Crater Gold Mining has installed and commissioned its new custom-made gold processing plant at the High Grade Zone (HGZ) mine at its Crater Mountain project in Papua New Guinea.
The company’s managing director Russ Parker said, “This marks an important milestone for the company as we transition from a developer to a gold producer.
“This newly installed processing plant enables us to work towards full production in the near term and is expected to deliver strong cashflows on high margins going forward. This in turn will allow us to fund further development at the HGZ mine and exploration activities at our other assets.
“Our recent discovery at the South Artisan Workings (SAW) Zone also highlights the potential for additional mineralisation in close proximity to the HGZ mine and a potentially longer mine life operation.
“While the current focus remains on the HGZ mine, there remains potential to increase the current JORC compliant resource of 24 million tonnes at 1.0 grams/tonne gold for 790,000 ounces at the nearby Mixing Zone project at Crater Mountain,” he said.
Crater Mountain is 50km southwest of Goroka in the Eastern Highlands Province of PNG. Formerly a tier-1 BHP asset, there has been in excess of 14,500 metres of diamond drilling to date, the majority focused on the Nevera prospect, which hosts the HGZ mine.