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June 27 2014 – Metals X has announced that it has completed the acquisition of the assets that made up the Meekatharra Gold Operations of Reed Resources Limited from the administrator of its subsidiary GMK Exploration Pty Ltd. The assets include:
For details on the acquisition, please download the ASX Announcement.
Metals X owns the Higginsville Gold Operations and South Kalgoorlie Operations in Western Australia. Metals X acquired both projects through the acquisition of Alacer Gold Corp.’s Australian Business Unit. Since the acquisition, Metals X has achieved two quarters of strong production and reached payback within 6 months.
The Higginsville Operation consists of a modern 1.3Mtpa CIP plant, a 300 person village, two underground mines (Trident & Chalice) and requisite mine and process infrastructure.
The SKO consists of a 1.2Mtpa CIP plant and infrastructure. Numerous open pits and underground options have previously been mined within the tenement area over the past 25 years.
The SKO is being operated predominantly as a toll processing plant under the terms of a favourable toll processing arrangement related to the previous sale by Alacer of its share in the Frog’s Leg mine to La Mancha. Metals X intends to shift the plant to owned stocks of low-grade whilst longer term ore feed sources are established.
Metals X’s two key development ready projects are the Central Murchison Gold Project (CMGP) in Western Australia and the Rover Project in the Northern Territory.
The CMGP is centrally located in the Murchison gold province, approximately 600 km northeast of Perth. The Murchison Province is the current focus of significant gold development activity in Western Australia. Several projects within a 100 km radius of the CMGP are currently in construction, commissioning and production.
The CMGP has an enviable pedigree within the region having produced 5.5 Moz of the historic production from the region and hosting two of only four plus million ounce historic mines. The three key gold mining centres of the CMGP are Big Bell, Cuddingwarra and Day Dawn, south of Cue. Total Identified Mineral Resource (JORC) estimate of 4.95Moz and Probable Reserves of 1.17Moz, the Company’s strategy is to provide the best return for shareholders underpinned by the base case for the development a long life integrated open pit and underground mining operation targeting 100,000 oz per annum over an initial eleven year mine life.
The company announced the results of the CMGP DFS in January 2013 which concluded that a long-life gold project can be established.
The Rover Project represents a new south-western extension to the prolific Tennant Creek Goldfield which has produced over 5.0Moz of gold and 500,000 tonnes of copper to date and represents one of Australia’s top five goldfields. The key asset at Rover 1 hosts a 1.22MozAuEq JORC Resource. The company is currently finalising approvals for a Mine management plan to advance the development of an exploration decline to establish a platform to drill out the upper levels for mining evaluation and better define the deeper portions of the resource.
The Company holds a commanding 14,000 km2 landholding in this new extension to the goldfield and is advancing Rover 1 while continuing to explore multiple targets capable of delivering further resources.
The Rover 1, Explorer 108 and Explorer 142 prospects have proven the extensive mineralisation in the area. High powered HeliTEM and Induced Polarisation (IP) exploration have identified a large number of conductive corridors throughout the survey areas some of which have been interpreted as being associated with sulphide rich mineralisation.
