PERTH (miningweekly.com) – Development of the openpit mine at the Penny’s Find gold mine, in Western Australia, has started, with owner Empire Resources reporting on Wednesday that 50 000 t of waste material had already been removed since the end of the December quarter.
Road construction and various mine site earthworks have also been undertaken, with the existing road being decommissioned to allow for full mine development to proceed.
The run-of-mine pad, site access roads, office and workshop area, as well as the dewatering dam and magazine bunds have all been completed.
The Penny’s Find project is expected to generate about A$7.6-million free cash flow in less than a year, based on a probable ore reserve of 146 000 t, at 4.62 g/t gold.
Ore from the single openpit mine will be transported to the Lakewood Mill, owned by Golden Mile Milling, where it will be toll treated. A December toll treatment agreement allowed for between 15 000 t and 20 000 t of ore to be treated during each treatment campaign at the Lakewood Mill.
Empire is currently working to eventually take the Penny’s Find mine underground, extending the project to a depth of at least 250 m, where it remains open with a current deeper resource inventory of 170 000 t at 5.4 g/t gold.
Edited by: Creamer Media Reporter
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