(TheNewswire)
November 5, 2021 – TheNewswire - Toronto, ON. – Otso Gold Corp.(“ Otso ” or the “ Company ”), (TSXV:OTSO) (OTC:FIEIF) is pleased to announce thecompletion of a National Instrument 43-101 compliant feasibility study(the “ FeasibilityStudy ”) for the Otso Gold Mine. TheFeasibility Study, prepared by John T. Boyd Company (“ BOYD ”) of Denver,Colorado, has now been filed on SEDAR.
The Feasibility Study includes the mine designs andproduction plan which will underpin the Company’s long termproduction as well as optimisations to the milling circuit beingimplemented by the Company.
The following table summarizes the findings included inthe Mineral Reserves of the Feasibility Study.
Mining Method | Reserve Classification | Cutoff | Tonnes | Au g/t | Au Troy Ozs | |||||
Open Pit - High Grade | Proven | 0.700 | 678,000 | 1.853 | 40,400 | |||||
Open Pit - High Grade | Probable | 0.700 | 4,780,000 | 1.622 | 249,300 | |||||
Open Pit - High Grade | Proven + Probable | 0.700 | 5,458,000 | 1.651 | 289,700 | |||||
Open Pit - Low Grade | Proven | 0.323 | 547,000 | 0.466 | 8,200 | |||||
Open Pit - Low Grade | Probable | 0.323 | 4,488,000 | 0.468 | 67,500 | |||||
Open Pit - Low Grade | Proven + Probable | 0.323 | 5,035,000 | 0.468 | 75,700 | |||||
Total Open Pit | Proven | 0.323 | 1,225,000 | 1.234 | 48,600 | |||||
Total Open Pit | Probable | 0.323 | 9,268,000 | 1.063 | 316,800 | |||||
Total Open Pit | Proven + Probable | 0.323 | 10,493,000 | 1.083 | 365,400 |
Brian Wesson stated: “Otso is pleased with theresults of the Feasibility Study and thanks BOYD for their significantcontribution to the project. The Feasibiltiy Study provides theCompany with reserves to underpin a minimum of five years of minelife. The Company will continue its exploration and infill drillingprogram to replace and expand our reserve base on an ongoing basis.The publication of reserves is the first time the project has hadproven and probable reserves since its acquisition by the Company”.
The Reserves are based on the parameters set forthbelow.
Item | Units | Laiva | ||
Open Pit Waste Mining Cost | US$/Waste Tonne | $1.90 | ||
Open Pit Ore Mining Cost | US$/Ore Tonne | $2.73 | ||
Underground Mining Cost | US$/Ore Tonne | $75.00 | ||
Mill - High Grade Processing Cost | US$/Mill Ore Tonne | $11.78 | ||
Mill - Low Grade Processing Cost | US$/Mill Ore Tonne | $10.22 | ||
G&A Cost | US$/Feed Tonne | $2.20 | ||
Mill Gold Recovery (at cutoff) | % | 92.0% | ||
Mill - Low Grade Gold Recovery (at cutoff) | % | 80.0% | ||
Mill Annual Capacity (Both High & Low Grade) | Tonnes | 1,500,000 | ||
Gold Price | US$/Troy Ounce | $1,600.00 | ||
Selling Cost | US$/Troy Ounce | $2.55 | ||
Royalty | % | 0.15% | ||
NSR Royalty* | % | 2.5% |
*excluded in determination of Reserves.
Brian Wesson
President and CEO
Otso Gold Corp.
For furtherinformation, please contact:
Clyde Wesson
Vice President
Otso Gold Corp.
1 917 287 0716
info@otsogold.com
www.otsogold.com
The technical disclosure in this news release has beenreviewed and approved by Gregory B. Sparks, P. Eng., Managing Director– Metals for John T. Boyd Company, a Qualified Person as defined byNational Instrument 43-101.
About the Company
Otso Gold Corp. wholly owns the Otso Gold Mine near theTown of Raahe in Finland. The
Otso Gold Mine is developed, fully permitted, has allinfrastructure in place, two open pits
and is currently in the ramp-up towards commercialproduction at name plate capacity of 2 million tonnes perannum.
Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this release.
Copyright (c) 2021 TheNewswire - All rights reserved.