Havilah Resources has gotten one step further in developing its Kalkaroo copper-gold project by being granted five necessary licenses.
The company announced this week that the South Australian Minister for Energy and Mining has granted the company three mineral leases and two miscellaneous purposes licenses for the project. According to Havilah, the licenses have secured the company’s right to mine at Kalkaroo.
Going forward, the company’s next step will be obtaining permission to mine, which comes from the submission and approval of a program for environment protection and rehabilitation. In the meantime, Havilah is still chiseling away at an updated prefeasibility study (PFS) for the project, which is expected to be completed in 2019’s last quarter.
“The grant of the mining tenements for the Kalkaroo copper-gold project is a significant milestone for Havilah and the result of many years of persistence, dedication and hard work. We look forward to progressing the Kalkaroo project to the next stages of development, including the finalization of the updated PFS,” Havilah CEO Walter Richards said in a statement.
The Kalkaroo asset has been a project 15 years in the making, with Havilah having acquired just less than 1,000 square kilometers of its exploration tenements from previous owners and joint venture partners Placer Pacific and MIM Holdings in 2003.
In the years since its acquisition, Havilah has done significant amounts of drilling that has led to its current resource of 1.1 million tonnes of copper, 3.1 million ounces of gold and 23,200 tonnes of cobalt across the measured, indicated and inferred categories.
The company refers to Kalkaroo as its flagship mineral project and claims it’s the largest undeveloped open-pit copper deposit in Australia on a copper equivalent ore reserve basis, which sits at a copper equivalent grade of 0.74 percent.
Havilah’s share price remained unchanged at the end of Thursday (May 23), closing at AU$0.15. As of Wednesday (May 22), copper was trading at $5,919 per tonne on the London Metal Exchange.
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Securities Disclosure: I, Olivia Da Silva, hold no direct investment interest in any company mentioned in this article.