Conceptual study puts 21-year mine life on Côté Gold Project
A Toronto mine developer announced it is one step closer to carving out an open-pit gold mine near Gogama in northeastern Ontario. IAMGOLD Corporation liked what it read in a conceptual preliminary economic assessment (PEA) for its Côté Gold Project and has already moved to the pre-feasibility stage.
The company is crunching the numbers on the viability of digging a pit and building a processing mill at a site five kilometres west of Highway 144.
With upfront capital costs of $1.03 billion and life-of-mine sustaining capital costs estimated at $440 million, the project is pegged to produce an average of 302,000 ounces of gold every year over a 21-year life span. The average grade would be 0.97 grams per tonne.
The PEA study outlines a conventional truck and shovel open pit mining operation with a crushing operation, ball milling, gravity concentration and cyanide leaching, followed by gold recovery using carbon-in-pulp, stripping and electrowinning.
A thickened tailings management facility is being considered and the mine site would be powered by a 44 kilometre power line to Hydro One’s Shining Tree substation.The company said the pre-feasibility study should be completed by the second quarter of this year.
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