The proposed operation would begin with high-grade open-pit mining, alongside underground development from mid-2028.
Estimated life-of-mine all-in sustaining costs are US$2,288 an ounce.
The economics are highly exposed to gold prices.
Inferred resources do not have demonstrated economic viability, and the assessment is preliminary rather than a feasibility study.
Earlier planning focused mainly on underground mining and envisaged a five-year operation producing about 46,500 ounces annually at a gold price of US$1,250 an ounce. The earlier study’s assumptions and mining plan are not directly comparable with the new assessment.
The PL site, formerly known as Puffy Lake, operated from December 1987 to March 1989. It has a 1,000-tonne-per-day plant and an underground mining permit. Proposed expansion work would add parallel equipment and process capacity to reach about 2,000 tonnes per day.
No production decision has been made. Minnova’s next steps include resource updates, metallurgical testing, a prefeasibility study, financing and permitting work, including amendments to the existing environmental authorization for open-pit mining and new underground access.