Announcement Date: 2022-04-12
Announcement Type: Deposit Estimation
Announcement Code: JORC
Company name: Wiluna Mining Corp.
Project name: Wiluna Mining Centre
Location: Australia
Commodities: Gold
Highlight: Updated Reserve Estimate for Project
Resources: only available to subscribers
CP/QP: only available to subscribers
Announcement summary: Wiluna Mining Corporation Limited (ASX: WMC) (“Wiluna Mining, WMC or the Company”) is pleased to report an Ore Reserve update for the Wiluna Mining Centre, as well as an update on the Feasibility Studies being conducted by the Company. The Company has made the prudent decision to continue to work on these studies and delay the Stage 2 expansion at this time. We believe more is required for the Stage 2 studies to be considered definitive, especially with additional Resource and Reserve development drilling required, particularly at the southern end of the Wiluna Mining Centre. Current economic and social circumstances of rising inflation, COVID disruptions, significant shortages of skilled labour in the state of Western Australia, shipping and equipment supply constraints, as well as the uncertainty over the war in Ukraine have played a major role in convincing management and Board that launching into a two year, multi-million-dollar expansion is not prudent at this time and not in the best interest of our shareholders. Given the potential of the multi-million-ounce scale of the Wiluna ore body, we believe that further drilling to define the Resources and Reserves of the Wiluna Mining Centre and gain a greater understanding of the true size of the opportunity in front of us, along with the associated studies
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