Join our daily newsletter At The Bell to receive exclusive market insights
- 3D Resources (DDD) will carry out additional drilling at the Adelong Goldfields in Southern NSW in support of a two-part Scoping Study
- The company has decided to release the study in two sections due to weather delays impacting its ability to complete necessary drilling
- Instead, DDD will release an initial scoping study based on existing indicated and measured resources and a full study once additional drilling is complete
- The initial scoping study should be released shortly, with both studies designed to help re-commence production at the old Adelong gold mine
- Shares in 3D resources is up 12.5 per cent at 0.5 cents each
3D Resources (DDD) will carry out additional drilling at the Adelong Goldfields in support of a two-part Scoping Study.
The company has been exploring the goldfields in Southern New South Wales after taking control of a 70 square kilometre parcel of land, including on old mine site it’s hoping to re-commission.
It had begun drilling at the site in preparation for a Scoping Study, however poor weather recently impacted DDD’s ability to complete work at the Caledonian deposit.
As a result of the weather delays impacting drilling, 3D Resources has decided to release the study in two sections.
The initial scoping study will be based on existing indicated and measured resources, while the full study will be released once additional drilling has been completed.
Commenting on the scoping study, 3D Resources Managing Director Peter Mitchell said the initial study will be released shortly.
“We are pleased to have largely completed our initial scoping study and to have finalised the proposed plant design, capital costs and strategy to assess the commercial viability of the Adelong Gold Project,” Mr Mitchell said.
“These components relate to the entire project even though we have only brought measured and indicated resources comprising only 40 per cent of the existing JORC Resource into the initial study.
“With the effects of COVID-19 related delays and recent poor weather, we will focus on a further round of drilling to upgrade inferred resources to complete the full project study.”
3D Resources will carry out the additional exploration work over the coming summer months, with full production targets to be announced in the final scoping study.
Shares in 3D resources were trading up 12.5 per cent at 0.5 cents each at 12:03 pm AEDT.
