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Saracen readies for exploration drive

11th November 2019

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – Gold miner Saracen Mineral Holdings has set aside A$50-million for exploration in 2020, as the miner focused on its organic growth strategy.

The ASX-listed Saracen said on Monday that strong drilling results have already been reported at both its Carosue Dam and Thunderbox, marking a strong start to the 2020 exploration campaign.

“Our organic growth strategy continues to deliver exceptional returns on our investment by any measure. There is still immense potential to grow production and mine life at our assets, which also allows us to capitalise on our existing infrastructure,” said Saracen MD Raleigh Finlayson.

“This combination of extremely low discovery costs and access to existing infrastructure ensures we generate outstanding returns on our capital, which is our overall objective.”

Saracen has doubled its reserves over the last three years to a record 3.3-million ounces, with the miner in 2019 increasing its reserves by 800 000 oz, despite a 330 000 oz mining depletion.

Edited by Creamer Media Reporter

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