- Write by:
-
Monday, April 20, 2020 - 12:13:42 PM
-
700 Visit
-
Print
Mining News Pro - PepinNini Lithium has finalised its plan to purchase the Gilded Rose gold project at Cloncurry in north-west Queensland from Ausmex Mining Group.
According to Mining News Pro - The site includes four gold mining leases, one exploration licence and a currently inactive gold carbon-in-pulp (CIP) processing plant with a design capacity to process 60,000 tonnes per annum.
Should the transaction be approved by shareholders, PepinNini aims to commence mining at Gilded Rose in 2021.
Gilded Rose was sold for $4 million, subject to due diligence, PepinNini shareholder approval and execution of formal transaction documents.
PepinNini will complete a review the project, including its mining equipment, resource, historical data and mining, tenement standing and environmental factors before it completes the transaction.
Once the acquisition is complete, PepinNini plans to raise further capital and obtain necessary approvals to start gold production at Gilded Rose and upgrade the gold resource to joint ore reserves committee (JORC) 2012 standards in the area suitable for open pit mining.
PepinNini will also review previous drilling and possibly complete further drilling to enlarge and extend resources, re-condition the processing plant and equipment and plan for an initial open pit mine and a potential underground operation for deeper resources.
Ausmex plans to use the capital it earns through the Gilded Rose sale to focus on progressing the Mt Freda gold and cobalt complex, also in Cloncurry, where it is targeting 2020 gold production.
The company is also simultaneously developing the Golden Mile mining lease application and plans to introduce an additional drilling program at the Burra copper and gold project in South Australia.
Short Link:
https://www.miningnews.ir/En/News/518009
Copper futures in New York rallied to a record high after a short squeeze that’s prompted a scramble to divert metal in ...
A Native American group said on Tuesday it will take its fight against Rio Tinto’s proposed Arizona copper mine to the ...
Teck Resources Ltd expects to generate annual earnings before interest, depreciation, tax and amortization (EBITDA) of ...
The state-run Chilean Copper Commission (Cochilco) will soon revise its copper price outlook, which will be considerably ...
Chilean mining giant Codelco is still working to meet its estimated output for the second quarter, CEO Ruben Alvarado ...
Truck drivers in Chile staged protests Monday in the mineral-rich north of the country and around the capital Santiago, ...
Democratic Republic of Congo’s government has lifted a suspension order on a Congolese copper and cobalt operation ...
Peru’s copper production came in essentially flat for March at about 219,000 metric tons, government data showed on ...
Oxford Economics Australia has released data showing mine maintenance spending may be hitting its peak. But what does it ...
No comments have been posted yet ...