Roxmore Resources Announces a Positive Preliminary Economic Assessment for the Converse Gold Project in Nevada
Original announcement by tmx on
- Company
- Roxmore Resources Inc.
- Ticker
- RM
- Exchange
- TSX
- Region
- Nevada
- Primary commodity
- Gold
- Secondary commodities
- Silver, Copper
- Document categories
- Resource update, Economic study, Metallurgy
- Extracted
- 2026-09-18 18:41:16 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
Roxmore Resources has released a Preliminary Economic Assessment (PEA) for the Converse Gold Project in Nevada, projecting an after-tax NPV5% of US$2.7 billion and an IRR of 43% at a US$3,600/oz gold price. The project features a 14-year life of mine using an open-pit heap leach method, supported by an updated Mineral Resource Estimate of 321 Mt (103 Mt Indicated, 218 Mt Inferred).
Reasoning: The announcement of a high-margin PEA for a large-scale gold project in Nevada is highly material, though the high Inferred component and lack of silver in the MRE warrant caution.
Positive factors
- Strong economics with 43% IRR and US$2.7B NPV5% at consensus gold price
- Large scale resource (518 Mt total)
- Tier 1 jurisdiction (Nevada)
- Simple heap leach processing route
Negative factors
- High proportion of Inferred resources (61% of total tonnage)
- PEA is preliminary and includes speculative Inferred resources
- Silver not currently included in MRE due to data limitations
Facts used in scoring: 4
Classification and evidence
PEA Onlyneutral
Only Class 4 / Initial Assessment economics available. Not bankable.
Why it applies: The document reports a Preliminary Economic Assessment (PEA) which is a Class 4 study.
Evidence · text
“results of its Preliminary Economic Assessment ("PEA")”
Inferred Heavy Feednegative
Material Inferred share of LOM mill feed, or the share is undisclosed.
Why it applies: Inferred resources make up 218 Mt of the 318 Mt total resource (approx 68%).
Evidence · text
“Inferred Mineral Resource estimate of 218 Mt”
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The PEA was prepared in accordance with NI 43-101 standards.
Evidence · text
“The PEA was prepared in accordance with the disclosure standards of NI 43-101.”
Heap Leach Routeneutral
Processing via heap leach — lower CAPEX and OPEX, lower recovery expected.
Why it applies: The project envisages an open pit heap-leach mine.
Evidence · text
“The PEA envisages an open pit heap-leach mine”
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: A current resource fact retains the disclosed cut-off grade
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The source explicitly discloses a revised resource estimate
Evidence · text
“updated Mineral Resource Estimate”
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: the document describes a mill_cil route ("agitated leach")
Single Domain Onlynegative
Testing limited to one composite or domain — representativeness not established.
Why it applies: only one composite was tested
Extracted facts
Stored fact records: 3. Some facts used in scoring do not have a stored record.
Resource Estimates (2)
indicatedConverse Gold Project · goldTonnes: 103000000Grade: 0.65Grade Unit: g/tContained Metal: 2162000Contained Unit: kozView all detailsHide details
Identity
- Project
- Converse Gold Project
- Commodity
- gold
- Region
- usa_nv
- Reported Region
- Nevada
- Ticker
- RM
Resource scope
- Estimate type
- resource
- Effective date
- 2026-03-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- April Barrios
- Resource group id
- resource:b9cc6a8656d567156b97
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 103000000
- Grade
- 0.65
- Grade Unit
- g/t
- Contained Metal
- 2162000
- Contained Unit
- koz
- Cutoff Grade
- 0.18
- Cutoff Unit
- g/t
Prior Estimate
- Resource Date
- 2026-03-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-20T00:00:00.000Z
Reasoning: Significant resource scale but heavily weighted towards Inferred category.
Positive factors
- Large tonnage
Negative factors
- High Inferred component
Evidence · text
“Indicated Mineral Resource estimate ("MRE") of 103 million tonnes (Mt) at an average gold grade of 0.65 g/t, containing 2.16 million ounces (Moz) Au”
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredConverse Gold Project · goldTonnes: 218000000Grade: 0.43Grade Unit: g/tContained Metal: 3.04Contained Unit: mozView all detailsHide details
Identity
- Project
- Converse Gold Project
- Commodity
- gold
- Region
- usa_nv
- Reported Region
- Nevada
- Ticker
- RM
Resource scope
- Estimate type
- resource
- Effective date
- 2026-03-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- April Barrios
- Resource group id
- resource:ee87f3e04949b07455ba
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 218000000
- Grade
- 0.43
- Grade Unit
- g/t
- Contained Metal
- 3.04
- Contained Unit
- moz
- Cutoff Grade
- 0.18
- Cutoff Unit
- g/t
Prior Estimate
- Resource Date
- 2026-03-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-20T00:00:00.000Z
Reasoning: Inferred resource provides scale but lacks geological confidence.
Negative factors
- Speculative category
Evidence · text
“Inferred Mineral Resource estimate of 218 Mt at an average gold grade of 0.43 g/t containing 3.04 Moz Au.”
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
Metallurgical Results (1)
column leachConverse Gold Project · goldRecovery: 70.9 %View all detailsHide details
Identity
- Project
- Converse Gold Project
- Commodity
- gold
- Region
- usa_nv
- Reported Region
- Nevada
- Ticker
- RM
Test Work
- Program Status
- preliminary
- Test Type
- column leach
- Processing Route
- heap leach
- Sample
- LOM average across all material types
Recovery
- Recovery
- 70.9 %
- Recovery Basis
- actual_test
Reagents
- Cyanide
- 0.64 kg/t
- Lime
- 6 kg/t
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-20T00:00:00.000Z
Reasoning: Standard heap leach recovery reported.
Positive factors
- Amenable to conventional heap leach
Evidence · text
“LOM Recoveries: average 70.9% across all material types”
Tags used in scoring
Heap Leach Routeneutral
Processing via heap leach — lower CAPEX and OPEX, lower recovery expected.
Why it applies: processing_route matches the heap_leach signal
Byproduct Commodityneutral
The tested commodity is a byproduct rather than the primary economic driver.
Why it applies: the release describes a byproduct credit
How Atlas produces this analysis
Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.