Hanking picks up satellite deposit

CHINA’S Hanking Gold Mining has acquired the Redwing gold deposit, 50km from its Marvel Loch plant in Western Australia, as part of its strategy of regional consolidation.

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Hanking paid vendor Audax Minerals $A700,000 in cash for the deposit, which has a resource of 1.4 million tonnes at 2.4 grams per tonne gold for 108,000 ounces.