China Hanking Australia Investment Pty Ltd (announced that through its subsidiary Hanwang Australia), its Mt Bundy gold project in the Northern Territory of Australia had increased its total open-pit gold ore reserves from 1.23 million ounces to 1.39 million ounces. This brings the total gold ore reserves of the Mt Bundy Gold Project (including Tom's Gully)) to 1.56 million ounces, an increase of 11%.
The new opencast ore reserve estimates are based on Cube Consulting's recently completed JORC mineral resource estimates for the Quest 29 and Annie Oakley deposits and the results of new mineral processing tests for the Rustlers Roost Gold Mine (see the Company's announcement of February 7, 2022). The Mt Bundy gold project currently has 3.01 million ounces of gold resources.
The new ore reserves are based on the Australian Code for reporting of Exploration results, Mineral Resources and Ore reserves, version 2012. Mr., Steve Craig is a qualified person as defined in the JORC Code. Mr. Steve Craig, as a qualified person, has agreed to report this reserve estimate in accordance with the JORC Code.
Commenting on the new results, Dr. Yumin Qiu, Executive Director, Vice President and Managing Director of Hanwang Australia, said: "the new gold ore reserves further confirm that Mt Bundy is a long-lived, profitable and robust gold project. With 1.2 million ounces of gold ore reserves and a low stripping ratio of 1.4v1, Rustlers Roost is undoubtedly one of Australia's largest and lowest-cost open-pit gold reserves. "
In addition, the, Mt Bundy gold project was recently awarded a "major project" by the Australian Northern Territory Government. As part of the award of major project status, the Northern Territory Government has established a working group with Primary Gold Pty Ltd, an Australian company, to coordinate and promote development licenses for the Mt Bundy project. The company is committed to the full license of the Mt Bundy gold project and mine development.
