Vancouver — Toronto-based
The company hopes to develop its wholly owned Atlanta project into a mine by 2006, with production pegged at 100,000 oz. gold annually at a cash cost of US$188 per oz. The mine life is estimated at 7-10 years.
An open-pit, heap-leach operation is proposed, based on a proven and probable reserve of 13.6 million tons grading 0.06 oz. gold and 0.16 oz. silver per tonne, or 0.039 oz. gold-equivalent. The waste-to-ore stripping ratio is 3.39:1.
Based on a study by Behre Dolbear, life-of-mine capital expenditures are expected to total US$37.9 million.
Known reserves and resources occur along an east-west-striking shear system in two distinct zones about 800 ft. apart. These zones are known as the Monarch East and the Idaho West pit areas.
The property also hosts a higher-grade, deep underground resource that would require milling (as the mineralization is refractory), as well as surface targets that require additional exploration.
Geotechnical drilling is ongoing, as are environmental, engineering and other studies.
The U.S. Forest Service has accepted the company’s supplement to its plan of operations. The next step is to complete the draft environmental impact statement.
Meanwhile, Twin Mining is evaluating the results of last year’s geophysical and soil-sampling surveys on the 1.3-million-acre Brodeur diamond project in Nunavut.
Situated on the Brodeur Peninsula, the project encompasses the Jackson Inlet East and West claim blocks, and the Vista claim block.
The surveys led to the identification of 78 separate drill targets and 15 kimberlite indicator mineral clusters. Less than half the soil samples have been analyzed, owing to restricted laboratory capacity. An unrelated company,
Twin has retained an independent consultant to arrange financing and equity capital for its projects.
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