Goldsource Mines Inc V.GXS

Alternate Symbol(s): GXSFF

Metals & Mining Gold

Goldsource Mines Inc. is a Canada-based resource company, which is engaged in exploration activities. The Company is focused on the Eagle Mountain Gold Project (Eagle Mountain) for which it has a 100% interest in the Eagle Mountain Prospecting License (EMPL) and the Kilroy Mining Permit (collectively, the Property). The Property is located approximately seven kilometers (km) south of Mahdia Township (population approximately 3000). Mahdia Township can be accessed by road from Georgetown, a driving distance of approximately 325 km, or via air by a commercial flight. The Property consists of an area of approximately 5,050 hectares (ha) (12,480 acres) in central Guyana, South America. 4,784 hectares (11,820 acres) of the Eagle Mountain Property relate to the EMPL while 266 ha (660 acres) relate to the Medium Scale Mining Permit held by Kilroy Mining Inc. (Kilroy), on which the Company has a long-term lease with a 2% net smelter return royalty.

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Goldsource Mines Inc > New resource estimation out.

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Comment by mmoitalon Apr 07, 2022 7:50am

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Post# 34583356

RE:New resource estimation out.

One significant change is that the saprolite resource is now over 1 g/t (1.04 vs 0.95 in the 2021 RE). The fresh rock resource is slightly down (1.28 vs 1.32 in the 2021 RE).

I think they were more conservative which is good to avoid surprises.

With 400k ounces in saprolite, you can plan a 100k ounce / year plant and then quickly move to the fresh rock using cash flow.

You'll probaly need a 8-9.000 ton / day plant to get there.

If AISC is $1000/oz and gold is at $1800/oz, that's 80m of free cash flow a year ($800 x 100000oz)

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