THE DRILL SERGEANT: Mincor Resources (ASX: MCR) updated the gold Mineral Resources at the company’s Widgiemooltha gold project (WGP) in Western Australia.
Mincor Resources said the update was part of the progress the company is making with its plans to bring the 100 per cent-owned Widgiemooltha gold project into production in early 2018.
The company has received key regulatory approvals from the Department of Mines, Industry Regulation and Safety (DMIRS) allowing the commencement of mining operations at the WGP and the Mineral Resources have been updated to incorporate the results from two drilling programs.
Gold Mineral Resources at Widgiemooltha now stand at 267,100 ounces of gold, an increase of 29,070 ounces at a discovery cost of $9.60 per ounce.
Mincor’s global Gold Resources inventory sits at approximately 328,660 ounces of gold.
“The updated Gold Mineral Resources show how the Widgiemooltha project rewards drilling, with a respectable discovery cost of less than $10 per ounce achieved,” Mincor Resources managing director Peter Muccilli said in the company’s announcement to the Australian Securities Exchange.
“The Flinders West discovery could underpin an improved mining schedule with enhanced start-up economics. Importantly, the mineralisation trends around Flinders remain open.
“Results from the latest drilling program will give further insight into this potential.
“On the nickel front, we have also been very encouraged with the recent rises in the nickel price and we are closely monitoring the fundamentals behind the growing positive sentiment for the commodity.
“Mincor has a high-quality nickel sulphide asset base in a Tier-1 nickel province.
“Our pipeline for growth is quite exceptional for a junior company.”