Source: Capricorn Metals
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Capricorn Metals (CMM) has ticked off more milestones in the development of its Karlawinda Gold Project (KGP) in WA
  • Capricorn is targeting an annual production rate of between 110,000 to 125,000 ounces from mid-2021
  • Pleasingly, grade control drilling in the Bibra open pit has delineated over four million tonnes of laterite ore – confirming the ore reserve model
  • Further, the ball mill has been made and is expected to arrive at the project next month
  • Additional equipment has started to be mobilised along with all steel pipe which will be installed next month
  • Lastly, Capricorn awarded a $5 million contract to Way Electrical who will provide plant electrical installing services
  • Company shares ended the day trading 0.60 per cent lower for $1.67

Capricorn Metals (CMM) has ticked off more milestones in the development of Karlawinda Gold Project (KGP) in Western Australia.

So far, the company has completed around 45,000 metres of grade control drilling in the Bibra open pit. Pleasingly, this drilling has delineated over four million tonnes of ore and is in-line with the ore reserve in the areas drilled.

This work completes the pre-production phase of grade control drilling with further grade control drilling planned to begin once oxide mineralisation has been observed through mining activities.

Capricorn has also announced that China-based CITIC has manufactured the ball mill. The mill components are now in various stages of dispatch for shipping to Australia and expected to arrive as early as December 10.

Executive Chair, Mark Clark, is pleased with the pace of development activities for the Karlawinda Project.

“The development of Karlawinda is proceeding on time and on budget. We continue to achieve important milestones on the path to an efficient completion of development and de-risking of the transition to operations,” Mark said.

In terms of the gas pipeline construction, all steel pipes for the 40-kilometre lateral gas pipeline from the Goldfields Gas Pipeline (GGP) to the KGP power station has been delivered to the site. It will likely be installed next month.

Further, Capricorn has awarded a contract to Way Electrical who will provide plant electrical installing services. Way Electrical will receive $5 million which aligns with Capricorn’s budget estimate.

Additionally, the project’s power supplier, Contract Power Australia, has progressed fabrication of the power station building. Gas generator units are in transit and expected to arrive at the Fremantle port next month and to the project in February 2021.

KGP’s open pit earthmoving contractor, MACA Mining, has started mobilising mining equipment to site and construction of the haul road has begun.

Capricorn is preparing to transform this development into Australia’s next new gold mine at a run rate of between 110,000 and 125,000 ounces per annum by mid-next year.

Company shares ended the day trading 0.60 per cent lower for $1.67.

CMM by the numbers
More From The Market Herald
North Stawell Minerals (ASX:NSM) - Non Executive Chairman, Jerry Ellis

" North Stawell Minerals (ASX:NSM) extends Gellatlys gold trend to 3.5km

North Stawell Minerals' (ASX:NSM) recent aircore drilling program has extended the Gellatlys gold trend to 3.5…

" Victory Goldfields (ASX:1VG) receives Coolgardie results

Victory Goldfields (ASX:1VG) has received results from its reverse circulation (RC) drilling program completed at the…
Orange Minerals (ASX:OMX)- Managing Director, David Greenwood

" Orange Minerals (ASX:OMX) posts first quarterly report since listing

Orange Minerals (ASX:OMX) reports its first activities quarterly report after listing on the ASX last month.

" Meeka Gold (ASX:MEK) observes mineralisation in all Margaret lode drill holes

Meeka Gold (ASX:MEK) observes mineralisation in every drill hole completed at its Murchison gold project in…