Dome Reports $167K Exploration Spend, $1.2M Cash, and License Renewals
Dome Gold Mines reports steady progress on its Sigatoka industrial sand and magnetite project alongside securing a key government contract for emergency river desilting in Fiji. Exploration results also highlight promising copper and gold anomalies at its Nadroga tenement.
- Dome appointed operator of Fiji government’s emergency Sigatoka River desilting program
- Definitive feasibility study and environmental impact assessment advancing at Sigatoka
- Anomalous copper and gold detected in historic and recent samples at Nadroga’s Wainivau Prospect
- Exploration licenses for Nadroga and Ono Island renewed for three years
- Company holds $1.208 million cash with $167K spent on exploration in December quarter
Government Collaboration Boosts Sigatoka Project
Dome Gold Mines Limited (ASX: DME) has taken a significant step forward in its Fijian operations by being selected as the operator for the government’s emergency desilting program of the Sigatoka River. This initiative, supported by the Ministry of Agriculture and Waterways, aims to mitigate recent flood damage impacting local communities and businesses. Dome’s wholly owned subsidiary, Magma Mines Pte Ltd, met all project requirements, with final approval pending from fishing rights holders, a process the company expects to conclude favorably in early February 2025.
Progress on Sigatoka Feasibility and Environmental Studies
Alongside this government partnership, Dome is advancing its Definitive Feasibility Study (DFS) and Environmental Impact Assessment (EIA) for the Sigatoka industrial sand and magnetite project. Preparations for a river and marine survey are scheduled for February, complemented by geotechnical drilling and ongoing assessment of sand samples for magnetite extraction. These studies are critical for Dome’s mining lease application and underpin the company’s ambition to commence production using conventional sand mining and wet processing techniques.
Encouraging Exploration Results at Nadroga
While fieldwork was hampered by wet season rains during the December quarter, Dome’s geologists uncovered historical exploration data from the late 1980s revealing strongly anomalous copper and gold in float samples at the Wainivau Prospect within the Nadroga tenement (SPL1452). These findings align with Dome’s own sampling and justify planned follow-up exploration activities in early 2025, weather permitting. The Nadroga license was renewed for three years, reflecting Dome’s commitment to advancing its copper-gold porphyry targets.
Ono Island License Renewal and Financial Position
Dome also secured a three-year renewal of its Ono Island gold exploration license (SPL1451), although no exploration was conducted there during the quarter. Financially, the company reported $167,000 in exploration expenditure, predominantly allocated to the Sigatoka DFS program. Dome ended the quarter with $1.208 million in cash and maintains access to $4.892 million in unused financing facilities, providing a runway of approximately six quarters at current expenditure levels.
Outlook and Strategic Implications
Dome’s dual focus on progressing the Sigatoka project’s feasibility and environmental approvals while engaging in promising copper-gold exploration at Nadroga positions the company well within Fiji’s mining sector. The government partnership on the desilting project not only enhances Dome’s local profile but may also facilitate smoother regulatory pathways. However, the pending approvals from fishing rights holders and the impact of seasonal weather on exploration timelines remain key variables to monitor.
Bottom Line?
Dome’s integration of government collaboration with advancing project studies sets the stage for pivotal developments in Fiji’s mining landscape.
Questions in the middle?
- Will Dome secure final approvals from fishing rights holders to commence the Sigatoka desilting operations?
- How will the upcoming river and marine surveys influence the Sigatoka feasibility study outcomes?
- What are the timelines and budget implications for follow-up exploration at Nadroga’s Wainivau Prospect?
