Mutiny Gold 16m@ 15,3g/t Au & 6% Cu
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Exploration Update | Drilling Report
02-12-2010
Final results from drilling at Deflector Deposit confirm significant
gold-copper mineralisation
Key Points
· Significant high-grade gold-copper intersections from Mutiny’s Deflector
Deposit drill program in WA include:
· 16m @ 15.3g/t Au and 6.0% Cu;
· 7m @ 19.2g/t Au and 9.4% Cu;
· 6m @ 17.4g/t Au and 4.8% Cu;
· 3m @ 32.8g/t Au and 13.4% Cu; and
· 3m @ 27.0g/t Au and 0.33% Cu.
· Further drilling planned along strike of Deflector mineralisation in early 2011 to
test mineralised extensions and high-grade drill intersections identified in
earlier drilling.
Australian gold-copper resources company, Mutiny Gold Ltd (ASX: MYG) (“Mutiny” or the
“Company”), is pleased to announce the final results received from its recent drilling program at
the Deflector Gold-Copper Deposit, the main deposit within its Gullewa Project in Western
Australia. The aim of the program, of 41 holes for 3461 metres of reverse circulation (“RC”) drilling
was primarily to upgrade part of the existing Indicated Resource to Measured status to underpin
the Bankable Feasibility Study.
Drill Results
Mutiny has received final results for all of the 41 holes drilled during its recent resource upgrade
drilling program. The results are presented in Table 1 and on Figure 1. Drill-hole locations are
listed in Table 2.
The results received for the resource upgrade drill program are highly encouraging. Within the
area of the preliminary planned pit, seven of sixteen holes drilled into the main lode, the West
Lode, returned assays of significantly higher grade than was expected from the previous
intersections in adjacent holes.
Holes 10DRC25 and 26, drilled into the Central Lode (see Figure 1) also returned significantly
stronger intersections than was anticipated. The other holes drilled into the Central Lode returned,
overall, similar results to previous drilling.
The results are listed in Table 1 for all intersections greater than 0.5g/t Au. They include:
· 2m @ 11.9g/t Au and 0.98% Cu in 10DRC01;
· 3m @ 19.9g/t Au and 2.0% Cu in 10DRC02;
· 16m @ 15.3g/t Au and 6.0% Cu in 10DRC05;
· 10m @ 5.4g/t Au and 1.9% Cu in 10DRC06;
· 4m @ 24.9g/t Au and 10.1% Cu in 10DRC08;
· 3m @ 12.5g/t Au and 3.1% Cu in 10DRC09;
· 2m @ 27.2g/t Au and 0.42% Cu in 10DRC21;
· 10m @ 10.3g/t Au and 0.37% Cu in 10DRC 25; and
· 6m @ 16.0g/t Au and 2.2% Cu in 10DRC36.
Mutiny’s independent resource consultant, Continental Resource Management, will use the results
to update the resource estimate for the Deflector Deposit. The resource estimate is expected to be
complete by mid-December.
Mutiny Gold Managing Director, John Greeve said the results of the upgrade drilling program
were highly encouraging. “The Deflector Deposit continues to live up to and in many cases
exceed our expectations. Our immediate focus is on driving shareholder value by upgrading the
resource at Deflector, which we hope to be able to announce before Christmas, and will underpin
the Bankable Feasibility Study,” Mr Greeve said.
“Additionally we believe there is a high probability of discovering further gold-bearing deposits in
the near-mine vicinity and delineating additional resources, so we are very excited about the
upside potential of the Gullewa project,” Mr Greeve added.
Background
The Deflector Gold-Copper Deposit contains total Mineral Resources of 3.3Mt @ 5.4g/t Gold and
0.76% Copper for 560,000oz Gold and 25,000t Copper of which Measured and Indicated
Resources total 1.7Mt @ 4.2g/t Gold and 1.03% Copper for 230,000oz of Gold and 17,000t of
Copper. (see Table 3). The resource was estimated in 2006.
