Andy Well Gold Project

Transcription

1 CET Discovery Day, 2015 Andy Well Gold Project Discovery history and exploration upside

2 Andy Well Gold Project Australia s newest high-grade/lowcost gold operation Standalone, high-grade underground gold mine and processing plant First new gold operation in the Murchison region in over 10 years Wilber Lode discovery - March 2010 Mining commenced - Nov 2012 First gold pour - Aug 2013 Potential for multiple deposits and substantial exploration upside Flagship of Doray s Murchison region landholding 2

3 Track record of delivery Successful transition from explorer to high-grade/low-cost gold producer in less than 4 years Set to become a multi-mine gold producer and explorer Aims Listed on ASX Wilber Lode discovery Most successful IPO of 2010 Maiden highgrade Wilber Lode resource Gold Explorer of the Year Mining Lease granted Debt and equity funding Open pit mining Commences Underground mining commenced Processing plant commissioned First Gold Pour Production and cost guidance met Mutiny Gold Takeover announced Existing debt refinanced Deflector project finance and construction 3

4 Andy Well - Exploration History Short exploration history Pre-Doray ( ) Scott Wilson Whim Creek/Dominion WMC Exploration hiatus ( ) Doray (2010-present) Discovery Resource drill out Production Exploration upside Heath Hellewell inspecting historic drill spoil, pre-ipo 4

5 Scott Wilson GSWA surface geology BMR magnetics 5

6 Dominion Surface geochemistry Gravity survey Wide-spaced RAB traverses - average depth ~21m (median depth < 11m) Numerous anomalous results at Andy Well Project interest sold to WMC in

7 WMC Resources Testing of RAB anomalies with single RC holes and sporadic aircore drilling Focus on NW trending features >1Moz threshold and preference for shallow open pittable mineralisation Significant results Wilber Bernie Sandra Wendy WENDY Project threshold not met - project sold in

8 Exploration Hiatus AGM/Tantalum Australia Accent IPO Effects of GFC Project handed back to Scott Wilson in Feb

9 Some context In 1998: Gold price bottoming out Mabo By mid-2009: Exodus of explorers to West Africa South African majors moving in GFC coming to an end Steady rise in gold price WMC Doray 9

10 Doray IPO

11 Doray IPO Drill target: Vertical NE-trending structures 250, g/t Open pittable +/- underground Processing options Bluebird 60km (inactive) Burnakura 100km (inactive) Plutonic ~150km (operating) 11

12 Maiden drill campaign 8 March 2010 MNRC001 MNRC003 12

13 A nervous 3 week wait for assays IPO Drilling commenced 13

14 Discovery! Lots of visible gold in quartz vein NE orientation confirmed 100m +50g/t x m Wilber Lode 34.g/t and 58.7g/t 67.7g/t 28.5g/t 22.6g/t Bernie 13.9g/t Au 14

15 Market reaction IPO Drilling commenced 15

16 Follow-up $4M capital 60c Follow-up RC drilling at Wilber and Bernie Initial Wilber Lode diamond holes confirm, grade, geology and structure Bernie downgraded for time being 16

17 Ramp Up 3 drill rigs Wilber Resource drill out phase (RC/DDH) First reconnaissance aircore drilling phase Wilber South Judy Zone Western Zone 17

18 June 2010

19 November

20 June 2011 Wilber Quartz Lode Maiden Resource (Feb 2011) 25.4g/t Au (172koz) 75g/t top cut, no bottom cut Open at depth, along strike ~640oz/vertical metre

21 Wilber pre-mining Resource/Reserves

22 Au Au Au Au Au Au 22

23 Au Au Au Au Au Au 23

24 Wilber Lode mining progress Stage 2 Open Pit Completed Stage 1 Open Pit Proposed Judy Lode development Wilber Lode development 24

25 Wilber Lode 25

26 Andy Well - Exploration Upside Potential for a significant new highgrade gold camp Numerous potentially mineralised structures identified beneath shallow cover Lack of existing deep drilling Key targets: Wilber Lode resource extensions Judy Lode resource extensions Suzie Zone 3 rd high-grade zone Margaret and Kirsty Zones Successful horizontal underground diamond hole completed 26

27 Andy Well - Exploration Upside EIS co-funded horizontal underground diamond hole 27

28 Exploration upside Geology interp from drilling no outcrop Geophysics has limited value Late N-S structures identified underground which cross-cut mineralised structures CSIRO research project examining effects of structure and lithogeochemistry on high-grade ore Early days 28

29 Targeting stacked high-grade gold lodes Campbell-Red Lake, Ontario, Canada (Goldcorp) Daisy Milano Complex Eastern Goldfields, WA (Silver Lake Resources) Great Fingall-Golden Crown, Murchison region, WA (Metals X) 29

30 Why the old-timers missed it Hardpan layer Stripped regolith profile Fresh groundwater 30

31 Summary The right place at the right time The model made sense, and there was a fall-back option Recognising the opportunity early on 31