Manuka Resources (ASX:MKR) announced another important milestone today, as it progresses its 100%-owned Wonawinta Silver and Mt Boppy Gold projects.
Manuka has now drawn down the equivalent of US$4 million ($5.8 million) from the credit facility it established back in March.
The company expects gold processing revenues to commence around mid-July. Silver production should commence in late September.
Furthermore, crushing and haulage of gold-bearing material from Mt Boppy dumps to the Wonawinta plant have been underway since 21 April.
An updated ore reserve and revised life of mine (LoM) plan for Wonawinta are expected to be released imminently.
The LoM plan update should give the market better visibility on the scale and economics of the silver operation ahead of the September production start.
Manuka Executive Chairman Dennis Karp told the market today:
“The second tranche funding from Nebari is an important milestone as we complete the final stages of recommissioning and move into production.
“The commencement of gold and silver production in the coming weeks will represent an important milestone for the company, as we transition back into profitable operations.”
Write to Callum Newman at Mining.com.au
Images: Manuka Resources