Mutiny plans to commence production with an open pit mining operation at the Deflector Deposit,
followed by underground mining after two years. The payback period from the open pit operations
is estimated to be eight months based on previous mine studies. A mine scoping study is
expected to be completed by the end of 2010.
It’s intended that the ore will be processed at the existing Gullewa Mill (following modifications to
allow the treatment of copper-gold ores). The Company also plans to process Gold Concentrate
from the Company’sWhiteWell Deposit near Cue at the Gullewa Mill.
For further information please contact:
John Greeve David Brook
Managing Director Professional Public Relations
Mutiny Gold Limited T: 61 8 9388 0944/ 0415 096 804
T: 61 8 9368 2722 E: david.brook@ppr.com.au
E: mgl@mutinygold.com.au
Website: www.mutinygold.com.au
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Below is an extract from the Mutiny Gold research report by Wall Street research firm RB Milestone Group.
Price target: $0.41
Last traded: $0.18
Strong Growth Prospects in Global Gold Market
Mutiny Gold Limited (ASX: MYG) is an Australia based mining company primarily focused on the development of gold, nickel and copper tenements in Western Australia.
It has four active projects, of which two are devoted to gold extraction and the other two are devoted to the extraction of nickel and copper.
The company recently purchased its flagship Gullewa Gold Project which contains total resources of 650,000 ounces of gold and 25,000 tonnes of copper including measured and indicated resources of 230,000 gold ounces and 17,000 tonnes of copper.
The Gullewa Project has infrastructure already in place that includes a 300kt pa mill; camp; offices; power plant, and other facilities.
After some upgrades it would also be able to process ore from the White Well Project and other regional deposits.
The company has projected total annual production of 60,000 ounces of gold; 55,000 ounces of silver; and 2,000 tons of copper from all its operating projects.
The company has 100% ownership of exploration leases on the Donnellys Copper Project which is located in the Ashburton region.
Investment Arguments
High Grade Gold Deposits- Substantial Resources with Upside Potential:
The Gullewa Gold Project has a very high-grade near surface gold resource with significant potential at depth and along strike to the north and south for further development.
The Deflector Deposit-resource analysis has shown that it has total 3,300,000 tonnes of total resource available which includes 560,000 ounces of gold, 580,000 ounces of silver and 25,000 tonnes of copper.
White Well Project has total inferred resource of 113,000 ounces of gold. Following a feasibility study conducted in 2006 confirming that mining at Deflector would be profitable, the company is in the final stages of a preparing a detailed mine scoping study.
The latest drilling programme at Deflector Deposit has shown significant gold-copper mineralization.
Gold Production Planned to Commence in 2012:
The Gullewa-Deflector deposit scoping study is being finalised and production at Gullewa is planned to commence in 2012.
Future Extension Plan at Deflector Deposit:
The company has planned further drilling along strike of Deflector mineralization in early 2011 to test mineralized extensions and high-grade drill intersections identified in earlier drilling. Deflector resource is open in all directions.
License to a Wide Mining Area:
The company has 100% ownership of exploration leases on the Donnellys Copper Project. It has 51% interest in the highly prospective Widgie South Prospect which it can increase up to 80%. It has 70% interest in the Gullewa Gold Project with an intention to move to 100% and more than 85% interest in White Well Project.
High Value By-Products:
The company would extract gold: silver; copper; iron; and nickel. The production of such high value metals would add to the revenue of the company.
Rising Metal Prices:
Rising gold and other metal prices promises good revenue to the company. Increasing industrialization in Asia would further boost the demand for metals in Asian markets.
Demand for metals as an investment has also risen in recent years due to falling confidence in currencies.
Low Production Cost in White Well Project with Potential Treatment at Gullewa:
The company would get benefit of lower mining costs at White Well, which has an estimated resource of 91,000 ounces of free digging gold, due to the deep weathered nature of the ore body.
The deep weathered nature of rock cancels out much of the expensive drill and blast methods used in conventional mines thereby making mining more cost effective.
