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Goldplat identifies 82,000 oz of gold in South African tailings

"82,000 ounces of gold on our property with minimal mining costs and relatively simple processing is a great resource to have," said its chief executive.
Goldplat identifies 82,000 oz of gold in South African tailings
“Our next step will be to optimise the metallurgical extraction of the gold"

Goldplat (LON:GDP) has completed a JORC-compliant resource statement for the tailings storage facility at its gold recovery operations in South Africa.

Applied Geology and Mining carried out the survey and estimated a total of 81,959 ounces of gold, 216,094 ounces of silver and 193,276 pounds of uranium oxide.

Gerard Kisbey-Green, chief executive, said:  "This is a great result for Goldplat - the amount of gold estimated is in the order of what we were hoping for and the silver and uranium is an added bonus!”

"This is a resource "sitting on our doorstep" which has already been mined and processed and should therefore be very cost-effective to process.

"82,000 ounces of gold on our property with minimal mining costs and relatively simple processing is a great resource to have.

“Our next step will be to optimise the metallurgical extraction of the gold and silver, and determine how best to monetise the uranium resource."

Although the company is keen to optimise the extraction and recovery process, Kisbey-Green was quick to add "We don't want to get into the uranium producer game."

The resource was separated between the metals contained in the TSF slimes and metal in the soils beneath the TSF as a result of leaching over the years.

VSA Capital believe that the low cost and relatively simple feedstock material from the TSF should support margins going forward.

The broker went on to say: "with GDP’s ongoing operational recovery we believe that this further transparency should provide investors with further confidence in GDP’s ability to deliver a sustained turnaround."

Share price stood at 3.88p, up 10.71%.

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February 22 2016

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