Join our daily newsletter At The Bell to receive exclusive market insights
- Manuka Resources’ (MKR) reports its Mt Boppy operation achieved record sales results of $9.1 million in September
- The company sold 3710 ounces of gold and 2757 ounces of silver, helping MKR achieve a monthly sales record
- Mining at Mt Boppy is due to end in late November, though gold processing and production from the project will continue until February
- Additionally MKR is planning to ramp up drilling at an area south of Mt Boppy as the company continues to investigate the site
- Shares in Manuka ended Wednesday up 1.59 per cent at 32 cents each
Manuka Resources’ (MKR) Mt Boppy operation has achieving record sales results of $9.1 million in September.
The company said it had sold 3710 ounces of gold and 2757 ounces of silver during the month, helping it achieve the sales record from the NSW-based asset.
The mining stock also noted gold recoveries from the mine had increased from 72 per cent to 77 per cent since it altered the regrind circuit by adding a second ball mill.
The company believes the current production rate will continue until the end of mining and processing from the current open pit design at Mt Boppy.
Mining is due to end in late November, though gold processing and production from Mt Boppy ore is expected to continue until February next year.
MKR Executive Chairman Dennis Karp said he was very pleased with the sales record.
“The September Quarter has been excellent in terms of gold production, sales and profit,” Mr Karp said.
“I look forward to advising the September profit and that for the Quarter. It is stating the obvious, but the contribution to free cashflow from three good months is material.”
Manuka also advised today that it was planning to intensify its exploration program at Mt Boppy South as it investigates the sites potential for mining.
“The intensified exploration program over around 29,000 metres of drilling is also very exciting, as success could be transformational for the company,” Mr Karp said.
Shares in Manuka Resources ended Wednesday up 1.59 per cent at 32 cents each.
