Calidus Resources Limited (ASX:CAI) has executed a Binding Profit Share Agreement with Haoma Mining NL covering the Blue Bar gold deposit in Western Australia.
As a result, the Calidus Board has approved the development of the Blue Bar Project. This allows agreements to be finalised with the Blue Bar mining contract partners and pre-mobilisation activities to commence for a planned mobilisation in mid to late January.
Blue Bar is the first of the projects to be developed under the Haoma JV structure which monetises higher grade satellite projects in the region which do not have the scale to justify a standalone plant. Importantly for Calidus, the higher-grade deliveries displaces lower grade material out of the processing plant which increases attributable gold production.
Highlights:
- Binding Profit Share Agreement executed with Haoma
- Calidus Board has approved the development of Blue Bar
- Allows pre-mobilisation activities to commence with preferred mining contractors for planned mobilisation early in the March 2024 Quarter
- All mining and environmental approvals are in place
- Updated JORC Mineral Resource of 300kt @ 1.87g/t Au for 18,000 ounces
- Blue Bar is a high-grade satellite mine which is part of the recently formed Haoma JV that aims to unlock value of regional deposits by leveraging existing infrastructure at Warrawoona
Blue Bar resource
Grade control and infill resource definition was completed over the Blue Bar Deposit during September 2023. Seventeen resource definition RC holes and 49 RC grade control holes were drilled for a total of 2,160 metres.
Using the updated Mineral Resource estimate as the basis, pit designs have been completed with the following metrics for the pit:
- 139,000t @ 1.94 g/t Au contained in ore blocks for mining within pit assuming 10% dilution and 10% ore loss on a re-blocked model of 5m (X) by 5m (Y) by 2.5m (Z)
- Total BCMs of 200,000 BCMs
- Average strip ratio of 3.4:1
