Location and Description of the Project


Project Background

The 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's base camp can accommodate 65 people.

The Montagne d’Or development project in French Guiana hosts NI-43-101 Proven and Probable Reserves of 2.75 million ounces of gold (54.11 million tonnes @ 1.58 g/t gold). There is considerable expansion potential on strike and at depth, and on two new licenses adjacent to the deposit that were granted in July 2016.

In March 2017 Nordgold announced a positive bankable feasibility study (BFS) for the Montagne d’Or project in French Guiana. Montagne d’Or is a world-class ore body and the BFS demonstrated an open pit mining operation with average annual gold production of 237,000 ounces over the first 10 years of mine life, at an average grade of 1.73 g/t gold that results in an average AISC of US$749 per ounce. It benefits from straightforward metallurgy, excellent expected recovery rates, and a moderate stripping ratio.

By completing the BFS and a minimum expenditure outlay of US$30 million, Nordgold fulfilled all the requirements of an option agreement with partner Columbus Gold Corporation, and in September 2017 acquired 55.01% stake in the Montagne d'Or project. At the same time Nordgold signed a Shareholder Agreement with Columbus outlining the rights and obligations of each joint venture partner in respect of the project management and development. Nordgold now holds three out of five board seats on the Board of Directors of Compagnie Minière Montagne d’Or. Nordgold is also the operator of the project.

In 2018, public debates in French Guiana are scheduled for the Montagne d’Or project. Additionally, Nordgold plans to make any required adjustments to the Environmental and Social Impact Assessment reports and then subsequently apply for construction and mining authorisations.

Montagne d’Or official website (French)

Press Release on the Montagne d’Or Bankable Feasibility Study

Reserves and Resources

Montagne d’Or is located within the northern greenstone belt of the Guiana Shield in French Guiana. 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.

The current model of gold mineralization is a high sulphidization, volcanogenic type. Significant portions are thought to have been emplaced as replacement style mineralization. Subsequently, the mineralization has been deformed and partly remobilised within structural controls. Gold mineralization is associated with primary sulphide minerals as replacements within pyrite and chalcopyrite.

Montagne d’Or Attributable (55.01%) Mineral Resources and Ore Reserves Summary (31 December 2017)*

Category Tonnes (kt) Grade (Au g/t) Au (koz)
Measured and Indicated 46,839 1.41 2,116
Inferred 11,1131.48530
Total (M+I+I) 57,952 1.42 2,646
Proven and Probable 29,768 1.58 1,510

  • * Montagne d’Or Mineral Resources and Ore Reserves were added to 2016 Nordgold total on the basis the Company met the earn-in conditions by 13 March 2017. Mineral Resources estimated within pit shell that is defined by an US$1,300/oz price and CoG of 0.4 g/t Au. Proven and Probable Reserves were estimated using a gold price of US$1,200/oz at varied cut-offs dependent on lithological rock types, economics and estimated metallurgical recovery. Felsic Tuffs have CoG of 0.617 g/t Au, Granodiorites have a CoG of 0.622 g/t Au, Mafics have a CoG of 0.665 g/t Au, Saprolite and Saprock have a CoG of 0.552 g/t Au.
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