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Mincor greenlights Widgiemooltha gold project on positive feasibility study

Mincor Resources NL said March 16 that it approved the development of the Widgiemooltha gold project in Western Australia following positive results from an enhanced feasibility study.

The updated study estimated a posttax net present value, discounted at 8%, of A$27.4 million with a six-month payback for a 29-month mine life.

The study was based on a gold price of A$1,600 per ounce, an updated probable ore reserve of 899,000 tonnes containing 76,900 ounces of gold grading 2.7 g/t, and a total indicated and inferred resource of 273,600 ounces of gold contained in 4.3 million tonnes grading 2.0 g/t.

Initial CapEx under the revised study is estimated at A$1.8 million.

Estimated average production is 78,200 ounces over the mine life at a C1 cash cost of A$981/oz and all-in costs of A$1,171/oz.

The previous study conducted in April 2017 estimated a net present value of A$25.7 million with a payback of nine months for a 19-month mine life based on a maiden reserve of 823,590 tonnes containing 72,580 ounces of gold grading 2.7 g/t.

Mining activities at the Widgiemooltha project will begin this month. Mobilization and preproduction activities are underway.

Meanwhile, the company entered into a 12-month agreement with a Westgold Resources Ltd. subsidiary for the toll treatment of processed ore at the Higginsville gold processing plant beginning in July.