Astral Resources (ASX:AAR) expects to conduct an updated resource estimate for the Mandilla Gold Project in Western Australia this quarter, ahead of releasing a Prefeasibility Study (PFS) in the June quarter 2025.
In July 2023, a resource estimate was conducted for the Mandilla Project which totalled 37 million tonnes @ 1.1 grams per tonne gold for 1.27 million ounces of contained gold.
More recently, Astral has completed variability metallurgical testwork to satisfy requirements for the upcoming PFS.
Astral, which has a market capitalisation of $174 million, says the results of the testwork returned an average gravity recovery of 87.6% and an average 24-hour gold recovery of 98.2%.
The company notes the results are consistent with results achieved previously at the Theia deposit, showing high gold recoveries, fast leach kinetics, and low reagent consumption.
Managing Director Marc Ducler says the latest phase of testwork involved collecting 234 staples, representing six sections along the Theia orebody.
“Pleasingly, these results were achieved using a coarse grind size of 150µm and low reagent consumption, consistent with previous results, which is expected to support low processing costs in the PFS,” Ducler says.
“With the focus firmly on delivering a technically and financially robust PFS, which is expected to occur in the June quarterly, these latest metallurgical results, together with the metallurgical results for the Hestia, Eos, Iris deposits at Mandilla announced to the ASX on 17 December 2024, provide further confirmation of the quality of Mandilla and represent another significant step in de-risking the project.”
Ducler notes that once the resource estimate is carried out, mine design work to support the PFS will begin.
Elsewhere, diamond drill results from the three-hole program at the Feysville Project’s Kamperman deposit are expected in the coming weeks.
Aircore drilling at Feysville has also been completed, with assay results expected in the near-term.
Further, a reverse circulation drilling program, comprising 46 holes, is expected to begin at Feysville sometime this month.
Ducler adds that the off-market takeover at Maximus Resources (ASX:MXR) is continuing to progress, with Astral holding a 72.2% stake in the company.
“With the offer now free of conditions, Maximus shareholders that accept the offer will be issued Astral shares within 10 business days,” he says.
Towards the end of 2024, Astral acquired a 19.99% stake in Maximus, while both companies were in talks regarding a corporate transaction.
In early February, Astral entered into a bid implementation deed to takeover Maximus. The deal is expected to create a $200 million market capitalisation company with an 1.8 million ounce combined gold resource.
Astral Resources is a Perth-based gold and base metals explorer focused on its flagship Mandilla Project. Mandilla sits in the northern Widgiemooltha greenstone belt in the western part of the Kalgoorlie domain.
Write to Aaliyah Rogan at Mining.com.au
Images: Astral Resources
