Oceana Gold's open pit Reefton operations could be under the hammer by the end of the year, but a decision awaits on an adjacent, West Coast alternative.
About 37km south of Reefton, Oceana's proposed Blackwater project is in the mix.
The historic Blackwater, which yielded about 740,000 ounces until a shaft collapse and closure in 1951, requires capital spending of an estimated $97 million, for driving a tunnel to advance exploration.
In October, following release of a ''preliminary economic assessment'', Oceana said that although the ''base case economics are robust'', the project was ''technically stalled'' and further studies were required. No timeline was in place for a decision.
Forsyth Barr broker Andrew Rooney said while Blackwater ''appears to be a positive add-on'', the extent of its contribution was ''the uncertain bit'' of exploration research so far, and Blackwater was ''relatively little'' of the wider Oceana operations valuation.
