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Newfield Resources Ltd.
Summary
| Project: | Tongo | |
|---|---|---|
| Deposit: | Tongo | |
| Location: | Sierra Leone | |
| Commodities: | Diamonds | |
| Date: | 5/9/2019 | |
| Report Code: | JORC | |
| Report Type: | Pre-Feasibility Study | |
| Project Stage: | Mine Development | |
| Report details: | 9-5-2019: Newfield Resources Ltd. announces a Pre-Feasibility Study report for its Tongo deposit at the Tongo project. FEED study results incl. pre-tax NPV of US $33M (10%), IRR of 30%, Initial ore reserve. Newfield Executive Director, Karl Smithson, comm | |
| Resources: | (Reserve, Prob.): 1.085Mt @ 1.0cpt for 1.093Mcts Diamonds contained | |
| CP/QP: | [Overall Report]: Karl Smithson (Internal) | |
| ABSTRACT: | Newfield Executive Director, Karl Smithson, commented: “The Newfield team is delighted to announce the completion of the Tongo Mine development FEED Study. The FEED work has definitively shown that Tongo is a technically robust and strongly economic development. “The very high-grade and high-value diamonds of the Tongo kimberlites, combined with the considerable process and support infrastructure already on site, are key drivers of the strong forecast margins and short lead time to first diamond production. The Newfield team is confident that Tongo is a generational project. This dynamic is expected to be demonstrated via further investment in infill drilling, planned to be concurrent with project construction, in order to upgrade large-scale Inferred Resources to Indicated status, with targeted eventual conversion of that material to Ore Reserves. “We strongly believe in the potential of the Tongo Mine development to concurrently deliver sustainable economic and social benefits to our local communities, and the broader populace of Sierra Leone. Development of the box cut for the underground portal entrance and decline has already commenced. We look forward to providing further updates as we progress towards targeted project funding and FID in the second half of 2019.” | |
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