Anaconda Mining Files Updated Mineral Resource Estimate and Mineral Reserves for the Point Rousse Gold Project

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22/09/2020 05:38
TORONTO, ON / ACCESSWIRE / September 21, 2020 / Anaconda Mining Inc. ("Anaconda" or the "Company") (TSX:ANX) is pleased to announce the filing of a technical report prepared in accordance with National Instrument 43-101 ("43-101") reporting on updated Mineral Resource and Mineral Reserves estimates ("MRMR") for its 100%-owned Point Rousse Gold Project ("Point Rousse", or the "Project") in Newfoundland and Labrador, Canada. The technical report follows the previous announcement on August 4, 2020 outlining the updated MRMR for the Argyle Deposit ("Argyle") at Point Rousse (All dollar amounts are in CDN $ unless otherwise stated).

Highlights of the Mineral Resource and Mineral Reserves at Point Rousse Include:
•Point Rousse Probable Mineral Reserve includes material from Argyle, the Pine Cove Mine and the Pine Cove Run of Mine ("ROM") stockpile and includes 706,443 tonnes at an average diluted grade of 1.90 grams per tonne ("g/t") gold containing 43,183 ounces, based on a gold price of $1,900 (US$1,425);
•Point Rousse combined Indicated Mineral Resource of 1,470,000 tonnes at an average grade of 2.34 g/t gold containing 110,800 ounces, and a combined Inferred Mineral Resource of 515,000 tonnes at an average grade of 3.33 g/t gold containing 55,100 ounces;
•Mineral Reserves from the Pine Cove Mine Pit and ROM stockpile include 170,851 tonnes at an average diluted grade of 1.40 g/t gold, which will provide mill throughput into late Q4 2020;
•Mineral Reserves from the Argyle Deposit include 535,592 tonnes at an average diluted grade of 2.06 g/t gold containing 35,477 ounces; and
•At Argyle a pre-tax net present value at a 5% discount rate ("NPV 5%") of $13.1M and an Internal Rate of Return ("IRR") of 262%, and an after-tax NPV 5% of $11.4M with an IRR of 245%, all based on a $1,900 (US$1,425) gold price.

"The Point Rousse Technical Report demonstrates strong economics of continued mining at Anaconda's Point Rousse Operation. While we continue to profitably process ore from the final benches of the Pine Cove Mine, we have commenced the development of the Argyle Gold Mine, which at a conservative gold price of C$1,900 will generate after-tax cumulative free cash flow of over $12.6 million. At current Canadian gold prices, Argyle could generate an after-tax net present value of over $20 million over the next 22 months. Meanwhile we are conducting a 4,000 metre drill program to extend mineralization at Stog'er Tight where we recently announced a drill discovery of broad, high-grade mineralization, that has not yet been incorporated into the mineral resource for Stog'er Tight outlined in the technical report. Leveraging our established infrastructure and strong operating team, we continue to demonstrate our ability to fast track successful exploration to production in the Baie Vert peninsula."

~ Kevin Bullock, President and CEO, Anaconda Mining Inc.

Point Rousse Mineral Reserve Estimate

The total Probable Mineral Reserves for the Point Rousse Project are as follows:

Table 1. Probable Mineral Reserves - Point Rousse Project (see notes for Effective Dates)

Deposit Reserve Category Cut-off Grade (g/t) Tonnes (t) Average Grade of Gold (g/t) Contained Ounces of Gold
Argyle Probable 0.56 535,592 2.06
Pine Cove - Mine+ROM Probable 0.50 170,851 1.40 7,706
Pine Cove - Marginal Stockpile Probable 0.50 252,560 0.55 4,466
Total Combined Probable 959,003

Point Rousse Mineral Reserve Notes
1.Mineral Reserves were prepared in accordance with NI 43-101, the CIM Definition Standards for MRMR (2014) and 2019 CIM MRMR Best Practice Guidelines.
2.Mineral Resources are inclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
3.The Argyle Mineral Reserve is based on the Mineral Resource Estimate prepared by Mercator Geological Services Limited with an effective date August 4, 2020.
4.The Argyle Mineral Reserve Estimate has an effective date of August 4, 2020.
5.The Argyle Mineral Reserve Estimate is reported from Indicated Resource blocks at a 0.56 g/t cut-off within the optimized pit shell design developed by Dassault Systèmes Canada Inc.; base-case optimization parameters include: mining at $4.00 per tonne, combined processing and G&A at $29.00 per tonne, average pit slope angles of 48 degrees (north) and 35 degrees (south), daily mill throughput of 1,200 tonnes per day, and average process recovery of 87%, and a gold price of CAD$1,900/oz (US$1,425/oz).
6.The Pine Cove Mineral Reserve Estimate is based on the Mineral Resource Estimate prepared by Adiuvare Geology and Engineering Ltd. with effective date August 8, 2020 and internal reconciliation of stockpiled marginal and ROM with an Effective Date of August 31, 2020.
7.The Pine Cove Mineral Reserve has an effective date of August 31, 2020.
8.The Pine Cove Mineral Reserve Estimate is reported from Indicated Resource blocks at a 0.50 g/t cut-off as determined by ongoing mining at the Pine Cove Mine including mining costs of $3.50 per tonne mined, combined processing and G&A costs of $28.60 per tonne milled, daily mill throughput of 1,200 tonnes per day, an average process recovery of 87%, and a gold price of CAD$1,900/oz (US$1,425/oz).

Argyle Mineral Reserves Economics

As previously reported, total gold ounces scheduled for mining at Argyle over the 22-month life of mine is expected to be 35,477 ounces at an average grade of 2.06 g/t gold from 535,592 tonnes of ore mined (see Table 2). It is expected that Argyle ore will be mined using conventional open pit mining methods with waste rock being stored locally at site and ore being transported by truck to the Pine Cove Mill. It is expected that Argyle ore will be batch-processed at approximately 1,200 tonnes per day with additional material from Pine Cove stockpiles supplementing the mill capacity of 1,300 tonnes per day. This will be accomplished with stockpile management techniques and circuit inventory methods in the mill to account for different mill feeds.

Anaconda has received material permits to initiate development at Argyle, including a release from the Environmental Assessment and receipt of a Certificate of Approval (Department of Municipal Affairs and Environment), and the acceptance of the Development, Rehabilitation and Closure plan (Department of Natural Resources). Initial development activities have commenced, including cutting, land clearing and access construction, with mining of ore expected to commence in Q4 2020.

Argyle has robust economics with a pre-tax discounted NPV 5% of $13.05M with an IRR of 262%, and an after-tax NPV 5% of $11.4M with an IRR of 245%. Total initial capital requirements of $2.98M are required, mainly for pre-stripping of waste and site preparation.

Table 2: Key Assumptions and Costs Used in the Argyle Mineral Reserve (all prices shown are in Canadian Dollars)

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