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Abcourt Mines releases Positive Preliminary Economic Assessment for Sleeping Giant Gold Project
ROUYN-NORANDA, Quebec, June 07, 2023 (GLOBE NEWSWIRE) -- Abcourt Mines Inc. (“Abcourt” or the “Corporation”) (TSX Venture: ABI) is pleased to announce the posit
About this update from Abcourt Mines, Inc. Class B
[{"type":"text","content":" ROUYN-NORANDA, Quebec, June 07, 2023 (GLOBE NEWSWIRE) -- Abcourt Mines Inc. (“Abcourt” or the “Corporation”) (TSX Venture: ABI) is pleased to announce the positive results of an independent Preliminary Economic Assessment (\"PEA\") prepared in accordance with NI 43-101 for the Sleeping Giant Project, a wholly owned high-grade gold deposit located in the greenstone belt of Abitibi, 80 km north of the town of Amos, Quebec. PEA Highlights* Base Case Scenario : Gold Price : 1800 $ US/oz, Exchange Rate : 1.00 USD = 1.30 CAD, Discount Rate : 5 % NPV5% after taxes and mining duties (M CAD) 54.4 IRR after taxes and mining duties (%) 33.3 Initial Capital Costs (preproduction) (M CAD) 42.0 Average Annual Production (oz) 30,100 Mill Net Recovery (%) 96.7 Average Diluted Gold Grade (g/t Au) 8.10 Life of Mine (excluding preproduction) (years) 5.8 Mineralized Material Extracted (t) 720,200 Gold Produced (oz) 181,300 All In Sustaining Cost (USD/oz) 1,120 Total Unit Operating Cost (CAD/tonne milled) 321 Gross Revenues (M CAD) 424 Operating Cashflow (M CAD) 178 Pre-Production Period (Years) 1.5 Pascal Hamelin, President and CEO, comments: “The PEA results released today are excellent with an NPV5% of 54 M CAD and an IRR of 33%. The results of the PEA are based on a mineral resource produced in accordance with current CIM standards and guidelines. The PEA envisions a rapid start-up of operations with minimal initial investment. This project could quickly become the next gold producer in Quebec. Targeted drilling towards areas with inferred mineral resources could potentially increase resources and some project economics. The PEA is considering 50% utilization of our ore processing plant. This new drilling could potentially increase feed capacity and operate the plant at full capacity. This capacity could also allow us to accept material from other deposits such as Discovery and Flordin in the medium term, and potentially increase the value of our assets. The next step is to now target promising areas to convert inferred to indicated resources for incorporation into a more detailed economic assessment. With the potential to add other deposits to the project, we anticipate strong economic potential for the region around the Sleeping Giant plant in the future.” *The reader is advised that the PEA summarized in this press release...