reserves at the underground Starlight mine and Nathan's Ore open pit, then going on to prove up and extract currently Inferred Resources at those locations and other nearby open pits. As part of the PEA we get a new Resource Estimate for Starlight and satellite deposits of 12.9Mt at 2.7g/t for 1.13M oz Au. The rest of the numbers I would call decent. It is projected to be cash flow positive while requiring $294M in capital expenditures over the 10 years, but I expect these numbers to improve with more investigation.
Next up will be a large drilling progrmmme to upgrade and expand those Resources, and Reserves, after which I expect another economic study for the expansion and then an investment decision.
Message 34951091
Here's a link to an end of year town hall hosted by WGX, worth your time if you are interested in the company IMO.
6ix.com
As well, WGX has now filed all the updated Technical Reports for its Fortnum and Meekatharra operations. You can peruse them at your leisure via this link.
newswire.ca
OceanaGold aka OGC gave us more details about the new New Zealand Fast Track Approval process, which will be instituted on Feb. 7. OGC intends to submit an application to build the Wharekirauponga underground mine (WUG) in 'early 2025; and expects to receive the necessary permits by the end of the year and begin construction in 2026. In the meantime they will be carrying out about $45M in early works that does not require approvals. WUG is projected to begin production in 2033 even as mining at the currently producing Waihi mine comes to an end.
Message 34952351
Wallbridge Mining aka WM released results of metallurgical testing on samples from the Bug Lake zone on its Martiniere gold project in Quebec, one of two nearby properties they are intending to bring into production. The results were positive, with up to 85% recoveries using a combination of conventional processing techniques. More study is of course required, but this preliminary testing provides a solid basis for expectations for Martiniere.
Message 34953870
Saville points out that HUI this week breached the November low, and opines that this happening so quickly indicates the current correction will likely end earlier in Q1 rather than later. |
