Capricorn Metals has released a conceptual study indicating the potential for underground mining beneath the Orion South open pit at its Mt Gibson Gold Project (MGGP). The study leverages an updated underground resource of 895,000 ounces. Capricorn Metals is an Australian gold producer focused on exploration and development. The company aims to create value through disciplined resource management and strategic project execution.
The study suggests a pre-feasibility assessment for concurrent underground and open-pit development. Access to the underground mine could be established via two declines from the Aries pit. The proposed mining method is pillared long hole open stoping, with a potential throughput of 1 to 1.2 million tonnes per year. Infill and extensional drilling is currently in progress. This drilling aims to define higher-grade zones along the MGGP strike, which extends over eight kilometres.
Executive Chairman Mark Clark stated that the conceptual study highlights an opportunity to integrate underground mining into the long-term strategy for Mt Gibson. The company is focused on expanding the resource base and advancing necessary regulatory approvals. The Mt Gibson Gold Project is a key asset for Capricorn Metals, and the company aims to extend its mine life through further exploration and development.
It is important to note that the study results are preliminary. No production targets or financial outcomes were provided in the release. Ongoing work will be required to assess the economic viability and technical feasibility of the underground mining proposal at Mt Gibson.
