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Australia
Penny Mine (Mt Magnet Operation)

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 Location:
407 km E from Geraldton, Western Australia, Australia

  Address:
Level 1, 130 Royal Street
PO Box 6070
Perth
Western Australia, Australia
6892
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Overview

StageProduction
Mine TypeUnderground
Commodities
  • Gold
Mining Method
  • Longhole stoping
  • Cemented backfill
Production Start...
Mine Life2025
Penny - one of Australia’s highest grade gold mines.


Owners

Source: p. 13
CompanyInterestOwnership
Ramelius Resources Ltd. 100 % Indirect
Penny falls within M57/180 & M57/196 owned 100% by Ramelius subsidary Penny Operations Ltd.

Contractors

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Deposit Type

  • Orogenic
  • Vein / narrow vein


Summary:

Penny is an orogenic structurally controlled Archaean gold lode system. Gold mineralisation occurs within narrow, steeply, east dipping, quartzsulphide lodes. The quartz veins are variably massive, laminated or brecciated with a variable sulphide assemblage of pyrite, pyrrhotite, galena, chalcopyrite and sphalerite & frequent VG. High Ag grades (1:1 Au) are noted.

At Penny mineralisation is hosted by a steeply dipping quartz veins within a mafic to intermediate stratigraphy and strongly associated with sulphide mineralisation within the vein.

Penny lodes are a narrow vein/lode style. Penny North strikes N and dips 55° to E. Average width around 2-3m, ranging from 1m to 6m. Strike and dip extent of 250m by 200m. Penny West similar and Magenta & Columbia are much smaller.

Host stratigraphy for the deposit is a sequence of steeply dipping mafic and ultramafic rocks with minor felsic intrusives. Gold mineralisation is associated with steeply east dipping, quartz-sulphide veins typically 2m to 5m in width. These quartz lodes are visually distinct and typically display sharp boundaries to the mineralisation. The quartz veins are variably massive, laminated or brecciated with a highly variable sulphide assemblage of pyrite, pyrrhotite, galena, chalcopyrite and sphalerite. Some sulphide zones are semi-massive and can comprise 50-90% sulphide. Visible gold can be seen proximal to galena and sphalerite. Pb anomalism is significant with lode Pb grade up ........


Mining Methods

  • Longhole stoping
  • Cemented backfill


Summary:

Magenta Open pit
Open pit mining commenced at Penny during the year with the small Magenta pit being completed. The Magenta pit contained a small quartz lode and will also serve as a dewatering location for the Penny West cut back and Penny North underground.

Penny West Open pit
The Penny West pit cutback was also completed during the year which established a suitable long-term ramp access and portal location in the north wall.

Penny North Underground
With completion of these open pit activities, operations transitioned underground with the portal blast to establish access occurring on 26 April 2022. Work has now commenced on the decline with good progress being made on capital development. Towards the end of the year the decline was approaching the first Penny North ore level with the first underground ore scheduled for extraction late in the September 2022 Quarter.

The mining method consists of a conventional mechanised decline and 20m sub level development. The stoping method is conventional longhole drilling and blasting of up-hole bench stopes with a combination of in-situ pillars and cement rock fill stope support. Ore will be hauled along existing access and government roads to the Mt Magnet plant for processing.

Penny North Underground Mine and will be accessed from the Penny West Pit and will ultimately be mined to a depth of 180mRL (~315m below surface). Production levels will be spaced 20m floor to floor ........


Crushing and Grinding


Processing

Source: Subscription required

Summary:

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Production:

CommodityUnits2022LOM (Projected)
Gold koz  ......  Subscription required238
All production numbers are expressed as metal in doré.

Operational Metrics:

Metrics2022
Ore tonnes mined  ......  Subscription required
Tonnes processed  ......  Subscription required
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Reserves at June 30, 2022:
A maximum A$2,250/oz gold price has been used to estimate Ore Reserves and determine appropriate cut-offs.

CategoryTonnage CommodityGradeContained Metal
Probable 490,000 t Gold 15 g/t 230,000 oz
Indicated 420,000 t Gold 19 g/t 260,000 oz
Inferred 110,000 t Gold 10 g/t 35,000 oz
Total Resource 530,000 t Gold 17.2 g/t 290,000 oz

Financials:

Units2023
Capital expenditures (planned) M AUD  ......  Subscription required
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Heavy Mobile Equipment:

Mine Management:

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Nov 24, 2022
....................... Subscription required ....................... Subscription required Subscription required Nov 24, 2022
Subscription required - Subscription is required.

Staff:

EmployeesContractorsTotal WorkforceYear
Subscription required Subscription required Subscription required 2022
Subscription required 2021

Corporate Filings & Presentations:

DocumentYear
Annual Report 2022
Corporate Presentation 2022
Quarterly Report 2022
Year-end Mineral Reserves 2022
................................... Subscription required 2021
................................... Subscription required 2021
................................... Subscription required 2020
................................... Subscription required 2020
................................... Subscription required 2020
Subscription required - Subscription is required.

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