Carbine hikes Mt Morgan resources, raises $7m for project
JOHANNESBURG (miningweekly.com) – The final stages of a definitive feasibility study at ASX-listed Carbine Resources’ Mount Morgan gold/copper project, in Queensland, show that the mine’s Shepherds Gully tailings dump has Joint Ore Reserves Committee-compliant indicated mineral resource of 4.83-million tons at 0.84 g/t gold for 131 000 oz.
This is a significant increase in the confidence and size of the Shepherds Gully mineral resource from the previously inferred mineral resource of 3.9-million tons at 0.86 g/t for 106 000 oz.
The total indicated resource for Mount Morgan also increased to 9.35-million tons at 1.12 g/t gold for 335 000 oz.
A total of 37 drill holes were completed at the Shepherds Gully tailings dump this year, converting the inferred resources to indicated resources and increasing the overall resource by testing for potential extensions to the known resource.
Meanwhile, the company also reported on Monday that it had successfully completed a “heavily oversubscribed” placement, raising $7-million. “This reflects the strong interest in the development of the Mount Morgan project.”
The placement comprised the issue of 35-million shares at $0.20 apiece, with funds allocated for the completion of the DFS in September, as well as financing the final approval stage of the project.
Carbine MD Tony James said the company was pleased to have attracted the interest of a number of Australian institutional investors. “This strengthens our balance sheet and shows the strong support for the potential development of the Mount Morgan project,” he added.
The company is now fully funded through to a decision to mine.
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