Key points
- $38M agreement with Macmahon for underground decline construction
- On-surface works already underway, portal construction to start in September
- Decline to extend 3.5km to 350m depth, enabling 33,000m of drilling
- Drilling aims to convert 400,000 ounces of Inferred Resources to Indicated
- Additional activities include drilling at Jims Gold Deposit and site infrastructure improvements
Full summary
MGX Resources Limited (ASX:MGX) has signed a $38 million agreement with Macmahon Underground Pty Ltd for the construction of an underground decline at the Groundrush Gold Deposit, part of the Central Tanami Project Joint Venture (CTPJV) in the Northern Territory. The decline will extend 3.5km to a depth of 350 metres over 14 months and include portal and vent establishment. This project aims to convert over 400,000 ounces of mineral resources from the Inferred to the Indicated category through approximately 33,000 metres of resource definition drilling. Underground drilling activities will commence towards the end of the decline construction period. Other activities at the site include resource definition drilling at the Jims Gold Deposit, infrastructure improvements, and recruitment for key roles.