Bolivar expects Tomi feasibility study in May

A feasibility study is under way at the Tomi gold project in Venezuela’s Bolivar state.

Bolivar Goldfields (TSE) commissioned Toronto-based Kilborn to conduct the study, which is expected by mid-May.

The geological resource is estimated at 6-8 million tonnes grading 3 grams gold per tonne.

Preliminary feasibility work suggests Tomi could be developed as an open-pit mine to a depth of 170 metres.

Standard carbon-in-pulp milling technology is expected to produce recoveries of 90% for both oxide and sulphide material.

Annual gold output would likely be in the range of 1.5 million grams (50,000 oz.).

While the feasibility will concentrate on reserves minable from surface, Bolivar also sees good potential at depths below Tomi’s surface resource and, towards this end, will conduct deep drilling in the first quarter.

Vengold (TSE) holds an option to back-in for a half interest in the concession during a 60-day period following delivery of a feasibility study. To earn the interest, Vengold would have to reimburse Bolivar’s property costs, as well as arrange project financing.