Korab calms shareholder fears on Winchester gold
PERTH (miningweekly.com) – ASX-listed Korab Resources on Thursday told shareholders that the recent discovery of gold at its Winchester magnesite project, in the Northern Territory, might actually be beneficial to the project’s economics.
Earlier this month, Korab announced significant gold intercepts in two of its 88 reverse circulation holes that were drilled between 1999 and 2000 to estimate the current mineral resource for the Winchester project.
Responding to questions from shareholders, the company said on Thursday that preliminary results from an assessment of the gold intercepts had confirmed that there appeared to be no risk of adverse impact on the Winchester project, in terms of the speed of the development, or the capital and operating costs of the proposed magnesite mine.
However, the company noted that the gold could actually further improve the economics of the project by potentially providing a secondary income stream from the sale, or toll treatment, of the rock, which would otherwise have been considered waste rock.
As part of its pit optimisation and mine planning, Korab was reviewing logs for the holes drilled to determine whether there were other gold assays available, and whether there was a need to re-assay the other drill samples for gold.
Korab earlier this week secured A$6-million in funding to develop the Winchester magnesite mine.
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