Troy's West Omai scoping study proves positive
PERTH (miningweekly.com) – Dual-listed gold miner Troy Resources has put a price tag of $86.8-million on its West Omai gold project, in Guyana.
A preliminary scoping study has estimated that the two opencut and one underground mine feeding a conventional carbon-in-leach plant with 750 000 t/y of capacity, would deliver 633 000 oz of gold over a seven-year mine life.
Average yearly gold production would reach about 90 000 oz, with the first 12 months delivering 102 000 oz.
Troy CEO Paul Benson pointed out that there was significant opportunity to grow the resource at West Omai, as the licence was within trucking distance of the plant and over 30 additional exploration targets had already been identified.
“The site development would allow Troy’s successful strategy of designing a plant with a base throughput suitable for the existing resource, in this case 750 000 t/y, but which can be expanded quickly and at a low incremental cost to increase throughput if additional resource is discovered.”
A regional exploration programme has been targeted for 2014.
“Even at $1 250/oz gold and just considering the current resource, the modelling supports the project concept and the company is working to finalise the prefeasibility study in the June quarter,” Benson added.
The current project had a net present value (NPV) of $101.5-million and an after tax internal rate of return of 44.2%. However, Benson pointed out that the current mine plan only processed 690 000 oz of gold, which was 42% of the total resource.
“In a higher gold price environment, we would expect that more of the resource would be economic to process,” he added, which would increase the project’s NPV.
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