THE BOURSE WHISPERER: Carrick Gold has upgraded the Resource at the Lindsay’s project by 60 per cent taking it to 5.14 million tonnes at 2.0 grams per tonne gold for 323,600 ounces of gold.
Lindsay’s is one of three projects situated within the larger LKK project, which is located less than an hour’s drive North East of Kalgoorlie in Western Australia.
Carrick’s total Resources have increased by 20 per cent overall to 761,400 ounces of gold.
Carrick completed an 8,000 metre drilling campaign at Lindsay’s in late 2011 to infill drill the area within 100 metres of surface, which the company said it regarded to provide the best opportunity for openpit mining.
Plan view of drilling at the Lindsay’s project. Source: Company announcement
The company considers the Lindsay’s project to have significant potential for further exploration success.
Carrick intends conducting deeper drilling in February in order to test whether the demonstrated continuity of the veins will support future underground mining.
The updated Resource model is being used to undertake pit optimisation modelling Carrick said would allow pits to be designed, enabling Reserve estimation.
Results of this work are expected to be available in February 2012.
“This is a most significant announcement, for two reasons; firstly, it is a substantial upgrade to the Resource at Lindsay’s and therefore an increase to the total Carrick Resource at LKK,” Carrick Gold chairman Laurence Freedman said in the company’s announcement to the Australian Securities Exchange.
“Secondly, the pit optimisation work now began at Lindsay’s, in addition to more advanced pit design work at Kurnalpi, points clearly to progress of our plans to have a number of mines, the first being at Kurnalpi by the end of this year and the second at Lindsay’s as soon as practical thereafter.”