Applications for the key remaining permits have all been submitted, and the company said it remains committed to working to obtain these permits within the next 12 months.
At the same time, Signal’s exploration team continued to grow the mineral resource at Goldboro. It now has measured and indicated resources of 1.42 million oz. (15.7 million tonnes at 2.82 g/t gold) for the open pit, and 1.16 million oz. (5.9 million tonnes at 6.09 g/t gold) underground.
A 2021 feasibility study on the project demonstrated an approximate 11-year life of mine with average gold production of 100,000 oz. per annum and an average diluted gold grade of 2.26 g/t.
Its after-tax net present value, discounted at 5%, is pegged at C$328 million, with an internal rate of return of 25.5% and projected payback of 2.9 years. The initial capital cost is estimated C$271 million, and the life-of-mine sustaining capital is C$63.1 million.
Still, this “robust,…
