The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
Updated prefeasibility study slated for Oct. 2021 completion North of 60 Mining News – July 17, 2020
The 11.5-million-ounce Money Knob gold deposit at Livengood lies alongside the paved Elliott Highway and Trans-Alaska Pipeline System about 70 miles north of Fairbanks, Alaska.
International Tower Hill Mines Ltd. July 15 announced it has finalized the key contracts for completion of a pre-feasibility study for developing a mine at its 11.5-million ounce Livengood Gold project in Alaska and expects to release the results of the PFS in October 2021.
This will follow-up on a 2017 PFS that outlined plans for a 52,600-metric-ton-per-day mill that would produce 6.8 million oz of gold over a 23-year mine life, or roughly 294,100 oz annually.
This mine plan was based on 392 million metric tons of reserves averaging 0.71 grams per metric ton (9 million oz) gold. Overall, the Money Knob deposit at Livengood hosts 525 million metric tons of measured and indicated resource averaging 0.68 g/t (11.5 million oz) gold.
Since 2017, Tower Hill Mines has focused its efforts on studies to optimize the economics of mining this world-class gold project that lies alongside a paved highway about 70 miles north of Fairbanks, Alaska.
This optimization work has primarily focused on metallurgical studies aimed at optimizing gold recoveries and refining the project flowsheet. This work will be incorporated in the new Livengood PFS.
Tower Hill Mines has engaged BBA, Inc. as its lead consultant and has retained Whittle Consulting, Resource Modeling, Resource Development Associates, Easton Process Consulting, and NewFields Companies to provide specialized technical support.
"BBA has been our lead consultant since 2015 and has extensive experience with similar large-scale gold projects, such as Detour Lake and Canadian Malartic." said International Tower Hill Mines CEO Karl Hanneman. "We look forward to working alongside BBA and our other consultants to provide an updated PFS during October of next year. The work from this study will help the company determine the appropriate next steps to continue to create shareholder value."
The company believes that the recent strength in the price of gold arising from the unprecedented accommodative fiscal and monetary stimulus from central banks and governments around the globe provides the necessary macroeconomic backdrop to support strong gold prices and the advancement of a large and long-life gold asset at Livengood.
Over his more than 16 years of covering mining and mineral exploration, Shane has become renowned for his ability to report on the sector in a way that is technically sound enough to inform industry insiders while being easy to understand by a wider audience.
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