Disseminated on behalf of LaFleur Minerals Inc. (CSE: LFLR) (OTCQB: LFLRF) (FSE: 3WK0) and may include paid advertising.
- LaFleur Minerals anticipates the imminent completion of its Preliminary Economic Assessment (“PEA”) to guide its pending gold production at a sprawling site in the renowned Abitibi Greenstone Belt of Eastern Canada
- LaFleur is completing upgrades and refurbishments to get its Beacon Gold Mill operating in the next quarter with feedstock from its nearby Swanson Gold Deposit and potentially other area miners
- The company has 445 mineral claims and one mining lease at the Swanson Gold Project spanning more than 18,000 hectares (about 44,500 acres), hosting multiple gold targets, primarily the key Swanson Gold Deposit
- Company CEO Paul Ténière recently participated in a webinar that addressed the company’s assets, the company’s progress toward production, and its strategic aims
Gold explorer and near-term gold producer LaFleur Minerals (CSE: LFLR) (OTCQB: LFLRF) is preparing the restart of gold production at its Beacon Gold Mill as a processing outlet for company feedstock sourced from its nearby Swanson Gold Deposit in the celebrated Abitibi Gold Belt of Eastern Canada, where more than 300 million ounces of gold have been produced historically or accounted for with current reserve estimates (https://ibn.fm/RZlLz).
“(The mill) has a name plate of 750 (tonnes per day of production capacity), but we are looking at upgrades and refinements to get that to at least 1,000 tonnes or more per day,” LaFleur CEO Paul Ténière said during a Feb. 10 webinar broadcast by Red Cloud Securities (https://ibn.fm/t5FLD). “It is able to process gold, silver, and even a little bit of base metals as well, so it can handle multi-element-type deposits. We’re fully permitted at the mill but also at the tailings storage facility for up to 1.8 million tonnes of tailings.”
LaFleur obtained the idled gold mill at a bargain price in bankruptcy proceedings a few years ago, and the mill has become a key asset thanks in part to its access to power structure and skilled labor in the heavily explored and prolific gold belt.
“The mill’s barely run since it was opened, so I would say there’s at least over 90% of capacity still left,” Ténière said. “And at the current rate that we’re looking at, we’re looking at about nine years of life for that tailings storage facility. So all of that has been kept up since we took over the asset.”
The company aims to run a 100,000-tonne bulk sample from the Swanson Gold Deposit and then build into a larger operation, and is awaiting a Preliminary Economic Assessment (“PEA”) that will provide further guidance on its plans.
“I was hoping that they (the PEA results) would be out by the time of having this discussion, but shortly they will be coming out and then we’ll be able to get a lot more detail into the economics and also the mine plan,” Ténière said.
Plans to add a dedicated rail spur through the Swanson Property and the Beacon Gold Mill site to facilitate efficient loading and transport of material would provide the company with a significant economic benefit through reduced hauling costs, decreased pollutants and increased safety by reducing truck traffic through nearby villages if such an agreement with government and railway officials can be successfully reached.
LaFleur has built its available capital through $7.8 million in financing to restart gold production at the mill (https://ibn.fm/YhlEG), which comes at a strategic inflection point as the company shifts from being primarily an explorer toward gold production and revenue generation. This transition is typically one of the hardest and most capital-intensive phases for a junior mining company and having secured sufficient funding at this moment is crucial for moving from planning into actual operations, and it seems that LaFleur has done this seamlessly. The LIFE and flow-through offerings were upsized and oversubscribed showing strong investor interest and confidence in LaFleur’s plans and assets, and funds the restart of a fully permitted mill and materially reduces execution risk at a pivotal stage in its development.
“Primarily we’re looking at Beacon to process ore from our own deposits, and we’re also looking to generate cash as quickly as possible after we’ve completed the upgrades and refurbishments,” Ténière said. “Initially we’re looking a bulk sample of 100,000 tonnes — could get up to about 4,200 ounces of gold out of that, and could be even more depending on our cutoff. But we are looking to have that going fairly quickly. Because Swanson sits on a mining lease, there’s a lot less permitting required.”
For more information, visit the company’s website at LaFleurMinerals.com.
NOTE TO INVESTORS: The latest news and updates relating to LFLRF are available in the company’s newsroom at https://ibn.fm/LFLRF
Qualified Person Statement:
All scientific and technical information contained in this article has been reviewed and approved by Louis Martin, P.Geo. (OGQ), Exploration Manager and Technical Advisor of the company and considered a Qualified Person for the purposes of NI 43-101.
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