First Mining Gold has announced the favourable outcomes of a Preliminary Economic Assessment (PEA) conducted for its 100%-owned Duparquet Gold Project, situated in the Abitibi region of Quebec, Canada.

The PEA findings endorse an operational plan involving both open-pit and underground mining, targeting a production rate of 15,000 tonnes per day over a projected mine life spanning 11 years. It’s essential to note that the PEA exclusively covers the Duparquet gold deposit situated within the Beattie, Donchester, Central Duparquet, and Dumico claim blocks and does not encompass the Pitt Gold and Duquesne deposits.

The initial capital costs are estimated to be C$706m.

First Mining CEO Dan Wilton said: “This PEA demonstrates the robust economic potential of the Duparquet Gold Project.

“The +200 koz per year production profile, attractive capital and operating cost profile and strategic location of the deposit in the heart of the Abitibi gold belt all contribute to the recognition of Duparquet as one of the most meaningful development projects in Canada.

“We are also pleased to have completed such a robust PEA within a year of consolidating the ownership of the Project. Importantly, the Duparquet Gold Project represents a unique opportunity to address the environmental legacy issues from the historic mining operations while delivering an important economic development opportunity for the local and Indigenous communities around the project.

“We look forward to continuing to work with regulators, the Municipality of Duparquet and other local and Indigenous communities to advance this parallel track of environmental stewardship and economic development.”

The PEA for the Duparquet Gold Project was compiled by G Mining Services, based in Montreal, Quebec, in full compliance with the National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101).

The Duparquet Gold Project stands as one of the most substantial undeveloped gold projects across North America. Located just north of the town of Duparquet, approximately 50km northwest of Rouyn-Noranda, Quebec, a significant mining service hub and home to Canada’s sole remaining copper smelter, this project holds immense potential. Notably, Duparquet currently boasts an estimated 3.4 million ounces of gold in the Indicated Mineral Resource category and an additional 2.7 million ounces of gold in the Inferred Mineral Resource category.

The PEA assesses the gold recovery strategy for a 15,000 tonne-per-day (tpd) mining operation combining open-pit and underground methods.

This operation includes a comprehensive process plant encompassing crushing, grinding, and flotation processes, ultimately resulting in the production of a saleable concentrate.