Genesis Minerals has entered into a binding Asset Sale Agreement with KIN Mining to acquire the Bruno-Lewis and Raeside gold projects in Western Australia’s Leonora District.
Bruno-Lewis and Raeside offer scale, shallow mineralisation, low-strip ratios and significant quantities of oxide ore that are expected to enable high milling productivity.
Mineral resources at Bruno-Lewis comprise 12.6Mt at 1.0g/t for 408koz (including oxide resources of 3.2Mt at 1.2g/t for 119koz). A trial pit was mined by Navigator Resources in 2010, with approximately 100,000t of ore processed at an average grade of 2.2g/t for 7,400oz production.
Mineral resources at Raeside comprise 3.1Mt at 2.0g/t for 202koz (including oxide resources of 0.6Mt at 1.9g/t for 34koz). An open pit was mined by Triton Resources between 1990 and 1992, with almost 56,000t of ore processed at an average grade of 3.9g/t for 7,030oz production.
Completion of the Asset Sale Agreement is expected to occur by March 2024.
Genesis Minerals Managing Director, Raleigh Finlayson, said that the KIN assets were prudent bolt-on acquisitions for Genesis.
“With more than 12Mt of open pit resources, Bruno-Lewis has the potential to supplement the eventual, sustainable restart of our currently idled Laverton mill,” Mr Finlayson said.
“Raeside offers supplementary high grade open pit ore to our Leonora mill just 10km away.
“We look forward to reporting maiden reserves for these new, value-add deposits and bolting them into our five-year outlook, to be unveiled in the new year.”
