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As 3.5Moz Mt Morgans Project remains in line to establish 10-year life at +200,000oz pa, the company Extends Westralia Ore Reserve life to FY2025 and includes maiden 45koz Ore Reserve for Cameron Well. The company has announced that Ore Reserves at its Mt Morgans Gold Operation near Laverton in Western Australia have increased by 16 percent to 1.39Moz.
With more than 10-year mine life to establish Mt Morgans as a ~200,000oz-a-year operation, this increase in reserves marks another important step in Dacian Goldâs strategy and comes as the company remains on track to achieve commercial production at Mt Morgans this month. An increase of 16% from the previous Ore Reserve estimate completed for the MMGO Feasibility Study the total Ore Reserves for the MMGO now stand at 1.39 million ounces. An initial maiden Ore Reserve estimate for the Companyâs third mining center.
An initial maiden Ore Reserve estimate for the companyâs third mining center, Cameron Well, of 45,000 ounces is included in the Ore reserve. Net of mining depletion of 28,000 ounces totals Ore Reserves for Westralia increased by 17% to 575,000 ounces, while at Jupiter Ore Reserves of 611,000 ounces were consistent with Jupiterâs previous Ore Reserve estimate.
Rohan Williams, Dacian Executive Chairman, said the Ore Reserve update covered off an excellent year for the Company and showed that Mt Morgans was delivering on both the exploration and production fronts. Representing the first Ore Reserve update since 2016 Feasibility Study and providing them with production visibility through until at least FY2025. This Ore Reserve increase to 1.4Moz provides more evidence of the substantial exploration and organic growth potential at Mt Morgans.
The updated Ore Reserve estimate at Westralia includes detailed geological documentation of the Westralia orebody undertaken since the completion of the Mt Morgans Feasibility Study from 64,000m of surface diamond drilling and 51,000m of underground diamond drilling used for grade control. Based on experience gained from mining the first 28,000 ounces from Westralia have been applied to the updated Ore Reserve estimate improved Mineral Resource estimation methodologies and application of mining modifying factors are an addition.
When considering the 28,000 ounces of mined production from Westralia up until 1 July 2018, the updated Ore Reserve estimate at Westralia increases to 23 percent. Dacian Gold Limited (ASX:DCN) traded at a market price of $2.110 after gaining 0.957% or $0.020 on the day, and the stock has seen a performance change of -20.83% in the past six months.
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