Well Placed Infrastructure:
Gullewa project has infrastructure already in place which includes a 300kt pa mill; camp; offices; power-plant and other facilities.
After some upgrades it would be able to process ore from the White Well project.
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In Summe aber sowieso ne Aktie die einige Jahre im Depot verweilen sollte
anbei mal ein schöner link mit kursverlauf und Sicht auf die NEWS
http://www.asx.com.au/asx/research/...o.do?by=asxCode&asxCode=MYG
http://stocknessmonster.com/news-item?S=MYG&E=ASX&N=526096
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www.asx.com.au/asxpdf/20110215/pdf/41ws71pfrt6g53.pdf
Klingt sehr gut..
Mit diesesn Ergebnissen müsste die Aktie locker bei 0,18-0,25AUD liegen
Das sind super Ergebnisse ich kann mir den laecherlichen Kurs auch nicht erklären. Genauso wie bei redhill Ressource
die an diesem Projekt beteiligt sind und noch bald mit dem seltenen erden Projekt anfangen. Der Markt ist zur Zeit verrückt, wünsche uns allen bald steigende Kurse.
The following is an extract from the report.
Emerging High Grade Gold Producer
Robust Project Economics
MYG’s flagship Gullewa Project in Western Australia is expected to begin production in late 2012 following the completion of a BFS in 2H 2011 and financing/development in 2012.
A recently completed Scoping Study for the primary Deflector deposit at Gullewa highlighted a production profile of 50kozpa Au, 2ktpa Cu and 35kozpa Ag for 10 years from an open pit then underground operation.
Cash costs and capex are both low at
High grade, near surface resource
Current resources at Deflector total 590koz Au at 5.4 g/t, including 235koz Au as Measured and Indicated. The resource is currently contained within a strike of 500m, and depth of 400m.
However both the strike and depth are open and previous studies have identified 900m of potential strike extension to the south of Deflector and 1,800m to the north.
MYG’s global resource inventory is almost 800koz when combined with the White Well Project and other regional deposits.
Existing infrastructure in place
MYG acquired the Gullewa Project in mid 2010 for a series of scheduled payments totalling $13m for 100%.
The acquisition included the current 590koz Au high grade Deflector resource and existing infrastructure including a 300ktpa mill, accommodation, offices, power plant, water and haul roads.
Notwithstanding the refurbishment required at the mill to process to Au-Cu ore, the infrastructure already in place has resulted in a significant capex and time saving.
Significant exploration upside
The current resource is open in all directions and following a recent RC drilling program at Deflector which demonstrated the potential for a 50% increase in the strike length, MYG has announced a resource target of 1.7Moz – 2.5Moz for Deflector.
Resource upside also exists at other deposits at Gullewa including Spanish Galleon and Pieces of Eight which recently recorded high grade gold intercepts.
Attractive valuation
We consider MYG to be an attractively priced gold developer capped at just $40m, expected to begin production from Deflector in 2012 with significant exploration potential targeting >2Moz Au resources at Deflector.
Moreover, MYG is one of the cheapest ASX listed gold stocks on an EV/oz Au resource basis, trading at ~$50/oz which compares favourably with the sector average of ~$150/oz. Our in-situ valuation is $0.33 and represents our initial price target.
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Exploration Update | Drilling Report
31-05-2011
FURTHER ENCOURAGING DRILLING RESULTS FROM
MUTINY GOLD’S DEFLECTOR DEPOSIT
· A further southern extension of 60m has been made to the Deflector deposit to
increase the total strike length to at least 800m
· To date, a total of 3,400m and 39 holes on the Defector Southern Extensions
have been drilled for additional shallow open pit resource (Area 1 drilling).
Results of the first 15 holes have been received.
