A Preliminary Economic Assessment (PEA) was undertaken to evaluate the recovery of gold from an open-pit mining operation that will move up to 143,000 tonnes per day (tpd) (50 Mtpa), with a 30,137 tpd (11 Mtpa) processing plant that includes crushing, grinding, flotation, with fine grinding of the flotation concentrate and agitated leaching of both the flotation concentrate and the flotation tails, followed by a carbon-in-pulp recovery process to produce doré bullion.
Based on the positive results of the PEA, the Gramalote Project is considered to have the potential to become a large, low-cost open-pit gold mine, subject to completion of ongoing infill drilling, which commenced in November 2019, and the results of a final Feasibility Study (FS) expected in the first quarter of 2021.
Lycopodium is undertaking the FS for the 11 Mtpa sulphide processing plant and associated process plant infrastructure.
The Gramalote Project has several key infrastructure advantages, including reliable water supply; proximity to a national highway, which connects directly to Medellin and to a major river with port facilities; proximity to the national electricity grid with ample low-cost power and a stable record of hydroelectric power; and a skilled labour workforce within Colombia.
