PR Newswire
VANCOUVER, BC, March 4, 2021
Pre-Tax NPV5% of US$1.5 billion, Pre-Tax IRR of 36%
After-Tax NPV5% of US$995 million, After-Tax IRR of 29%
Average Annual Gold Production of 335,000 ounces and AISC of US$577/oz in Years 1 through 9
VANCOUVER, BC, March 4, 2021 /PRNewswire/ - First Mining Gold Corp. ("First Mining" or the "Company") (TSX: FF) (OTCQX: FFMGF) (FRANKFURT: FMG) is pleased to announce that the Company has filed on SEDAR an independent Pre-Feasibility Study ("PFS") technical report (the "Report") for its Springpole Gold Project ("Springpole" or the "Project") located in northwestern Ontario, Canada.
The Report, entitled "NI 43-101 Technical Report and Pre-Feasibility Study on the Springpole Gold Project, Ontario, Canada" was prepared by AGP Mining Consultants Inc. ("AGP") in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and has an effective date of January 20, 2021.
The PFS supports a 30,000 tonnes-per-day ("tpd") open pit mining operation over an 11.3 year mine life (see First Mining's news release dated January 20, 2021). Highlights include:
Note: Base case parameters assume a gold price of US$1,600/oz and a silver price of US$20/oz, and an exchange rate (C$ to US$) of 0.75. All currencies are reported in U.S. dollars unless otherwise specified. NPV calculated as of the commencement of construction and excludes all pre-construction costs. |
(1) Total cash costs consist of mining costs, processing costs, mine-level general and administrative ("G&A") costs, treatment and refining charges and royalties. |
(2) AISC consists of total cash costs plus sustaining and closure costs. |
"Springpole's robust PFS and declaration of reserves for the first time are important achievements for the Company," stated Dan Wilton, CEO of First Mining. "The PFS is the result of the diligence, dedication and hard work by the team at First Mining and our consulting partners. This Report confirms that Springpole has the potential to become a strategically significant, highly profitable gold mine in one of the most attractive mining jurisdictions in North America."
PFS Overview
The Springpole Gold Project, located in northwestern Ontario, Canada, is one of the largest undeveloped open pit gold projects in North America. The Project is located approximately 110 kilometres northeast of Red Lake. Springpole currently hosts Probable Mineral Reserves of 3.8 million ounces ("Moz") of gold , as set out in the table below.
Springpole Proven and Probable Reserves
Category | Tonnes | Grade Au (g/t) | Grade Ag (g/t) | Contained Metal Au (Moz) | Contained Metal Ag (Moz) |
Proven | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Probable | 121.6 | 0.97 | 5.23 | 3.8 | 20.5 |
Total | 121.6 | 0.97 | 5.23 | 3.8 | 20.5 |
Notes:
In terms of Mineral Resources (inclusive of reserves), the Project hosts 4.6 Moz of gold in the Indicated Mineral Resource category and 0.3 Moz of gold in the Inferred Mineral Resource category as set out in the table below.
Springpole Mineral Resources (inclusive of Mineral Reserves)
Category | Tonnes | Grade | Grade | Contained Metal | Contained Metal |
Indicated | 151 | 0.94 | 5.0 | 4.6 | 24.3 |
Inferred | 16 | 0.54 | 2.8 | 0.3 | 1.4 |
Notes:
The PFS evaluates recovery of gold and silver from a 30,000 tpd open pit mining operation, with a process plant that will include crushing, grinding, and flotation, with fine grinding of the flotation concentrate and agitated leaching of both the flotation concentrate and the flotation tails followed by a carbon-in-pulp recovery process to produce doré bars.
Important parameters of the PFS are presented in the following table:
Key Assumptions | LOM | Years 1 to 9 |
Base Case Commodity Prices | US$1,600/oz Au, US$20/oz Ag | |
Exchange Rate (C$ to US$) | 0.75 | |
Production Profile | LOM | Years 1 to 9 |
Total Tonnes Processed (Mt) | 121.6 | 97.4 |
Total Tonnes Waste (Mt) | 287.5 | 259.6 |
Mill Grade - Gold, Silver | 0.97 g/t Au, 5.2 g/t Ag | 1.12 g/t Au, 5.7 g/t Ag |
Mine Life | 11.3 years | 9 years |
Throughput (tonnes per day) | 30,000 | 30,000 |
Strip Ratio (waste:ore) | 2.36 : 1 | 2.66 : 1 (inc. PP period) |
Overall Recovery - Gold, Silver | 85.7% Au, 89.5% Ag | 87.0% Au, 89.8% Ag |
LOM Metal Recovered - Gold, Silver | 3.2 Moz Au, 18.1 Moz Ag | 3.0 Moz Au, 16.1 Moz Ag Werbung Mehr Nachrichten zur First Mining Finance Aktie kostenlos abonnieren
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