Tanami Gold finishes blast works under $38M deal
Key points
- Tanami Gold finished portal blasting at its Groundrush Project under a $38 million contract.
- Tanami Gold shares stayed flat at $0.06 following the project milestone update.
- The works target underground access for drilling to upgrade 400,000 ounces of gold resources.
Tanami Gold (ASX:TAM) completed blasting for two exploration decline portals under an existing $38 million contract in the Northern Territory.
The progress follows an August agreement awarded to Macmahon Underground, a unit of Macmahon Holdings (ASX:MAH).
The 14-month contract covers portal establishment, vent works, and 3.5km of decline construction to 350m deep.
Work provides underground platforms for 33,000m of infill drilling to convert 400,000 ounces of inferred gold into indicated resources.
Following the announcement, the Tanami Gold share price was unchanged at $0.06.
The company and its partner MGX Resources (ASX:MGX) each hold 50% in the joint venture seeking a 2027 development decision.
The joint venture aims to use the higher-confidence resource estimates for formal mine design and production planning.
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