Chesser moves on Kestanelik studies
PERTH (miningweekly.com) - A prefeasibility study has been launched into junior Chesser Resources’ Kestanelik gold project, in Turkey, after a scoping study revealed the potential for strong financial returns.
The scoping study was based on an existing 460 000 oz gold resource, and indicated that Chesser could establish a mine capable of producing some 100 000 oz/y of gold, with an estimated seven-year life-of-mine.
The study contemplated the development of two openpit mines, one located in the north-west of the project tenements, while the second larger pit would be in the central K-zone area.
The project was expected to require a capital investment of some $88-million.
“The scoping study clearly demonstrates the potential of the project, and gives us the confidence to proceed to a full prefeasibility study, which will begin in the June quarter,” said MD Rick Valenta.
“We will simultaneously progress with a comprehensive environmental-impact assessment, and assuming positive results from the prefeasibility study, we will aim to commence construction in early 2015, for first production in early 2016.”
Exploration drilling would also continue to test the extent of the orebody, which Valenta said remained largely open at depth and laterally.
“At this stage, only 15% of this large field of epithermal veins has been explored. The current drilling campaign is due for completion by the end of the March quarter, and is expected to lead to an updated Joint Ore Reserves Committee-complaint mineral resource by the end of June.”
Following the receipt of all the necessary permits to start mining, construction was anticipated to start in early 2015, leading to a production start in early 2016.
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