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Highlights
- Hanking Gold has secured approval for Copperhead and Golden Pig mining activities at the Cygnet Gold Project.
- The approval marked a key step toward restarting underground gold operations in Western Australia.
- Cygnet Gold Project hosts JORC resource of 2.07Moz Au at 2.42 g/t and ore reserve of 0.735Moz Au at 1.75 g/t, supporting long-life development potential.
- Recent drilling at Corinthia returned high-grade intercepts including 23.4m at 6.49 g/t Au, reinforcing resource expansion potential across the project.
- The company has initiated the tendering process for underground development works at Copperhead.
Hanking Gold International Limited has secured a key regulatory milestone for its Western Australian growth strategy, with its wholly owned subsidiary Cygnet Gold Pty Ltd receiving approval from the Department of Mines, Petroleum and Exploration of Western Australia for the Copperhead and Golden Pig Mining Development and Closure Proposal. Approved under Approvals Statement AS-243947, the decision marks an important step toward the planned restart of underground mining operations at the Cygnet Gold Project.
Approval Covers Key Mining Infrastructure
The approved activities cover the development of critical mining infrastructure, including a new portal providing underground access through the existing Copperhead pit, development of the Copperhead mining void, Run-of-Mine pad facilities, supporting mining operations and a Copperhead evaporation pond on TSF5. Proposed underground mining activities at the historic Golden Pig deposit have also been approved, while applications associated with miscellaneous licences L77/367 and L77/368 are being processed.
Cygnet Gold Project Hosts Multiple Deposits
Located approximately 360km east of Perth in Western Australia, the Cygnet Gold Project comprises the high-grade Copperhead and Golden Pig underground mines and the Corinthia open pit mine. Hanking Gold plans to establish a centralised processing plant, tailings storage facility and administration infrastructure at Corinthia, with ore from Copperhead and Golden Pig transported to the site.
Both Copperhead and Golden Pig have historical production profiles. Copperhead historically produced more than 1.5 million ounces of gold at an average grade of about 3.8 g/t gold. The company intends to restart the operation through a new portal at the base of the existing pit. Golden Pig, discovered in 1890, has historically produced approximately 0.5 million ounces of gold at an average grade of 5.9 g/t gold and last operated in 2005.
Drilling Supports Resource Expansion Plans
Exploration activity continues to support resource growth ambitions across the broader Cygnet Gold Project. The Corinthia asset, acquired in early 2025, remains subject to ongoing drilling.
The Cygnet Gold Project currently hosts a combined JORC resource of 2.07 million ounces of gold at an average grade of 2.42 g/t Au and an ore reserve of 0.735 million ounces at 1.75 g/t Au.
Following completion of drilling programs at Corinthia and Copperhead, the company reported notable intervals at Corinthia, including 13.15m at 3.36 g/t from 325.65m and 23.4m at 6.49 g/t from 338.35m.
Hanking Gold expects additional drilling to support future resource updates.
With mining approvals now in place, the company has commenced the tendering process for underground development works at Copperhead. Preparations will also include underground drilling aimed at expanding resources and ore reserves across the Cygnet Gold project.
This development forms part of a broader portfolio strategy for Hanking Gold, with the Mt Bundy Gold Project remaining the company’s current primary focus for near-term development into a low-cost producing gold mine. Together, the advancement of Mt Bundy alongside the planned underground development at Copperhead reflects the company’s overarching strategy to transition both the Mt Bundy and Cygnet Gold Projects into operating gold mines, supporting its longer-term ambition to become a mid-tier gold producer in Australia. Management has expressed confidence in executing this strategy and delivering value creation for all stakeholders.
