There are some interesting details buried within this...

There are some interesting details buried within this announcement that are revealing.

1. They have the water rights. This is a major achievement. In Nevada or any desert if you can't access water you don't have a project.
2. They are now targeting a scoping study of 150kozpa for 15 years = 2250koz. Assuming 80% leach recovery then they are looking for at least a resource size of 2.8Moz.

So looking at their previous Bells scoping study.
Assuming grade was about the same as current oxide resource statement then about 0.4g/t that means they are targeting at 15Mtpa heap leach.
The Bells capex was about $US55M/3Mtpa so 15Mtpa = 5 x $US55M =US$275M excluding scale up factors.
Assuming same all in costs of Bells Scoping Study of $1177/oz then at current prices (2300-1170) x 150kozpa = US$170M per year