Maritana Declares Initial Underground Ore Reserve at Rose Hill

en.Wedoany.com Reported - On August 31, Maritana Minerals updated the underground mineral resource at the Rose Hill Gold Project in Western Australia and declared its first underground ore reserve. The Rose Hill underground ore reserve stands at 420,000 tonnes at an average gold grade of 2.34 g/t, containing 31,600 ounces of gold, based on a 1.3 g/t cut-off grade. The new reserve increases Maritana Minerals' group gold ore reserves from 204,000 ounces to 235,600 ounces.

Within the initial reserve, the proven ore reserve totals 70,000 tonnes at an average gold grade of 2.14 g/t, containing 4,700 ounces of gold; the probable ore reserve totals 350,000 tonnes at an average gold grade of 2.37 g/t, containing 26,800 ounces of gold. Mining Plus completed the pre-feasibility study supporting this reserve declaration in July 2026, with the underground mine plan employing long-hole open stoping with permanent pillars, implementing top-down mining at 25-meter level intervals.

Maritana Minerals has simultaneously updated the Rose Hill underground mineral resource to 524,000 tonnes at an average gold grade of 4.49 g/t, containing 75,570 ounces of gold, with the cut-off grade reduced to 1.0 g/t. The previous underground mineral resource stood at 507,000 tonnes at an average gold grade of 4.60 g/t, containing 74,900 ounces of gold. The open-pit mineral resource remains unchanged at 287,000 tonnes at an average gold grade of 1.99 g/t, containing 18,000 ounces of gold, bringing the total combined Rose Hill mineral resource above and below ground to approximately 94,000 ounces.

An additional 194,000 tonnes at an average gold grade of 4.53 g/t, containing 28,000 ounces of gold, classified as inferred mineral resource, has not been included in this ore reserve. The reserve case in the pre-feasibility study assumes a gold price of A$4,500/oz and a 91% metallurgical recovery rate, and is expected to generate A$24.5 million in free cash flow.

Rose Hill ore is planned to be transported by road to Maritana Minerals' Black Swan Processing Hub for processing, a haul distance of approximately 85 kilometers. The processing facility is currently implementing a gold treatment plant upgrade, planned to employ conventional carbon-in-leach and gravity concentration processes, with overall gold production at Black Swan scheduled to commence in the second half of 2027.