Doray Minerals says the mine life at its Andy Well gold operation can be extended following the unveiling of the maiden resource for the Judy Lode deposit.
Judy Lode, adjacent to the future Wilber Lode mining operations within Andy Well, contains 106,000 ounces of gold in the indicated and inferred category.
Doray said the total resource includes the high grade Judy South zone with the resource estimate at 137,000 tonnes at 19.3 grams per tonne gold for 85,000 ounces of gold.
“This new high-grade Judy Lode resource, in close proximity to the future underground Wilber Lode mining operations, has the potential to add to the initial 3.7 year mine life indicated by the bankable feasibility study completed in the middle of 2012,” managing director Allan Kelly said.
“Importantly, based on our experience so far and, given the nature of the Judy Lode mineralisation, we believe we should be able to again achieve a high conversion rate from resource to reserve at Judy.
“This should then translate into an increased mine life at Andy Well to almost 5 years.”
Shares in the company closed higher today on the back of the resource announcement, up 5c to 68c.
