High-grade ore from
A memorandum of understanding calls for the material to be processed at a fixed cost. Crew will install a modular gravity circuit at the front end of the processing circuit. Initially, material from Nalunaq’s stockpile, containing about 28,000 oz. gold, will be milled.
Nalunaq’s feasibility study calls for an initial mining rate of 350 tonnes per day to produce 90,000 oz. gold per year at a total cash cost of US$169 per oz.
Measured and indicated resources stand at 596,600 tonnes grading 20.6 grams gold per tonne; the inferred resource consists of 378,000 tonnes grading 15.7 grams gold.
Total capital requirements are pegged at US$9.7 million for offshore processing plus US$25.6 million for a later, on-site processing plant.
The project will be financed via a US$8-million credit facility with Standard Bank London plus cash from the processing of stockpiled ore.
Comprising 1,080 sq. km, the Nalunaq property hosts a high-grade, narrow-vein, underground deposit. It is 40 km from the village of Nanortalik and some 6 km from tidewater. The remaining 18% of Nalunaq is held by NunaMinerals, which is owned by the government of Greenland.
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