Kore Mining's California project can produce 146 000 oz/y
North America-based Kore Mining has published a positive preliminary economic assessment with compelling project economics for the Imperial Oxide gold deposit, in California.
The assessment determines a net present value (NPV) for the project of $343-million, with a 44% internal rate of return at a $1 450/oz gold price.
At a recent spot price of $1 620/oz, the project has a NPV of $464-million.
The project has a pre-production capital cost requirement of $142-million and it can produce 146 000 oz/y over eight years, amounting to 1.2-million ounces of production over the mine life.
Kore says it is technically a simple project, with a shallow openpit and run-of-mine heap leach, which can be done with existing infrastructure.
The assessment also finds that the project’s value can be enhanced by exploring the Mesquite-Imperial-Picacho district, which captures 28 km of strike from TSX-listed Equinox Gold’s Mesquite mine to the historic Picacho heap leach mine.
Kore COO Marc Leduc says the company will move the project into permitting phase later this year, following an update to the plan of operations, which is a key document required for the permitting process.
Kore aims to make a construction decision within three years from submission of the plan of operations.
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