Forrestania Resources Confirms Near-Term Gold Production Opportunity at Western Australia Deposit; Shares Up 3%

MT Newswires Live09:51

Forrestania Resources' (ASX:FRS) pre-feasibility study for the Johnson Range deposit in Western Australia confirmed a near-term gold production opportunity that can leverage the existing Edna May processing infrastructure, according to a Friday filing with the Australian bourse.

The site is estimated to generate AU$60.1 million in pre-tax, undiscounted free cash flow, at a gold price of AU$5,500 per ounce over a 12-month project life, the filing said.

The production target is fully underpinned by probable ore reserves of 308,000 tonnes at a 2.88 grams per tonne grade of gold for 28,500 ounces of gold, per the filing.

Shares rose 3% in morning trade Friday.

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