|
Trident Royalties PLC on Friday said it received state government approval for a mining management plan at its Spring Hill gold project in Australia's Northern Territory.
The London-based mining royalty and streaming company said the approval from the government was essential to start gold mining operations at Spring Hill. The management plan devised by TM Gold, a subsidiary of mining company PC Gold Pty Ltd.
It is located within 28 kilometres of an existing gold processing plant, which has successfully processed a bulk sample from the project.
Chief Executive Officer Adam Davidson said: ‘We are pleased to note the developments at Spring Hill which further serve to highlight the hidden value contained within Trident's royalty portfolio. With approvals in hand, PC Gold is free to focus on advancing the project towards first production at a time of a historically strong gold price underpinned by significant macroeconomic and global uncertainty.’
Stage one production incorporates conventional open-cut method of drilling, blasting and excavation of oxide ore. It's scheduled to mine about 102,000 ounces of gold over an initial 13-month period.
Trident owns a royalty over the project, providing A$13.30, about £7.54, per ounce of fold produced at Spring Hill. This represents an approximate 0.5% gross revenue royalty.
Trident shares were down 2.5% at 48.25 pence each on Friday morning in London.
Copyright 2022 Alliance News Limited. All Rights Reserved.
|
