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WIN Metals (ASX:WIN) has grabbed a “fantastic opportunity” with both hands, acquiring the fully permitted Radio Gold Mine and its many well-established tenements in the Yilgarn region for just under $1 million.
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The Radio acquisition, sealed today, includes a slew of tenements as well as an “extensive range” of mining and processing assets, accommodation facilities, vehicles, and other equipment used by the old owner, Top Global Mining.
The biggest selling point for WIN was the fact that Radio is ready to go: Key infrastructure is already in place. Portal and decline development has already been run on the second level of the Yilgarn gold mine, and construction of a 500ktpa processing facility is “well advanced,” WIN confirmed today.
“Radio represents a fantastic opportunity for WIN to acquire a fully permitted gold mine capable of generating near-term cash flow, harnessing the current elevated gold price,” the company’s managing director, Steve Norregaard, explained.
“Significant operations-ready infrastructure [means WIN can] process its own ore and reduce dependencies on delayed payments often associated with toll milling.”
WIN will open its Radio ownership by evaluating several open pit opportunities near existing workings at Radio Repeater, Radio South, and the mine’s central near-surface Radio resource, which the explorer says were “overlooked.”
“Our clear priority is to select the strategy that maximises profitability,” Norregaard added.
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The building blocks are there too, especially after the mine’s most recent Mineral Resource Estimate came back looking quite meaty: Resources and Energy Group (ASX:REZ) recorded a total mineral resource of 210,000 tonnes grading at 4.23 grams per tonne gold (to 28.6K ounces of gold) back in 2018.
Historic production is similarly quite positive, with Radio’s past productions hitting as high as 71,000 ounces of gold at 38.5g/t Au in 1918 and 1974.
WIN jumped out the gates on Monday to sell at 2cps in morning trade.
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