Cavalier Resources Ltd (ASX:CVR) has published a revised pre-feasibility study for the Crawford gold project in Western Australia, boosting its financial projections with a net present value of A$51.7 million, pre-CAPEX undiscounted cash flow of A$66.7 million, and an internal rate of return set at 580%.

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The cost metrics are set at A$1,574 per ounce for C1 and A$1,793/oz for C3.

The company is looking at a project life of 18 months for the first stage, with a capital payback period of nine months.

Since this stage is focused only on the central oxide part of the overall resource – which is open along strike and depth – Cavalier is expecting that the project could continue to grow with increased revenues.

“This revised PFS update reflects a significantly improved financial outlook for Stage 1 and further underscores the outstanding overall potential of the greater Crawford Gold Project,” executive technical director and CEO Daniel Tuffin said.

Commencement of Stage One is drawing closer, with compliance reports, work approvals, and necessary applications being submitted, including the project management plan, native vegetation clearing permit, and groundwater extraction licences.

Additionally, Cavalier’s recent consultation with Native Title holders is ongoing.

Next, Mr Tuffin has said, “Representatives [are] due to visit the Cavalier site in early April, while also progressing with the procurement of the necessary equipment for the Stage One oxide heap leach.”

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“The combination of robust project economics, a record gold price, and continued projectadvancement, positions Stage One at the Crawford Gold Project for even greater returns and increased development potential to build on for extension of further mining operations on site,” he went on to explain.

“I look forward to providing further updates as we progress toward production.”

Cavalier has been trading at 17 cents through Tuesday morning.

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