Aphrodite to cost A$123m

PERTH (miningweekly.com) – A prefeasibility study into the Aphrodite gold project, in Western Australia, has estimated that a capital injection of A$81-million would be required for a one-million-tonne-a-year carbon-in-leach (CIL) operation, growing to A$123-million if a pressure oxidation process (POX) is incorporated.

ASX-listed junior Aphrodite Gold on Tuesday reported that the CIL operation would process some 447 000 t of ore, grading 2.6 g/t gold to deliver around 38 000 oz of gold, while the POX operation would process 2.7-million tonnes of ore, grading 2.2 g/t gold to deliver around 187 000 oz of gold.

The openpit operation is expected to have a mine life of about three years, based on the current resource of 13.1-million tonnes, grading 2.99 g/t gold for 1.26-million contained ounces, of which some 10.2-million tonnes, grading 1.8 g/t gold, for 598 000 oz has been classified as openpit mineral resource.

Aphrodite told shareholders that the baseline surveys commissioned had proven to be sufficient in detail to provide the basis to start government and regulatory approvals, including clearing permits, and the project management and mine closure plan.

The company will now carry out a A$10-million definitive feasibility study (DFS) starting in July, which will likely take between six to nine months to complete. The DFS will include further drilling, as well as mining, metallurgical and civil studies.

Aphrodite said on Tuesday that the company would likely also start discussions with potential lenders and equity providers for the funding required to start construction of the on-site production facilities, assuming the results of the DFS supported these findings.