Brett Resources intends to fast-track development of its gold deposit near Atikokan in northwestern Ontario.
A preliminary assessment study of the company's Hammond Reef Gold project shows a base case inferred mineral resource of 6.70 million ounces of gold (259.4 million tonnes grading 0.8 grams per tonne gold at a cut-off grade of 0.30 g/t).
The mine would have a 14-year life and would recover 5.13 million ounces.
Company President and CEO Patrick Soares said, “These robust economic results, the recent signing of the MOU (memorandum of understanding) with eight First Nations, very strong community support and promising nearby exploration targets encourage Brett to press on with exploration and engineering activities and advance the Hammond Reef to and through feasibility as quickly as possible.”
The Hammond Reef project is 23 kilometres northeast of the town of Atikokan and 170 kilometres west of Thunder Bay.
Expenditures for the mine would be $772 million. The company's current 70,000-metre drill program includes exploration drilling of new gold zones identified last summer.
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