The Investment Whisperer
  • Business
  • Politics
  • Investing
  • World
  • Business
  • Politics
  • Investing
  • World

The Investment Whisperer

Investing

Westgold Shares Scoping Study for Expansion of Fortnum Gold Operation

by admin December 20, 2024
December 20, 2024
Westgold Shares Scoping Study for Expansion of Fortnum Gold Operation

Westgold Resources (ASX:WGX,TSX:WGX,OTCQX:WGXRF) has completed a scoping study that evaluates an expansion of its Fortnum gold operation in Western Australia, the company said on Tuesday (December 17).

The study forms part of the company’s portfolio review, and shows a potential 10 year, fully integrated mine plan.

It outlines life-of-mine production of 713,000 to 871,000 ounces of gold, and covers Fortnum’s Starlight, Nathan’s and Yarlarweelor open pits, as well as the existing Starlight underground operation.

Also included in the study is a 91 percent increase in Starlight’s resource estimate. It now stands at 12.9 million tonnes at 2.7 grams per tonne gold for a total of 1.13 million ounces of gold.

“Fortnum is a mature, yet under drilled asset and is one of Westgold’s most profitable and productive operations,’ said Managing Director and CEO Wayne Bramwell, adding that Starlight has so far produced 800,000 ounces of gold.

“The scoping study contemplates a modest upfront capital investment to deliver a long life, fully integrated open pit and underground project of increased scale, supported by an expansion of our existing (900,000) processing plant to 1.5 million tonnes per annum,” he added in Tuesday’s press release.

Westgold said funding amounting to approximately $294 million will be needed over the expansion’s life. On a respective basis, open-pit pre-production capital, processing plant capital, life-of-mine underground capital development and working and exploration capital will require $39 million, $93 million, $113 million and $48 million.

Shares of the company rose as high as AU$3.25 in the wake of the news.

Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

0
FacebookTwitterGoogle +Pinterest
previous post
Completion of Tranche 1 of the Placement
next post
RAD 202 receives approval to start Phase 1 therapeutic trial

Related Posts

Top 10 Cobalt Producers by Country (Updated 2024)

November 8, 2024

Gold Price Tumbles on Latest US CPI Reading

March 17, 2024

Gold Fields to Buy Osisko Mining for C$2.16...

August 13, 2024

Tavi Costa: Gold’s Next Leg Higher, Silver’s Major...

March 11, 2025

What’s the Next US Copper Mine? 27 Copper...

April 24, 2025

Uranium Price 2024 Year-End Review

December 17, 2024

Extensive Lithium Anomalies defined at Salinas South Project,...

January 16, 2025

Argentina Lithium Completes Early Exercise of Property Options...

December 1, 2023

First Two Step-out Holes Extend High Grades at...

June 7, 2024

Getchell Gold

January 7, 2024

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Categories

    • Business (1,399)
    • Investing (3,371)
    • Politics (4,552)
    • World (4,488)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: TheInvestmentWhisperer.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 TheInvestmentWhisperer.com | All Rights Reserved