Signal Gold obtains environmental okay for Goldboro mine in Nova Scotia

Signal Gold (TSX: SGNL) has reached a major milestone in the regulatory approval process of its Goldboro gold project in Guysborough county, N.S., […]
Signal Gold’s Goldboro gold property in Nova Scotia. Credit: Signal Gold

Signal Gold (TSX: SGNL) has reached a major milestone in the regulatory approval process of its Goldboro gold project in Guysborough county, N.S., that would see the company a step closer towards bringing the proposed 1-million-oz. operation to life. The Goldboro mine project consists of two open pits, a processing facility, a tailings management facility, waste rock storage areas, as well as water management infrastructure.

Last week, the company was advised by the Nova Scotia Minister of Environment and Climate Change that the Goldboro project has been approved, subject to the terms and conditions outlined in the environmental assessment (EA) approval. With the minister's approval, Signal Gold is now allowed to commence site-specific permitting processes including the industrial approval and the Crown land and mining lease applications.

In a statement, the minister stated he was "satisfied that any adverse effects or significant environmental effects of the undertaking can be adequately mitigated" through the terms and conditions outlined in the EA approval, as well as "through compliance to the other licenses, certificates, permits and approvals that will be required for operation."

"Signal Gold is extremely pleased to have received the environmental approval for its Goldboro gold project, an important milestone that reflects the culmination of five years of environmental baseline monitoring and analysis. This approval marks an important milestone towards the development of Goldboro, which will have a significant socio-economic impact on the region and the province," Kevin Bullock, president and CEO of Signal Gold, said.

"We recognize that a mining project is a temporary use of land, and we are committed to sustainably developing a project that mitigates environmental impact at every phase, including construction, operations, reclamation and closure," he added.

The company is currently reviewing the terms and conditions and is also reviewing all comments provided by rightsholders and community stakeholders through the EA process. Future updates will be provided as it progresses Goldboro towards development.

According to a feasibility study released in December 2021, the Goldboro Phase 1 open pit is expected to produce 100,000 oz. of gold per year at an average grade of 2.26 g/t over an 11-year mine life. Its after-tax net present value (5% discount) is estimated at $328 million with an internal rate of return of 25.5%. The projected after-tax payback is 2.9 years.

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