Gold price faces worst week since 2021 as Fed signals no rate-cut rush
Bullion has fallen six days in a row and is set for a weekly loss of more than 4%.
Toronto-based Avesoro Resources has released the pre-feasibility study for its New Liberty gold mine. The open pit is the country’s first and largest commercial gold mine. The new PFS examines development of an underground mine.
According to the PFS, the life of the project will be extended seven years to 2029 based on current proven and probable reserves. The open pit reserves are 4.9 million tonnes grading 3.12 g/t gold and containing 494,000 oz. The underground reserves are 4.7 million tonnes grading 3.08 g/t gold for 461,000 oz. The satellite Ndablama open pit maiden reserves are 7.3 million tonnes grading 1.71 g/t gold containing 400,000 oz. of gold.
The new Liberty project has a measured and indicated resource of 20.5 million tonnes at 2.66 g/t gold for 1.75 million oz. And the inferred resource is 3.0 million tonnes grading 2.8 g/t gold and containing 271,000 oz. The New Liberty resources are open down dip, and the Ndablama resource is open along strike as well as down dip.
Avesoro anticipates annual gold production of approximately 143,500 oz. following a development expenditures of $35.9 million. All-in sustaining costs will be $862 per oz., and the post-tax net present value stands at $286 million.
(This article first appeared in the Canadian Mining Journal.)
