Valiant Gold (ASX:VAL) completes underground re entry at Comet Mine
Valiant Gold has completed the successful re entry of the Comet Underground Mine, achieving a significant milestone towards restarting production.
Initial underground inspections identified lower than expected water levels, generally dry workings and largely serviceable infrastructure, while ground support was also in generally good condition, with minimal rehabilitation identified.
The company said the information collected during the inspection will support mine engineering, initial mine design and an operational restart targeting the Comet Mine Trend Mineral Resource Estimate of 3.77Mt @ 2.5g/t Au for 304koz of gold.
Highlights
Comet Underground Mine successfully re entered, achieving a significant milestone towards restarting production.
Initial underground inspections identified lower than expected water levels, generally dry workings and largely serviceable infrastructure.
Ground support was also in generally good condition, with minimal rehabilitation identified.
Information collected during the inspection will support mine engineering, initial mine design and an operational restart targeting the 3.77Mt @ 2.5g/t Au Mineral Resource Estimate containing 304koz of gold.
Valiant is assessing options to further accelerate the timing of the mine restart.
Personnel from Valiant Gold and Mako Mining Pty Ltd completed an initial inspection of the Comet portal and the connecting Pinnacles underground infrastructure, enabling a preliminary assessment of site conditions.
The company said initial inspections have been positive pertaining to water levels, pre existing ground support and essential underground infrastructure, exceeding its internal expectations.
Valiant reported that the water level at Pinnacles appeared significantly lower than expected and that the underground areas inspected were generally dry.
Essential services, including air, water and pipelines, together with ventilation infrastructure and escapeways, remained largely serviceable.
The company also reported that the condition of pre existing ground support appears generally good, with minimal rehabilitation activities required.
It said the condition of the underground infrastructure observed during re entry may provide opportunities to reduce the scope and duration of certain restart activities currently underway.
Valiant Gold Managing Director and CEO Brendan Tritton said:
“The successful re entry of Comet is a key milestone in our restart strategy. Initial observations have been very positive, with water levels, ground support and infrastructure all presenting favourably. These findings strengthen our confidence in the restart pathway as we advance engineering, mine planning, dewatering and site establishment activities.”
The Comet Gold Project is located 20km southeast of Cue, proximal to the Tuckabianna Mill and approximately 90km from the Bluebird Mill via the Great Northern Highway.
Valiant has an Ore Processing Agreement with Westgold Resources to process ore through both mills.
The Comet Mine Trend contains the Eclipse, Comet, Comet North and Pinnacles gold deposits, with a total Mineral Resource Estimate of 3.77Mt @ 2.5g/t Au for 304koz of gold.
The findings from the successful re entry will be incorporated into ongoing site establishment requirements, engineering, mine planning and technical studies, with options to fast track the restart timeline to be considered. Further updates to the market as these studies and early work streams are completed.
Mako's site establishment and dewatering activities are accelerating at Comet, while ongoing mine engineering and technical studies will inform an initial Life of Mine design and operational restart timeline.
Valiant is assessing options to further accelerate the timing of the mine restart.
The company also listed the award of a full underground mining contract for the Comet Mine.