· Results to the south of the existing Deflector resources include:
§ 6m@ 2.7g/t Au and 0.7% Cu in 11DRC035;
§ 3m@ 5.7g/t Au and 0.4% Cu in 11DRC036;
§ 8m@ 3.0g/t Au and 0.9% Cu in 11DRC038;
§ 3m@ 6.7g/t Au and 1.0% Cu in 11DRC040;
§ 7m@ 2.7g/t Au and 0.1% Cu in 11DRC041; and
§ 1m@ 3.6g/t Au and 5.8% Cu in 11DRC042.
· Results will be incorporated into a revised resource estimate to be used in the
definitive feasibility study
· Deflector Underground (Area 2) diamond drilling commenced on the 18 May
2011 and is ongoing
· Field sampling programs for mobile metals ions (MMI) and surface geology
interpretation commenced
Australian gold-copper resources company, Mutiny Gold Ltd (ASX:MYG) (“Mutiny” or the
“Company”), is pleased to announce that results received from the first 15 holes of its ongoing
drilling program which recommenced in early May have again added length to the Deflector
Deposit mineralisation. These results will be incorporated into the revised resource estimation to
be carried out at the conclusion of the current RC and diamond drill programs.
The results, from holes drilled on three lines immediately to the south of the known West Lode
mineralisation, have extended the known length of the mineralisation by 60m, bringing the total
Deflector strike length to at least 800m (Figure 1).
Deflector Southern Extension Drill Results
Mutiny has received the assay results from the first 15 holes of its Deflector Southern Extensions
(Area 1) Reverse Circulation (RC) program which commenced on 6 May. The drilling was carried
out to delineate near-surface extensions to the main West Lode to the south of the Deflector
Deposit. The results are presented in Table 2 for all intersections greater than 0.5g/t Au or 0.5%
Cu. Drill-hole locations are shown on Figure 1 and listed in Table 3. Cross-sections of the three
lines drilled in the recent program are shown in Figures 2, 3, and 4.
Results to the south of the existing Deflector resources include::
· 6m @ 2.7g/t Au and 0.7% Cu in 11DRC035;
· 3m @ 5.7g/t Au and 0.4% Cu in 11DRC036;
· 8m @ 3.0g/t Au and 0.9% Cu in 11DRC038;
· 3m @ 6.7g/t Au and 1.0% Cu in 11DRC040;
· 7m @ 2.7g/t Au and 0.1% Cu in 11DRC041; and
· 1m @ 3.6g/t Au and 5.8% Cu in 11DRC042.
Outcome of Drill Program
· A further 10% (approximately) increase in the mineralised zone confirming the Company’s
expansion target of between 1.65M to 2.5M ounces of Gold is on track( refer table 1, **).
Initial resource upgrade from current drill program is scheduled for August .
· Increased mineralised length provides opportunities to boost production rates, extend open
pit mine life and enhancing project economics
· Mutiny’s Deflector Regions drill program (as announced on 6th of May) is ongoing with
three drill rigs fully deployed on site.
Supporting Field Work
Two programs of field work have been commissioned to assist this and future exploration
programs.
1. A surface geological mapping and interpretation program is being conducted in the
Deflector area. This information will be used to improve the targeting of the drilling
programs.
2. A regional mobile metal ions (MMI) program, which will be “calibrated” against the known
mineralisation in the area, will be used to assist in the identification of new exploration
targets.
The mobile metal ions technique is a sophisticated geological technique which is often used to
identify new exploration targets. Mutiny is using the MMI survey over areas where exploration
drilling will soon commence to gain a better understanding of the geology of the Deflector environs.
Over the years with a number of different owners of the Gullewa leases, many drill cores and RC
chip samples were produced. Mutiny geologists have commenced re-logging the cores, as there
has not previously been a consistent method used to log these valuable sources of information.
When this is accomplished, Mutiny expects to produce a much better geological model of the area.
Further drilling is planned to focus on the historical end-of-hole data as the program is targeting
geological anomalies in fresh rock rather than supergene anomalies.
The Company will use the results to develop 2D models of the geological structures at Spanish
Galleon, an area of high-grade mineralisation to the west of the Deflector Deposit.
