Positive Preliminary Economic Assessment For Sleeping Giant Gold Project
ROUYN-NORANDA - Pascal Hamelin, President and CEO of Abcourt Mines Inc, said, “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 Sleeping Giant Project, in the greenstone belt of Abitibi, 80 km north of the town of Amos, Quebec, has strong potential for mineral resource expansion based on more than 800 mineralized structures remaining open at depth, down plunge and to the east. Future modeling could offer an increase in the potential of the project. In addition, with a utilization of nearly 50% of its capacity, the current ore processing plant has excess capacity which could offer the opportunity to accept material from deposits surrounding the Sleeping Giant Project. The contribution of other deposits could positively influence the economics of the PEA. Moreover, Abcourt owns several deposits with mineral resources within a radius of less than 200 km from the Sleeping Giant project, including the Discovery, Flordin and Pershing-Manitou deposits.
ROUYN-NORANDA - Pascal Hamelin, President and CEO of Abcourt Mines Inc, said, “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 Sleeping Giant Project, in the greenstone belt of Abitibi, 80 km north of the town of Amos, Quebec, has strong potential for mineral resource expansion based on more than 800 mineralized structures remaining open at depth, down plunge and to the east. Future modeling could offer an increase in the potential of the project. In addition, with a utilization of nearly 50% of its capacity, the current ore processing plant has excess capacity which could offer the opportunity to accept material from deposits surrounding the Sleeping Giant Project. The contribution of other deposits could positively influence the economics of the PEA. Moreover, Abcourt owns several deposits with mineral resources within a radius of less than 200 km from the Sleeping Giant project, including the Discovery, Flordin and Pershing-Manitou deposits.