What's Happening?
Pacgold has successfully completed its second gold pour from the White Dam Gold Project in South Australia, producing a gold doré bar weighing approximately 100 ounces. This achievement follows the initial aeration of both the eastern and western margins
on the pad. The company has not returned any newly leached gold in leachate to the pad base since irrigation began on the re-crush material. Pacgold has re-crushed 20,000 tonnes of material from the existing heap leach pad for irrigation, with plans to place an additional 50,000 tonnes under irrigation by the end of June. The company is also conducting reverse circulation drilling at the Vertigo pit to potentially expand resources and expedite the restart of mining operations. Entech has been contracted to update the resource estimate for Vertigo and is working on new pit optimizations and mine designs.
Why It's Important?
The completion of the second gold pour is significant for Pacgold as it enhances cashflow and confirms the effectiveness of the re-crush strategy in leaching high-grade gold. This development is crucial for the company's financial health and operational strategy, as it aims to transition from re-crushed material to full-scale mining operations. The successful execution of this strategy could lead to increased production and profitability, benefiting stakeholders and potentially boosting investor confidence. The ongoing drilling and resource estimation efforts are vital for the company's long-term growth and sustainability in the competitive mining industry.
What's Next?
Pacgold plans to continue its drilling activities at White Dam North, with completion expected by mid-July. The company is also preparing to update its resource model and mine design, with results anticipated in the next two to three weeks. Following this, Pacgold intends to submit permitting applications and engage contractors to facilitate the restart of the Vertigo pit. The company will participate in the Noosa Mining Investor Conference in July, which could provide opportunities for networking and attracting potential investors.