Background
The Company plans to commence production in late 2012 with an open pit mining operation at the
Deflector Deposit, followed by underground mining after two years.
The currently known Deflector Gold-Copper deposit contains Mineral Resources of 3.4Mt @ 5.4g/t
gold, 4.7g/t silver and 0.8% Copper for 590,000oz gold, 510,000oz silver and 25,500t copper of
which Measured and Indicated Resources total 1.5Mt @ 4.8g/t gold, 6.4g/t silver and 1.1% copper
for 235,000oz of gold, 310,000oz silver and 16,500t of copper. (see Table 2 below).
For further information, please contact:
John Greeve David Brook
Managing Director Professional Public Relations
Mutiny Gold Limited Tel: +61 (0) 8 9388 0944
Tel: +61 (0) 8 9368 2722 Mob: 0415 096 804
Em: mgl@mutinygold.com.au
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www.ariva.de/mutiny_gold_ltd-news
"Fairer Wert" beim Vierfachen des aktuellen Kurses - soll uns recht sein.. :-)
Wednesday, July 13, 2011 by John Phillips
Mutiny Gold's (ASX: MYG) continued string of high grade results from the Deflector Project in Western Australia have culminated in the company doubling the initial production target rate to 100,000 gold ounces.
The increase is supported by extensions of both underground and open pit resources.
The current drilling program is now close to completion, with the results to be included in planning for further resource upgrade drilling programs.
Recent drilling at Deflector testing the northern and southern resource extensions is the catalyst behind Mutiny's target, as results reinforced the company’s view of the potential for a significant increase in resources.
Mutiny said that the company has resolved to expand the scope of the Feasibility Studies to incorporate a re-assessment of Deflector, which is now expected to support production in the order of 100,000 to 120,000 gold ounces annually when fully ramped up.
John Greeve, managing director, said that the increase to 100,000 ounces annually should provide significant increases in forecast annual profits to be derived from Deflector.
“The doubling of production at Deflector will allow Mutiny to unlock significant value for our shareholders.”
The recent exploration success has given Mutiny the confidence that the resource at Deflector is of sufficient scale to justify an expanded mining scenario.
The current Pre-Feasibility study work indicates that this may be attained by increasing the underground mining rate from 320,000tpa to 500,000tpa should the strike length be extended as expected, as this will allow an increased number of underground mine headings and therefore the increased production rate.
The Deflector statistics
Deflector already holds some resources in the higher confidence categories, with Measured 130,000 gold ounces and 12,000 tonnes of copper, and Indicated 105,000 gold ounces and 4,500 tonnes of copper.
The deposit contains a total resource of; 3.4 million tonnes at 5.4g/t gold, 4.7g/t silver and 0.8% copper for 590,000 gold ounces, 510,000 silver ounces and 25,500 tonnes of copper.
Mutiny is looking at an initial production profile of around 50,000 ounces of gold, 50,000 ounces of silver and 2,000 tonnes copper in concentrate annually over 10 years.
Mutiny has an exploration target of between 1.65 million to 2.5 million gold ounces.
--------------------
google Übersetzung
Mutiny Gold-Doppel gezielte Goldproduktion Rate auf 100.000 Unzen bei Deflector
Mittwoch 13 Juli, 2011 von John Phillips
Mutiny Gold ( ASX: MYG ) setzte String aus hochwertigem ergibt sich aus der Deflector Projekt in Westaustralien haben in der Firma gipfelte Verdoppelung der anfänglichen Produktion Leitzins auf 100.000 Unzen Gold.
Der Anstieg ist durch die Erweiterungen der beiden U-Bahn-und Tagebau Ressourcen unterstützt.
Das aktuelle Bohrprogramm wird nun vor dem Abschluss, wobei die Ergebnisse in die Planung für weitere Ressourcen-Upgrade Bohrprogramme enthalten sein.
