Aim-listed Goldstone Resources has submitted its definitive economic plan (DEP) for the Akrokeri-Homase gold project to Ghana’s Minerals Commission for review.
The company is seeking to move rapidly towards establishing its first operating mine within the Homase trend. It says the DEP demonstrates the viability for a low-cost mining operation.
The DEP recommends using a contract mining method and sets out the basis for a low-cost heap leach processing facility to process material from three satellite openpits along the Homase trend, on either side of the previously mined Homase pit.
This initial mining operation would generate cash flows to fund further development of the Akrokeri-Homase project.
The DEP estimates an initial capital cost of $6.5-million for a project with an after-tax net present value of $19.5-million and an after-tax internal rate of return of 143% at a gold price of $1 300/oz.
Goldstone further anticipates an after-tax payback of the initial capital cost within one year.
Moreover, the DEP estimates that the proposed mine contains a mineable resource of about 82 000 oz of contained gold in oxide ore, with a projected 82% recovery from 2.17-million tonnes of oxide ore, at an average grade of 1.2 g/t gold. This satellite mineable resource is part of the Akrokeri-Homase project’s total mineable resource of 602 000 t.
Goldstone says that, with the DEP submitted, the environmental-impact assessment will follow suit and be submitted along with a mining lease application.