Phoenix gives green light to Blue Funnel
PERTH (miningweekly.com) – The board of junior miner Phoenix Gold has approved the development of the first stage of the Blue Funnel gold mine, which forms part of the Broads Dam project area, in Western Australia.
At a capital cost of A$230 000, the Stage 1 project would deliver some 86 000 t of ore, at 3.5 g/t gold, to recover some 9 030 oz over a three-year life-of-mine.
The development would deliver a total net cash flow of more than A$3-million, based on a gold price of A$1 350/oz, and would have a total cash cost of some A$981/oz of gold recovered.
“Development of Blue Funnel and other small-scale mining projects to generate cash flow for the business has always been a core part of Phoenix’s strategy. It now delivers an even greater benefit, given the tough financial markets currently facing the junior resources and gold sectors,” said MD Jon Price.
“The cost of doing business in the goldfields is improving, and we are evaluating a number of our smaller projects for development, in addition to completing our larger-scale projects as part of the definitive feasibility study, due in December this year,” Price added.
He noted that the Blue Funnel project joined Catherwood as the first two small-scale mines to be developed by Phoenix to generate cash to grow the company’s resource base and work towards a larger-scale, longer-term production profile.
The company’s Castle Hill project was emerging as the flagship mine, and had the potential to become a multimillion-ounce gold mine.
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