Aurelia revises resources and tonnages

AURELIA Metals has set increased updated production targets for its three operations across New South Wales, and delivered an improved resource and reserves statement.
Aurelia revises resources and tonnages Aurelia revises resources and tonnages Aurelia revises resources and tonnages Aurelia revises resources and tonnages Aurelia revises resources and tonnages

Dargues has boosted Aurelia's gold inventory

Haydn Black

Reporter

The company has revealed an increase in resource tonnes by 63% to 27 million tonnes, following extensive drilling programs at Federation, Great Cobar, Kairos and Dargues, with copper and gold now representing half of total tonnes.
 
Peak's numbers performed well, with 51% resource growth to 16.9 million tonnes, including a 68% uplift at Kairos to 1.6Mt, inclusive of inferred material from the recently identified Eastern Copper Lens.
 
Peak reserves are 2.7Mt after depletion.
 
Great Cobar resources jumped 43% to 5.8Mt, which contains more than 120,000t of copper and 130,00 ounces gold.
 
Dargues reported a 33% resource boost to 2.1Mt at 5.1gpt for 350,000oz, with reserves of 800,000t at 5gpt. 
 
Hera saw a minor increase in resources to 1.7Mt, with reserves of 900,000t after depletion, while Federation's tonnes are now 5.1Mt at 5.5% lead, 9.3% zinc, 0.9gpt gold, 7gpt silver, and 0.3% copper for 470,000t zinc, 280,000t lead and 140,000oz gold.
 
Overall, reserve tonnes have been reduced by 3%, however the company says it expects to more than offset that with maiden reserves declarations over the next 12 months for Great Cobar and Federation.
 
The company today also upgraded its June 2020 tonnage production targets by 53%, from 5.1Mt to 7.8Mt at of 2.2gpt gold, 11gpt silver, 1% copper, 1.3% lead, and 1.8% zinc, calculated using a net smelter return of A$210/t for June 2021 after allowance for mining depletion.
 
The upgrade was primarily due to a substantial tonnage uplift at the Peak mine and the acquisition of the Dargues mine about six months ago,
 
Peak's production target increased 48% to 5.6Mt at 1.8gpt gold, 1.4% copper, 1.4% lead, and 1.8% zinc, after depletion, largely driven by the inclusion of a portion of the Great Cobar deposit which is the subject of a prefeasibility study that is due for completion at year's end.
 
At Hera, Aurelia has set a 1Mt production target grading 1.4gpt gold, 2.5% lead, 4.1% zinc and 32.gpt silver based on a $180/t NSR.
 
At the Dargues gold mine, a new target has been set at 1.3Mt at 4.9gpt gold. 
 
Aurelia shares were up 1.6% to 46.7c, valuing it at $568 million. The stock has traded between 34.5-63.6c over the past year.