Wallbridge delivers PEA for ‘highly desired’ 200 000 oz/y Fenelon
Toronto-listed Wallbridge Mining has unveiled the results of a preliminary economic assessment (PEA) on its still growing Fenelon gold project along the Detour-Fenelon gold trend, in Quebec.
The study determines that it will cost $645-million to build a mine at Fenelon, producing 212 000 oz/y at an all-in sustaining cost of $924/oz.
Over its 12.3-year mine life, the operation will deliver free cash flow of $157-million a year.
“Projects such as Fenelon, with a projected annual production profile of more than 200 000 gold ounces, located in a mining-friendly jurisdiction with established infrastructure, having substantial exploration upside and access to clean hydro-electric energy are highly desirable, yet exceedingly rare in the mining industry today,” commented Wallbridge chairperson Tony Makuch.
He said the company was pleased that the PEA alone was demonstrating robust economics at such an early stage.
The Fenelon project has an aftertax net present value (NPV) of C$721-million at a base case gold price of $1 750/oz and an aftertax NPV of C$1.07-billion at a spot price of $1 950/oz.
At the base case, the internal rate of return is 18% with a payback of 5.4 years.
“We expect further improvements as we continue to add to the resource base through our exploration efforts at Fenelon and elsewhere on our very large land position in the northern Abitibi greenstone belt,” added Makuch.
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