Groundrush Decline Agreement Signed

Key points

• Signed $38 million agreement with Macmahon for Groundrush decline construction
• Portal construction to commence in September
• Decline will extend 3.5km to 350m depth, targeting 400,000 ounces of Inferred Resources
• Resource definition drilling expected to start after 14 months
• Ongoing activities include Jims Gold Deposit drilling and infrastructure repairs

Full summary

Tanami Gold NL and MGX Resources Limited have signed a $38 million agreement with Macmahon Underground Pty Ltd for the construction of the Groundrush underground decline at the Central Tanami Project Joint Venture (CTPJV) in the Northern Territory. The decline will extend 3.5km to a depth of 350 meters, providing platforms for 33,000 meters of infill drilling. This drilling aims to convert over 400,000 ounces of Inferred Resources to Indicated status. On-surface works are already underway, and portal construction is scheduled to begin in September. Other activities at the site include resource definition drilling at the Jims Gold Deposit, infrastructure repairs, and recruitment for key roles.