Natural resources investment company Polo Resources Limited (LON:POL) has told investors that contractors have commenced open pit mining and underground development work at the Matilda gold project in Australia.
“The commencement of mining represents another significant milestone in Blackham’s transition from gold explorer to gold producer at a time of record Australian gold prices,” Polo said in an update today.
The AIM-listed firm added that gold production remains on track for the September quarter this year.
Polo and Blackham have enjoyed some good news about the Matilda mine in recent months, after the project’s ore reserves, mining inventory and resource estimate were all increased.
The project has an initial mine life of eight years, which Polo says “has the potential to grow rapidly”.
Shares were up 0.16p, or 3%, to 6.04p.