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Post by GGG on Aug 14, 2023 11:33:40 GMT
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Post by likeike on Nov 7, 2023 21:45:43 GMT
New Found Gold considers toll mill to cut years from Queensway project timeline
Colin McClelland | November 7, 2023 | 1:17 pm Exploration Canada Gold
New Found Gold Queensway
New Found Gold is finding high grade deposits on both sides of the Appleton fault. Credit: New Found Gold
New Found Gold (TSXV: NFG; NYSEA: NFGC) is preparing for a decision early next year on whether to truck ore from Newfoundland and Labrador’s leading exploration project to an existing mill, an option that could shave four years from getting to market.
If the Vancouver-based company goes ahead, it will aim to file a preliminary economic assessment by mid-year, CEO Collin Kettell said by phone on Tuesday. The study would evaluate sending truckloads from the Queensway project in central Newfoundland to the idled Maritime Resources (TSXV: MAE) Pine Cove mill 250 km away, he said.
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“We’re exploring the internal scoping study right now,” Kettell said. “We’re looking at an initial few years of mining, limited throughput, but potentially something that could have significant impacts for New Found on a cash flow basis and move us in the direction of full-scale mining.”
New Found Gold has been reporting double-digit gold grams per tonne in scores of news releases all year as it wraps up an initial 500,000 metre drilling program. Its Keats West and Iceberg zones at Queensway are the nexus of a gold surge along the Appleton fault in Newfoundland. The region has attracted Sprott Asset Management, Labrador Gold (TSXV: LAB), Exploits Discovery (TSXV: NFLD) and Marathon Gold (TSX: MOZ) among others.
Studies and a permit for using the mill might take two years, Kettell said. That compares with a normal industry timeline taking three years to get a permit to build a project plus two more years to construct it, he said.
“Time is money,” Kettell said. “That’s a big difference between a five-to six-year timeline and potentially a couple year timeline on the phased approach.”
Drill results
In October alone, the company reported Keats West drill hole NFGC-22-931 intersected 17.1 grams gold per tonne over 11.35 metres and 1.82 grams over 40 metres, while Monte Carlo drill hole NFGC-23-1690 cut 91.9 grams over 2 metres.
New Found and Maritime signed a preliminary agreement. The mill handled gold about a year ago. Queensway’s high grades protect the trucking option, the CEO said.
“A lot of toll milling operations don’t work because the grade doesn’t support it and we’re in a unique situation where we tend to have some very high grades,” he said. “Even if it was farther, we don’t think it would probably impact the economics that much.”
Maritime’s mine has a 1,400-tonne-per-day capacity that would be enough to handle Queensway’s initial production in a first phase, Kettell said. The phased approach to the potential concept could see New Found eventually building its own mill on site at some point, but that would be determined by further economic studies, the CEO said.
Last week, New Found raised C$56 million in a share offering. It has C$71 million in cash on hand, it said. Shares in New Found Gold fell C$0.03 on Tuesday afternoon in Toronto to C$5.09 apiece, valuing the company at C$914.2 million.
The company says it plans to continue drilling next year with a focus on targets of prospective mineralization identified by this year’s 3-D seismic surveys.
“The hope is that that is going to outline several targets, deeper down and potentially periphery to the faults,” Kettell said. “We most certainly will not stop drilling.”
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Post by likeike on Mar 25, 2024 23:31:11 GMT
Maritime Announces Strategic Investment By FireFly Metals Newsfile Corp. Mon, March 25, 2024 at 3:18 p.m. PDT In this article:
MRTMF +1.12%
OTCM -0.55%
Toronto, Ontario--(Newsfile Corp. - March 25, 2024) - Maritime Resources Corp. (TSXV: MAE) (OTC Pink: MRTMF) ("Maritime" or the "Company") is pleased to announce that it has completed a non-brokered private placement of 50,000,000 common shares of the Company ("Common Shares") at a price of $0.05 per Common Share and 3,648,069 common share purchase warrants ("Warrants") to FireFly Metals Ltd (ASX: FFM) ("Firefly") for aggregate gross proceeds of $2,500,000. Each Warrant entitles the holder to acquire one common share (each, a "Warrant Share") at a price of $0.05 per Warrant Share for 60 months from the date of issuance (the "Offering"). Following completion of the Offering, Firefly owns approximately 8.4% of the issued and outstanding Common Shares and approximately 8.95% on a partially diluted basis.
Mr. Garett Macdonald, President and CEO of Maritime, commented: "We are pleased to welcome FireFly as an investor in Maritime and look forward to working with management of Firefly to unlock value across the Baie Verte mining district of Newfoundland and Labrador."
The Company intends to use the proceeds of the Offering for the advancement and development of the Company's fully permitted Hammerdown Gold Project in Newfoundland and Labrador and for working capital and general corporate purposes. The Company has paid SCP Resource Finance LP, in its capacity as financial advisor to the Company, a cash fee equal to 3% of the gross proceeds of the Offering.
In addition, Maritime has entered into a port access agreement with Firefly, granting port facility access to Firefly at the Company's Point Rousse project for the purpose of storing and exporting copper concentrates.
All securities issued pursuant to the Offering are subject to a hold period of four months plus a day from the date of issuance, as prescribed by the Exchange and the resale rules of applicable securities legislation.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933 (the "1933 Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration is available.
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Post by likeike on Apr 11, 2024 13:26:08 GMT
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