The Company is pleased to announce the results of a Preliminary Feasibility Study (PFS) that supports the sequential development of its 100% owned Fountain Head gold and Hayes Creek gold-silver-zinc Projects (Project), both of which are located approximately 170km south of Darwin in the Pine Creek region of the Northern Territory.
Over the last 12 months the Company has studied a range of options and completed a comprehensive assessment of the technical and economic parameters relating to the sequential development of the Project, that the Company believes holds the best potential to maximise shareholder returns. The proposed development will make optimum use of the Company’s Mineral Resource inventory of approximately 470,000 ounces of gold, 16.2 million ounces of silver and 177,000 tonnes of zinc from ore located at Fountain Head, Glencoe and the Hayes Creek VMS deposits (Mt Bonnie and Iron Blow), of which 68% (by tonnage) is classified in the Indicated category (see section on Geology and Mineral Resources and ‘Forward Looking Statements’).