Capricorn Metals approves the Karlawinda gold project expansion

Australian Capricorn is targeting an annual gold production of 150,000 ounces of gold.

Australian Capricorn has approved the expansion of the Karlawinda Gold Project (KGP) in the Pilbara Region, targeting an annual gold production of 150,000 ounces.

The expansion will incorporate the installation of a new three stage crushing and ball mill circuit to increase processing capacity to 6.5Mtpa. The average annual gold production from the expanded KGP is expected to be in the order of 150,000 ounces.

Capricorn Executive Chairman Mark Clark commented: "The Board's approval of KGP's expansion reflects the quality and simplicity of the operation and the optionality that comes from increasing reserves and mine life with targeted resource drilling. Capricorn’s strong technical team have delivered an expansion study that will allow the Company to continue to maximise returns from the operation. KGP is a long-life, low-cost gold mine, and the strong financials associated with the expansion strengthen our belief that KGP will continue to generate industry-leading cash flows for years to come." “The execution of the Karlawinda Expansion Project and development of Mount Gibson will see Capricorn enter the very limited space of companies having all Australian based gold production exceeding 300,000 ounces4 per annum and low-cost gold reserves1 in excess of three million ounces.”

The KGP is located in the Pilbara region of Western Australia, 65 kilometres south-east of Newman. The KGP commenced operations in June 2021 and since that time has produced over 375,000 ounces of gold.