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Barkerville Gold Mines Ltd.
Summary
| Project: | Cariboo Gold Project | |
|---|---|---|
| Deposit: | Cariboo Gold Project | |
| Location: | Canada | |
| Commodities: | Gold | |
| Date: | 8/19/2019 | |
| Report Code: | NI43-101 | |
| Report Type: | PEA | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 19-8-2019: Barkerville Gold Mines Ltd. announces a PEA report for its Cariboo Gold Project deposit at the Cariboo Gold Project project. PEA results incl. post-tax NPV (5%) of $402.5M, IRR of 28.1%. TORONTO, Aug. 19, 2019 /CNW/ - Barkerville Gold Mines LTD | |
| Resources: | (Resource, M+I): 13.495Mt @ 5.6g/t Au | |
| CP/QP: | [Resources]: Christine Beausoleil, Carl Pelletier (InnovExplo Inc.) | |
| ABSTRACT: | TORONTO, Aug. 19, 2019 /CNW/ - Barkerville Gold Mines LTD. (TSXV: BGM. the "Company" or "BGM") is pleased to announce positive results from the independent Preliminary Economic Assessment ("PEA") prepared in accordance with National Instrument 43-101 at its 100% owned Cariboo Gold Project located in the historic Wells-Barkerville mining camp (District of Wells), British Columbia. The PEA provides a base case assessment of developing the project as an underground ramp-access mine with a gold pre-concentration plant in Wells and gold processing in its existing upgraded Quesnel River ("QR") mill. The PEA will be filed on SEDAR under the Company's profile, within 45 days of the date of this news release. Chris Lodder, President and CEO commented: "Today's PEA results for our Cariboo Gold project provide a robust after-tax Internal Rate of Return ("IRR") of 28% and after-tax Net Present Value ("NPV") of C$402 M with a capex of C$ 306 M, using only about 50% of our present mineral resource estimate. This is a very strong start to a project that is growing as new resources are being delineated by our ongoing successful exploration at depth and on strike of the present resources and throughout the 2,000 km2 prospective land package. The PEA envisions mining up to 4,000 tonne per day ("tpd") utilizing a long hole mining approach, focused on extracting large panels with minimum widths of 3.7 metres and minimum height of 30 metres. A key outcome of our extensive mining and processing test work is the ability to produce a high-quality concentrate averaging 20.5 Au g/t at the mine site and continued use of our upgraded Quesnel River Mill for final processing. This, along with optimization of the mining method allows us to include lower grade resources in the mine plan. In summary the PEA outlines a solid base-case for significant and profitable gold production with low capital costs in an extensive brownfields district with superb production expansion potential. BGM's vision of building a long life, high economic margin, low environmental impact mine in one of Canada's great historic mining camps is now entering the permitting and advanced engineering stage." | |
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