Name of the Project
Ironbark gold project.

Location
Near Meekatharra, Western Australia.

Project Owner/s
Mineral exploration company Great Boulder Resources.

Project Description
A scoping study has shown robust economics for a short mine life, and a high-grade, openpit mining opportunity at the Ironbark deposit, which falls within Great Boulder’s flagship Side Well gold project. Ironbark has mineral resources of 938 000 t grading at 3.3 g/t gold for 100 000 oz.

The Ironbark project has been divided into two stages.

Stage 1 is aligned along the strike of the orebody and is planned to exploit about 50% of the total ore within the mine plan. The upper 40 m of Stage 1 is proposed to be accessed through a dual-lane ramp, which transitions to a single-lane configuration at depth to reduce waste movement.

Stage 2 expands on Stage 1 by cutting back the southern and south-western walls while maintaining a common final wall at the north-eastern end. A portion of the Stage 1 ramp will be reused before being extended to access deeper ore zones. Stage 2 extends about 670 m along strike, with a pit crest width of 270 m.

As in Stage 1, a dual-lane ramp services the upper levels before narrowing to a single-lane configuration to depth.

This approach helps to maintain an acceptable stripping ratio and reduce additional waste movement associated with a larger ramp profile. Traffic flow within the single-lane section is assumed to be manageable for the remaining benches of the pit.

All material mined from Stage 1 and Stage 2 of the openpit is expected to be hauled either to a nearby surface waste dump, in close proximity to the pit crest, or to a local run-of-mine stockpile for subsequent surface haulage to the processing facility. Ironbark has a production target comprising 1.26-million tonnes at 2 g/t gold for about 79 000 oz – 648 000 t at 1.4 g/t gold, producing about 30 000 oz gold in Stage 1, and 615 000 t at 2.5 g/t gold producing about 49 000 oz gold in Stage 2.

The development of a mining operation at Ironbark remains contingent upon the grant of mining tenure.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The scoping study shows a net present value, at an 8% discount rate, of about $137-million and an internal rate of return of 152% at a spot gold price of A$5 064/oz

Capital Expenditure
Stage 1 capital expenditure is estimated at A$3.1-million.

Planned Start/End Date
Not stated.

Latest Developments
None stated.

Key Contracts, Suppliers and Consultants
Entech (mining consultants).

Contact Details for Project Information
Great Boulder Resources, tel +61 8 9321 6037 or email admin@greatboulder.com.au.