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TANAMI GOLD NL - ASX: TAM
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Description
Tanami Gold NL (ASX:TAM) is a rapidly growing Australian gold producer with a stable 50,000 ounces per annum unhedged production base at its Western Tanami Operations in Western Australia, an emerging production opportunity at the recently acquired Central Tanami Project (formerly the Groundrush Project), and outstanding exploration potential in the Tanami-Arunta province.
Tanami Gold has a workforce of highly experienced and committed personnel that is well supported by their corporate and technical office in Perth Western Australia. The Company's large tenement landholding which covers some 26,000 square kilometres is seen by many as being one of the most exciting exploration provinces in Australia, protected by its isolation yet with an overall gold endowment supporting the potential for this area to host more +1 million ounce deposits.
Western Tanami
The 100% owned Western Tanami Operations are located approximately 300 kilometres south-east of Halls Creek in northern Western Australia and 30 kilometres west of the Western Australian-Northern Territory border. The Western Tanami Operations comprises two mining centres being the Coyote underground mine and the Bald Hill open pit operations, both of which feed into the centrally located 250,000 tonnes per annum Western Tanami treatment facility.
The Western Tanami Operations achieved record gold production of 47,960 ounces for the 2009-2010 financial year (a 106% increase on production of 23,320 ounces for the 2008-2009 financial year). Over the past twelve months, a number of operational improvements at the Coyote Mine have resulted in the significant increase in gold production, a decrease in operating costs and a steady underground development program. At Bald Hill, an internal feasibility study to review the expansion of open pit mining operations is nearing completion with mining expected to resume towards the end of 2010.
With annualised production around 50,000 ounces from the Western Tanami Operations, the focus is now on a substantial uplift in production through an expansion of the Western Tanami Treatment Plant. The Tanami Gold Board recently anounced an $8 million upgrade of the treatment plant which will double the capacity of the plant from 250,000tpa currently to approximately 500,000tpa, enabling the Company to significantly increase gold production from the Western Tanami.
Central Tanami
The 100% owned Central Tanami Project (formerly known as the Groundrush Gold Project) is located approximately 90 kilometres east of the Western Tanami Operations in the Northern Territory. The project was acquired in March 2010 from Newmont Mining Corporation. The Central Tanami Project acquisition is regarded by the Tanami Gold NL Board to be a company transforming deal which complements the Company's existing production base at the Western Tanami Operations. The Central Tanami Project has the potential to lift the Company into the ranks of leading mid-tier Australian gold producers within a relatively short timeframe. Between 1987 and 2005 approximately 2.0 million ounces were mined from 43 open pits. When combined with the +10 million ounce endowment of Newmont's Callie-Granites production centre - which occurs within a geologically similar host sequence - the region is one of the most productive gold mining centres in Australia.
The Central Tanami Project comprises:
* a Mineral Resource of 18.159 million tonnes grading 2.5g/t Au for 1.476 million ounces of gold (see Resource table);
* a centrally located 1.2 million tonnes per annum treatment plant;
* extensive infrastructure including an office, workshops, airstrip, 140-person accommodation village, bore field and communication facilities; and
* an extensive package of highly prospective Mineral Leases and Exploration Licences extending over a total area of 2,000 square kilometres.
The bulk of the current 1.476 million ounce Central Tanami Resource is contained within a highly prospective 63 kilometre north-south zone which the Company has reassessed and divided into four zones for the purposes of ongoing resource drilling and feasibility work.
Western Tanami Exploration Project
The Company's Western Australian tenements contain many highly prospective targets identified from previous exploration programs and recent target generation studies. These targets include high grade vein intersections located immediately below the current Coyote Mine workings, down-plunge extensions to lode style deposits in the Bald Hill area and advanced regional prospects hosting significant gold mineralisation within trucking distance of the Western Tanami treatment plant.
Central Tanami Exploration Project
The exploration potential of the entire Central Tanami Project tenement holdings is considered by the Company to be exceptional. Over and above the mineralised trends within the current Mineral Leases, the Exploration Licence areas host in excess of 90 strike kilometres of favourable host lithologies that have been subject to minimal historic deep sub-surface exploration. These areas are prospective for both high grade lode gold and bulk tonnage deposits and will be intensively explored in line with the Company's target ranking and prioritisation process.
ABM Resources NL (Tanami Gold NL 21%) Exploration Project
On 21 December 2009 the Company announced that it had completed the sale of its interest in its Northern Territory tenements to ABM Resources NL (ABM) which will see ABM explore for gold, copper and other minerals in the highly prospective Tanami-Arunta Province in the Northern Territory of Australia. The sale of the Company's Northern Territory tenements to ABM and the resultant strategic shareholding in ABM is regarded by the Company to be the most appropriate and expedient mechanism for Tanami Gold to be leveraged to these highly prospective Northern Territory tenements.
Mine For
gold
Location of operation(s)
Western Australia, Northern Territory
Address
Level 4 , 50 Colin Street
WEST PERTH, WA, AUSTRALIA
Phone
(08) 9212 5999
Website
Last Updated
11/5/2011
The data on Australian Shares.com is intended as a guide only and is provided purely as an indication of what information can be found through official announcements. Data on this website should not be used to make an investment or trading decision. All information should be carefully cross-checked against official sources for accuracy. The publisher (Intaanetto Pty Ltd) will not be held liable for any loss arising from the use of this website.
