Dalradian Resources is moving directly to a feasibility at its 100%-owned Curraghinalt gold project, in Northern Ireland after originally planning to produce a pre-feasibility study by the end of 2015. The company now plans to expand its infill drilling programme and conduct underground exploration to complete a resource update in 2016. Depending on the results of this expanded drilling (a minimum of 30,000 m), a feasibility study will be published thereafter.
After spending C$14.9 million in H1 2015 the company now budgets spending of C$45.2-51.2 million (£22.6-25.6 million) up to the end of December 2016. As at 30 June 2015, the company had cash and equivalents of C$36.1 million.
In October 2014, Dalradian published the results of a preliminary economic assessment for the project based on a Measured and Indicated resource of 3.0 Mt at a grade of 10.41 g/t gold for 1.0 Moz of gold contained. For a pre-production capital investment of US$249 million the mine is projected to produce an average of 194 koz/y of gold for the first five years and an average of 149 koz/y of gold over the remainder of the 18 year mine life at average cash costs of US$485/oz.
Dalradian expands infill drilling for 2016 feasibility study: DALR