Aris Gold Corp (TSX: ARIS) this morning announced the start of the construction at Marmato Lower Mine in late November 2021. This move follows the recent completion of several Lower Mine optimizations with its engineering, procurement & construction management contractor, Wood PLC.
“Following our selection of Wood as our EPCM contractor in April 2021, we have completed several optimizations for the Lower Mine and are now ready to begin purchasing long-lead order items,” explained Aris Gold CEO Neil Woodyer. “Our Lower Mine capital cost estimate remains in line with the PFS estimate of US$270 million after factoring in our decision to use a mining contractor rather than purchase an owner-mining fleet.”
New camp and administrative areas are among the facilities that will be constructed at the property beginning late November, followed by the new portal and decline to begin in December. The project also includes a 4,000 tonnes per day processing facility expected to expand on the existing Upper Mine operations.
The company also released an updated mineral resource estimate for Marmato project effective as of June 30, 2021. The report includes total measured and indicated resources of 5.8 million gold ounces at 3.2 g/t gold and 13.8 million silver ounces at 7.6 g/t silver. Meanwhile, inferred resources are at 2.6 million gold ounces at 2.6 g/t gold and 3.3 million silver ounces at 3.3 g/t silver.
The 35,000-metre ongoing drill program at Marmato began in May 2020 with the objectives to convert inferred mineral resources to the indicated category and test potential areas at depth and along strike. As of June 30, 2021, a total of 27,737 metres have been drilled.
The mining firm relayed that it expects the first gold production from the Lower Mine in Q4 2023.
Aris Gold last traded at $1.45 on the TSX.
Information for this briefing was found via Sedar and Aris Gold. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
