Tallapoosa Gold Mine
The State of Georgia's ONLY Commercial Gold mine...
Innovation Mining is pleased to announce an agreement to acquire the fully permitted historic Tallapoosa Gold Mine, located approximately 60 miles west of Atlanta, Georgia, USA. The mine has a rich history. It was discovered in 1829 and operated as one of the first gold mines in the United States and remains the only commercial gold mine in the state of Georgia.
Tallapoosa, GA
Near-Surface, Low-Cost Gold Mining ...
The historic 602 acre mine is a near-surface, low-tonnage, bulk mining low-sulfidation, epithermal structure. The current deposit, based on a prefeasibility Study by ACA Howe in 1989, has approximately 550,00 tonnes of mineralized material at an average grade of 3.6 gpt. The property also has approximately 75,000 tonnes of historic tailings with average grade of 1.5 gpt gold. In 2023, a full-year small-scale bulk test operation at the site yielded approximately 650 ounces of gold. The resource estimates are historic in nature.
Historic
Gold Mine ...
The Tallapoosa Mine has a rich history. It was discovered in 1829 and operated as one of the first gold mines in the United States. Some of its historic highlights include;
1829 – Discovery of Gold at the Tallapoosa site
1860 – Shut down for the Civil War
1896 – Purchased by the Royal Mining Company
1904 – Purchased by Tallapoosa Gold Mining
1930 – Mine purchased by US Smelting
1980 – Mine purchased by US Borax Corp.
1987 – Mine purchased by Atlantic Goldfields.
1988 – Surface Mining and – Air Quality Permits
1989 – ACA Howe completed Feasibility Study
High Recoveries, Fast Leach Kinetics
Current production estimates indicate that the mineralized material on the pads and in the small-scale vats has an estimated gold grade of 1.5 grams per tonne (gpt/ppm). Recoveries are projected at 75% with leach times ranging from 14 to 30 days.
Fire assay results from 62 samples conducted by ALS labs reveal gold grades reaching up to 192 gpt, with only three samples collected in and around the workings showing no gold, while the rest range from 0.02 to 192 ppm Au.
Preliminary Economic Assessment Underway ...
Advanced pit models, mine plans, and financial modelling are underway. Current mining results and preliminary analysis indicate that a modest 450 tonne per day operation may be well suited for this project.
Some of the estimated (internal) preliminary PEA highlights include:
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A 2:1 diluted historic resource of 1.1M tonnes
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An estimated head grade of 1.5 gpt
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Projected 8 year mine life at 175 KT/A
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AVG Strip ration of 6:1
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Gold recoveries of 75% in a 30 day leach cycle
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Projected all in sustaining costs of under $1,000/Oz
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Projected annual revenues of ~$20M USD
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Base Case LOM NCF $52.5M
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Payback (Months) - 29
NOTE: These are managemnent prepared estimates based on current mine results and management forecasts and should not be relied upon.
Innovation's showcase
project...
The Tallapoosa Gold Mine will serve as a demonstration and showcase site, validating Innovation Mining’s proprietary technology suite and our commitment to industry-leading ESG principles.
This project at Tallapoosa represents a critical milestone for Innovation Mining, as it showcases the potential of our environmentally friendly extraction technology on an operational scale. Our work at Tallapoosa reflects our commitment to transforming industry standards and promoting eco-conscious mining practices worldwide.
“As good as gold.” — Charles Dickens