The junior recently scrapped plans for an underground operation to focus just on an open pit.
Using that option, for an upfront cost of US$43.7mln, payback is under two years at a gold price of US$1,262.
The gold mine will have a life of seven years producing 215,000 ounces at an average gold grade of 2.62 g/t.
Cash costs are forecast at US$556 per ounce with all-in costs of US$862 per ounce to give a net present value of US$42mln.
A further 992,000 ounces is available for additional evaluation and future exploitation
Colin Bird, executive chairman, said: “The Project has major upside potential which can be exploited later against a fully paid for processing plant.
“Opportunity exists for hard rock consolidation which we are exploring. The alluvial opportunity is extensive and we are currently discussing and negotiating third party mining contracts.
“We are already working on reducing capital numbers and introducing practical engineering to further reduce risk and enhance project financial parameters."
Daan van Heerden of Minxcon, the study’s author, said: "The Manica study has produced a robust project targeted toward simplicity and predictability. We concur with managements approach to the concession and agree that the previously announced hybrid approach might have led to enhanced capital and operating risk."