Australian gold producer Northern Star Resources has reported mineral resource growth of 4.3 million ounces in the 12 months to 31 March, which it says showcases the value generated by the company’s sustained exploration investment, more than offsetting mine depletion and divestments.
It said the result reinforced Northern Star’s strategy to identify growth opportunities within strongly endowed geological terrains that can deliver maximum returns to shareholders.
Northern Star Managing Director Stuart Tonkin said the group’s ore reserve inventory provided the foundation for Northern Star’s five-year profitable growth strategy.
“Our ongoing exploration success highlights the significant opportunity that exists within our Tier 1 asset portfolio to grow the gold resource base, particularly through the extension of known mineralisation at depth at KCGM in Kalgoorlie,” he said.
“We continue to focus our exploration efforts on extending mine lives and developing our three production centres.
“Our substantial mineral resource base in world-class jurisdictions is what enables Northern Star to stand out in the marketplace. We will continue to explore aggressively and effectively to unlock the enormous potential within, around and below our existing operations.
“Our conservative gold price assumptions combined with our underground mining portfolio provide optionality in a supportive gold price environment to optimise cash flow and shareholder returns as well as ensure downside protection.”
Exploration highlights include:
Fimiston Underground mineral resource increased by 20 per cent to 5 million ounces (up from 4 million ounces at 31 March, 20 21) as a result of initial drilling from the first dedicated drill drive. At Carosue Dam, exploration drilling at Qena (4.5 kilometres north of the plant) delivered a maiden Inferred Mineral Resource of 310 kilo ounces.
New discovery identified at “Golden Wonder”, less than 1km south-east of the Wonder North project. Exploration drilling only 500m north of the Bannockburn ore reserve has returned some exceptional drilling results.