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Crater Gold Mining Ltd eyes higher production from Crater Mountain, PNG

Published: 14:30 12 Jul 2016 AEST

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Crater Gold Mining Ltd (ASX:CGN) is aiming to increase gold production from within the central high grade gold block at the High Grade Zone (HGZ) mine in Crater Mountain, Papua New Guinea.

Last month, the company had sold the first gold from stockpiled material at the HGZ mine.

The processed material was sold for $351,000 and was largely sourced from stockpiled material derived from initial development work at the project.

The mining focus has now switched from development and exploration to excavation of the high grade gold block.

The mining rate and the recovered gold grade are expected to increase with stoping now underway.

While the focus remains on the HGZ mine, there is potential to increase the current resource of 790,000 ounces of gold at the nearby Mixing Zone project.

Crater Mountain was formerly a tier-1 BHP asset, with more than 14,500 metres of diamond drilling to date at the Nevera prospect, which hosts the HGZ mine and the Mixing Zone project.

Crater Gold Mining had raised $800,000 earlier this year through a placement of 10 million shares at $0.08 each to institutional and wholesale investors.

 

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