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Gold Investing WIN Metals Updates Butchers Creek Gold Resource, Plans to Advance Development
The company released an updated mineral resource estimate for the asset on April 16, saying it now stands at 5.23 million tonnes at 1.91 grams per tonne (g/t) gold for 321,000 ounces of gold.
The project's indicated resource has increased by 86 percent, coming in at 3.58 million tonnes at 2.24 g/t gold for 258,000 ounces of gold. The inferred category holds 1.66 million tonnes at 1.18 g/t gold for 63,000 ounces of gold.
Butchers Creek is located in the East Kimberley region of Western Australia and historically produced at least 52,000 ounces of gold. According to WIN, open-pit mining took place at the site between 1995 and 1997.
WIN acquired Butchers Creek from Meteoric Resources (ASX:MEI,OTC Pink:METOF) in late 2024. According to the company, it hosts numerous high-order drill targets from over 60 known gold occurrences.
After taking ownership of the property, WIN launched an exploration program. In its December quarterly report, the company announced the completion of 7,200 metres of reverse-circulation drilling across 25 holes.
Speaking about the updated resource for Butchers Creek, WIN Managing Director and CEO Steve Norregaard said it will allow the company to move forward with development studies while drilling other "high-priority, high-grade targets."
"With readily accessible mineralisation located immediately below the shallow open pit amenable to low-cost open pit mining methods, the opportunity to monetise this asset in the current high gold price environment is now an imperative," he noted. WIN plans to enhance Butchers Creek's resource base via work at the Golden Crown area.
Originally a nickel-focused company, WIN pivoted toward gold following a decline in nickel prices.
The company sees long-term value in its Mount Edwards nickel project in Western Australia, but said nickel prices may need to reach US$20,000 per tonne again before it resumes active exploration and development.
In August 2024, WIN sold its nickel, lithium and other associated metal rights within the Munda gold project to Auric Mining (ASX:AWJ), saying it would net a minimum of AU$1.2 million.
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