Amex nearly triples Perron project gold in Quebec
A resource update for Amex Exploration’s (TSXV: AMX) Perron gold project in Quebec’s Abitibi region raises contained gold almost three-fold in the measured and indicated categories over the previous estimate. Shares gained 7%.Open pit and underground stope constrained resources now total 8.18 million measured and indicated tonnes grading 6.13 grams gold per tonne for 1.61 million oz., Amex reported Wednesday.The grade rises by almost half over the estimate in a preliminary economic assessment (PEA) from last September. Inferred resources total 5.04 million tonnes at 4.31 grams gold for 698,000 ounces. Located near the town of Normétal, Perron is about 730 km northwest of Montreal.“This estimate demonstrates the team’s ability to identify and grow the Perron project into a world class gold asset,” president and CEO Victor Cantore said in a release. “Given the quality of the project, we are pursuing a dual pathway of development and continued exploration at Perron.”Amex shares rose to C$1.39 apiece on Wednesday morning in Toronto, for a market capitalization of C$168 million.Tapping the beltPerron sits on the Abitibi Greenstone belt which stretches from northern Ontario east across to Val-d’Or, Quebec, and hosts some of Canada’s largest producing mines and deposits such as Newmont’s (NYSE: NEM, TSX: NGT) Porcupine, Agnico Eagle’s (TSX, NYSE: AEM) Canadian Malartic, and Gold Fields’ (NYSE, JSE: GFI) Windfall site.The Perron project is comprised of several zones including Champagne, Denise, Team, Gratien and Grey Cat. In the update, Champagne makes up about half of the contained metal in the measured and indicated categories, with 831,000 ounces.The update included 46,355 metres of drilling containing 30,114 assay results since last year’s resource, Amex said.PEA update this yearThe company plans to release an updated PEA later this year.The current PEA outlines a 10-year open pit and underground mine that is to produce 1 million oz. gold in total, and 124,000 oz. gold annually over its first five years. The net present value is pegged at C$948 million (at a 5% discount) and the pre-tax internal rate of return at 59.5%, with a gold price of $2,000 per ounce.Initial capital costs are estimated at C$229 million, plus sustaining costs of C$230 million. The all-in sustaining cost is forecast at $807 per ounce. The payback period is estimated at 1.5 years, based on pre-tax numbers. Weiter zum vollständigen Artikel bei Mining.com
Quelle: Mining.com
