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Barkerville Gold outlines C$402.2M value for Cariboo gold project

An independent NI-43-101-compliant preliminary economic assessment for Barkerville Gold Mines Ltd.'s Cariboo gold project in British Columbia outlined a net present value, discounted at 5%, of C$402.2 million, with a 28.1% internal rate of return and a 3.1-year payback period.

The study envisages developing the project as an underground ramp-access mine with a gold pre-concentration plant in Wells and gold processing in its existing upgraded Quesnel River mill.

Preproduction capital was estimated at C$305.5 million, including a C$30.0 million contingency, with sustaining costs of C$327.4 million. Closure costs were estimated at C$15.1 million.

Annual payable production during an 11-year life of mine is expected to average 185,000 ounces, with peak-year payable production of 206,000 ounces, according to the Aug. 19 release.

Gross revenue from the mine is estimated at C$3.39 billion, with operating cash flow of C$1.54 billion.

The project hosts an indicated resource of 12.5 million tonnes at 5.6 g/t gold containing 2.3 million ounces, and an inferred resource of 11.8 Mt at 5.0 g/t gold containing 1.9 Moz.

Construction of the mine is expected to start in mid-2021.