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Galane Gold Ltd.
Summary
| Project: | Galaxy | |
|---|---|---|
| Deposit: | Galaxy | |
| Location: | South Africa | |
| Commodities: | Gold | |
| Date: | 7/6/2020 | |
| Report Code: | NI43-101 | |
| Report Type: | PEA | |
| Project Stage: | Mine in Care & Maintenance | |
| Report details: | 6-7-2020: Galane Gold Ltd. announces a PEA report for its Galaxy deposit at the Galaxy project. PEA results incl. NPV (9.8%) of US$64M & IRR of 1051%. Minxcon (Pty) Ltd (“Minxcon”) was commissioned by Galaxy Gold Reefs (Pty) Ltd (“GGR”, the “Client”, | |
| Resources: | (Resources, M+I): 9.2Mt @ 3.0g/t Au (885koz Au) | |
| CP/QP: | [Overall Report] Uwe Engelmann, Daniel van Heerden, (Minxcon Pty Ltd.) | |
| ABSTRACT: | Minxcon (Pty) Ltd (“Minxcon”) was commissioned by Galaxy Gold Reefs (Pty) Ltd (“GGR”, the “Client”, or the “Company”) to complete an updated Technical Report and a preliminary economic assessment (“PEA”) on the Galaxy mineral assets (collectively termed “Galaxy Gold Mine”, “Galaxy” or the “Mine”) and present the results in this Report. The strategy for the Mine has undergone significant changes, rendering previously-declared Mineral Reserves irrelevant and moving the project back to a PEA stage. This Report has been prepared in accordance with the prescribed guidelines of the National Instrument 43- 101 - Standards of Disclosure for Mineral Projects, Form 43-101 F1 – Technical Report and the Companion Policy 43-101CP (collectively “NI 43-101”). Item 1 (a) – PROPERTY DESCRIPTION The historically-established Galaxy Gold Mine is located approximately 8 km west of the town of Barberton and 45 km west of the provincial capital of Nelspruit (Mbombela), in the Mpumalanga Province of South Africa. The Mine comprises several east-west trending gold orebodies and tailings storage facilities (“TSFs”) from historical workings. The Agnes Mine and Princeton Mine are the primary mining areas. The Alpine Mine and the Pioneer Mine are historical underground workings and constitute future mining targets. Current site activities include low volume development and TSF retreatment. | |
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