Yenipazar
Photo by: Aldridge Minerals
TORONTO (miningweekly.com) – The TSX-V-listed shares of Turkish-focused project developer Aldridge Minerals on Thursday jumped 12.90% after the country’s Environment and Urbanisation Ministry gave the Yenipazar polymetallic project the environmental go-ahead.
Toronto-based Aldridge reported that the Ministry had signed and issued an environmental-impact assessment (EIA) ‘positive decision’ certificate for Yenipazar, which represented a significant milestone for the project.
“The completion of this important permitting milestone is the culmination of several years of baseline studies, fieldwork and analysis by numerous consultants and the Aldridge team. With the approval of the EIA, Aldridge is well-positioned to advance the Yenipazar project towards mine financing and construction,” Aldridge chairperson Barry Hildred said.
Aldridge had completed the EIA for the central Turkey project in August last year.
Yenipazar has an after-tax net present value of $361-million, when using a 7% discount, and a 23.7% internal rate of return. The $382-million project could be paid back in 2.9 years.
The project has probable National Instrument (NI) 43-101-compliant reserves totalling 29.16-million tons grading 0.89 g/t gold, 29.6 g/t silver, 0.3% copper, 0.96% lead and 1.41% zinc, which resulted in an estimated 840 000 oz of gold, 27.74-million ounces of silver, 191.72-million pounds of copper, 616.18-million pounds of lead and 908.88-million pounds of zinc.
A November 2012 resource update estimated the Yenipazar resource to hold 29.69-million tons grading 0.95 g/t gold, 31.3 g/t silver, 0.31% copper, 1.01% lead and 1.47% zinc in the NI 43-101-compliant indicated category. At these gradings, the project is expected to hold about 900 000 oz of gold, 29.85-million ounces of silver, 204.8-million pounds of copper, 660.2-million pounds of lead and 961.2-million pounds of zinc in the indicated category.
The project is located approximately 220 km east-southeast of Ankara, the capital of Turkey, 60 km south of Yozgat, the provincial centre, and about 120 km north-west of Kayseri, a city of one-million people. The project is well served by existing infrastructure, including paved roads and a railroad, and will be connected to the national power grid with the construction of a 17 km 154 kV power line.
The Port of Iskenderun was identified as the preferred port for the shipping of containerised concentrates, and is located about 500 km to the south on the Mediterranean Sea. The concentrates would be containerised and trucked on existing roads about 75 km south-west of the project to a railhead in Himmetdede, where it would then be sent by rail the remaining distance to the port.
Other miners active in Turkey included Alacer Gold, Alamos Gold, Eldorado Gold and Inmet Mining.
Aldridge stock on Thursday afternoon traded at C$0.175 apiece, after having lost 69.81% of its value over the past 12 months.