Location and Description of the Project
The 4.3 million ounce Montagne d’Or gold deposit is located in north-west French Guiana, 180 kilometers west of the capital, Cayenne, and 80 kilometres south of the department capital, Saint-Laurent-du-Maroni. The Project is accessible via a 120 kilometre all-season forest road from the town of Saint-Laurent-du-Maroni, where the port of St. Laurent is located, or by small aircraft to the Project's base camp. Several roads traverse the mining concessions providing truck access. The full service camp can accommodate 65 people.
Nordgold has a right to earn a 50.01% interest in the Montagne d'Or deposit and the Paul Isnard mineral claims by funding a minimum of US$30 million in expenditures and completing a Bankable Feasibility Study by no later than March 2017. Montagne d’Or Mineral Resources will be included in Nordgold’s Mineral Base after the Company receives a 50.01% interest in the project.
Nordgold also holds ~9% of Columbus Gold Corp.(“Columbus Gold”, CGT: TSX-V), a 100% owner of Montagne d’Or gold deposit. In October 2014, Mr. Oleg Pelevin, Director of Strategy and Corporate Development for Nordgold, was appointed to Columbus Gold’s board of directors.
Montagne d’Or is located within the Guiana Gold Belt. The mineral deposits of the Guiana Gold Belt are very similar to those in other greenstone terrains such as in West Africa. This will enable Nordgold to apply its deep knowledge of West African geology to the Project and other projects in the region. Columbus Gold, with its many years of operational experience in French Guiana and unique local knowledge will serve a strong partner in the advancement of the project.
Mineralisation consists of semi-massive sulphide bands, stringers and dissemination of probable volcanic origin. Visible gold is rarely observed and preliminary mineralogical work suggests that it occurs along microfractures and on sulphide grain boundaries. Mineral deposits are typical of those in other greenstone terrains such as in Canada, Australia and West Africa. Potential future mining will be by open pit.
The 2013-2014 drilling programme, which commenced at Montagne d’Or in November 2013, has been completed in November 2014.
The resource update and Preliminary Economic Assessment of the Montagne d'Or project is expected to be completed in Q2 2015.
Metallurgical tests from Montagne d'Or produced excellent gold recoveries in excess of 90%.
In 2015, Nordgold plans to invest US$10 million in technical, environmental studies and field work at Montagne d'Or, which is scheduled to commence in April 2015. The field campaign will include the following planned drilling programs:
- 5,000 meters of RC condemnation drilling for infrastructure, waste and tailings sites.
- 6,500 meters of RC in-fill drilling to define near-surface oxide mineralisation.
- 8,000 meters of Diamond in-fill drilling to define Measured Resources for a starter pit.
- 1,900 meters of Diamond geotechnical drilling.
Studies for a full Environmental and Social Impact Assessment and a Bankable Feasibility Study are progressing on schedule and are on target for completion in Q1 2017.