Since discovering Salares Norte in the Atacama region of northern Chile in 2011, Gold Fields (NYSE: GFI) has carved out a resource from the project’s two orebodies of 3.66 million oz. of gold and 49.46 million oz. of silver.
The South African miner expects to complete a feasibility study on the open pit project before the end of 2018. Gold Fields has budgeted US$83 million this year for further drilling during the feasibility study and exploration of a 20 km radius around the project.
Interim results of the feasibility study suggest project capital of US$850 million, annual production of 345,000 oz. of gold equivalent at all-in-sustaining costs of US$575 per oz. and yearly throughput of 2 million tonnes. The life of mine is about 10 years.
Those findings were based on the most recent resource estimate of 23.3 million tonnes grading 4.89 g/t gold and 66 g/t silver, 95% of which is in the indicated category. The company plans to update the resource in conjunction with the final feasibility study due later this year.
Continue reading at The Northern Miner.