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resource and reserve definition drilling and exploration target recently referred to the NSW independent planning commission
generation,” Mactier said. (IPC) for final approval.
Regis is targeting 500,000oz in annual group production for “This is a very significant step forward and I would like to thank
FY25, with Duketon the main contributor as Tropicana gains our team for their considerable efforts so far,” Mactier said.
pace. A feasibility study will follow after IPC approval. At the time of
In the meantime, Regis continues to advance the development print, a public hearing was yet to take place on further approval
of its McPhillamys project in New South Wales, which was of the project.

Capricorn eyes Karlawinda 2.0

by Fraser Palamara

lthough Capricorn Metals Ltd was nominated as a GMJ’s
AMiner of the Year for its outstanding work at Karlawinda,
much anticipation surrounds the company’s opportunity to
develop the Mt Gibson gold project in Western Australia.
Capricorn landed one of the biggest bargains in the industry
when it bought the 2.1 moz Mt Gibson project, northeast of Perth,
from a Chinese company in late 2021 for just $39 million. It didn’t
take long for Capricorn to raise the resource at the “hidden gem” Mark Clark
to 2.8 moz following rigorous drilling.
At last year’s Diggers & Dealers conference in Kalgoorlie, On the production front, Capricorn’s Karlawinda posted 118,434oz
Capricorn managing director Mark Clark compared the at AISC of $1,112/oz during FY22. The company has stated a
opportunity at Mt Gibson to its operating Karlawinda mine in the guidance of 115-125,000oz at AISC $1,160-1,260/oz for FY23.
Pilbara.
Already a quarter into FY23, Karlawinda – east of Newman – has
“Mt Gibson has very similar tonnes, grade and stripping ratio to produced 31,000oz at AISC of $1,166/oz, contributing to $38.5
Karlawinda,” he said. “Not dissimilar at all.” million of company cash flow.
Mt Gibson was previously mined between 1986 and 1999, The open pit Karlawinda mine maintains a throughput of up to 5
producing 868,000oz across 14 pits at an average depth of 60m. mtpa, a reserve grade of 0.8 g/t gold, 93% recovery, a mine life of
Clark said historical mining at the project only tapered off because up to 12 years, 1.34 moz in reserves, and a 2.29 moz resource.
the gold price at the time didn’t warrant ongoing exploration.
Karlawinda was also undergoing resource and reserve growth
“The resource numbers [of Mt Gibson] are within 100,000oz of drilling at the time of print.
Karlawinda but the difference is this project has only been drilled
“We’re currently drilling out the area immediately below our
to 140m below surface,” he said. “Not because the geology dies
reserve pit design, which is the downdip area where the bulk
out but because the gold price that prevailed at the time it was
of our resource is, which is not yet in reserve,” Clark explained.
owned, and last worked on, was $2,000/oz below the current
“We’re drilling an RC programme of 30,000m to get the density
price.”
into that next 50-100m below the reserve pits to update the
Capricorn has already delineated three “significant” regional reserves.”
targets to continue growing Mt Gibson’s resource, on top of
Capricorn’s share price saw turbulence throughout October, at
drilling deeper at the historical mining pit. These targets include
one point dropping more than 10%, as Karlawinda garnered
extensions to the mine trend, the McDonalds/Highway target 5km
mainstream press following the on-site death of a contractor.
north of the open pit, and the Taurus trend. A first-pass 30,000m
Production was suspended at the mine site before resuming in
aircore drilling programme was to begin at the time of print.
early November, and Capricorn’s share price has recovered to be
“The geology will continue, the ounces will get significantly bigger, up more than 35% on the year, as of December 2022.
and I wouldn’t be surprised if this does end up being a bigger
Proxy votes at the Capricorn AGM saw considerable pushback
project than Karlawinda,” Clark said. “I think we will be drilling here
against re-election and remuneration. More than 15% of
for a long time to come.
shareholders voted against the remuneration report while more
“We think there’s great potential to grow the resource along strike than 20% voted against the re-election of non-executive director
and below the current pit design. Myles Ertzen and more than 16% voted against the re-election
“We’re thrilled with that acquisition and we believe that project will, of Clark.
in the medium term, become our second mining operation.”
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