PEA Video News ReleaseBanks Island Gold (TSX.V: BOZ) Reports NPV(8%) of $155M and IRR of 43% From Red Mountain PEA - ViralNetworkInc
- NI43-101 Preliminary Economic Assessment for 1,800tpd underground gold mine completed.
- PEA study contemplates gold equivalent production of 114,000oz per year at a cost of $459/oz.
- Banks Island Gold plans to initiate exploration, permitting and feasibility studies at Red Mountain.
Mr. Mossman, President of the Company stated; "The Preliminary Economic Assessment on our newly acquired Red Mountain Gold Property demonstrates its potential as a significant low-cost producing gold mine. The excellent geometry and grade of the Red Mountains mineralized zones allow the use of highly productive mining methods and the planned adit from the Bitter Creek valley allows year-round access to the planned mine and a superior exploration platform in the depths of Red Mountain. The Company plans to continue advancing the Red Mountain Project through exploration, environmental permitting, and feasibility studies."
Total M & I: 1,611,000 tonnes @8.4gpt Au & 38gpt Ag= 435,000oz Gold / 1,976,000oz Silver
Total Inferred: 807,000 tonnes @5.4gpt Au & 10gpt Ag= 140,000oz Gold / 259,000oz Silver
It is recommended that the Project be advanced towards a pre-feasibility or feasibility level study.
https://www.banksislandgold.com/s/Home.asp