![]() Estimate accuracy increased with reduced risk: the FS costing accuracy has improved to +15% /-10% (from +25%/-10% in the 2020 PFS).Phase 3 throughput of 20Mtpa is supported by two mineral processing trains, reduced from three in the 2020 PFS: results in lower overall maintenance and labour costs, with improved economies of scale at higher throughput rates.An Environment, Social Governance (“ESG”) commitment in the Stage 1 development phase: an initial investment to replace diesel and propane-powered components within the process plant facility reduces the carbon footprint of the Project.Phase 3 expansion begins with an expansion to 15Mtpa in year 10 (up from 12Mtpa in year 10 in the 2020 PFS), ramping up to 20Mtpa in year 11 Accelerated Phase 2 & Phase 3 expansions: Phase 2 expansion begins with an expansion to 9Mtpa in year 5 (up from 5.5Mtpa in year 5 in the 2020 PFS), ramping up to 12Mtpa in year 6.Net impact is a slight increase in total life of mine ( “LOM”) capital to fund the 3 Phases of development to C$1,417 million, up from C$1,415 million in the 2020 PFS.C$374 million (a reduction of C$24 million from C$398 million in the 2020 PFS) for the Phase 3 expansion to 20Mtpa. ![]() C$347 million (a reduction of C$79 million from C$426 million in the 2020 PFS) for the Phase 2 expansion to 12Mtpa.The increase in up-front investment of C$53 million reduces expansion capital to: Importantly this allows for a streamlined and construction-ready approach to the Phase 2 Expansion throughput of 12Mtpa. Streamlined Phase 2 & 3 Expansions: a greatly reduced footprint of the FS Stage 1 facility, and the installation of a higher-capacity gyratory crusher in the proposed Stage 1 development.Higher initial throughput: Phase 1 throughput has been expanded 9% to 6 million tonnes per annum ( “Mtpa”) with a larger crushing circuit, providing greater operational throughput upside potential in the early years, up from 5.5Mtpa in the 2020 PFS.The scope changes incorporated in the Study include: The results of the FS reflect several positive changes in the approach to the planned development of the Blackwater Project compared with the 2020 PFS. The results of the Study supersede the 2020 Prefeasibility Study (“2020 PFS”) dated Augentitled “Blackwater Gold Project British Columbia NI 43-101 Technical Report on Pre-Feasibility Study” filed on SEDAR by Artemis on September 18, 2020. Here, historical shallow diggings extend over a strike length of 300 metres to access thin quartz reefs with a similar orientation to the reefs at Radio.2021 Feasibility Study for the Blackwater Project: The Manxman mineralisation is located one kilometre to the north east of Radio on the same north-east structure that hosts Radio (the “Radio Line”). The two projects appear to have a similar structural setting and several drill holes at Radio Deeps have intersected significant gold mineralisation. Radio Deeps Prospect is located 400 metres to the south-east of Radio and occurs where a parallel structure to the Radio-Manxman structure intersects the regional north-west trending shear. These lodes appear to be continuous over a strike length of 130m and can be traced, although discontinuously on the surface for a total strike length of 720m. ![]() The lodes are referred to as the Foot wall (or Main Lode) and the Hanging wall (East Lode). The Radio Gold Mine Mineral Resource is located in two sub-parallel quartz lodes that strike north east and dip to the south east. The host rock to the mineralised lodes is a foliated heterogeneous granitoid containing abundant rafts of partially assimilated greenstones adjacent to the main greenstone belt. ![]() The Radio Mine lies on the eastern side of the Southern Cross Greenstone Belt, overlapping onto the western margin of the granitoid Ghooli Dome. ![]()
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