Gold and Silver Updates


McCoy-Cove Credit score: Premier Gold Mines

Following final month’s announcement of the sale of Premier Gold Mines to Equinox Gold, Premier has launched an up to date preliminary financial evaluation for its McCoy-Cove property in Nevada. The past-producing asset will likely be a part of i-80 Gold, a US-focused spin-out with shares of this new firm distributed to Premier’s present shareholders.

The newest PEA suggests an 8-year, 1,070 t/d underground mine at McCoy-Cove, producing a mean of 102,000 gold oz. yearly at all-in sustaining prices of US$948 per oz. With mine building capital prices pegged at US$81.9 million and assuming a US$1,400 per oz. gold value, the after-tax internet current worth estimate for the mission is available in at US$178 million, at a 5% low cost charge, with a 36% inside charge of return.

“The PEA underscores the significance of McCoy-Cove as one of many cornerstone belongings in our soon-to-be spun-out i–80 Gold Corp, whose focus will stay the exploration and improvement of high quality gold tasks in Nevada, USA,” Ewan Downie, president and CEO of Premier Gold Mines, mentioned in a launch. “Our go-forward plans for the mission contains an exploration ramp to permit an aggressive underground drill program to improve and develop mineral sources prematurely of a future feasibility examine and likewise present a platform to extend recoverable gold sources and delineate the deposit nonetheless open down-plunge.”

The proposed mining state of affairs contains single-ramp entry from floor with contractor mining utilizing drift and fill mining strategies. Processing could be beneath a toll-milling association: there are three roasting amenities and two strain oxidation amenities in northern Nevada which might probably course of the Cove mineralization.

The newest examine assumes the mining of two of the 4 deposits on the web site – Helen and Hole – each of those stay open.

McCoy-Cove is permitted beneath an environmental evaluation (EA), which permits Premier to develop an exploration ramp, full underground drilling and check mine as much as 108,860 tonnes. The newest examine assumes a brand new EA will likely be required to mine the Helen zone with an extra environmental influence assertion (EIS) required for additional dewatering. Baseline information assortment, allowing and bonding for the EIS are anticipated to be accomplished within the second quarter of 2024.

In 2021 and 2022, Premier expects to give attention to evaluating processing strategies, optimizing the mine plan and finishing baseline research for the EIS, along with exploration decline improvement. A feasibility examine work is anticipated in 2023 and 2024.

McCoy-Cove is simply south of Nevada Gold Mines’ Phoenix mine and contains the Cove mine, which produced 2.6 million oz. of gold and 100 million oz. of silver between 1987 and 2001, in addition to the McCoy mine which generated over 600,000 gold oz.

Indicated sources on the web site stand at 1 million tonnes at 10.9 g/t gold and 29.1 g/t silver, for a complete of 351,000 gold oz. and 943,000 oz. of silver. Extra inferred sources whole 3.9 million tonnes grading 10.9 g/t gold and 20.6 g/t silver, for an extra 1.4 million gold oz. and a couple of.6 million silver oz.

For extra data, go to


Source link