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Cardinia Gold Project Mineral Resource update

Mining News - Published on Mon, 22 Apr 2019

Image Source: SteelGuru
Kin Mining NL announced the following update of the Mineral Resource Estimates for the Cardinia Gold Project. All 16 deposits within the CGP have been reviewed. Mineral Resources for six deposits have been remodeled, estimated, optimised and reported (Mertons Reward, Mertondale 3-4, Bruno, Lewis, Kyte and Helens). An additional six Mineral Resources have been reoptimised and reported (Tonto, Mertondale 5, Fiona, Rangoon, Michelangelo and Leonardo). The remaining four deposits remain unchanged (Eclipse, Quicksilver, Forgotten Four and Krang). This updated Mineral Resource Estimate (MRE) for the CGP is 17.2 million tonnes of gold mineralisation at a grade of 1.41 g/t Au for 782,000 ounces.

The main drivers of the change, compared to the previous estimate of 22.5 million tonnes at a grade of 1.46 g/t Au for 1.05 million ounces, are the lower gold price assumption of A$2,000 per ounce (previously A$2,200 per ounce), updated optimisation parameters including revised open pit wall angles, testwork derived metallurgical recoveries and updated 2019 mining and processing costs.

In addition, new geological interpretations have provided new resource models for the four key deposits of Lewis (incorporating Bruno), Helens, Kyte and Mertondale East (Mertons Reward and Mertondale 3-4).

Commenting on the updated MRE for the CGP, Kin Managing Director Mr Andrew Munckton said that 'The updated Mineral Resource Estimate for the Cardinia Gold Project provides Kin with a solid foundation to now deliver an updated Ore Reserve Estimate as part of the upcoming PFS to be released later in the current June quarter."

Mr Munckton said that "By adopting a more conservative approach across a number of key parameters, including the assumed gold price, the updated resource models can be used to determine the optimal development pathway for the project where risk and reward can be quantified when the modifying factors for the Ore Reserve Estimate are selected."

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Posted By : Rabi Wangkhem on Mon, 22 Apr 2019
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