Shares of Dayton Developments (TSE) were active this week, as the latest results from a feasibility study at the wholly owned Andacollo gold project in Chile were released to the public. Dayton shares added 44 cents to close at $2.20 recently on news that 179,000 ft. of drilling has been completed on the project. Engineering contractor Bechtel Corp. is examining the feasibility of a 12,000-ton-per-day heap leach operation.
Process flow sheets and plant capacity have been finalized, and engineered drawings have been prepared for the crushing plant, leach pad and process plant.
However, Dayton says a bankable document won’t be ready until final ore reserves, capital and operating costs are taken into consideration.
Dayton gained control of the project last year from Chevron Resources and it has since acquired Chevron’s 4% net smelter royalty on the property. Chevron already owns 1.6 million shares and an option on the royalty is secured by another 500,000 shares.
Proven and probable reserves at Andacollo stand at 31.7 million tons grading 0.036 oz. gold per ton.
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