DGAP-News
Goldsource Provides Update on Eagle Mountain
DGAP-News: Goldsource Mines Inc. / Key word(s): Miscellaneous Vancouver, British Columbia--(Newsfile Corp. - May 2, 2017) - Goldsource Mines Inc. (TSXV: GXS) (OTCBB: GXSFF) (FWB: G5M) ('Goldsource' or the 'Company') is pleased to provide an update on the operations and exploration activities at its Eagle Mountain Gold Project ('Eagle Mountain') located in Guyana, South America. |
Ioannis Tsitos, President, commented, 'The Company's overall objective for Eagle Mountain is to generate qualified information to support a low cost, large-scale, 4,000 to 5,000 tonnes per day, open-pit gravity-CIL operation in the near-future. Our main focuses are on operating and collecting information on the 'front-end' Phase I gravity plant for large-scale design with some gold production and expanding our current saprolite resource through low cost shallow systematic drilling. A revised saprolite resource is planned for Q4 2017 with a subsequent Preliminary Feasibility Study ('PFS') for a large-scale operation to be completed by Q2 2018.'
OPERATIONS
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Current operations for the pilot gravity plant consist of a feed mix of dry (truck-excavator) and wet mining (Marok pumping).
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The Company is using its newly installed Krebs cyclone for improved gold recovery. Initial assay results suggest gold recoveries of 15% to 50%, depending on cyclone parameters and processing feed rates. Work continues to define the optimum operating parameters for both short and long-term planning.
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During the month of April, the main plant averaged an estimated 230 tonnes per day ('tpd') with an estimated gravity gold recovery of 20% to 25% from lower grade feed material.
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The Company intends to operate the plant at 150 to 300 tpd with reduced costs and until optimum processing parameters run on a consistent basis to support breakeven to positive cash flow in country.