Groundrush decline agreement signed

Key points

• Agreement signed for Groundrush underground decline construction
• Construction valued at $38M, expected to take 14 months
• Aim to convert 400,000 ounces of Inferred Resources to Indicated status

Full summary

Tanami Gold NL, in partnership with MGX Resources Limited, has signed a $38 million agreement with Macmahon Underground Pty Ltd for the construction of an underground decline into the Groundrush Gold Deposit at the Central Tanami Project Joint Venture (CTPJV) in the Northern Territory. The construction, valued at approximately $38 million, includes portal and vent establishment and the initial 3.5km of decline development to a depth of circa 350 metres over a period of 14 months. The decline construction will provide underground drilling platforms to facilitate approximately 33,000 metres of infill drilling seeking to convert over 400,000 ounces of Inferred Resources to Indicated status.