TMAC estimates that total expenditures for the Doris mine and mill as well as the Madrid and Boston camps tops $1.5 billion. (Image: TMAC Resources)
NUNAVUT – The Nunavut Impact review Board has recommended that the Madrid-Boston gold project go forward at the Hope Bay mine and mill 65 km east of Bathurst Inlet. The project – owned by TMAC Resources of Toronto – encompasses the mining of three deposits – Madrid North, Madrid South and Boston.
Jason Neal, TMAC president and CEO said this is a significant milestone for the company. He expects the new project certificates will be issued later this year and the water licences in 2019.
Resources at the combined North and South Madrid deposits total 11.4 million tonnes grading 7.5 g/t gold in the measured and indicated category, plus 4.1 million inferred tonnes at 6.4 g/t gold.
The Boston deposit has measured and indicated resources of 3.7 million tonnes grading 9.2 g/t gold, plus inferred resources of 1.4 million tonnes at 7.4 g/t.
TMAC estimates there are more than 3.5 million oz. of gold contained in the measured and indicated portion of the two Madrid and Boston deposits. The measured and indicated portion of the Doris deposit contains another 774,000 oz. of gold.
Read the current corporate presentation at www.TMACresources.com for additional information.