Exploration & Growth
Millennium’s 100%-owned land-holding at the Nullagine Project covers 264 sq km of the highly prospective and under-explored Mosquito Creek Gold Belt.
The Company has a three-pronged plan to unlock the regional potential within this highly prospective area, with the aims of increasing gold production beyond the current 90-100kozpa, establishing a +5 year mine life and increasing head grade and cash flow.
The Nullagine Project hosts a significant Mineral Resource contained in sulphide ore, which has never previously been developed and mined due to the lack of a suitable processing route.
However, recent studies have confirmed the potential to process this ore through a two-stage low-cost expansion of the existing CIL plant, comprising:
- Stage 1: In-mill oxidation to facilitate processing of pyrite/arsenopyrite-dominant ore. Commissioning April 2019.
- Stage 2: Pressurised in-mill oxidation to facilitate processing of arsenopyrite-dominant ore. Commissioning early 2020.
The sulphide expansion project timeline will see a large number of new ore sources come on-stream over 2019 and 2020, potentially supporting an increase in the Company’s production profile beyond 100kozpa with a focus on strengthening operating margins and cash flow while at the same time increasing mine life.
Scope also exists for a substantial increase in the Mineral Resource base at Nullagine, with extensive mineralisation identified beneath all known Resource areas.
Millennium developed its first underground mine at the Bartons deposit in 2018, with this mine now forming a significant source of high-grade ore feed.
Development of a second underground mine at the Golden Gate Mining Centre is expected to commence in the third quarter of 2019.
Underground studies are underway on several additional deposits, with drilling continuing to test the Nullagine Project’s broader depth potential.
Oxide ore has been the foundation of the Nullagine mining operation to date, and oxide exploration will continue to remain a key focus.
Exploration drilling aimed at growing the Nullagine gold inventory and mine life continues to deliver thick, high-grade intersections across multiple prospects.
For more information on Millennium Minerals’ Exploration & Growth initiatives, please see our latest Investor Presentation.