Based on the results of a positive feasibility study by Watts, Griffis & McOuat, International Freegold Mineral Development (ITF-G) intends to proceed with the permitting process for the Almaden gold deposit, 75 miles northwest of Boise, Idaho.
Freegold’s objective is to prove that an acceptable gold recovery can be achieved from heap-leaching of reserves.
“This has now been confirmed by the comprehensive metallurgical studies required as part of the recently completed feasibility study,” notes President Harry Barr.
The Vancouver-junior can earn a 60% interest in the project from Ican Minerals (IMI-T) and Canu Resources by completing a final feasibility study.
The base case study examined contract mining of 39.5 million tons grading 0.021 oz. gold per ton over a 5-year mine life. Metallurgical studies indicate that 63% of the contained gold is recoverable by heap leaching to produce about 527,000 oz. gold within five years.
Annual production would range from a minimum of 76,000 oz. in the first year to a maximum of 115,000 oz. by year three. The proposed operation would have a waste-To-ore stripping ratio of 0.6-To-1.
Operating costs are projected at US$206.44 per oz. gold; capital costs at US$37.9 million.
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