Santana Minerals Unveils Strong Development Path for Bendigo-Ophir Gold Project
Santana Minerals is moving forward with its Bendigo-Ophir gold project in New Zealand's Central Otago region, targeting first gold production by late 2028. The company claims a strong development path and projects an initial capital estimate of around AUD 280 million and a net present value (NPV) of just under AUD 800 million at a gold price of AUD 3,500 an ounce.
The project has a resource of 2.34 million ounces across four deposits, with the main asset Rise and Shine holding over 2 million ounces. The company says it has commissioned mining equipment from Komatsu, established an exploration base in Cromwell, and assembled a management team with mining experience.
Santana's executive director and chief executive Damian Spring highlighted the project's geology, describing the mineralization as orogenic in nature, controlled by dilatational fold structures and fault-related fluid pathways. The company has identified a feeder structure that may point to additional mineralization and plans to test further down-plunge extensions.