Record gold price sees Nexus dust off Pinnacles JV study
Australia’s Nexus Minerals is revisiting the Pinnacles joint venture (JV) gold project, in the Eastern Goldfields of Western Australia, in light of the current high gold prices.
The previous mining study for the Pinnacles JV, which is a JV with Northern Star, was based on a gold price of A$1 800/oz – well below the current price of A$3 970/oz.
“With the gold price continuing to break all historic records this is a great time to be reviewing Pinnacles. Over the last year we have seen the gold price continuing to diverge above costs, generating improved margins across Australian gold mining operations,” said MD Andy Tudor.
The Pinnacles JV is located just south of Northern Star’s Carosue Dam processing plant. In terms of an ore sale and purchase agreement, Nexus will sell all the ore from Pinnacle to Northern Star.
Pinnacles has a Joint Ore Reserve Committee 2012-compliant combined mineral resource estimate of 609 000 t at 4 g/t gold for 78 000 oz.
Nexus has engaged COO Will Cloverdale, a mining engineer, to lead the mine study update.
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