Die jüngsten Bohrungen auf Deflector Prüfung der nördlichen und südlichen Ressourcen Erweiterungen ist der Katalysator hinter Mutiny das Ziel, da die Ergebnisse verstärkt das Unternehmen nach Ansicht der das Potenzial für eine signifikante Erhöhung der Ressourcen.
Mutiny sagte, dass das Unternehmen beschlossen hat, den Umfang der Machbarkeitsstudien zu erweitern, um eine erneute Bewertung der Deflector, die jetzt zu erwarten ist, die Produktion in der Größenordnung von 100.000 bis 120.000 Unzen Gold jährlich bei voller hochgefahren Unterstützung zu integrieren.
John Greeve, Geschäftsführer, sagte, dass die Steigerung auf 100.000 Unzen pro Jahr sollen deutliche Steigerungen in prognostizierten jährlichen Gewinn von Deflector abgeleitet werden können.
"Die Verdopplung der Produktion bei Deflector erlaubt Meuterei zu signifikanten Wert für unsere Aktionäre zu erschließen."
Die jüngsten Explorations-Erfolg hat Mutiny das Vertrauen, dass die Ressource auf Deflector ausreichender Maßstab ist, um eine erweiterte Bergbau-Szenario zu rechtfertigen.
Die aktuelle Pre-Feasibility-Studie zeigt, dass diese Arbeit durch eine Erhöhung der Untertage-Bergbau-Rate von 320.000 tpa zu 500.000 tpa kann erreicht werden, falls der Streik Länge erweitert werden, wie erwartet, da dies eine erhöhte Anzahl von Untertagemine Überschriften ermöglichen und damit die erhöhte Produktion Rate.
Der Deflektor Statistiken
Deflector hält bereits einige Ressourcen in die höheren Vertrauen Kategorien, mit Gemessen 130.000 Unzen Gold und 12.000 Tonnen Kupfer und 105.000 Unzen Gold Indicated und 4.500 Tonnen Kupfer.
Die Lagerstätte enthält insgesamt Ressource; 3,4 Mio. Tonnen mit 5,4 g / t Gold, 4,7 g / t Silber und 0,8% Kupfer für 590.000 Unzen Gold, 510.000 Unzen Silber und 25.500 Tonnen Kupfer.
Mutiny ist bei einer anfänglichen Produktion Profil von rund 50.000 Unzen Gold, 50.000 Unzen Silber und 2.000 Tonnen Kupfer im Konzentrat jährlich mehr als 10 Jahre.
Mutiny hat ein Explorationsziel zwischen 1.650.000 bis 2.500.000 Unzen Gold.
Quelle proactivinvestor
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Das gibt trotz der heutigen zweistelligen Steigerung der Kurs noch nicht im Entferntesten wieder!
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Thursday, July 14, 2011 by John Phillips
Mutiny Gold (ASX: MYG) has been granted a trading halt by the ASX pending a capital raising announcement, with the company's shares placed in pre-open.
Mutiny has not yet indicated where the potential capital injection will be allocated, but yesterday the company began highlighting to the market the potential of the Deflector Project in Western Australia.
The company has doubled the initial production target rate to 100,000 gold ounces annually, with the increase supported by extensions of both underground and open pit resources.
Recent drilling at Deflector testing the northern and southern resource extensions is the catalyst behind Mutiny's target, as results reinforced the company’s view of the potential for a significant increase in resources.
Mutiny said that the company has resolved to expand the scope of the Feasibility Studies to incorporate a re-assessment of Deflector, which is now expected to support production in the order of 100,000 to 120,000 gold ounces annually when fully ramped up.
Deflector already holds some resources in the higher confidence categories, with Measured 130,000 gold ounces and 12,000 tonnes of copper, and Indicated 105,000 gold ounces and 4,500 tonnes of copper.
The deposit contains a total resource of; 3.4 million tonnes at 5.4g/t gold, 4.7g/t silver and 0.8% copper for 590,000 gold ounces, 510,000 silver ounces and 25,500 tonnes of copper.
