Page 60 - gmj141-Oct-Dec-mag-web

DRILL BITS Exploring together for success bostech.com.au

King of the Hills boasts reserves of 64.6mt @ 1.2 g/t gold
for 2.4 moz

crOWn in WaitinG fOr red 5 accepted, Los Cerros is well placed for a sustained three-rig
diamond drilling programme across multiple sites at the Quinchia
Drilling remains ongoing at King of the Hills as Red 5 Ltd works
gold project in Colombia.
towards a final investment decision on the mine.
The raising also covers a one-off payment of $2.21 million to clear
A feasibility study has highlighted production of the initial 16-year
a debt held by First Rand Investment Holdings (Pty) Ltd (RMB),
project could start in the June quarter of 2022.
which would have otherwise totalled $3.5 million.
Four years of open pit and underground mining is estimated to
The agreement also includes the reduction of potential future
peak at 203,000oz gold in FY2024, with production in years 1-6
royalty payments on the Quinchia project from $15 million to $14
sustained at 176,000 ozpa at AISC of $1,339/oz. Life-of-mine gold
million, payable at a rate of 2% of net smelter revenue.
production is slated for 146,000 ozpa at AISC of $1,415/oz.
Early site works are expected to start in the December quarter,
with project financing and completion of permitting, appointment MaGnetic attractiOn fOr $7 MilliOn
of an EPC contractor and tendering of mine service contracts in Magnetic Resources NL received binding applications for about
process as a final investment decision looms. $7.1 million (before costs) via a placement of about 5.2 million new
shares at $1.38/share in September.
debt cleared, lOs cerrOs raMPs The funds will mostly be used at the Hawks Nest 9 (HN9) and
uP drillinG Lady Julie projects in Western Australia with additional RC
and deeper diamond drilling, metallurgical work, resource and
Los Cerros Ltd received firm bids for more than four times scoping studies planned for both.
its targeted capital raising recently via a private placement to
“These funds will allow for additional RC drilling looking to mainly
professional and sophisticated investors.
extend the near surface HN9 project from 3km to 4.5km in length
With binding commitments for a placement of $10 million
and deeper diamond drilling mainly in the exciting thickened

Exploring together for success

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