Aurelia Metals is gearing up to produce first ore from its Federation zinc, lead, and gold deposit in New South Wales, just 10km south of its Hera site.
The Federation deposit was first discovered in 2019, with Aurelia beginning development shortly after. A mineral resource estimate was released in 2021, marking the site as a potentially high-grade resource.
Aurelia announced nearly 2000m had been drilled in the 2023–24 financial year (FY24) in its FY24 report, which also revealed the company closed out the year with a 45 per cent increase to its earnings before interest, taxes, depreciation, and amortisation, bringing the total to $81 million.
Mine ventilation shafts from surface, road sealing and office facilities have now been completed at Federation. Run of mine pad and heavy vehicle haul road network development has also progressed.
Development through the ore body to the first stope is also underway, with 3000 tonnes of ore on the surface.
Aurelia’s Great Cobar base metals and gold deposit north of Federation also made progress in FY24, with studies underway to determine the best path forward for the project.
“Our priority organic growth project, Federation, remains on track to deliver first stoping ore during the current quarter – a major milestone for our business,” Aurelia managing director and chief executive officer Bryan Quinn said.
“Technical studies on our Great Cobar project also progressed during the year in preparation for a targeted positive final investment decision during FY25.
“Both projects are on track to safely deliver significant shareholder value.”
Looking to FY25, Aurelia will continue works at Federation, with the aim of identifying potential extensions from surface and underground.
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