OreCorp flags longer mine life in Tanzania
PERTH (miningweekly.com) – Gold developer OreCorp has flagged "significant" life-of-mine extensions at its Nyanzaga gold project, in Tanzania.
The ASX-listed company in August this year delivered a definitive feasibility study (DFS) for Nyanzaga estimating that the combined openpit and underground mine would produce 295 000 oz/y of gold at peak, averaging 250 000 oz/y for the first eight years of the mine life, and 242 000 oz/y for the first ten years.
Life-of-mine (LoM) average gold production is estimated at 234 000 oz/y over the nearly 11-year mine life. The study estimated a capital cost of $474-million.
However, OreCorp on Tuesday told shareholders that the company had identified significant LoM extension opportunities at the gold project, and generated an underground exploration target based on drill results, combined with extensive geological knowledge of the deposit, and a larger, Stage 4 pit has been identified applying a higher gold price.
“The company is excited by the LoM extension opportunities, particularly the exploration target which highlights the depth extension of Nyanzaga and demonstrates the potential to extend the longevity of the mine well beyond the current 10.7 year mine life,” said CEO and MD Matthew Yates.
“The exploration target is in addition to the robust DFS for Nyanzaga we announced in August, where we delivered a long-life asset with a production schedule of 242 000 oz/y over the first 10 years at a very competitive all-in sustaining cost of $954/oz. The system remains open at depth down plunge offering further potential for mineralised extensions of the deposit.”
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