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Giga Metals Corporation Announces Results of a Comprehensive Preliminary Economic Assessment ("PEA") for the Production of High-grade Nickel Concentrate from the Turnagain Nickel Deposit
Vancouver, British Columbia--(Newsfile Corp. - October 28, 2020) - Giga Metals Corp. (TSXV: G...
About this update from Giga Metals Corporation
[{"type":"text","content":"Giga Metals Corporation Announces Results of a Comprehensive Preliminary Economic Assessment (\"PEA\") for the Production of High-grade Nickel Concentrate from the Turnagain Nickel DepositVancouver, British Columbia--(Newsfile Corp. - October 28, 2020) - Giga Metals Corp. (TSXV: GIGA) ( \"Giga Metals\" or the \"Company\") today announced the results of a preliminary economic assessment (\"PEA\") prepared in accordance with National Instrument 43-101 (\"NI 43-101\") for the Turnagain Nickel-Cobalt Project (\"Turnagain\") located 65 km east of Dease Lake in British Columbia, Canada. The PEA is an update of the 2011 PEA confirming the ability of Turnagain to produce high-quality nickel concentrate, such as that needed to make pure nickel products for the electric vehicle (EV) market, in a socially and environmentally responsible manner. The PEA has been prepared by Hatch Ltd, a global engineering company with substantial expertise in the mining sector, with input from Hatch personnel and industry expert consultants including Wood Mackenzie (nickel and cobalt markets, smelter terms), Blue Coast Metallurgy (process design), Knight Piésold (tailings and water management), Kerr Wood Leidal (power supply and costs), and Kirkham Geosystems (resource model and estimates). Giga Metals' primary driver for this update was to deliver a reliable and comprehensive PEA incorporating all project-related components for use for discussion with strategic investors, for targeting improvement opportunities, and to serve as a base for future engineering studies. SummaryThe PEA indicates a long-life, large-scale project. With a projected build capital of US$1.4B (Phase 1) and US$0.5B (Phase 2) including significant investment for a powerline delivering low-cost, clean, low-carbon power from BC Hydro (mainly hydroelectric), the projected capital intensity is US$51,500 per annual tonne nickel at full rates (years 6 to 20).At full rate (years 6 to 20), the project is expected to deliver 37,149 tonnes per year of nickel in a high-grade nickel concentrate at an operating cost of US$3.20/lb nickel before by-product credits at the plant gate (all production data are metal in produced concentrate), or US$3.04/lb nickel after credits and shipping (in concentrate, delivered CIF Asia port). At metals prices of U.S. $7.50 per pound of nickel and smelter terms ...