Just over a year ago Augusta bought the Reward project for US$45m (A$70m or nearly 3 x the present market cap of Saturn Metals). It has a global resource of 454 koz @ 0.75g/t. They are presently undertaking a feasibility study on the project. It was formerly owned by Atna Resources who did a feasibility study back in 2012.
They used a head grade of 0.75 g/t, an average recovery rate of 80% and a life of mine strip ratio of 3.1. That's an SARG of 0.15 g/t versus Apollo Hill which is 0.16 g/t. As the article notes Bullfrog and Reward (combined global resource circa 2 Moz) represents multiple deposits (the two principal projects being 7 miles apart). Apollo Hill is one large open pit which makes life much easier.
Augusta is actually a really good comparison (the global resource size is similar) and accentuates the disconnect between North America and Australia when it comes to the valuation of heap leach deposits.
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