EXPLORATION & DEVELOPMENT

Cascavel's second coming kicks off

Orinoco enlarging Brazil-located gold mine

Michael Quinn

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Ore production of about 80,000 tonnes per annum is targeted, double the previously planned initial mine capacity, with development of new access to the underground workings to allow larger scale, more efficient mechanised mining equipment to be deployed, now underway.

The company’s new chief operating officer Craig Dawson is now on site.

It is unknown when Orinoco is targeting a recommencement of production, while output also remains unspecified as the company works on getting a handle on the grade of the nuggetty, narrow vein mineralisation when mining starts.

The mine produced first gold and closed in short order in 2016, with first ore processed in September and operations suspended just over one month later.

A raft of issues was highlighted at the time.

Still, while Orinoco’s initial operating venture was a failure, the basis of its focus received validation when AngloGold farmed into the junior’s ground around Cascavel just over two months ago, as well as taking a 15% stake in the junior with an investment of A$5.9 million.

Shares in Orinoco were down 9% to 5c in afternoon trade, capitalising at $24.5 million.      

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