Ottawa -
The Alpala Project Committee (the 'Committee'), chaired by SolGold Non-Executive Director
The Committee determined that additional work is required to sufficiently address a number of mine development and metallurgical alternatives and potential upsides, including the resource potential on other targets within the Cascabel concession. The objective of a revised PFS encompassing all of the Cascabel targets is to reduce the risk of a very large initial capex on a large underground development and deliver a study that demonstrates a lower technical risk through better defined upsides in resources, operating costs and recoveries.
With the extra work required, the publication of a PFS is not expected until late 2021.
The Committee has identified the key work required and advises adjusting the current draft mine development plan and draft mine production plan to de-risk the project with a view to both expediting, and reducing capital requirements of, the Project.
On the basis of the report of the Committee, the Board of Directors of
The team is also investigating other options and scenarios to deliver further value, including adoption of dedicated hydro-power plants, and the improvement of metallurgical recoveries.
Further Drilling
Further drilling, including the collection of a more extensive geotechnical, hydrogeological and metallurgical dataset, has been underway over the last six months. The provision of a more extensive data set will address uncertainties, which are typical for a project of this scale and stage.
Exploration drilling completed at the Tandayama-America target, situated 3km north of the Alpala deposit, in the last three months, and at the Aguinaga target in Q2 & Q3 of 2018, has intersected mineralized porphyry copper-gold systems with potential to ultimately yield further resources which may be included in the development plan.
The Company has taken this opportunity to commit a portion of its drilling fleet to a planned 28,795m resource extension program at the Alpala Deposit, with the remaining portion of the drilling fleet committed to a planned 19,250m resource delineation program, at the three satellite prospects for 2021.
About Cornerstone
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