PFS supports sequential development of Fountain Head and Hayes Creek – PNX
A prefeasibility study (PFS) has confirmed the viability of the sequential development of the Fountain Head gold and Hayes Creek gold/silver/zinc projects, in the Pine Creek region of Northern Territory.
Announcing the PFS outcomes on Thursday, PNX Metals said the study envisaged initial gold mining and processing at Fountain Head for the first five years, followed by development at Hayes Creek from year four onwards.
The Hayes Creek gold/silver/zinc development would use the mined-out Fountain Head pit for tailings storage.
PNX said that its proposed development plans would make optimum use of its mineral resource inventory at the Fountain Head, Glencoe and Hayes Creek deposits.
The staged development approach would entail a carbon-in-leach gold plant and infrastructure capable of treating 750 000 t/y with a capacity potential of 900 000 t/y. In the initial five-year period, gold and silver ore from three openpit mines would be processed.
In the second stage, the mine would be upgraded to incorporate a sulphide flotation circuit to process Hayes Creek high-grade gold/silver/zinc massive sulphide ore into a zinc concentrate and a precious metals concentrate.
An initial capital cost of about A$46-million would be required for Stage 1 and an additional A$58-million for Stage 2.
The PFS calculated a pretax net present value of A$171-million and a mine life of ten years. The pretax internal rate of return is 63%, with an 18-month payback period.
Life-of-mine production would be 250 000 oz of gold, 11.4-million ounces of silver and 116 300 t of zinc.
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