Northern Star shows off KCGM's immense underground potential
Analysts and fund managers from across Australia were given an opportunity to visit Northern Star Resources’ KCGM assets this week, many for the first time due to COVID-19 travel restrictions (reports MiningNews).
4th June 2021
Resources Rising Stars
Though one of the world's most iconic mines, it has been largely unavailable to the investment community due to its previous ownership by Newmont Corporation and Barrick Gold.
While Northern Star and Saracen took Western Australian attendees of Diggers & Dealers on a tour in October 2020, it was the first trip for eastern states investors and the first since Northern Star acquired Saracen and became KCGM's sole owner.
The 90 million ounce gold camp has been in production for 126 years.
"It's one of the greatest orebodies you could have ever claimed to have worked on," KCGM geology manager Emma Murray-Hayden told visitors.
"There's life in the old girl yet."
KCGM's centrepiece is the 2km-wide, 650-deep Super Pit, which will continue to get bigger in the coming years.
Barrick boss Mark Bristow described it as a "big old pit" as a sale process for its 50% interest kicked off in early 2019.
"Northern Star did not buy this asset for this big hole," Northern Star executive chairman Bill Beament said as he looked out over the pit.
It was the virtually untapped underground potential that attracted the company, which prides itself on its underground mining skills.
Historical underground workings extend to 1.4km below surface and mineralisation has been detected down to 2km.
Last year, Northern Star declared a maiden 2.2Moz resource for the Fimiston Underground, and that figure almost doubled to 4Moz at 2.5 grams per tonne gold in the company's annual resources and reserves statement, released earlier this month.
The company describes the Fimiston Underground as a "sleeping giant" and is understandably keen to be able to drill it.
Last month Northern Star cut the first underground portal in the Super Pit in almost 25 years, which will enable drilling of the deposit from underground.
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