Battle North announces resource estimate for target near Bateman
Canadian gold mine Battle North has announced a mineral resource estimate for the McFinley zone, which could provide mill feed to the Bateman gold project in the Red Lake district of Ontario.
McFinley has measured and indicated resources of 205 700 t at a grade of 6.04 g/t for 40 000 oz of contained gold. The inferred resource is 259 300 t at 8.5 g/t for 71 100 oz of contained gold.
“The McFinley Zone benefits from more than 3 900 m of existing underground development that is connected to the [Bateman] project shaft and underground infrastructure. The existing development and close proximity to the project processing facilities allows us to potentially expedite the inclusion of the McFinley Zone mineralised material to the project mine plan,” said Battle North CEO George Ogilvie.
The McFinley mineral resource estimate only extends down to the 162 m level, but the zone remains open at depth and along strike.
“Given the success of our initial exploration programme and the potential to enhance the project economics, our plan is to continue to prioritise exploration activity at the McFinley Zone,” said Ogilvie.
The McFinley Zone forms part of the ‘string of pearls’ exploration targets located near the Bateman gold project infrastructure.
An October 2020 feasibility study for the Bateman project has demonstrated the project’s commercial viability, with an after-tax internal rate of return of 50.3% and a C$305-million net present value.
The maiden feasibility study estimates that C$109.3-million will be required for the mine, which will produce 73 835 oz/y over an 8.2-year mine life at a C1 cash cost and all-in sustaining cost of $613/oz and $865/oz, respectively.
The ramp-up period is an estimated 21 months to commercial production and initial production is expected to start about seven months after construction gets under way.
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