Mining Intelligence and News
Australia

Penny Mine

Click for more information

Categories

Overview

Mine TypeUnderground
StatusActive
Commodities
  • Gold
Mining Method
  • Longhole stoping
  • Sub-level stoping
Backfill type ... Lock
Production Start... Lock
Mine Life... Lock
SnapshotThe 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.
Related AssetMt Magnet Operation

Owners

SourceSource
CompanyInterestOwnership
Ramelius Resources Ltd. 100 % Indirect
The Penny is owned 100% by Ramelius Resources Ltd. subsidiary Penny Operations Ltd.

Contractors

Lock

- subscription is required.

Deposit type

  • Vein / narrow vein

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 from 1 to 4m. The Penny West vein is slightly thinner, ranging from 1 to 3m in width.

Both 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 to 1%. Ag grade is also significantly higher than typical Archaean lode gold deposits and can be up to a 1:1 ratio with Au.

Dimensions
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 Penny North is 400m by 250m. Penny West is similar to Penny North in orientation and extent with an average width ranging from 1-2m. Strike and dip extent of Penny West is 300m by 200m below the open pit.

Reserves

Lock

- subscription is required.

Mining Methods

Lock

- subscription is required.

Comminution

Crushers and Mills

Milling equipment has not been reported.

Processing

Lock

- subscription is required.

Production

CommodityUnits20232022
Gold koz  ....  Subscribe  ....  Subscribe
All production numbers are expressed as metal in doré.

Operational metrics

Metrics20232022
Waste  ....  Subscribe  ....  Subscribe
Tonnes processed  ....  Subscribe  ....  Subscribe
Ore tonnes mined  ....  Subscribe  ....  Subscribe

Production Costs

Commodity production costs have not been reported.

Financials

Units2023
Capital expenditures M AUD  ....  Subscribe

Heavy Mobile Equipment

Fleet data has not been reported.

Personnel

Mine Management

Job TitleNamePhoneProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Feb 29, 2024
....................... Subscription required ....................... Subscription required Subscription required Feb 27, 2024
....................... Subscription required ....................... Subscription required ........... Subscription required Subscription required Feb 27, 2024

EmployeesContractorsTotal WorkforceYear
...... Subscription required ...... Subscription required ...... Subscription required 2023
...... Subscription required ...... Subscription required ...... Subscription required 2022
...... Subscription required 2021

Aerial view:

Lock

- subscription is required.