REVEALED: Next step for gold mine west of Casino
WITH gold prices skyrocketing in Australia, work is progressing on an "advanced" gold and silver mining project in Northern NSW.
White Rock Minerals is developing the project at Mt Carrington, 70km west of Casino.
Speaking to the Noosa Mining Conference last month, the company's managing director and CEO, Matthew Gill, said work was currently under way to update the pre-feasibility study.
One was done in 2017, but since then the price of gold has increased from $1700 per ounce to more than $2500.
The updated study should be ready within the next month.
"In this high gold price environment… it (the Mt Carrington project) is a significant cash generator," Mr Gill said in his presentation.
"We're updating the pre-feasibility study as we speak.
"There aren't that many projects that advanced, on approved mining leases, with some infrastructure already in place, that generates that sort of initial four to five year mine life.
"And that's before we add any more of the gold resources or silver resources into it."
In February this year, Mr Gill explained the company's plans for the near future in an interview with financial multimedia business Proactive.
"At the minute we're capital raising for our Mt Carrington gold and silver project," he said.
"It is an advanced project … it's got a feasibility study, there's infrastructure already in place.
"So we want to take that through the permitting process, a 12 to 18-month process and then it's about a year to build it.
"Inside three years we'd be producing gold."
The Tenterfield and Drake areas have long been known for their gold potential.
Tenterfield was settled by sheep and cattle farmers, but the population exploded in the 1880s after the discovery of gold at Morgans Gully and Ropers Gully, north of the town.
Gold was discovered at Mt Carrington in 1886.
White Rock Minerals have been working at the Mt Carrington site since 2010.
It's estimated there is more than 340,000 ounces of gold and 23 million ounces of silver at the site.