Crocodile Gold Announces Favourable Reports On Maud Creek Deposit
Crocodile Gold Corp (CRK.TO) has completed a Mine and Development Options Study of its Maud Creek Deposit.
The study concluded (using A$1400 oz Au gold price) that the deposit can support a financially viable and robust gold project.
The Maud Creek Deposit is a sulphide Mineral Resource located approximately 110 kilometres southeast of the Company's Union Reefs processing facility. The deposit is accessible by asphalt road and is 100% owned by Crocodile Gold. The deposit was discovered in 1987 and the oxide portion of the deposit was successfully and economically mined and processed at the Union Reefs processing facility in 2000.
Key Study findings include:
-- With most of the mining conducted from underground and utilizing a
simple flotation circuit, the intent is that minimal, easily mitigated,
environmental disturbance will occur on site.
-- Based on the open pit and underground mining studies, an ore-processing
rate of between 400,000 and 500,000 tonnes per annum matches with likely
optimum mining extraction rates.
-- The high-grade mineralized zones located immediately below the existing
Oxide open pit indicates that for the first three years of mine
production approximately 70,000 ounces per annum is achievable, with an
average annual Life of Mine production of greater than 50,000 ounces per
-- Opportunities exist to utilize the Company's Union Reefs processing
facility to reduce capital costs and operating costs with the
installation of a dedicated circuit to treat the concentrate from the
Maud Creek mill and recover gold directly on site. This dedicated
circuit will provide considerable savings in concentrate transport costs
as well as concentrate Treatment and Refining charges compared to the
option of shipping the concentrate to a facility equipped to process and
recover gold from the concentrate.
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