Capricorn Metals (ASX:CMM) recently completed a Prefeasibility Study (PFS) confirming a maiden ore reserve of 1.45 million ounces at the company’s Mt Gibson Gold Project (MGGP) in Western Australia.
The company reports the maiden 2012 JORC complaint ore resource is 48.7 million tonnes @ 0.9g/t Au for 1.45 million ounces of gold. Additionally, the ore is based on a Mineral Resource Estimate (MRE) of 104.9Mt @ 0.8g/t Au for 2.76Moz.
On the basis of the strong PFS results, Capricorn’s Board has given approval to complete project optimisation to the feasibility study level and complete the remainder of work streams to the level, required to support the submission of applications for environmental and other permits for project development.
Additionally, the company states the submissions of permitting applications are expected by June 2023.
Commenting on the ore reserve, Capricorn Metals Executive Chairman Mark Clark says: “The study shows long-term, high-margin gold production averaging over 150,000 ounces per annum.
We have moved Mt Gibson rapidly from a $40 million acquisition in 2023 to a development proposition and look forward to continuing that progress towards building another quality Western Australian mining operation.”
“We have moved Mt Gibson rapidly from a $40 million acquisition in 2023 to a development proposition”
Capricorn states the maiden MGGP reserve has surged the company’s group gold reserves to 2.8Moz. In addition to ranking the company as the 7th ‘largest’ Australian-only reverse base, amongst ASX-listed gold companies.
Capricorn Metals is an Australian-based gold producer, headquartered in Perth, Western Australia. The company operates within 2 distinct project areas within Western Australia including the Karlawinda Gold Project in the Pilbara region and the Mt Gibson Gold Project located 280km northeast of Perth.
Images: Capricorn Metals Ltd
