It could add a second mine to Matsa’s emerging mining hub around its wider Lake Carey project.
Red Dog has a maiden resource estimate of 368,000 tonnes grading 2.2 grams per tonne for 26,300 ounces, with 94% of the resource in the indicated category.
Plans are already in motion to start mining later this year.
The 100%-owned discovery is close to the Lake Carey gold project, where trial mining is underway at Fortitude, and the mothballed Red October mine, which is being studied for a restart.
The company is now running pit optimisation and mining studies, and metallurgical testing, to determine if it should push ahead with a decision to mine.
Approvals for vegetation clearing were submitted last year in order to speed up potential timeframes, with mining...