Rokmaster Resources Corp. [RKR-TSXV, RKMSF, OTCQB] said Friday it has released positive results from a preliminary economic assessment (PEA) for its Revel Ridge polymetallic project in southeastern British Columbia.
The company said the PEA demonstrates Revel Ridge Project’s ability to become a long life and robust polymetallic gold-silver mine with strong project economics at US$1,850 per ounce gold, while gold is trading over US$2,000 an ounce. In addition to the PEA, Revel Ridge has upside potential to expand current mineral resources through ongoing exploration diamond drilling, both down dips, along strike, and on other occurrences, the company said in a press release.
The PEA considers an underground mine with on-site treatment of the mined material by particle sorting followed by conventional milling, and flotation to produce separate lead and zinc concentrates for sale to third party smelters. The processing capacity of 2,920 tonnes per day will result in a production lifespan of 11.4 years, the company said.
Life of mine average annual payable production is expected to be 158,000 gold equivalent (AuEq) ounces annually (114,000 ounces of gold annually, 940,000 ounces of silver, 32.6 million pounds of zinc, and 19.6 million pounds of lead).
Pre-production capital expenditures are estimated at $588 million, including contingency of $84 million.
In addition to the 11.4-year lifespan, the PEA is planning for an additional 18 months of mine ramp access and development, and construction of the process plant and filtered waste management facility (filtered tailings and filtered residues) before the project becomes fully operations.
The PEA leverages Revel Ridge’s existing infrastructure, including all-weather access roads, 3.0 kilometres of underground development, permitted waste rock storage facility, full camp facility. The project is located 15 kilometres from the BC Hydro electrical system and City of Revelstoke with its skilled labour pool.
Revel Ridge is currently known to host five mineralized zones, four of which are related and in close proximity to the Main Deformation Zone (MDZ). Mineralization associated with the MDZ is classified as a polymetallic orogenic gold deposit, and is one of the largest undeveloped deposits of this type in Western Canada.
The fifth mineralized zone, the Revel Ridge Yellowjacket Zone, is composed of high-grade silver-zinc-lead carbonate replacement deposits that occur 50 to 75 metres into the hanging wall of the MDZ and are amenable to underground access.
Measured and indicated resources in all zones is now estimate at 1.53 million gold equivalent (AuEq) ounces within 7.16 million tonnes with an average grade of 6.63 g/t AuEq.
On top of that is an inferred resource, in all zones, of 1.49 million AuEq ounces, within 7.56 million tonnes at an average grade of 6.11 g/t AuEq.
Rokmaster shares were unchanged Friday at $0.06 and trade in a 52-week range of 12 cents and $0.045.
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