New Plan Moves Forward for Livengood Gold Mine
International Tower Hill Mines Ltd. has finalized contracts for a pre-feasibility study to develop a mine at its 11.5-million-ounce Livengood Gold project in Alaska and expects to release the results of the PFS in October 2021. A similar study in 2017 planned for a 52,600-metric- ton-per-day mill that would produce 6.8 million ounces of gold over a 23-year mine life, or roughly 294,100 ounces annually. This mine plan was based on 392 million metric tons of reserves averaging 0.71 grams per metric ton (9 million ounces) gold. Overall, the Money Knob deposit at Livengood hosts 525 million metric tons of measured and indicated resource averaging 0.68 g/t (11.5 million ounces) gold. Since 2017, Tower Hill Mines has been working to develop this world-class gold project about 70 miles north of Fairbanks, Alaska optimizing gold recovery. This is the largest North American gold-only deposit by Reserves and Resources not wholly owned by a Major mining company. Tower Hill Mines hired BBA, Inc. as its lead consultant and Whittle Consulting, Resource Modeling, Resource Development Associates, Easton Process Consulting,
and NewFields Companies to provide technical support. “BBA has been our lead consultant since 2015 and has extensive experience with similar large-scale gold projects, such as Detour Lake and Canadian Malartic.” said International Tower Hill Mines CEO Karl Hanneman. “We look forward to working alongside BBA and our other consultants to provide an updated PFS during October of next year. The work from this study will help the company determine the appropriate next steps to continue to create shareholder value.” International Tower Hill is basing future plans on the recent increase in gold prices driven by economic uncertainty worldwide, with the potential for this long- term and valuable project in Alaska. Photo Courtesy Tower Hill Mines Water testing has been conducted as part of ongoing baseline studies.
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August 2020 I The Alaska Miner I www.alaskaminers.org
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