The necessity of interpreting new exploration data for the Turquoise Ridge deposit in northern Nevada will delay completion of a prefeasibility study.
FirstMiss Gold (NASDAQ) reports that new data on 11 holes brings the total to 55 holes in the 700-by-1,000-ft. initial development area.
The company hopes the new data will enable it to understand the complexities of the deposit, which lies 1,500-2,000 ft. below the surface, within its 33,000-acre Getchell property.
Ore deposit modelling and geostatistics are already complete, while hydrology, geotechnical analysis and metallurgical tests are in the final stages. Test results will be incorporated into a preliminary mine plan and economic analysis of the deposit.
Results of the study will be sent to the board of directors of First Mississippi (NYSE) and will influence the company’s intent to spin off its shares
of FirstMiss Gold to its shareholders.
Due in September, the study will also include grade and tonnage estimates.
In other anticipation of the spinoff, FirstMiss has moved its headquarters to Englewood, Colo., from Reno, Nev.
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