Ramelius expands St George potential
PERTH (miningweekly.com) - Gold miner Ramelius Resources has declared a mineral resource estimate of 63 000 oz at the Water Tank Hill satellite deposit, adjacent to the Mt Magnet gold mine, in Western Australia.
The miner said on Monday that the Water Tank Hill resource, along with the St George resource gave Ramelius access to some 125 000 oz of gold, at a grade of 5.2 g/t, which could potentially be accessed from the St George decline.
Ramelius told shareholders that the company believed there was now sufficient resource within close proximity of the St George decline to justify the start of a mining study, to demonstrate the economic viability of a mining operation.
The mining study would likely be completed by the June quarter of this year, the ASX-listed Ramelius said.
Ramelius had been assessing its options to replace production from the Wattle Dam mine, which was winding down production this year. In October last year, the miner purchased the Vivien gold project, from South Africa’s Gold Fields, for a price of A$10-million.
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