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Rio2 Limited to Complete Updated Pre-Feasibility Study for the Fenix Gold Project
VANCOUVER, British Columbia, April 16, 2019 (GLOBE NEWSWIRE) -- Rio2 Limited (“Rio2” or the “Company”) (TSXV: RIO; OTCQX: RIOFF; BVL: RIO) today provides a proj
About this update from Rio2 Limited
[{"type":"text","content":" VANCOUVER, British Columbia, April 16, 2019 (GLOBE NEWSWIRE) -- Rio2 Limited (“Rio2” or the “Company”) (TSXV: RIO; OTCQX: RIOFF; BVL: RIO) today provides a project update for its Fenix Gold Project located in the Maricunga region, Chile. Rio2 continues to advance the Fenix Gold Project to production and has completed a number of activities as planned. Rio2 has now decided to complete an update to the Pre-feasibility Study, (“PFS”) which was undertaken by previous owners, Atacama Pacific Gold Corporation. This will illustrate how Rio2 intends to develop the Project. We are deferring the completion of the Feasibility Study for the project until market conditions are more constructive to support the remaining activities to complete the Feasibility Study work program. The existing Pre-Feasibility Study, titled “NI 43-101 Technical Report on the Cerro Maricunga Project Pre-Feasibility Study Atacama Region, Chile,” dated October 6, 2014 with an effective date of August 19, 2014, is available on SEDAR under Rio2’s SEDAR profile at www.sedar.com. The Cerro Maricunga Project was renamed the Fenix Gold Project by Rio2 in 2018. The updated PFS will be completed by a highly skilled group of engineering consultants that are based in Lima, Peru, in close cooperation with Rio2’s technical team. The engineering consultants include HLC Ingeniería y Construcción (metallurgical review, process design and site layout), Anddes (civil design and geotechnical review), each of whom were involved in the engineering design and construction of both the La Arena and Shahuindo gold projects located in Peru. Input to the contract mining and civil construction aspects of the updated PFS will be provided by STRACON who were the mining alliance partners of Rio Alto Mining Limited at both La Arena and Shahuindo. Mining Plus will undertake pit optimization, mine design and mine scheduling activities and assist with the compilation of the technical report related to the updated PFS. The updated resource estimation has been completed and as was expected, there are no material changes in overall grade and contained metal compared to the resource model outlined in the 2014 PFS. The recent 7,000m drilling focused on the USD$728 pit shell has confirmed the higher-grade nature of material at surface, constrained by the pit shell. This higher-grade mineralization w...