Challenger Gold Limited (ASX:CEL) Updates on Toll Milling Progress
Operational Achievements
Challenger Gold Limited (ASX:CEL) announced significant progress towards mining and Toll Milling readiness at its Hualilan project. The final open pit mine design and mining schedules for Toll Milling pits have been completed, reflecting a 10% increase in ore grades based entirely on Indicated Resources. Initial mining of 150,000 tonnes has averaged 8.7 g/t Au and 34.5 g/t Ag.
Mining Schedule and Flexibility
The new schedule delivers over 90,000 tonnes of toll milling material within the first three months of mining. Operational flexibility is enhanced by requiring only three out of four potential pits, allowing the company to finalise contract mining and toll material haulage agreements effectively.
Refurbishment and Funding
Refurbishment of the Toll Mill plant has commenced, with equipment repairs underway following the receipt of necessary funds from a local bank in Argentina in late December 2024.
Pre-Feasibility Study
The Pre-Feasibility Study (PFS) for Toll Milling is on track for completion in March 2025, adhering to Australian JORC and Canadian NI 43-101 standards.
Executive Comments
Managing Director and CEO Kris Knauer stated, “We are making excellent progress towards being mining and Toll Milling ready with all key workstreams on schedule. The completion of Toll Milling pit design and mining schedules is a significant milestone as it allows us to finalise quotes for contract mining and trucking of material to Casposo.”
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