MGV 2.74% 35.5¢ musgrave minerals limited

I've studied MGV's prospects pretty closely in this area but I...

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  1. 11,185 Posts.
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    I've studied MGV's prospects pretty closely in this area but I haven't really kept up with the surrounding tenure as I've never been a shareholder in SLR, so just pouring out a few thoughts and research I've done in the last few minutes. Be great if others could fill-in gaps.

    The Tuckabianne processing plant was moved from SLR's Tarmoola gold mine near Leonora to Tuckabianne near Cue  in a multi-million dollar operation that took 18 months. The plant at the time consists of

    from https://www.epicwa.com.au/projects/gold/tuckabianna-gold-project
    • 2 Stage crushing circuit, with Primary Jaw Crusher, Secondary Cone Crusher, 2 deck sizing screen and fine ore bin.
    • 2.9MW 5.5m x 8.7m Ball Mill circuit, complete with Knelson/Acacia Reactor gravity gold circuit on the cyclone underflow.
    • 11000m3 CIL circuit and elution circuits
    • Maintenance workshops, stores, administration facility
    • HV and LV reticulation, plant control system
    • Raw, process and potable water storage and pumping circuits
    • Tailings disposal
    After spending a reported $93 million on restarting the plant at Tuckabianne the plant was shuttered only 7 months after declaring commercial production.

    https://www.australianmining.com.au/news/silver-lake-closes-gold-mine-cuts-127-jobs-2/

    Following that SLR leased out the plant in Jan 2015 (for 31 months) to privately owned BNM Australia Group (backed by US metal merchant Auramet Trading and reported to also have links to DRM). BNM plan involved processing the tailings from the Great Fingall mine near Cue which at the time belonged to Peter Cook's Metals X (now WestGold).  The plan hit a snag in only a few months later (see report below)

    https://thewest.com.au/business/finance/big-names-in-bnm-mire-ng-ya-194611

    I'm not exactly clear how this mess was resolved but it must have been resolved or else it would have been more difficult for SLR to sell the processing plant and surrounding tenure to WestGold. I'll try and make some comments on the SLR/WestGold - Tuckabianna transaction and what it might mean for the values of Lena-BOD/Moyagee and the future  for mining in the district when I manage to get my own head around what the potential resources involved might be for each company. Currently WestGold has more resources than MGV in this district. One would need to do some research on those resources to try and guess how relatively viable each companies resources are and which company has the best exploration potential. I wonder if WestGold will go back to trying to treat the tailings from Fingall? Any views on any of this?Esh
 
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Currently unlisted public company.

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