______________________
google Übersetzung
Mutiny Gold in pre-Erwartung Kapitalbeschaffung Ankündigung
Donnerstag 14 Juli, 2011 von John Phillips
Mutiny Gold ( ASX: MYG ) wurde ein Handelssystem halt von der ASX gewährt, bis eine Kapitalbeschaffung Ankündigung, mit den Aktien des Unternehmens in pre-open platziert.
Mutiny noch nicht angegeben, wo das Potenzial Kapitalspritze zugeteilt werden, aber gestern begann das Unternehmen hervorheben, um dem Markt das Potenzial der Deflector Projekt in Westaustralien.
Das Unternehmen hat die erste Produktion Leitzins auf 100.000 Unzen Gold pro Jahr verdoppelt, wobei der Anstieg durch Erweiterungen der beiden U-Bahn-und Tagebau Ressourcen unterstützt.
Die jüngsten Bohrungen auf Deflector Prüfung der nördlichen und südlichen Ressourcen Erweiterungen ist der Katalysator hinter Mutiny das Ziel, da die Ergebnisse verstärkt das Unternehmen nach Ansicht der das Potenzial für eine signifikante Erhöhung der Ressourcen.
Mutiny sagte, dass das Unternehmen beschlossen hat, den Umfang der Machbarkeitsstudien zu erweitern, um eine erneute Bewertung der Deflector, die jetzt zu erwarten ist, die Produktion in der Größenordnung von 100.000 bis 120.000 Unzen Gold jährlich bei voller hochgefahren Unterstützung zu integrieren.
Deflector hält bereits einige Ressourcen in die höheren Vertrauen Kategorien, mit Gemessen 130.000 Unzen Gold und 12.000 Tonnen Kupfer und 105.000 Unzen Gold Indicated und 4.500 Tonnen Kupfer.
Die Lagerstätte enthält insgesamt Ressource; 3,4 Mio. Tonnen mit 5,4 g / t Gold, 4,7 g / t Silber und 0,8% Kupfer für 590.000 Unzen Gold, 510.000 Unzen Silber und 25.500 Tonnen Kupfer.
Quelle proactivinvestor
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Monday, July 18, 2011 by John Phillips
Mutiny Gold (ASX: MYG) has completed a heavily oversubscribed A$9.7 million capital raising which will accelerate drilling at the highly prospective Deflector Gold Deposit.
Funds will also be allocated to make the next $4 million instalment for the Gullewa Project acquisition.
Mutiny placed 101 million shares at $0.096, together with one free attaching option for every two shares subscribed for exercisable at $0.14 by November 2013.
The company said the decision to proceed with the capital raising comes on the back of recent, highly encouraging exploration success at the Deflector deposit, and the subsequent decision to expand the scale of the Deflector Project.
John Greeve, managing director, said “This financing, coming on the back of our announcement that we are proposing to double our annual production rate at Deflector, confirms that Mutiny Gold is serious about its stated intention of becoming a significant, profitable, low cost gold producer in the very near future.
"We now look forward to completing the metallurgical testwork, drilling and DFS for Deflector and bringing the project into production in 2012.”
Last week Mutiny said that the company has resolved to expand the scope of the Feasibility Studies to incorporate a re-assessment of Deflector, which is now expected to support production in the order of 100,000 to 120,000 gold ounces annually when fully ramped up.
The Deflector statistics
Deflector already holds some resources in the higher confidence categories, with Measured 130,000 gold ounces and 12,000 tonnes of copper, and Indicated 105,000 gold ounces and 4,500 tonnes of copper.
The deposit contains a total resource of; 3.4 million tonnes at 5.4g/t gold, 4.7g/t silver and 0.8% copper for 590,000 gold ounces, 510,000 silver ounces and 25,500 tonnes of copper.
Mutiny has an exploration target of between 1.65 million to 2.5 million gold ounces.
