Zhitong Finance App News, Hanwang Gold (03788) issued an announcement. The board of directors of the company is pleased to report the mineral processing and metallurgical test results of recent drilling samples in the historic waste pile area of the Rustlers Roost gold deposit, and provided updates on subsequent drilling plans and the progress of the Mt Bundy gold mine project (this project) in the Northern Territory of Australia.
‧ Composite samples of mineralized materials obtained during the first phase of drilling of the entire historical waste pile have a gold recovery rate of over 95%. Currently, about 700 reverse circulation boreholes and a total of 15,000 meters of follow-up drilling are being accelerated to define the amount of new mineral resources and ore reserves that meet JORC regulations. The waste rock heap is estimated to contain 10 million tons of oxide ore and is located next to a processing plant under construction.
‧ The construction of an ore processing plant with an annual processing capacity of 5.5 million tons is progressing well, supply contracts for key equipment with long delivery cycles have been awarded or ordered, and large-scale earthwork has progressed.
‧ The construction of a transport road and a 258-room camp was completed ahead of schedule and within budget.
‧ The construction of tailings depots (tailings depots) and the bidding for mining contracts are progressing well.
‧ The goal is to conduct factory selection and commissioning in the fourth quarter of 2027, with the first production in the first quarter of 2028.