Kerr Mines 2020 Drilling & Project Update
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Full Article: https://www.globenewswire.com/news-release/2020/08/27/2084689/0/en/Kerr-Mines-2020-Drilling-Project-Update.html
2020 Resource Expansion and Drilling Update
Positive results from the Company’s 2019 successful drilling program totaling 5,000 meters have been incorporated into our planning for the second phase of resource expansion drilling of up to 10,000 meters. The second phase of resource expansion drilling has commenced with a drill contractor selected and a drill rig mobilized to the Copperstone project.
The purpose of the first phase of the 2020 drilling program is step-out reverse circulation (“RC”) exploration holes for the purpose of increasing resource ounces in the Copperstone and Footwall zones. The step-out holes will target the limit of known mineralization trends for future conversion of resources that will be used for mine planning purposes.
The 2020 underground core drilling will commence at the culmination of the surface RC drilling program and includes both step-out and definition drilling in the Copperstone and Footwall zones for purposes of resource addition and conversion in areas proximal to the initial stopes to be mined.
Project Optimization and Financing
In accordance with Copperstone Preliminary Feasibility Study1 and Management’s on-going efforts to improve project economics and extend the current mine life, the Company anticipates a reduction in the estimated initial project capital from what has been reflected in the Copperstone PFS. These reductions are facilitated by way of internal trade off studies and advancement of the detailed engineering of the mine and mineral processing. These reductions are expected to improve project economics as a result of moving forward with a mineral processing strategy that moves to refurbishment and modification of the existing mineral processing and gold recovery circuit.
In addition, further project optimization is being undertaken on the mine operations aspect of the project. In an effort to further reduce execution risk, the Company has been actively engaged with mine operations contractors in planning several options to use contractor services in the pre-production and start-up phases of mine production and development.