Genesis Minerals (ASX:GMD) has its long-awaited five-year plan 3 days after announcing its launch on Monday.
The plan aims to increase production to 300,000 ounces per year (probably a bit more) without deviating from the mantra of (quality) profits per ounce.
Rising gold costs in recent weeks have likely made the plan much more optimistic: Thursday’s of more than $2,200 an ounce and more than A$3,300, according to the World Gold Council’s spot price.
In fact, at the value thresholds set out in the ASX filing, it appears that the increase in value above $2,000 per ounce has allowed GMD to have more confidence in its plan, the finances it will entail, and the returns it will bring. .
The five-year plan and strategic review focus on three transactions in 2023: the first is the acquisition of St. John’s assets. Barbara’s Laverton, adding the Gwaia underground mine, the Tower Hill allocation and the 1. 4 million tonnes per year from the Leonora mill.
Then came the simultaneous acquisition of Dacian, adding the 3. 0 million tonnes per annum of the Laverton mill and the Jupiter and Redcliffe projects, and finally the acquisition of the Bruno-Lewis and Raeside gold projects from Kin Mining, although not after Kin. He made a comfortable green message. Stay on the Dacian consistent with percentage login until GMD reaches an agreement.
As a result of those deals and some extensive drilling, GMD says that as of March 21 (Thursday), it now has enterprise resources of 15. 2 million gold (226 million tonnes at 2. 1 grams per tonne) and enterprise reserves of 3. 3 million. oz (45. 4 million tonnes at 2. 3 g/t) and all in the Leonora district of WA and in close proximity to existing processing infrastructure.
GMD chief executive Raleigh Finlayson said in Friday’s announcement: “It is transparent that we now have the reserve to secure our long-term status as a leading manufacturer of ASX gold with annual production of 300,000 ounces and beyond.
“We have a long mine life and operational diversity on the mining and processing fronts.
“Notably, these new physically powerful models show that there is a strong prospect of continued expansion in inventories and expected production rates, with open mineralization across all assets and drilling procedures to produce exceptional effects involving resource accumulation and enhancement. “
These updated resource and reserve figures come with Genesis’ first resource and reserve estimates for the acquired Gwalia and Tower Hill deposits in Santa Barbara, “reconstructed with an underlying concentrate in higher quality ounces,” according to GMD.
GMD said the reserves and resources figures come with the Tower Hill prospect.
Reserves stand at a conservative gold value of A$2,400/oz; while resources are around A$2,800/oz, which, according to GMD, “will support significant production growth. “
GMD stated that “the very high-grade drilling intersections at Gwalia and Tower Hill support Genesis’ confidence in the upcoming mine plan, as well as the long-term expansion of either deposit. The effects of drilling come with a higher grade, 6. 7 metres @ 329 grams consistent with tonnes (g/t) at Gwalia.
GMD Gwalia’s underground reserves have an initial reserve estimate of 6. 7 million tonnes at 5. 3 grams consistent with a tonne of 1. 1 million ounces” (including 2. 6 million tonnes of Hoover Decline at 7 g/t for 573 ounces).
The first estimate of Tower Hill reserves is 15. 4 million tonnes at 2 g/t consistent with millions; Ulysses has 2. 1 million tonnes at 3. 7 g/t for 250,000 oz. (unchanged from the Genesis estimate as of June 30, 2023); Jupiter: 7. 7 million tonnes at 0. 9 g/t for 230 and the First Bruno-Lewis Reserve 3. 9 million tonnes at 1. 1 g/t for 140,000 Array
With respect to Gwalia’s underground resources first, GMD’s resource estimate is 26. 3 million tonnes at 4. 7 g/t for 4. 0 million ounces with “ample opportunities to accumulate reserves by converting 3. 3 Moz of measured and indicated resources”.
GMD’s first resource estimate for Tower Hill is 13. 9 million tonnes at 2. 5 g/t for 1. 5 million ounces, while Bruno-Lewis and Raeside have 15. 6 million tonnes at 1. 2 g/t for 600,000 ounces (following the acquisition of the past Kin Mining projects due 2023).
GMD said in a statement on Friday that “Gwalia’s most recent drilling effects further validate the conservative ‘quality > quantity’ strategy learned during due diligence and reflected in the reconstruction of the reserve. Tower Hill’s most recent drilling effects fill the base of the well and make it bigger. The high-quality well design takes.
“Ongoing drilling at any of the projects highlights the need for further biological growth,” the company added.
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