The Tonopah project lies on the prolific Walker Lane Trend in Nevada. It contains a pit-constrained resource of >394,000 M&I resource ounces, with 206,000 ounces of inferred resource. It is 100% owned, drill is turning now (October 2022), permitting is on-going and there is excellent infrastructure. Our shareholders are supportive and include institutions and management.
A preliminary economic analysis ("PEA") analysis of the project as an open-pit heap-leach development opportunity has been completed and produced strongly economic results. This study provides justification for continued investment in the Tonopah project. With its location in a known mining district in western Nevada, paved road access, nearby power, water, and mining-support infrastructure, capital costs for the project are projected to be low.