A CUSTOM made gold processing plant has been installed and commissioned at Crater Gold Mining’s High Grade Zone (HGZ) mine at Crater Mountain, Papua New Guinea, the company said in its May announcement.
Crater managing director Russ Parker said this is another step for the company as it transitions from a developer to a gold producer.
“This newly installed processing plant enables us to work towards full production in the near term and is expected to deliver strong cashflows on high margins going forward.”
As a result, Crater will have the capacity to fund further development at this HCZ mine and exploration activities at its other assets, Mr Parker said.
“Our recent discover at the South Artisan Workings (SAW) zone also highlights the potential for additional mineralisation in close proximity to the HGZ mine and a potentially longer mine life operation.”
Crater is focused on the HGZ mine, but Mr Parker said there is potential to increase the current joint ore reserves committee compliant resource of 24 metric tonnes at 1 grams per tonne of gold for 790,000 ounces at the nearby Mixing Zone project at Crater Mountain.
Crater Mountain is located 50 kilometres southwest of Goroka in the Eastern Highlands province of Papua New Guinea.
Formerly a tier 1 BHP asset, Crater said there has been in excess of 14,500 metres of diamond drilling to date, the majority focussed on the Nevera prospect, which hosts the HGZ mine.