Canadian gold mining company, Gold X Corp, says it plans to begin production at its Toroparu project as soon as the necessary steps are completed.
In a news release yesterday, Gold X Corp said that following recent changes to the management of the Company and acquisition of 100% of its flagship Toroparu asset, it is now focussed on the completion of steps necessary to bring the project to a production decision.
The Toroparu Project located in Region Seven, is touted by Gold X to be one of the largest undeveloped gold deposits in the Americas. According to the Company, it is in an advanced stage with 7.35 million ounces measured and indicated based on 675 diamond drill holes totalling 202,250 meters with several feasibility level engineering studies completed.
To date the Company says it has invested more than US$150 million to discover, develop and classify its gold resources and complete engineering studies required to develop an open pit mining operation producing gold doré (an alloy composed primarily of gold and silver) and gold bearing copper concentrates as defined in the Company’s latest 43-101 technical report.
It further stated that the extensive drilling and initial engineering work led to the completion of a Pre-Feasibility Study which formed the basis for a US$150 million gold purchase agreement by Wheaton Precious Metals (TSX: WPM). Under this arrangement, the Company conducted several feasibility-level studies in 2014 but did not complete a feasibility report due to the gold market environment that existed.
According to Paul Matysek, Chair-man and CEO of Gold X Corp, “The historical technical work completed at Toroparu allows us to move quickly to a production decision for the project. Having one of the largest gold resources in the Americas and having completed several feasibility level engineering studies provides Gold X ample options to explore the Project’s suitability to both junior and mid-tier/senior precious metals companies. The timing is opportune as we engage with the industry under the most favorable market circumstances in the last 8-10 years.”
