Golden Independence Mining (CSE:IGLD,OTCQB:GIDMF,FWB:6NN) achieved two milestones at its Independence project in Nevada by entering into a joint venture with Americas Gold Exploration and completing a positive preliminary economic assessment (PEA).
Golden Independence CEO Christos Doulis details the company’s 2022 plans on exploring the resource and unlocking further opportunities on its flagship world-class asset.
“We formed the joint venture and we now own 51 percent of the Independence project with a 10 percent operator fee as we advance it. And then the other big piece of news that we had was the PEA on the near-surface resource at Independence,” Doulis said.
“We outlined a nice little robust operation over a six year mine life with a net present value of around US$45 million using the current spot gold and silver prices.”
According to Doulis, the company aims to prove that the resource at the flagship property is considerably larger or even twice as big as the current 800,000 ounce estimate. The PEA envisions a 9,000 tonne per day open-pit and heap-leach operation with a Merrill-Crowe circuit. Significant opportunities exist for improvement and optimization, including the potential for shared infrastructure with the adjacent Phoenix operating mine.
“The old Fortitude, which was mined out 30 years ago, about a mile to the east of us, was 2.3 million ounces at 7.5 grams,” Doulis shared. “And that was definitely a world-class deposit. We are hoping that the scoring that we have on our project has a similar profile. Somewhere in that same kind of order of magnitude and size, we certainly know it has the same kind of grade profile. That’ll be the focus in 2022. We’ll be exploring to see whether we can show that it’s got real science to it.”
Watch the full interview of Golden Independence CEO Chris Doulis above.
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