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Mutiny Gold Limited (ASX:MYG)
Audio Stream by John Greeve on Raising AU$9.7M for Gullewa
Sydney, July 19, 2011 (ABN Newswire) - Mutiny Gold Limited (ASX:MYG) provides the opportunity to listen to an audio broadcast with John Greeve, Managing Director in a presentation titled "Mutiny Gold Raises AU$9.7M for Gullewa Acquisition and Expanded Deflector Exploration Program", Presented by - Mr John Greeve, Managing Director".
To Listen: click to the Mutiny Gold Wedsite at: http://www.mutinygold.com.au/boardroom-radio
The presentation details are as follows:
Mutiny Gold Raises AU$9.7M for Gullewa Acquisition and Expanded Deflector Exploration Program Presented by John Greeve, Managing Director.
- Tue, 19 July 2011 11:45am AEST
About Mutiny Gold Limited
Mutiny Gold (ASX:MYG) is a diversified resource company focused on the exploration and development of its flagship Deflector gold / copper project, within the Gullewa tenements located in the South Murchison region of Western Australia.
The Company also has significant nickel tenements in Western Australia as well as iron ore potential at its Gullewa tenements.
Mutiny plans to commence production in 2012 with an open pit mining operation at the Deflector Deposit, followed by underground mining after two years.
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Tuesday, August 09, 2011 by John Phillips
The significance for Mutiny of the Gullewa acquisition is that the project hosts the Deflector Deposit, which a recent Scoping Study outlined as having potential for the deposit to be a low cost gold copper producer.
Mutiny Gold (ASX: MYG) has taken another major step towards full ownership of the Gullewa Gold Project in Western Australia, with the A$4 million instalment payment to ATW Gold Corp Australia Pty Ltd.
Mutiny has now paid a total of A$7 million, and has the right to purchase Gullewa by scheduled payments totalling $9 million plus replacement bonds for 70% ownership - with the right to acquire 100% for a further $4 million.
The final $2 million required to move to 70% (to bring paid total to $9 million) is not due until 30 October 2011.
Mutiny is currently well funded to meet this future commitment, in addition to funding the upcoming exploration activities - due to completing a $9.7 million heavily oversubscribed capital raising in July.
What is so important about Gullewa is that the project hosts the Deflector deposit, which already holds some resources in the higher confidence categories, with Measured 130,000 gold ounces and 12,000 tonnes of copper, and Indicated 105,000 gold ounces and 4,500 tonnes of copper.
The deposit contains a total resource of; 3.4 million tonnes at 5.4g/t gold, 4.7g/t silver and 0.8% copper for 590,000 gold ounces, 510,000 silver ounces and 25,500 tonnes of copper.
Mutiny has an exploration target of between 1.65 million to 2.5 million gold ounces.
Mutiny has said that the company has resolved to expand the scope of the Feasibility Studies to incorporate a re-assessment of Deflector, which is now expected to support production in the order of 100,000 to 120,000 gold ounces annually when fully ramped up.
The reason is exploration has uncovered high grade intercepts in multiple locations, which predicate likely extensions to the planned open pit and, also, importantly, confirm the down plunge continuity with depth of high grade shoots that can be included in underground mine planning
The results provide further confirmation of the exploration potential of the Deflector Corridor but they are likely to be just the tip of the iceberg as far as upside in exploration target and production ounces.
Scoping Study - Recap
- IRR of 83%
- NPV of $187 million – likely to increase significantly
- Cash surplus of $427 million after payback of capital costs
- Capital cost of $52 million and State Royalties including A$19 million for plant upgrade and A$12 million for the first three months working capital
- Annual production of 50,000 ounces gold, 2,000 tonnes copper and 34,600 ounces silver
- Cash costs over first ten year life of mine estimated at $524 an ounce
- Contained gold ounces of 578,000 ounces (comprising 100,000 ounces open pit and 478,000 ounces underground)
- Estimated average production grade of ore ranges from 4.1g/t gold to 6.5g/t gold
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