Rio2's Fenxi project 'reimagined and re-engineered'
The Fenix gold project, in the Maricunga mineral belt of Chile, has been “completely reimagined and re-engineered”, with a shorter timeline to construction, a more simplified approval process and lower initial capital costs, owner Rio2 president and CEO Alex Black announced on Wednesday.
Unveiling the outcomes of an updated prefeasibility study (PFS) for the project, which was acquired about a year ago, Black said the TSX-V-listed company had set an achievable timeline to construction for the fourth quarter of 2021.
“Once the Fenix gold project achieves commercial production it will be the only gold oxide heap leach gold mine in operation in Chile and achieving a unique milestone,” Black said.
The PFS, which is an update to a 2014 study, focuses on a low-cost heap leach gold mine with 1.83-million ounces of gold reserves that will produce 1.37-million ounces of gold.
The PFS contemplates mining ore at a rate of 20 000 t/d with water for the project being trucked from Copiapo. This compares with the ore mining rate of the 2014 PFS, which was a constant 80 000 t/d with water for the project being piped from Copiapo.
To maximise cash-flow, high-grade ore would be placed on the leach pad during the initial 13 years of production and low-grade ore would be stockpiled for leaching in the subsequent three years of production giving a total mine life of 16 years.
The mine would produce an average of 93 000 oz/y in the first 13 years, followed by 50 000 oz/y during the final years of production.
Rio2 also updated the mineral resource estimate for the project, which now has a resource of five-million ounces of gold in the measured and indicated category and 1.4-million ounces of gold in the inferred category constrained within a $1 500 gold price pit shell. The mineral resource remains open at depth and along strike.
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