The Montagne d’Or project is located in northwest French Guiana 180 km west of the capital, Cayenne. The project occurs within the Guiana Gold Belt, which stretches from western Venezuela eastward through Guyana, Suriname, French Guiana and into Brazil.
Montagne d'Or is a volcanogenic gold deposit that is expected to be mined by open pit with a gravity and carbon-in-leach plant to extract the gold.
A Feasibility Study was completed in March of 2017 and estimated initial capital costs to be $535 million for a project with life of mine gold production of 2.57 Mozs over 12 years. The mine life is supported by September 2016 Proven and Probable Reserves of 54.1 Mt grading 1.6 g/t gold (0.4 g/t cut-off). The mine is expected to recover 94% of the gold on average.
Orea and Nord Gold will proceed to construction once the required permits and authorizations are received.
Orea provided a corporate update in May 2020 and said that the bulk of engineering studies for committed project improvements and modifications for mine permitting progressed remotely and are expected to be completed as scheduled by mid-year.
The Montagne d’Or joint-venture achieved a major permitting milestone by providing its official decision to French authorities to move forward with permitting and development of the Montagne d’Or gold mine. Development will consist of project improvements and modifications in line with recommendations from the French National Commission of Public Debate.