Mining News
The Tartan Lake gold mine was active from 1986 to 1989 when it was owned by Granges.
The quarterly revenue hit a new record of $277.6 million, higher by 10% from the year-ago quarter.
CEO Greg Smith echoed Beaty’s sentiments, pointing out the rarity of opportunities such as Greenstone within the industry.
Notably, new drilling at the OMCO Mine site identified an extension to the original productive vein.
He also spoke with another worker there who had toiled at the site years ago when it was still a gold mine.
Similarly, the dip in preliminary Q1 copper production was mainly attributed to lower grades mined at Lumwana.
New Gold, which owns the mine, is examining the potential of extending various zones of the mine through new exploration targets.
The state said the agency's decision would deny it billions in revenues from taxes and royalties and called the move “a blatant affront to the sovereignty" of the state.
The average realized prices of gold sold were up significantly from 1,952/oz to 2,141/oz, said the company press release.
The company expects to begin commercial production in Q3 this year.
Corvus Gold proposes the construction, operation, and eventual reclamation and closure of a new surface mine approximately nine miles north of Beatty’s main population center.
The merged entity will have an annual gold production capacity of 400,000oz.
Last week, the company had entered into a definitive agreement to acquire all of the issued and outstanding shares of Argonaut Gold.
According to a press release, GSI Environmental Inc. will provide consulting services.