Northern Star Resources Limited (ASX:NST) has more than doubled the resource at the Pegasus deposit at the Kundana mine in Western Australia. The gold producer says the Pegasus deposit now sits at 763,000 ounces at 11.4 grams per tonne.
Pegasus is poised to contribute an extra 50,000 ounces per annum to the company’s production from mid 2015 to boost Kundana’s total production rate to 125,000 ounces per annum. The updated numbers represent a 16 per cent increase in grade and a 115 per cent increase in contained ounces.
Northern Star expects to provide a resource-reserve update for the adjacent Rubicon-Hornet deposit at Kundana in the September quarter.
Northern Star controls 51 per cent of Kundana with the remaining 49 per cent interest held by joint venture partners Rand Mining Limited
(ASX:RND) and Tribune Resources Limited
(ASX:TBR).
Northern Star Resources reported a net profit of $7.6 million in the first half of the 2014 financial year.
