Goldsource Mines Inc. Commences Construction at Eagle Mountain Gold Project, Guyana, South America
Mar 5 15
Goldsource Mines Inc. announced that construction has commenced at its Eagle Mountain Gold Project located in Guyana, South America. The Phase I development consists of a 1,000 tonnes per day open pit - gravity plant for an eight year mine life with estimated pre-production capital costs of USD 5.9 million and expected cash operating costs of USD 480 per ounce of gold.
Goldsource Mines Inc. Presents at Vancouver Resource Investment Conference, Jan-18-2015 02:40 PM
Jan 15 15
Goldsource Mines Inc. Presents at Vancouver Resource Investment Conference, Jan-18-2015 02:40 PM. Venue: Vancouver Convention Center, 1055 Canada place, Vancouver, British Columbia, Canada.
Goldsource Mines Inc. Announces Summary Results Positive Preliminary Economic Assessment on Eagle Mountain Gold Project, Guyana
Jul 31 14
Goldsource Mines Inc. announced the summary results of its Preliminary Economic Assessment Technical Report for the near-surface oxide resources at its Eagle Mountain gold project located in Guyana, South America approximately 230 kilometers southwest of the capital, Georgetown. Conceptually, the PEA results suggest that the project has low capital and operating costs, minimized technical risk and a short development timeline. Summaries of the total current resources, resources used for the PEA. The company cautions that the PEA is preliminary in nature in that it is based largely on Inferred Mineral Resources which are considered too speculative geologically to have the economic considerations applied to them that would enable them to be characterized as mineral reserves, and there is no certainty that the PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The Eagle Mountain mining and processing schedules are based on a phased-approach model with four phases proposed over four years. Phase I mining rates would be 1,000 tones per day (one 12-hour shift, 7-days per week) in year one ramping up to 4,000 tones per day by year four. Conventional open cut mining of soft weathered rock (gold mineralized saprolite) is proposed using a team of excavators, bulldozers and wheel-loaders to excavate and separate materials within the open cut with downhill gravity transport by slurry to the processing facility. The stripping ratio is low and estimated at an average of 0.9:1 (waste:ore) over mine life. No blasting or truck hauling is required for mineralized saprolite. The mine plan consists of standard open cut mining using conventional mining equipment. For Phase I, a team of excavators, bulldozers and wheel-loaders would excavate in-situ soft weathered rock (saprolite) at a rate of 100 tones per hour (1,000 tones per day) and deliver the material to the in-pit grizzly, scrubber and screens with sub-2 mm material being delivered by slurry line to the processing plant. Larger than 2 mm material would be stockpiled for potential processing in the future. No blasting or truck hauling would be required for mineralized saprolite. No blasting would be required for waste. Waste material would be loaded and truck hauled to a nearby storage facility. The strip ratio has been estimated at 0.9 to 1 (waste to mineralized saprolite). Top soils would be pre-stripped and stockpiled near the open cuts for future reclamation purposes. Conceptual mining would consist of one 12-hour shift, 300 days per year based on equipment availability and rainy season conditions. Potential exists to significantly increase production by adding a second shift and/or increasing production days by effectively mitigating periodic heavy rain conditions. Gold grade control would consist of drilling auger holes on a 5 m by 5 m pattern 5 m deep with collection of representative samples for analysis in the onsite lab. Using a cut-off grade of 0.3 grams of gold per tone (g/tone), material designation would be determined and properly marked in the mining area for excavation. Recent metallurgical test work completed by Met-Solve Laboratories Inc. of Langley, B.C., Canada has determined an approximate gold recovery of 60% for the saprolite resources for sub-2 mm material. Additional recovery is possible for larger than 2 mm material after completion of further test work. Gold is considered to be fine grained with approximately 59 % passing 100 mesh (150 micron). Recovery of fine gold has historically been problematic, however, modern centrifugal gravity concentrators are able to recover finer gold particle sizes.
A single Sepro 10K (1,000 tpd) gravity processing plant is envisioned for Phase I. Generally, the plant consists of a grizzly, scrubber, screens, and Falcon gravity concentrators. Gold concentrate from the gravity concentrators will be further concentrated using a shaking table and refined on site for production of dore bars. The processing plant is powered by a 300 to 400 Kilowatt diesel generator. Total electrical load for the plant is approximately 250 kW. A backup generator will be in place for redundant purposes. Ample water is locally available for all processing needs for all proposed phases of the project. Upon successful completion of Phase I, three additional similar plants would be sequentially installed to increase production to between 3,500 to 4,000 tpd by year four. Coarser grained (larger than 2 mm) saprolite would be screened-out and stockpiled. Opportunities to increase production by crushing or milling stockpiled oversized material is possible, depending on further test work. Additional test work on potential flotation and cyanidation may also increase production. Detailed cost estimates have been prepared for the mine and processing plant based on current vendor quotes, experience and industry cost publications. Pre-production capital costs are estimated to total $5.9 million including a 15% contingency. The company does not presently have the funds to carry out these developments and plans to source the funds through equity or debt financing or a combination thereof. Initial capital costs include rehabilitation of the access road, dredging and preparation of tailings settling ponds, construction of the modular processing facility, initial mining equipment purchases, and preproduction development and infrastructure requirements. This includes pre-production and construction of facilities over a period of six months. Infrastructure in the Eagle Mountain area is in reasonable condition. An existing 7 kilometer road connects the project with the local airport and the main road to Georgetown, which is approximately 230 km away. The local community of Mahdia would be the primary source for skilled workers. Total mine inventory for mineralized saprolite is 8,563,000 tones grading 1.20 g/tone gold. Of this estimated inventory approximately 7,303,000 tones grading 1.20 g/tone gold is considered plant feed representing the undersize sub 2 mm material. An estimated 1,290,000 tones grading 1.20 g/tone gold will be stockpiled representing large than 2 mm material for potential further processing.