Mar’23 Quarter: A granular look at Citigold’s (ASX:CTO) moves towards restarting Charters Towers Gold Mine

Highlights

• Citigold has released its activities report for the three-month period ended 31 March 2023.
• The company remains focused on restarting its high-grade Charters Towers Gold project.
• A 21-day-long test dewatering program has been completed at its Central Mine.
• In March quarter, Citigold raised AU$200,000 upon completion of a placement.
• The company is advancing activities including mine design, broad regional exploration programs, engineering, and other workings.

Citigold Corporation Limited  (ASX:CTO), a gold development and exploration player based in Australia, has released its activities report for the three-month period ended 31 March 2023. The quarter recorded rigorous activities being undertaken by the company for restarting its high-grade Charters Towers Gold Project.

Historically, the project concluded 100,000 ounces of gold production test mining and successfully setting up its mine site, thus becoming production ready.

The company plans to pace up its business activities to restart its gold mine. This includes mine design, broad regional exploration programs, engineering, and other workings.

The company is driven by its prime goal of becoming a 300,000 plus ounces per annum ultra-low-cost gold producer so as to deliver substantial profits to shareholders in harmony with the local environment, highlights the CTO update.

Here’s a look at significant developments:

• A 21-day-long test dewatering program has been completed at its Central Mine. The campaign has re-confirmed the operational readiness of its water infrastructure as the program data is in line with previously delivered dewatering performance. The data will be utilised in the Gold Mine Restart optimisation.
• Review and selection of CTO’s fleet from around the world progressed during the quarter so as to have the essential equipment when needed for the startup. Optimisation of Central Mine design and engineering also advanced during the period, along with other processes such as planning and scheduling.

• Mineral resources and ore reserves
  

Image source: CTO update

• As at 31 December 2022, CTO held substantial assets with net assets valued at AU$99 million. While the company is advancing talks with parties for funding opportunities, Citigold successfully raised AU$200,000 upon completion of a placement.

During the quarter, the company continued exploration analysis, preparation of studies, data review and maintenance, and other exploration activities. Citigold continues to optimise future plans for an intensive exploration program with priority areas identified from the current and previous exploration programs.

CTO shares last traded at AU$0.005 on 28 April 2023.