Almaden Minerals Ltd. (“Almaden” or “the Company”; TSX: AMM; NYSE American: AAU) is pleased to report on its intention to resume exploration in the area of the Ixtaca project.
Since discovery with the first drill hole, exploration work at Ixtaca has been almost entirely focused on the discovery area, and this work has led to the silver and gold reserve which underpins the feasibility study (“FS”), results of which were announced in December, 20181. The highlights of the FS, using base case prices of US$1275/oz gold and US$17/oz silver unless noted otherwise, include the following (all US dollars):
Average annual production of 7.06 million ounces silver and 108,500 ounces gold (15.2 million silver equivalent ounces, or 203,000 gold equivalent ounces)2 over the first 6 years;
After-tax IRR of 42% and after-tax payback period of 1.9 years;
After-tax NPV of US$310 million at a 5% discount rate;
After-tax IRR of 57% at the highest upper case price deck of US$1425/oz Au and US$20/oz Ag;
After-tax NPV (5%) of US$466 million at the highest upper case price deck of US$1425/oz Au and US$20/oz Ag;
Initial Capital of US$174 million;
Average LOM annual production of 6.14 million ounces silver and 90,800 ounces gold (12.9 million silver equivalent ounces, or 173,000 gold equivalent ounces);
All-in Sustaining Costs (“AISC”), including operating costs, sustaining capital, expansion capital, private and public royalties, refining and transport of US$11.30 per silver equivalent ounce, or US$850 per gold equivalent ounce;
Elimination of tailings dam by using filtered tailings, which reduces the project footprint and water usage. Construction of a water reservoir providing a permanent and consistent long-term supply of water for residents.
1 For more details please refer to Almaden’s Technical Report, entitled “Ixtaca Gold-Silver Project Puebla State, Mexico NI 43-101 Technical Report on the Feasibility Study”, which was updated on SEDAR on October 3, 2019.
2 Equivalent calculations use a ratio of 75:1 for silver : gold (based on $1275/oz-Au and $17/oz-Ag)
While it awaits the outcome of its permitting application and related processes (see press releases of February 27, 2020 and September 9, 2020), the Company has taken the decision to resume exploration at this large property with a focus on some previously identified high potential targets which lie outside of the currently defined reserve and feasibility study envelope.
This program is starting with a desktop review of exploration data previously gathered, which is expected to lead to further field work in the near-term which may include mapping, surface sampling, geochemical stream silt and soil sampling, and geophysics. These data will be used to design a future drill program.
J. Duane Poliquin, Chairman of Almaden, stated, “We believe that with the Ixtaca discovery, we identified a new epithermal district in Mexico. We are excited to return to early stage discovery efforts on this property. It will also be gratifying to work once again with members of the local communities as field activities will again provide some local employment opportunities as they ramp up over time, opportunities which are sorely needed in the area.”
Progress on this new thrust will be reported as it develops.
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