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Author: Admin | 2025-04-28
The addition of a third underground drill rig late last year. The rig will conduct infill drilling to increase resource confidence, improve stope production, and update mine planning. Other efforts involve adding two loaders and two trucks to the underground fleet to increase reliability, commissioning a gravity circuit and beginning a fine grinding study.The Plutonic underground mine produced 63,065 oz. gold in 2020, but the company has plans to boost that to 100,000 oz. per year with the push-back project in the mine Main pit.The push-back project has a post-tax net present value of A$120 million ($89 million) and a 35% internal rate of return with a capital commitment of A$82 million ($61 million). This project will access 16.3 million tonnes of measured and indicated resources grading 3.6 grams gold per tonne and 30.6 million indicated tonnes at 3.1 grams gold per tonne. The pit push-back will recover 357,000 oz. gold over a six-year life at $870 per ounce.Superior Gold has a second mill in the area with total capacity of 1.2 million tonnes per year, but it is on care and maintenance. If head grades were 2 grams gold, having two mills in operation would boost annual output by 50% to 153,000 ounces.In addition to the Plutonic mine, Superior Gold owns 100% of the Hermes open pit project, 65 km southwest of Plutonic. Hermes was mined from 2017 to 2019 with the ore being treated at the Plutonic mill.The company also has an 80% interest in the Bryah Basin joint venture with Alchemy Resource, 85 km southwest of Plutonic. The project is in the permitting stage. Superior Gold is pursuing a regional exploration program in the Bryah Basin area.(This article first appeared in The Northern Miner)
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