1911 Gold delivers positive PEA for True North project
TSX-V-listed 1911 Gold has delivered positive results from an independent preliminary economic assessment (PEA) for its True North gold project in Manitoba.
The PEA, prepared by AMC Mining Consultants, outlines a mining operation that would use existing and fully permitted infrastructure, including underground workings, shafts, and processing and tailings facilities.
The study targets steady-state production of about 58 100 oz/y over an 11-year mine life, based on an average processing rate of 1 215 t/d. Total payable gold production is estimated at about 527 100 oz over the life-of-mine (LoM).
Initial capital expenditure is estimated at C$59.2-million, with additional capital of C$46.7-million during the first two years of ramp-up and sustaining capital of C$367.2-million over the LoM. Average diluted mill head grade is projected at 4.32 g/t, with metallurgical recoveries of 93.5%.
Cash costs are estimated at $1 390/oz, with all-in sustaining costs of $1 897/oz. Production is expected to begin in the first half of 2027, following test mining in the second half of 2026.
The PEA indicates an after-tax net present value, or NPV (5%) of C$391-million and an internal rate of return of 105% at a long-term gold price of $3 000/oz. At a gold price of $4 800/oz, the NPV increases to C$998-million.
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