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SIANA GOLD PROJECT DEVELOPMENT
The Siana development comprises an open pit operation followed by an underground mine, with ore treated through a conventional modern gravity and carbon-in-leach plant to produce gold dore.
The project, as originally designed, delivers a minimum 849,000 ounces of gold production at a cash cost of sub US$400 per ounce over a ten year life. Extensions to the mine life are currently under review.
The Siana orebody remains open in the north and south, and below 400 metres vertical.
Early pre-project commitment site activity commenced in June 2010 with the mine access road, the administration building and de-watering bores. Construction was severely hampered by a sustained wet season which resulted in two major concrete pours being postponed for nine weeks
The project is currently in the commissioning phase with the first gold pour imminent.
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Mineral Production Sharing Agreement (MPSA) 280-2009-XIII over the Mapawa area, located 30 kilometres north of the company’s Siana Gold Project in the Philippines was awarded in May 2009.
Gold mineralisation has been intersected in historic drilling by former mine operator Suricon at the ‘LSY’ prospect, with indications of target mineralisation of approximately three to four million tonnes, commencing at surface.
An extensive porphyry style exploration target has been defined from electrical geophysical surveys surrounding the ‘LSY’ prospect.
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Montague Joint Venture (Gold) |
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The Company has a 25% free carried interest to feasibility in the Montague Joint Venture, located 80km NNE of Sandstone, Western Australia, in the Archaean Gum Creek Greenstone Belt. The project is managed by Gateway Mining NL (ASX code: GML).
The Red 5 tenements cover a seven kilometre northern extension of the stratigraphy and structures that host Gateway’s high-grade gold discovery at the Airport Prospect.
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