Toronto – Sage Gold Inc. is pleased to announce that the Black Fox-Stock Mill has completed processing a second bulk shipment of mineralized material from the Clavos gold mine.
The Clavos site. Courtesy of Sage Gold.
Similar to the first bulk sample mill run October 13th to 16th, 2017, the mineralized material is comprised primarily of remnant broken material recovered from the mine’s previous owners’ workings along with some new development rock. The first mill run yielded approximately 475 ounces of gold.
In addition, we are pleased to report that substantially all of the Clavos Mine complex has been connected to grid power which will enable increased progress in all areas, including dewatering, drilling and mining.
An exploration and definition drilling program continues with the purpose of updating and increasing the existing mineral resource estimate.
Nigel Lees, President and Chief Executive Officer of Sage Gold commented, “We were pleased with the results of the first shipment. While the second shipment is also comprised of primarily remnant mineralized material, we anticipate future shipments to encompass the existing plus additional work areas that have recently been dewatered and rehabilitated within the lower elevations of the mine.”
The Clavos Mine is located in Timmins, Ontario which one of the most prolific and active gold camps in Canada. The Timmins-Porcupine area has produced well over 100 million ounces of gold in more than a century. The Clavos mine is fully permitted for 700 tonnes a day production.
The operational plans disclosed in this news release have been reviewed and approved by Robert Ritchie P. Eng, who is a Qualified Person (“QP”) as defined in National Instrument 43-101 (“NI 43-101”).
Sage Gold currently plans to complete a Mineral Reserve Estimate and a Pre-Feasibility Study for the Clavos Gold Project in compliance with NI 43-101. In the event that a production decision is made that is not based on a Pre-Feasibility study of Mineral Reserves demonstrating economic and technical viability prepared in accordance with NI 43-101, readers are cautioned that there is increased uncertainty and higher risk of economic and technical failure associated with such production decisions.