Potential to proceed to production within 12 months
The Hadleigh Castle gold mine was last operated in 2005 and historically produced over 250,000 oz Au.
Hadleigh Castle was mined as a small open pit between 1988-1990 and as an underground mine from 1993-2005 and produced a high gold recovery (>90%) from standard CIL processing. The mine closed in 2005 due to falling gold price.
Historical production from open cut and underground mining at Hadleigh is 2.1Mt @ 3.7g/t Au for ~250,000 oz Au.
The Mine has a current JORC (2012) Inferred Resource estimate, published in 2014 of 1,324,947t @ 5.15g/t Au for 219,268 oz Au.
The existing Hadleigh underground workings remain open at depth and the following potential Exploration Targets have be defined:
10Mt to 14Mt @ 1.5 to 6.5g/t Au for 1.3Moz to 2.5Moz
The current gold price (>AUD$2,600/oz) presents an excellent opportunity to improve potential financial returns for the Hadleigh Castle mine. The mine last operated at a time when the gold price was around AUD$550/oz. Significant improvements in mine design and planning, as well as mining methods since the mine was last operating may also favourably improve project economics.
3D view of open pit and underground workings at Hadleigh Castle, looking NW