Earlier test work by previous operators delivered recoveries of up to 89.6 per cent in bottle-roll tests and 82.7 per cent recoveries in column leach trials, indicating Pantanillo’s oxide zone could behave much like nearby Rio2’s Fenix Gold project, 50 kilometres further north.
Fenix Gold, which hosts a staggering 389 million tonnes of ore grading 0.38 g/t gold, for a total of 4.8 million measured and indicated ounces is a similar dump-leach development.
Now 63 per cent complete, Rio2 expects to pour its first gold from site early next year and is forecast to produce 82,000 ounces of gold annually across a 17-year mine life.
Also, much like Rio2’s chosen processing path, Flagship plans to test the potential for “dump leaching” its oxide ore, which is a simple, low-cost method that treats run-of-mine material directly, skipping the need for crushing or agglomeration. This streamlined approach can slash both capital and operating costs, while the sulphide material will instead be floated to produce a pyrite-gold concentrate that could be sold to nearby copper smelters.
Flagship’s ultimate goal is a 10-year, 100,000-ounce-a-year open-pit heap-leach operation drawing on both oxide and higher-grade sulphide material across its 110-square-kilometre landholding.
Flagship Minerals managing director Paul Lock said: “We are very pleased with our progress at Pantanillo. In assuming control of the Anglo warehouse last Saturday, we have managed to secure a well located, secure and organised property and avoid the cost and risk of shifting ~100 tonnes of drill core and other exploration and testing samples.”
With the metallurgical samples now on their way, Flagship has turned its focus to lining up local drillers for a 2026 campaign aimed at pulling fresh core for new test work and pushing the boundaries of its growing resource. A recent site visit with one of Copiapó’s top drilling crews confirmed smooth access to all historic pads providing a big tick for fast mobilisation next year.
With a secure base now established, samples en route for testing and fresh drilling on the horizon, Flagship looks to be hitting its straps in Chile.
The company’s rapid progress at Pantanillo appears to signal more than just good housekeeping; it marks the start of a full-scale transformation from a dormant project with a foreign estimate into a potential new gold producer in one of South America’s most proven belts.
Is your ASX-listed company doing something interesting? Contact: mattbirney@bullsnbears.com.au
