PERTH (miningweekly.com) – The Nullagine gold project is on track to deliver its full-year production guidance of between 80 000 oz and 85 000 oz, owner Millennium Minerals reported on Monday.
The project, in Western Australia, delivered 20 018 oz of gold during the three months to September, compared with 22 760 oz in the previous quarter, while all-in sustaining costs increased from A$1 193/oz to A$1 249/oz.
In the year-to-date, the Nullagine project has delivered 65 944 oz of gold.
Millennium reported that the strong production and margins had resulted in the company generating free operating cash flows of $9.4-million for the quarter, allowing Millennium to invest A$4-million in exploration drilling and a further A$2.7-million in expansionary capital.
CEO Glen Dovaston pointed out that no systematic targeted deep drilling programmes had previously been conducted at Nullagine, until the company started the current campaign in July this year.
“While it is still early days in this programme, the results received so far support the company’s view that there is significant potential to grow the gold inventory and mine life through the identification of deeper mineralisation, as well as expanding the known oxide deposits.”
Edited by: Creamer Media Reporter
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