Overview
Stage | Production |
Mine Type | Underground |
Commodities |
|
Mining Method |
- Longhole stoping
- Sub-level stoping
- Cemented rockfill
- Unconsolidated rockfill
|
Production Start | ... |
Mine Life | 2026 |
The Penny Gold Mine is a part of Mt Magnet production centre.
Underground operations commenced at the high-grade Penny Gold Mine late in the 2022 financial year. |
Source:
p. 13-14
The Penny is owned 100% by Ramelius Resources Ltd. subsidiary Penny Operations Ltd.
Contractors
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Summary:
The Penny deposit lies within the Archaean-aged Youanmi greenstone belt. 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 1m to 4m in width. The lodes are visually distinct and typically display sharp boundaries to the mineralisation. Minor zones of discontinuous mineralisation occur in the hanging wall of the main lodes, although these veinlets and structures are considered immaterial and have been excluded from the resource estimation.
The mineralised lodes are largely hosted within the granodiorite unit or at the granodiorite-amphibolite contact. The lodes appear to slightly cross-cut stratigraphy and transgress into the amphibolite unit toward the north. Although the Penny West and Penny North lodes are spatially separate and offset by approximately 60m in a general northeast direction, a similar stratigraphic setting and transgression occurs for both lodes. Immediate wall rocks are typically mylonitic with some albite and sericite alteration.
The gold mineralisation at Penny is hosted within a persistent, narrow, steeply east dipping (65° to 80°) quartz-sulphide lode containing both disseminated and coarse gold with grades ranging up to hundreds of grams per tonne. The Penny North lode extends over 400m in strike while Penny West extends nearly 300m. Penny North varies in thickness ........
Mining Methods
- Longhole stoping
- Sub-level stoping
- Cemented rockfill
- Unconsolidated rockfill
Summary:
The existing Penny mining operation consists of a decline accessed from the Penny West open pit used to mine the high grade Penny North deposit using up hole benching with both rock fill and cemented rock fill used to maximise extraction.
It is proposed to develop from the Penny North decline to Penny West and mine the narrow high-grade ore using up hole benching without fill in a top-down sequence. Penny West stopes will be as narrow as 1.5m wide which is consistent with results being achieved in Penny North.
Scheduling shows Penny West can be integrated into the current Penny North mine plan without extending the mining duration and without additional mining equipment.
Development at Penny continued throughout 2023 year with the completion of the initial development drives. Haulage commenced late in 2022 using smaller double road trains as road upgrades were undertaken to allow the larger 105t capacity quad road trains. The upgrade works were completed in February 2023 with final approvals from Main Roads WA received in May 2023.
The CRF plant and associated backfill system has been commissioned.
Penny North Underground
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 ........
The Mt Magnet processing plant is a conventional CIL/CIP gold plant with single stage crushing, primary SAG milling in closed-circuit with a pebble crusher, and secondary closed-circuit ball milling.
Source:
Summary:
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Source:
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Reserves at February 21, 2024:
Category | Tonnage | Commodity | Grade | Contained Metal |
Measured
|
130,000 t
|
Gold
|
29 g/t
|
120,000 oz
|
Indicated
|
220,000 t
|
Gold
|
20 g/t
|
140,000 oz
|
Inferred
|
26,000 t
|
Gold
|
16 g/t
|
14,000 oz
|
Total Resource
|
380,000 t
|
Gold
|
22 g/t
|
270,000 oz
|
Financials:
| Units | 2023 |
Capital expenditures
|
M AUD
| ...... |
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