The Mt Gibson Gold Project (MGGP) is located in the Mid-West region of Western Australia, 280 kilometres north-east of Perth.
The Company acquired the Mt Gibson Gold Project in July 2021. Since that time the Company has extensively drilled the deposit and grown the reserve base to 1.8 million ounces.
In April 2024 the Company released an update to the pre-feasibility study which identified MGGP as a compelling second mine growth opportunity for Capricorn.
The project is expected to have average annual gold production of 155,000 ounces for the first 9 years of mine life at forecast AISC’s of $1,450 – $1,550 per ounce.
The permitting application process is underway with a 5Mtpa processing plant and open pit mining operations expected to be constructed for a capital cost of $260 million and pre-production mining capital of $86 million.
The current life of mine of 11.5 years is expected to grow with ongoing exploration continuing to grow the resource and reserve base of the project.
Mt Gibson Mineral Resources and Ore Reserves
JORC-2012 compliant MINERAL RESOURCE ESTIMATE as at 30 June 2024:
Capricorn announced on 19 April 2024 an interim update to the MRE announced on 15 December 2023, to reflect the estimation of a 61,000 ounce resource at the historic MGGP heap leach pad (“HLP”). The updated MRE is 125.1Mt at 0.8g/t for 3,305,000 ounces as shown below:
| Indicated | Inferred | Total Mineral Resources | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Deposit | Type | Cut-off (g/t) |
Tonnes (Mt) |
Grade (g/t) |
Metal (koz) |
Tonnes (Mt) |
Grade (g/t) |
Metal (koz) |
Tonnes (Mt) |
Grade (g/t) |
Metal (koz) |
| Laterite | Open-Pit | 0.4 | 1.0 | 0.5 | 17 | 0.8 | 0.5 | 14 | 1.8 | 0.5 | 31 |
| Oxide | Open-Pit | 0.4 | 9.1 | 0.8 | 242 | 0.3 | 0.7 | 7 | 9.4 | 0.8 | 249 |
| Transitional | Open-Pit | 0.4 | 10.8 | 0.8 | 281 | 0.7 | 0.7 | 15 | 11.4 | 0.8 | 296 |
| Fresh | Open-Pit | 0.4 | 73.9 | 0.9 | 2,115 | 24.2 | 0.7 | 553 | 98.2 | 0.8 | 2,668 |
| HLP | Open-Pit | 0.3 | 4.0 | 0.4 | 57 | 0.3 | 0.4 | 4 | 4.3 | 0.4 | 61 |
| Total | 98.8 | 0.9 | 2,712 | 26.3 | 0.7 | 592 | 125.1 | 0.8 | 3,305 | ||
Notes on the Mineral Resource estimate:
- Mineral Resources are estimated using a gold price of A$2,300/ounce.
- Mineral Resources are estimated using a cut-off grade over 0.4g/t Au.
- The above data has been rounded to the nearest 100,000 tonnes, 0.1 g/t gold grade and 1,000 ounces. Errors of summation may occur due to rounding.
JORC-2012 compliant ORE RESERVE estimate as at 30 JUNE 2024:
Capricorn announced an updated Ore Reserve Estimate (ORE) on 19 April 2024 as follows:
The updated MGGP JORC 2012 compliant ORE is 61.6 million tonnes @ 0.9g/t Au for 1.83 million ounces. This updated ORE is based on a Mineral Resource Estimate (MRE) of 125.1 million tonnes @ 0.8g/t Au for 3.305 million ounces (refer ASX announcement 19 April 2024).
| Proved | Probable | Total Ore Resources | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Deposit | Type | Cut-off (g/t) |
Tonnes (Mt) |
Grade (g/t) |
Metal (koz) |
Tonnes (Mt) |
Grade (g/t) |
Metal (koz) |
Tonnes (Mt) |
Grade (g/t) |
Metal (koz) |
| Laterite | Open-Pit | 0.4 | – | – | – | 0.9 | 0.5 | 16 | 0.9 | 0.5 | 16 |
| Oxide | Open-Pit | 0.4 | – | – | – | 6.7 | 0.9 | 185 | 6.7 | 0.9 | 185 |
| Transitional | Open-Pit | 0.4 | – | – | – | 7.5 | 0.9 | 209 | 7.5 | 0.9 | 209 |
| Fresh | Open-Pit | 0.4 | – | – | – | 42.9 | 1.0 | 1,373 | 42.9 | 1.0 | 1,373 |
| HLP | Open-Pits | 0.3 | – | – | – | 3.6 | 0.4 | 51 | 3.6 | 0.4 | 51 |
| Total | – | – | – | 61.6 | 0.9 | 1,834 | 61.6 | 0.9 | 1,834 | ||
Notes on the Ore Reserve estimate:
- Ore Reserves are a subset of Mineral Resources.
- Ore Reserves are estimated using a gold price of A$1,900/ounce.
- Ore Reserves are estimated using a cut-off grade over 0.4g/t Au.
- The above data has been rounded to the nearest 100,000 tonnes, 0.1 g/t gold grade and 1,000 ounces. Errors of summation may occur due to rounding.