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Recently released research report updated to reflect ‘feasibility update’ and ‘metallurgical test work’ announcements.
Auroch Minerals Manica Gold Project hosts a significant JORC Resource of 48.9Mt @ 1.79g/t Au for 2.82Moz. The company now has put in place a clear 3 stage strategy which envisages mining the non-refractory component of the ore body first, providing the framework and cash flow necessary to advance the larger and potentially more lucrative refractory project. A DFS is underway with the company targeting first production as early as Q4 2015.
The Manica project, located in Mozambique, hosts a current JORC Resource of ~48.9Mt @ 1.79g/t Au for ~3Moz of gold at four nearby deposits. Approximately ~90% of the resource is hosted within sulphide ore zones (refractory) while the remaining ~10% of the resource (~258koz) is hosted within free milling, transitional or oxide (non-refractory) ore zones. It is these non-refractory ore zones which provide a near term path to production.
Auroch recently updated the 2013 Scoping Study to reflect a new 3 Stage strategy which envisages initial mining and processing of the non-refractory ore zones at various satellite deposits, followed by an expansion to process the larger and potentially more lucrative refractory ore zones.
Manica is located on a 25 year mining lease and already well serviced by local infrastructure such as telecommunications, local airport, roads, rail, power and water, minimising the upfront capital costs and time line to production.
Auroch is well advanced with metallurgical test work and infill drill campaigns required for the DFS, which is being supported by a ZAR 8M (~A$870k) grant from the ‘Department of Trade and Industry’ of South Africa. Importantly, this grant now opens up the potential to receive further funding on a project level from other South African based financiers...
Auroch recently released an update to...
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