Lachlan Star (ASX: LSA) has welcomed Canadian investment firm Sentry Investments as a substantial shareholder after it purchased an 8.96% stake in the company.
Sentry purchased 6.75 million shares for a consideration of A$5.53 million, providing an average entry price of $0.82.
Lachlan Star recently announced it has the potential to maximise economic returns from low grade gold mineralisation that is currently mined as waste at its wholly owned CMD Gold Mine in Chile with the delivery of initial results of a large scale trial of run of mine dump leaching.
Currently there is a large amount of gold mineralisation between 0.15 grams per tonne (g/t) gold and the current mineral reserve cut-off grades of around 0.3g/t gold that is currently mined and sent to waste dumps.
If the final results of the trial indicate that the material is economic to process, there is significant potential for the CMD Gold Mine to increase gold production at reduced waste to ore ratios.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/22924/lachlan-star-adds-substantial-shareholder-sentry-investments-to-its-register-22924.html
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