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Dacian Gold confirms third gold discovery at Mt Morgans project

The company is less than seven weeks away from first gold production.
Dacian RC drilling
Cameron Well is the third gold discovery in the area after Westralia and Jupiter

Dacian Gold Ltd (ASX:DCN) drilling results have confirmed that Cameron Well is the third significant gold discovery at its Mt Morgans Gold Project in Western Australia.

A 119-hole reverse circulation drilling program has returned shallow high-grade results of up to 11.7 g/t gold over 4 metres from 71 metres.

Other results included 7 metres at 10.6 g/t from 19 metres, 5 metres at 5.2 g/t from 49 metres, 4 metres at 5.1 g/t from 84 metres and 4 metres at 4.1 g/t from 17 metres.

Oxide mineralisation is open

Only 15 of these holes returned assays of less than 0.5 g/t gold and the oxide mineralisation is open in all directions.

A further 16,000 metres of infill drilling is underway targeting a maiden oxide indicated mineral resource.

Feasibility study underway

Dacian has started collecting feasibility study data to be used in assessing the potential for open pit oxide ore reserves at Cameron Well and aims to announce a maiden ore reserve by mid-2018.

Dacian’s Mt Morgans project is near Laverton.

Cameron Well is midway between the Westralia and Jupiter mining areas and is just 9 kilometres northwest of the new CIL treatment plant, which is more than 95% complete.

First production imminent

The company is less than seven weeks away from first gold production from the plant, which has an annual capacity of 2.5 million tonnes.

Mt Morgans, which is near Laverton, has a mineral resource of 3.3 million ounces, including an ore reserve of 1.2 million ounces.

Dacian plans to produce gold at an annual rate of 200,000 ounces.

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Dacian Gold Ltd Timeline

Newswire
November 09 2015

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