New Cannon Underground Reserve
- Conversion of 2017 Resource to Underground Reserve
- Probable Ore Reserve: 117kt at 5.31g/t Au for 20koz Au
- Cash cost per ounce recovered estimated at A$1,173/oz
- Net profit potential >A$10m with deposit open at depth
Cannon Underground Reserve
Australian gold company Southern Gold Ltd (“Southern Gold”, ASX ticker SAU) is pleased to advise that it has completed the conversion of the Cannon Underground Resource to a Probable Reserve.This process was completed by an independent consultant in accordance with JORC reporting requirements.
The maiden Cannon underground resource, as announce and detailed in the ASX release dated 9th October 2017 ‘New JORC Resource for Cannon Underground’, is 142,000t @ 5.2 g/t gold for 23,600 Ounces (combined Indicated and Inferred).
The new Reserve is based only on the Indicated portion of this Resource and the design encapsulated 4 extraction levels, an 11 month mine life utilising minimal equipment and infrastructure to access the high-grade shoots plunging beneath the Cannon pit.
To read the full announcement please download the pdf below: