The Montagne d’Or project is located in northwest French Guiana 180 km west of the capital, Cayenne. The project occurs within the Guiana Gold Belt, which stretches from western Venezuela eastward through Guyana, Suriname, French Guiana and into Brazil.
Montagne d'Or is a volcanogenic gold deposit that is expected to be mined by open pit with a gravity and carbon-in-leach plant to extract the gold.
A Feasibility Study was completed in March of 2017 and estimated initial capital costs to be $535 million for a project with life of mine gold production of 2.57 Mozs over 12 years. The mine life is supported by September 2016 Proven and Probable Reserves of 54.1 Mt grading 1.6 g/t gold (0.4 g/t cut-off). The mine is expected to recover 94% of the gold on average.
Orea and Nord Gold will proceed to construction once the required permits and authorizations are received.
The Montagne d'Or joint venture announced an optimized project design with significantly reduced environmental impact for the Montagne d’Or project. It is expected the optimized design will lead to a 32% reduction in surface footprint and an 80% reduction in estimated total equivalent C02 emissions. The large reduction in environmental impact is mainly driven by an alternate power generation solution, which will be an on-site hybrid power plant capable of 80% solar-based energy.
Orea provided a corporate update in December 2020 stating that the engineering studies for committed project improvements and modifications for mine permitting are substantially complete, with final versions of the permitting dossiers to be produced in the first quarter of 2021.