New Murchison Gold (ASX:NMG) said it expected to begin mining at the Crown Prince gold project in Western Australia in June, with first ore sales scheduled in August, after it published the feasibility study, according to a Monday Australian bourse filing.
The feasibility study outlines a pre-tax cash flow of AU$226 million and an all-in sustaining cost of AU$2,462 per ounce over 30 months at current spot gold prices of AU$4,385 per ounce.
The study contained an updated mineral resource estimate of 2.2 million tonnes at 3.9 grams per tonne grade of gold for 279,000 ounces. It contained an ore reserve estimate for the project of 0.89 million tonnes at 4.8 g/t grade of gold containing 140,000 ounces.
The capital expenditure required to begin production is AU$5.4 million, the filing said. It added that the expenditure is low relative to peer gold projects due to the firm's ore purchase agreement with Westgold Resources (ASX:WGX).
140,000 ounces of contained ounces of gold are to be mined and trucked to Westgold over 30 months of open pit production.
Mining and environmental approval documentation was submitted to relevant regulators and counterparties in 2024.
The firm said it will assess a potential underground mine below the open pit within the year.
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