Meeka Metals Limited ('Meeka' or the 'Company') is pleased to advise a 750kW ball mill and associated equipment has been purchased and will be transported to site in September 2024.
The 750kW ball mill is larger than the 500kW mill included in the DFS and increases processing capacity by 30% to 640ktpa.
In addition, capital cost for the mill purchase is reduced by 75% and lead time by 33 weeks compared to the alternative of a new ball mill sourced overseas. This allows production and cash flows to be accelerated and optimised.
The Company is now assessing a range of options including processing of: a 600,000t ore stockpile (38,000oz @ 2.0g/t Au) built up in years 1 to 6 in the DFS; 52,000oz @ 1.3g/t Au within a spot gold price ($3,500) optimised pit shell but excluded from the DFS due to mill capacity constraints and 61,000oz @ 3.3g/t Au from the 2023 underground Ore Reserve also excluded from the DFS due to mill capacity constraints.
Contact:
Tim Davidson
Managing Director
Tel: +61 8 6388 2700
Email: info@meekametals.com.au
ABOUT MEEKA
Meeka Metals Limited has a portfolio of high quality 100% owned projects across Western Australia.
Murchison Gold Project
Meeka's flagship Murchison Gold Project has a combined 281km-2 landholding that hosts a large high-grade 1.2Moz @ 3g/t Au Mineral Resource on granted Mining Leases. The Murchison Gold Project Definitive Feasibility Study focusses on restarting the fully permitted Andy Well mill. The Study outlines a straightforward development strategy and strong financial outcomes, including post-tax net cash flows of $413M, post-tax NPV8% of $244M and a post-tax IRR of 100% over an initial 9-year production plan.
COMPETENT PERSON'S STATEMENT
The information that relates to Exploration Results as those terms are defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves', is based on information reviewed by Mr James Lawrence, a Competent Person who is a member of the Australasian Institute of Mining and Metallurgy. Mr Lawrence is a full-time employee of the Company. Mr Lawrence has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Lawrence consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. The information that relates to the Mineral Resource for Turnberry was first reported by the Company in its announcement on 6 May 2024 titled 'Turnberry Mineral Resource Upgrade'. The information that relates to the Mineral Resource for St Anne's was first reported by the Company in its announcement on 17 April 2024 titled 'St Anne's Mineral Resource Update'. The information that relates to the Mineral Resource for Andy Well was first reported by the Company in its announcement on 21 December 2020 titled 'Latitude Acquires High-Grade Andy Well Gold Project'. The Company is not aware of any new information or data that materially affects the information included in these announcements and that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original announcement. The information that relates to Ore Reserves and production targets for the Murchison Gold Project was first reported by the Company in its announcement on 30 May 2024. The Company is not aware of any new information or data that materially affects the information included in this announcement and that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original announcement.
FORWARD LOOKING STATEMENTS
Certain statements in this report relate to the future, including forward looking statements relating to the Company's financial position, strategy and expected operating results. These forward-looking statements involve known and unknown risks, uncertainties, assumptions and other important factors that could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such statements. Actual events or results may differ materially from the events or results expressed or implied in any forward-looking statement and deviations are both normal and to be expected. Other than required by law, neither the Company, their officers nor any other person gives any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements will actually occur. You are cautioned not to place undue reliance on those statements.
Contact:
West Perth
Tel: +61 8 6388 2700
Email: ua.moc.slatemakeem@ofni
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