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In an exciting development, gold has been discovered at New Zealand’s Snowy River Mine, located deep in the West Coast region. With its proximity to a historically rich mine, this recent find has sparked optimism among operators who estimate its value to be around $2 billion.
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Situated near Ikamatua, approximately 850 meters underground, lies a significant deposit of quartz reef, representing a potential treasure trove. Snowy River Mine’s general manager, Lincoln Smith, referred to it as the ultimate reward at the end of the mine.
The presence of gold marks a significant milestone for Snowy River Mine, as it confirms their earlier expectations. Smith expressed satisfaction with the discovery, stating, “We were pretty confident it was there, and we’re happy to see it.” The nearby Blackwater Mine has previously yielded gold, further bolstering the confidence in the potential of the Snowy River Mine.
Smith explained that gold was first discovered in the early 1900s at the Blackwater Mine, which operated until 1951, extracting up to 750 ounces of gold. The area flourished during that time, with the bustling township of Waiuta serving the mining operations. Today, Snowy River Mine is mining the “birthday reef,” located approximately 3 kilometers below the former Blackwater mine workings, effectively resuming where the earlier miners left off.
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The timing of the gold strike couldn’t be better, as the current record-high gold prices, exceeding $3000 per ounce, contribute to the remarkable value of the find. Development West Coast CEO Heath Milne acknowledged the significance of this discovery, stating, “We think we got 700,000 ounces there. Three sevens are 21 – that’s $2.1 billion we got there.”
The considerable value of the gold deposit has attracted a skilled workforce to the region. Plans are underway to establish a processing plant locally, indicating a commitment to not just extract the gold but also process it on-site. Federation Mining, a prominent employer in the West Coast area, currently employs 80% local workers and expects the number to increase from 60 to 150 employees over the next year.
SOURCE: NEWSHUB
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