Pre-feasibility Study Supports Argonaut’s Magino Gold Project
Pre-production capital cost to develop the project is estimated at $356 million.
The Magino PFS considers a conventional open-pit mine producing 12,500 mt/d of feed for a gold-leaching facility. The processing flowsheet includes primary crushing, grinding, a gravity circuit, leaching, carbon-in-pulp gold recovery, electrowinning, and smelting to produce gold doré. The flowsheet also includes cyanide destruction and a conventional wet tailings pond. Gold recovery is estimated at 95%.
An important element of the planned Magino production schedule is an accelerated mining rate in years one to seven to access the highest-grade ore possible to feed the mill early in the project life. Low-grade ore mined and stockpiled in the early years will be processed later in the project life after the open pit is mined out in year eight.
The Magino PFS was completed by JDS Energy & Mining Inc., Vancouver, Canada. The study considered just 40% of a larger defined resource and did not include any potential expansion from the land or mineral rights acquisition pending from neighboring landowner Richmont Mines.
Argonaut is currently working with provincial and Canadian federal agencies to permit the project.