PERTH (miningweekly.com) – ASX-listed Golden Rim Resources was looking to launch a feasibility study on the Netiana lodes, which formed part of its Balogo project, in Burkina Faso, after a scoping study proved the gold project profitable.
The scoping study suggested an openpit development of the Netiana lodes, which would deliver a net present value of some A$46-million, and an internal rate of return of 100%.
Capital costs for the project have been estimated at A$39-million to establish a 250 000 t/y plant, with operating costs estimated at A$600/oz at a treatment rate of 30 t/h.
“The final scoping study results from Coffey Mining are positive. They suggest that should Golden Rim proceed to develop a mine on the Netiana lodes, there is the potential for the company to have A$40-million to A$50-million in the bank after only two years of operation,” said Golden Rim MD Craig Mackay.
“The company is confident that the mine life of an operation can be extended with the discovery of satellite resources along strike from the Netiana lodes. A programme of auger drilling is currently under way to identify satellite targets for reverse circulation drilling.”
Mackay said that Golden Rim would now conduct a detailed review of the scoping study, and would seek proposals from contractors to conduct a definitive feasibility study (DFS).
The company was also seeking proposals for the completion of the environmental-impact study that would be conducted concurrently with the DFS.
“The path forward for a development of the Netiana lodes will be determined once this process has been completed,” Mackay said.
Golden Rim was hoping to produce the first gold from the Netiana lodes by the second half of 2014.