What's Happening?
Pacgold, an ASX-listed company, has successfully poured its first gold doré bar at the White Dam gold project located in South Australia's Olary province. This milestone was achieved within five months of acquiring and refurbishing the existing plant
and mine facilities. The maiden gold doré bar weighs approximately 3 kg, equating to an estimated 80 ounces of gold, which has been sent to the Perth Mint Refinery for final refining and sale. This development marks a significant step in Pacgold's Phase 1 restart strategy for the White Dam heap leach operation, transitioning the company from an explorer to a producer. The company plans to ramp up production and optimize the heap leach circuits, with expectations to increase the frequency and size of gold pours in the coming months.
Why It's Important?
The successful production of gold doré at the White Dam mine represents a critical transition for Pacgold from exploration to production, providing the company with its first cash flow from gold sales. This financial influx is crucial for funding further growth activities on site. The achievement underscores Pacgold's ability to execute its strategic plans effectively, enhancing its operational capabilities and financial stability. As the company continues to ramp up production, it positions itself to capitalize on the gold market, potentially increasing its market share and investor confidence. The development also highlights the potential for further expansion and optimization of the White Dam project, contributing to the regional economy and job creation.
What's Next?
Pacgold is focused on achieving gold production from previously uncrushed material, with plans to ramp up re-crushing and leaching to a targeted 90,000 tons per month. The company is also working on completing the refurbishment of the plant, including the construction of a new CIC column to return the circuit to full capacity. Design work for a proposed pad expansion area is ongoing, with completion expected by late July, followed by tendering for construction and liner installation. Additionally, resource drilling at the Vertigo deposit is complete, with final assays expected soon, which will inform an updated resource and mine design as part of the planned expansion to full production by 2027.
