Wanguo Gold Group (3939) Publishes Feasibility Study Summary for Gold Ridge Mine

Wanguo Gold Group Limited (stock code: 3939) released a summary of a feasibility study related to the Gold Ridge Mine in the Solomon Islands. According to the announcement, the mine covers 30 km² of mining rights and 130 km² of exploration rights in Guadalcanal Province. Five main open-pit areas—Valehaichichi, Charivunga, Namachamata, Kupers, and Dawsons—are identified, with volcaniclastic rock series recognized as the hosting geology. As of 20 October 2024, resource estimates under a 0.4 g/t gold cutoff grade indicate approximately 289,416 kt of ore, containing 367,104 kg of gold at an average grade of 1.27 g/t. Within the final open-pit design, the estimated ore quantity is 249,310 kt at 1.32 g/t of gold, totaling 328,593 kg of contained gold.

The report presents plans to operate the existing 3 Mt/a concentrator alongside a newly developed 10 Mt/a concentrator, targeting a production period of about 20 years. Processing involves gravity and flotation to handle ore above 0.4 g/t gold grade, culminating in gravity concentrate, gold concentrate, and gold dore. Low-grade ore will be diverted for heap leaching, with an overall projected recovery of 79.72% for the milling plants and 48.00% for the heap leach.

An additional capital investment of around US$517 million is anticipated to expand flotation capacity from 3.5 Mt/a to 13.5 Mt/a. Operating costs are estimated at about US$403.77 million per annum in a full-capacity year, translating to US$31.65 per tonne of ore. Direct mining costs are expected to vary between US$2.19 and US$4.20 per tonne of ore, while milling costs range from US$8.71 to US$11.68 per tonne, and heap-leach costs around US$5.43 per tonne.

The feasibility study has not been prepared or reviewed in accordance with the JORC Code. Shareholders and potential investors are advised to interpret the findings with caution and seek professional guidance where necessary. The information provided is intended only for operational reference, and undue reliance on any aspect of the feasibility study is discouraged.