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China Hanking Holdings Limited (the “Company”), stock code 03788, announced that relevant government authorities in Western Australia have granted the works approval for dewatering from the Golden Pig gold mine’s underground operations. The underground water from Golden Pig will be discharged into a nearby lake in compliance with conditions set out in the approval, creating a low-cost solution in preparation for underground mining activities.
The Cygnet gold project is located approximately 360 km east of Perth in Western Australia and includes the Golden Pig, Copperhead, and Corinthia gold mines. Combined, the mines hold a total JORC Code resource of 2.06 Moz of gold at an average grade of 2.55 g/t, all held by the Company’s subsidiary, Hanking Gold Limited. The stated objective is to produce more than 90 Koz of gold per year from the two high-grade underground mines, along with the Corinthia open pit operation, with a processing plant planned at Corinthia.
Authorities are currently assessing mining proposals for both underground mines, and further submissions for open-pit operations, processing facilities, and tailings storage are expected to be filed shortly. According to the announcement, this approval follows collaboration with stakeholders and provides an opportunity to advance the high-grade Golden Pig mine.
Shareholders and potential investors are advised to exercise caution when dealing in the Company’s shares.
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