Jan 21 2015
Discovery Ventures Inc., is pleased to announce the following WillaMAX Project update. Several project-related tasks have been successfully initiated and are ongoing to advance the project, including.
Preliminary Economic Assessment
The company has completed in May 2014, a Preliminary Economic Assessment (PEA) on the Willa Mine located on paved highway access approximately 8 Kilometers south of Silverton, BC. The PEA suggests an operating cost of gold of $680per oz. @$1200/Au. It also states an after Tax Net Present Value (NPV) of $54,958,000 with an after tax IRR % of 412%. At a cut‐off grade of 3.5 grams Au/tonne (3.5 g/t), the measured category of the current resource estimate is 495,784 t with an average grade of 7.18 g Au/t, 0.94% Cu and 12.16 g Ag/t. The Indicated category at the same cut‐off grade is 262,415 t grading 5.71 g Au/t, 0.67% Cu, and13.26 g Ag/t, for a total mineral resource of the Measured and Indicated categories of 758,199 t grading 6.67 g Au/t, 0.85% Cu, and 12.54 g Ag/t. The study incorporates the utilization of the Max Mill located at a trucking distance of 130 kms. Discovery presently owns a 35% interest in the Max Mine and Mill project. The company is continuing to update this document.
Willa Portal Opening
Upon receipt of a NOW permit announced November 25, 2014 Discovery engaged local mining contractor GENEX Mining of Silverton, BC to re-open both portals at the Willa project. The work provided the first opportunity to evaluate conditions at the portal since they were closed in 2005. Crews were able to inspect and confirm the good condition of the rail and ground mass to a distance of approximately 300-m where a small zone of fault-softened material had fallen. This minor zone will be excavated and supported in 2015 to provide access to the Willa resource. Both portals have been secured for the winter season and further underground work is planned to commence in mid-2015.
2004 Core Sampling
The Company has successfully secured 2004 Willa diamond drill core and has stored it at the MAX project site. Discovery's crews have now also taken specific sample intervals to create new metallurgical composites to be tested. The lab work will focus on aspects of metallurgical recovery of gold and copper, anticipated to repeat several previous trials on the Willa resource, and will primarily focus on characterization studies of tailings products. That information will be used to in future production permit applications.
Other Project Work
A LIDAR survey completed over the Willa Project area has provided detailed topographical maps for the first time. These will provide the base for design of access and other infrastructure at Willa. Other work in progress that also utilizes the new data includes air-photo interpretation and hazard mapping, and a program of water quality monitoring at several creeks, highway crossings and springs in the project area.
Community Engagement Activities
The Company has continued with its community engagement and outreach programs, including site visits during the portal opening at Willa, and a community update meeting in Trout Lake where the Max Mine and Mill is located.
Stock Options
The Company also announces the granting of options to acquire up to 2,000,000 common shares of the Company (each, a "Share") at a price of $0.18 per Share for a period of five years to two consultants of the Company. The options granted to the consultants vest over a one year period with 25% vesting every three months. The Company also announces that Neil Morgan and Akash Patel have agreed to cancel options to acquire up to 1,100,000 Shares and 340,000 Shares, respectively, at a price of $0.25 per Share for a period of five years granted to Mr. Morgan and Mr. Patel on August 20, 2014.
Source: http://www.discoveryventuresinc.com/