Explorer Mincor Resources has undertaken the first blast of gold ore in the Flinders Main pit of its Widgiemooltha project which is near Kambalda in Western Australia.

Shareholders liked the news, pushing Mincor’s (ASX:MCR) share price up 6.1 per cent to 43.5c by midday AEST.

Managing director Peter Muccilli said the first blast marked a key step towards the start of gold production at Widgiemooltha.

“With the completion of pre-production works on time and on budget, we remain on track to deliver first ore in July 2018 and take advantage of the current strong Australian dollar gold price,” he said.

The ore will be processed through the nearby Higginsville plant under a previously executed toll treatment deal.

First blast in the Flinders Main pit. Pic: Mincor.
First blast in the Flinders Main pit. Pic: Mincor.

At a flat $1700-per-ounce gold price, Widgiemooltha is estimated to generate after-tax undiscounted cash of $37.1 million.

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