The technical report has also been filed with
Highlights of the Granite Creek PEA (Base Case @
After-Tax IRR of 34.2%
All-in Sustaining Cost (per oz Au produced) of
Life of Mine Gold Production of 1,245,900 ounces
'The Granite Creek PEA confirms the substantial economic opportunity that can be realized through the development of both open pit and underground mines on the Property', stated
Granite Creek is one of four projects being advanced within i-80's portfolio and the Company has made significant progress advancing the project since it was acquired in April of 2021. A major surface and underground drill program (20,000 metres) is underway and the Company is completing additional underground development and commencing test mining in advance of making a production decision for the underground mine.
Granite Creek Preliminary Economic Assessment
The project economics shown in the PEA are favorable, providing positive NPV values at varying gold prices, capital costs, and operating costs. For the open pit at Granite Creek, the study envisions the construction of a heap leach facility and a CIL plant on-site. For the fully permitted underground operation, trucking of mined material is assumed to processed at an off-site, third-party processing facility. Future economic work will consider processing at the Lone Tree facility that was recently acquired from
Based on the current resource estimates for the Property, the study envisions a mine-life of nine years, producing 1,245,900 ounces of gold with life-of-mine all-in sustaining costs of
Mineral Resource Estimate
Updated mineral resource estimates were completed on the property for the purposes of this PEA incorporating the current drill hole database, previously mined out volumes, and backfilled volumes. The ongoing drill program is targeting the continued expansion of resources at Granite Creek
Conclusions and Next Steps
GRE concluded that the project economics shown in the PEA are favorable, providing positive NPV values at varying gold prices, capital costs, and operating costs. The current underground trial mining program is aimed at gaining a better understanding of the optimal mining cycle required for the project and to advance development of the underground workings to provide for more working faces to mine from in a commercial production scenario. The ongoing drill campaign is designed to delineate and expand the underground deposits and to better understand the metallurgy and geotechnical characteristics of the open pit opportunity. The Company has initiated preliminary permitting studies required for open pit mining. Expansion drilling is stepping out at depth and along strike where the deposit remains open and results from this program will be released throughout the balance of 2021 and well into 2022 with the target of completing a Feasibility Study in the future.
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