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(TheNewswire)
November 5, 2021 TheNewswire - Toronto, ON. Otso Gold Corp. (" Otso " or the " Company "), (TSXV:OTSO) (OTC:FIEIF) is pleased to announce the completion of a National Instrument 43-101 compliant feasibility study (the " Feasibility Study ") for the Otso Gold Mine. The Feasibility Study, prepared by John T. Boyd Company (" BOYD ") of Denver, Colorado, has now been filed on SEDAR.
The Feasibility Study includes the mine designs and production plan which will underpin the Company's long term production as well as optimisations to the milling circuit being implemented by the Company.
The following table summarizes the findings included in the Mineral Reserves of the Feasibility Study.
Mining Method | Reserve Classification | Cutoff | Tonnes | Au g/t | Au Troy Ozs | |||||
Open Pit - High Grade | Proven | 0.700 | 678,000 | 1.853 | 40,400 | |||||
Open Pit - High Grade | Probable | 0.700 | 4,780,000 | 1.622 | 249,300 | |||||
Open Pit - High Grade | Proven + Probable | 0.700 | 5,458,000 | 1.651 | 289,700 | |||||
Open Pit - Low Grade | Proven | 0.323 | 547,000 | 0.466 | 8,200 | |||||
Open Pit - Low Grade | Probable | 0.323 | 4,488,000 | 0.468 | 67,500 | |||||
Open Pit - Low Grade | Proven + Probable | 0.323 | 5,035,000 | 0.468 | 75,700 | |||||
Total Open Pit | Proven | 0.323 | 1,225,000 | 1.234 | 48,600 | |||||
Total Open Pit | Probable | 0.323 | 9,268,000 | 1.063 | 316,800 | |||||
Total Open Pit | Proven + Probable | 0.323 | 10,493,000 | 1.083 | 365,400 |
Brian Wesson stated: "Otso is pleased with the results of the Feasibility Study and thanks BOYD for their significant contribution to the project. The Feasibiltiy Study provides the Company with reserves to underpin a minimum of five years of mine life. The Company will continue its exploration and infill drilling program to replace and expand our reserve base on an ongoing basis. The publication of reserves is the first time the project has had proven and probable reserves since its acquisition by the Company".
The Reserves are based on the parameters set forth below.
Item | Units | Laiva | ||
Open Pit Waste Mining Cost | US$/Waste Tonne | $1.90 | ||
Open Pit Ore Mining Cost | US$/Ore Tonne | $2.73 | ||
Underground Mining Cost | US$/Ore Tonne | $75.00 | ||
Mill - High Grade Processing Cost | US$/Mill Ore Tonne | $11.78 | ||
Mill - Low Grade Processing Cost | US$/Mill Ore Tonne | $10.22 | ||
G&A Cost | US$/Feed Tonne | $2.20 | ||
Mill Gold Recovery (at cutoff) | % | 92.0% | ||
Mill - Low Grade Gold Recovery (at cutoff) | % | 80.0% | ||
Mill Annual Capacity (Both High & Low Grade) | Tonnes | 1,500,000 | ||
US$/Troy Ounce | $1,600.00 | |||
Selling Cost | US$/Troy Ounce | $2.55 | ||
Royalty | % | 0.15% | ||
NSR Royalty* | % | 2.5% |
*excluded in determination of Reserves.
Brian Wesson
President and CEO
Otso Gold Corp.
For further information, please contact:
Clyde Wesson
Vice President
Otso Gold Corp.
1 917 287 0716
info@otsogold.com
www.otsogold.com
The technical disclosure in this news release has been reviewed and approved by Gregory B. Sparks, P. Eng., Managing Director – Metals for John T. Boyd Company, a Qualified Person as defined by National Instrument 43-101.
About the Company
Otso Gold Corp. wholly owns the Otso Gold Mine near the Town of Raahe in Finland. The
Otso Gold Mine is developed, fully permitted, has all infrastructure in place, two open pits
and is currently in the ramp-up towards commercial production at name plate capacity of 2 million tonnes per annum.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Copyright (c) 2021 TheNewswire - All rights reserved.
Figure 1: Long Section of the Never Never Gold Deposit and the Pepper, Four Pillars and West Winds Gold Prospects looking east. Proposed exploration drill drive design in black.