THE BOURSE WHISPERER: Havilah Resources (ASX-HAV) has been busy pouring gold at the company’s Portia gold mine, northwest of Broken Hill.
The company reported the pouring of four gold bars totalling approximately 40 kilograms earlier this week, claiming on-site analysis indicating the bars to have a purity in excess of 90 pwer cent, making them worth more than approximately $2 million at current gold prices.
“A few weeks ago we reported our first million dollars of gold income, now we have achieved double that in just one day,” Havilah Resources managing director Dr Chris Giles said in the company’s announcement to the Australian Securities Exchange.
“Portia is living up to our expectations both in terms of gold grade reconciliation and grade distribution.”
Havilah indicated it has now progressed mining in the open pit to the high-grade portion of the deposit, which has been reflected in the increased daily gold production currently being achieved.
Over the last week Havilah’s mining partner, Consolidated Mining and Civil, has delivered more than 14,000 tonnes of high-grade ore and 20,000 tonnes of medium grade ore to the processing plant stockpile.
Havilah said it expects this will enable it to maintain its current processing plant production rates, adding steady progress has been made on increasing the ore throughput rates with 24 hour operation and improved availability of the processing plant.
The plant has recovered gold in accordance with design expectations with daily testing of the tails stream demonstrating negligible loss of gravity recoverable gold.