Oceana Gold has floated a long-term concept plan for a "superpit" open-cast mining proposal at Macraes which could potentially increase estimated gold reserves by almost 70 per cent to more than 2.6 million ounces.
The Otago-based mining company yesterday stressed the superpit concept was long term, still being evaluated and a feasibility study had yet to begin, with many details of the size, scope and operational capacity of a superpit still to be quantified.
Oceana is awaiting the outcome of a separate raft of recent resource consent applications from Otago and Waitaki regional councils to continue its mining operations. It is in its 21st year of production.
A presentation by chief executive Mick Wilkes at the Denver Gold Forum last month outlined the "Macraes Superpit Concept" where a larger open pit and new process plant could add an additional 100,000 ounces of gold a year to production, plus separate tungsten byproduct.
This calendar year Oceana has forecast South Island gold production in a range of 255,000 to 270,000oz, but in tandem with a yet-to-be-commissioned gold/copper mine in the Philippines, is targeting annual gold production to increase to 600,000oz by 2016.