They observe the completion of the provincial environmental evaluation course of in March, and the approval from the Newfoundland and Labrador Cupboard to proceed with growth.
The federal environmental evaluation for the challenge can also be in its final stretch, Marathon stated, because the Affect Evaluation Company of Canada filed a draft environmental evaluation report final month. The report, which concludes that the mine shouldn’t be prone to trigger vital antagonistic environmental results, is now available for public comment.
Valentine, the most important undeveloped gold challenge in Atlantic Canada, is positioned about 80 km southwest of the communities of Millertown and Buchans.
It consists of 5 deposits containing 56.7 million measured and indicated tonnes at 1.72 g/t gold for 3.1 million ounces. There’s additionally an inferred portion of 18.2 million tonnes at 1.70 g/t gold, containing 1 million ounces.
Marathon is planning a standard truck and shovel open pit with common annual manufacturing of 173,000 ounces of gold for the primary 9 years of operation and a complete mine lifetime of 13 years. Gold will likely be recovered in a standard mill that features gravity focus, flotation and carbon-in-leach. A heap leach can also be proposed.
First 2022 drill outcomes
In a separate statement, Marathon launched on Wednesday outcomes from the most recent drilling on the challenge’s Berry and Victory deposits, the primary ones this 12 months.
President and CEO Matt Manson highlighted outcomes of 1 drill gap from the Victory deposit, which returned 17 metres of high-grade mineralisation beginning at simply 48 metres down-hole.
“The situation of this drill gap adjoining to the Valentine Lake Shear Zone and nicely away from the placement of the historic Victory Mineral Sources validates our exploration thesis for the world, and factors to the potential for brand spanking new discoveries throughout the underexplored parts of the Valentine Lake property,” Manson stated.
If the federal surroundings minister approves the Valentine challenge, the corporate expects to start early development work within the third quarter of this 12 months.
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