Dacian defines high-grade satellite
Dacian Gold shares have hit the highest point since a June production downgrade after the company reported a high-grade maiden resource for its Phoenix Ridge discovery
4th October 2019
Resources Rising Stars
Dacian Gold shares have hit the highest point since a June production downgrade after the company reported a high-grade maiden resource for its Phoenix Ridge discovery (reports MiningNews).
Phoenix Ridge has a maiden inferred resource of 481,000 tonnes at 8.1 grams per tonne gold for 125,000 ounces of gold, using a 2gpt lower cut-off.
The resource is based on 24 diamond holes for 8200m of drilling.
The deposit, defined over a strike length of 350m, is immediately north of the Westralia mine and below the historical Morgans North open pit at Dacian's Mt Morgans operation near Laverton in Western Australia.
It is only 15km west of the Mt Morgans mill.
Dacian first reported the discovery on June 20 with hits of 1.7m at 127gpt gold and 14.3m at 12.7gpt gold.
"After making this shallow discovery earlier this year, we have moved quickly to deliver what is a very strong maiden resource for Phoenix Ridge, particularly given its impressive grade of more than 8gpt," Dacian gold executive chairman Rohan Williams said.
"Given its proximity to the Mt Morgans treatment plant, grade and location close to surface, we will commence infill drilling as soon as possible with the aim of defining a new high-grade additional production source for Mt Morgans."
Once an indicated resource is defined, the company will start mine design studies and work on a maiden reserve.
Dacian is targeting a development decision by mid-2020.
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