West Australian gold explorer Focus Minerals (ASX: FML) today announced the results of the Coolgardie Pre-Feasibility Study (PFS) refresh and Ore Reserve upgrade.
HIGHLIGHTS:
-
6 years, mostly open pit production for average 63,000oz per year.
-
NPV7.5% : A$183m (gold price assumption: A$2,200/oz).
-
Maximum drawdown: A$48m (incl. $24m for mill refurbishment and $4m for tailings lift).
-
Internal Rate of Return: 71%.
-
Additional deposits under review to potentially extend the LOM.
-
JORC 2012 Total Proved & Probable Ore Reserves at 6.64Mt @ 1.97g/t.
The Company is actively reviewing additional potentially mineable resources to further improve the proposed PFS schedule. Resource updates are scheduled for release by the end of 2020.
Commenting on the 2020 Coolgardie PFS update, Focus Minerals’ CEO, Mr Zhaoya Wang, said: “The 2020 Coolgardie PFS Refresh indicates opportunity to develop a robust production schedule with further upside. Our technical team is continuing to develop additional potentially mineable resources that can improve the economic case for a resumption of mining in Coolgardie.”
