Mantle gets positive result from Norton scoping study
PERTH (miningweekly.com) – An internal scoping study into the restart of the Norton gold project, in Queensland, has delivered positive outcomes, owner Mantle Mining Corporation said on Wednesday.
The scoping study was based on shallow 25 m to 30 m pits similar to those previously mined at Norton, with processing rates initially targeted at 61 500 t over a two-and-a-half-year mine life.
Some 10 340 oz of gold would be recovered during the project life.
The scoping study proposed a five-day week, day-shift-only operation, providing opportunity for increased weekly productivity with reduced overhead costs per ounce, and pointing to potential substantial improvements in project economics.
Mantle MD Ian Kraemer noted that the project would require a capital investment of only A$800 000, and would deliver an all-in sustaining cost of A$775/oz, with a potential pay-back period of six months.
“The company is delighted to have delivered such positive outcomes from the recently completed scoping study. By focusing on a small, low-risk starter mine at shallow depth, with input from the mine contractor which carried out prior mining at the site, the team has delivered a result with an all-in sustaining cost projection among the lowest in Australia where our peers routinely put into production operations around the A$1 000 mark.”
Kraemer pointed out that Mantle had already acquired some of the capital equipment and had located all other required equipment. The company would now move to secure the remaining funds required to get the mine into production as early as possible.
“We remain confident that the cash returns projected from Norton will allow Mantle to grow into the next phase of its expansion plans and are looking forward to the next 12 months in this journey.”
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