Business
Cartier Resources Delivers Positive PEA for Chimo Mine Project Post-Tax NPV5% of CAD$388M and 20.8% IRR
Highlights: Long term gold price of US$1,750/oz, Exchange rate of CAD$1.00 = US$0.77 Post-tax NPV5% of CAD$388M and IRR of 20.8% Post-tax payback period of 2.9
About this update from Cartier Resources Inc.
[{"type":"text","content":" Highlights: Long term gold price of US$1,750/oz, Exchange rate of CAD$1.00 = US$0.77 Post-tax NPV5% of CAD$388M and IRR of 20.8% Post-tax payback period of 2.9 years and mine life of 9.7 years Capex of CAD$341M Average all-in sustaining cost of US$755/oz Average annual production of 116,900 oz 4,500 tpd underground operation Average sorted grade of 4.55 g/t Au for mill feed Processing plant with capacity of 3,000 tpd and rate of recovery of 93.1% Sorting of mineralization increases the grade of material prior to milling operations and recovery rate and also reduces costs of mill construction, material handling, milling and restoration leading to a reduced environmental footprint of mine tailings and thus increasing the social acceptability of the project VAL-D'OR, Quebec, April 13, 2023 (GLOBE NEWSWIRE) -- Cartier Resources Inc. (TSX-V: ECR) (“Cartier”) is pleased to announce the positive results of the Preliminary Economic Assessment (“PEA”), prepared in accordance with National Instrument 43-101 – Standard of Disclosure for Mineral Projects (“NI 43-101”), on the Chimo Mine Project located 45 km east of the Val-d'Or mining camp. \"The results of the study demonstrate the economic viability of the project as well as several optimization opportunities related to the characteristics of the project. Two drills are in operation on the property and the results continue to increase the size of the gold zones with a view to continuing to increase the project's resources.\" commented Philippe Cloutier, President and CEO. Adding, that: \"strategic solutions are being studied to further push the development of the project.\" The study presents an underground mining operation with 280 employees that uses conventional longitudinal and transverse longhole stoping at a mining rate of 4,500 tpd. Mined mineralized material will be sorted using automated sensor-based sorting technology with an expected concentration ratio of 1.85 and a recovery rate of 91.9%. The sorted mineralized material would then be processed in a concentrator using a gravity separator followed by a carbon-in-leach process with a capacity of 3,000 tpd for an estimated recovery rate of 93.1%. The current plan of operations assumes an average annual production of 116,900 oz for a mine life of 9.7 years. Financial Analysis The project requires CAD$341M of initial capital and ...