RNS- Update on Lake Victoria Acquisition.4 Dec 2020 07:05
MetalNRG plc (LON:MNRG), the natural resource investing and exploration company, is pleased to provide further details relating to the planned acquisition of Lake Victoria Gold Ltd ("LVG") (announced 20th October 2020) and the rescheduled date for the General Meeting (adjournment announced 26th November 2020).
LVG are the operators of the Imwelo Project in Tanzania which has a JORC (2012)1 compliant Total Resource of 4.73Mt @ 1.92g/t gold2 based on Resource drilling completed in 2016 and a Mineral Resource Estimate in 2017. In addition, an open-pit mining Pre-Feasibility study and underground mining Scoping Study was completed by Measured Group Pty Ltd ("MG") for the Imwelo Project in June 2017 (the "Pre-Feasibility and Scoping Study Report" or "2017 PFS")3.
The 2017 PFS considered a conventional drill blast, load and haul open-pit mining operation based on mining open-pit Reserves of 1.362Mt at 2.22g/t Au for a total 87.66koz gold recovered over 4 years, based on a gold price of US$1,250/oz. The scoping study considered a transition from open-pit mining to underground mining.