The Terakimti Gold Heap Project
One of three Harvest Projects, the Terakimti is a 70% owned volcanogenic massive sulphide (VMS) project located in the southern part of the Arabian Nubian Shield (ANS) in the Tigray region of northern Ethiopia. The Terakimti deposit has defined 114,000 ozs of gold Indicated and 1,000 ozs of gold Inferred in a surface oxide layer. The oxide portion of the deposit is covered by a Mining Licence granted from the Ethiopian Ministry of Mines, Petroleum, and Natural Gas (MoMPNG). Potential exists to develop supergene gold, copper, and primary sulphide copper, gold, and zinc resources underlying the gold oxide zone.
In April 2018, a Preliminary Economic Assessment (PEA) was completed on the Terakimti oxide zone, indicating very strong project economics, including a post-tax NPV of US$13.2 million (8% discount rate), and an IRR of 30.1%.