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Australia

Mt Gibson Project

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Overview

Mine TypeOpen Pit
StagePermitting
Commodities
  • Gold
Mine Life... Lock
SnapshotDevelopment work for the Mt Gibson Gold Project (MGGP) has been continuing since the completion of the 1.45 million ounce maiden ore reserve and prefeasibility study in April 2023.

The mining proposal to the Department of Mines, Industry Regulation and Safety (DMIRS) for early construction of the accommodation village and supporting infrastructure was approved together with the associated native vegetation clearing permit.

Works on the accommodation village will commence in Q2 FY2024 with orders to be placed for the majority of accommodation units and supporting buildings. This will allow fast tracking of construction activities and compressing of construction timeframes once approvals are received.

Completion of MGGP permitting approval documentation is pending the imminent completion of baseline studies. Submission of environmental permit applications is anticipated in Q2 FY2024.

Owners

SourceSource
CompanyInterestOwnership
Capricorn Metals Ltd. 100 % Indirect
Capricorn is the 100% beneficial owner of mining tenure that fully encompass the Mt Gibson deposit and all areas required for project infrastructure.

The resource is located across mining tenements held by wholly-owned Capricorn subsidiaries METROVEX PTY LTD and CRIMSON METALS PTY LTD.

Contractors

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Deposit type

  • Banded iron formation hosted
  • Laterite
  • Hydrothermal
  • Vein / narrow vein

Summary:

The Mt Gibson Gold Project tenements are located at the southern extremity of the Retaliation Greenstone Belt, in the SW portion of the Yalgoo-Singleton Greenstone Belt in the Murchison Province of the Yilgarn Craton. The tenements are mostly covered by a veneer of alluvial quartz sands and laterite gravels, with sporadic greenstone subcrop and outcrop, increasingly exposed in the north of the project area. The mineralised laterite gravels are situated slightly down-slope from the lode deposits on the Gibson trend. Regionally, the greenstone belt has been metamorphosed to middle amphibolite facies and hosts a number of Au-Cu deposits and prospects, including Golden Grove, 90km to the northwest of Mt.Gibson.

he deposit has been defined by drilling over an 8km strike length and as deep as 950m down-dip where it is still mineralised and open down-dip. The mineralised shoots are present in drilling as broad zones up to 50m wide and are continuous down plunge. It is thought the shoots are developed in dilation zones along the main structures. A large laterite and oxide weathering zone is developed over the primary geology and this is mineralised in the near surface, up-dip position of the main shoots of primary mineralisation. A thin veneer of transported sand and colluvium soil covers the deposit and is typically less than 6m thick, the transition/fresh rock boundary is about 40 to 60m below surface.

The lode style mineralisation at Mt. Gibson is predominantly hosted by three main trends:

The Gibson Trend
The majority of the known and mined mineralisation is hosted by this trend. It is hypothesised to have originally been a gold-copper-zinc rich Volcanogenic Hosted Massive Sulphide (VHMS) deposit that has been overprinted by a later hydrothermal gold mineralising event. This mineralised shear zone has an arcuate north-south to northeasterly strike (trending more north-easterly in the north) and extends for more than seven kilometres from the southern granite contact to beyond the Hornet ore body.

The so-called “Mine Sequence” is around 400 metres wide and consists of a parcel of sheared, metamorphosed and chlorite-biotite-muscovite altered mafic volcanics. Numerous felsic porphyries intrude the Mine Sequence. Mineralisation is hosted within multiple sets of elongate lodes with strong strike continuity, which anastomose and pinch-swell along strike and to depth. The main lode systems include Hornet, Enterprise, Orion and S2.

The Taurus Trend
The north-westerly trending Taurus Trend lies west of and diagonal to the Gibson Trend. Mineralisation is intimately associated with an apparently continuous felsic unit emplaced into the northwest trending shear and was discovered late in the life of the mining operation. It is characterised by discontinuous ore bodies, and strongly mineralised quartz-sulphide veining. The ore bodies on this trend include Sheldon and Wombat which, although not as continuous in strike as the ore bodies on the Gibson Trend, show a higher gold tenor.

The Highway Trend
The Highway Trend is a northeast trending shear zone, hosted by a mafic sequence in the western terrain, 11km northwest of the main mining area. This trend hosts the Highway ore body, and the Phoenix and Aquarius Prospects. It shares many of the characteristics of the Gibson trend, but it appears to lack the VHMS mineralising event and has generally been regarded as a predominantly low-grade system, although work from previous explores suggest it may have greater persistence and significance than previously thought and hence justifies further attention. The project area also hosts a number of BIF and quartz hosted small mineral occurrences including Paynes-Crusoe and MacDonald’s Find.

The MGGP mineralisation wireframes have been projected down-dip based on wider spaced drilling intercepts; however, this extrapolation has been removed from the resource estimate by limiting the reported tonnes and grade to within a conceptual optimal pit shell ($2,200/oz Au). The main laterite zone extends 3000m along strike and 500m across. It ranges from 2m to 8m in vertical thickness, although a large portion of the laterite Resource is depleted by historical mining and backfilled with waste.

The primary mineralisation extends below the laterite zone for a further vertical depth of 950m.

The transition/fresh rock boundary is about 40 to 60m below surface. The primary mineralisation has 3 main sub-parallel zones and several smaller zones. Overall these zones extend for 8000m along strike (N-S) and up to 1000m across.

Reserves

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Mining Methods

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Comminution

Crushers and Mills

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Processing

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Production

Gold production averaging 152,000 ounces per annum over the project’s first 7.5 years of operation and average annual production of 138,000 ounces per annum over 10 year life of mine (LOM).
CommodityUnitsAvg. AnnualLOM
Gold koz 1521,340
All production numbers are expressed as metal in doré.

Operational metrics

Metrics
Hourly processing rate  ....  Subscribe
Annual ore mining rate  ....  Subscribe
Annual processing capacity  ....  Subscribe
Stripping / waste ratio  ....  Subscribe
Waste tonnes, LOM  ....  Subscribe
Ore tonnes mined, LOM  ....  Subscribe
Total tonnes mined, LOM  ....  Subscribe
Tonnes processed, LOM  ....  Subscribe
* According to 2023 study.

Production Costs

CommodityUnitsAverage
Cash costs Gold AUD  ....  Subscribe
All-in sustaining costs (AISC) Gold AUD  ....  Subscribe
Assumed price Gold AUD  ....  Subscribe
* According to 2023 study / presentation.

Operating Costs

Currency2023
OP mining costs ($/t milled) AUD 21.6 *  
Processing costs ($/t milled) AUD  ....  Subscribe
G&A ($/t milled) AUD  ....  Subscribe
Total operating costs ($/t milled) AUD  ....  Subscribe
* According to 2023 study.

Project Costs

MetricsUnitsLOM Total
Initial CapEx $M AUD  ......  Subscribe
OP OpEx $M AUD  ......  Subscribe
Processing OpEx $M AUD 782
G&A costs $M AUD 83
Total OpEx $M AUD  ......  Subscribe
Gross revenue (LOM) $M AUD  ......  Subscribe
Pre-tax Cash Flow (LOM) $M AUD  ......  Subscribe
Pre-tax NPV @ 5% $M AUD  ......  Subscribe
Pre-tax payback period, years  ......  Subscribe

Heavy Mobile Equipment

Fleet data has not been reported.

Personnel

Mine Management

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Sep 14, 2023
....................... Subscription required ....................... Subscription required Subscription required Sep 14, 2023
....................... Subscription required ....................... Subscription required Subscription required Sep 14, 2023

Aerial view:

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