New Guinea Gold (NGG-V) has found more gold at its Sinivit Gold mine in Papua New Guinea.
The company says its latest round of drilling extend known oxide gold mineralisation in mine’s central oxide zone.
Highlights from the assays include: 8 metres grading 12.82 grams gold; 6 metres grading 10.45 grams gold including 2 metres at 19.3 grams gold and 4 metres grading 19.6 grams gold including 2 metres at 37.6 grams gold.
New Guinea says 14 of the 21 reverse circulation holes returned average gold results above the mine cut off grade of 1.5 grams gold.
Along with the stellar drill results the company also announced a change in extraction methods at the mine. New Guinea says it will go begin testing a heap leaching system at Sinivit, gradually phasing out the current vat leaching operation.
The decision was made easier by the fact that heaps can be constructed on top of existing vats with the vats serving as the “pregnant and barren” ponds needed by a heap system.
The move to heap leaching will lower operating costs and allow for a timelier processing of ore.
Upgrades at the mine continue with an increase in crushing capacity over the quarter to 12,000 tonnes per month. It plans to get that number up to 15,000 tonnes in May by extending crushing shifts and installing a new crusher.
The new crusher will not only producer a finer crushed product but will also eventually take crushing up to 20,000 tonnes per month.
More good news may soon be on the way for the company as on May 18 it announced that a subsidiary of Barrick Gold (ABX-T, ABX-N) has begun a diamond drill program on its jointly held Nakru 1 Prospect.
In Toronto on May 19, New Guinea Gold’s shares rose a half of a cent to 11¢ on volume of 218,000 shares traded.
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