Australian gold producer sees open-ended potential to boost ounces at idled Sugar Zone Mine
The idled Sugar Zone gold mine, near White River, “represents a rare and profitable production opportunity” for Vault Minerals to restart at very little cost. But company management remains tight-lipped on when mining will resume at the underground operation, 30 kilometres north of town.
The Australian mid-tier gold miner is big on its enthusiasm for the practically turn-key underground mine, but is short on divulging definite timelines on a restart and how large the gold resource could grow to, despite conducting more than 90,000 metres of drilling in 2024.
“Critically, as a brownfield restart option, Sugar Zone also carries none of the cost, complexity, risk or lead times of greenfield mine construction,” said chair Russell Clark and managing director Luke Tonkin in a statement this month to shareholders this week. The company claims it’s fully funded to capitalize on the “substantial mineral inventory” that Sugar Zone presents.
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