- Canadian near-term producer LaFleur Minerals is developing an exploration property with 18,304 hectares (45,230 acres) of gold-potential at its Swanson Gold Project, which is located in the heart of the Abitibi Greenstone Belt close to Val-d’Or, Québec, a globally renowned gold district
- The company has undertaken funding initiatives recently to raise capital for its operations
- As part of an ongoing 5,000 metre program at Swanson, LaFleur has already completed seven diamond drill holes on the project, three of which had been sampled, sawn, and sent to the assay laboratory as of early last month
- The company has also filed an updated NI 43-101 Technical Report for the Swanson Gold Project and is working to restart operations of its fully permitted and refurbished Beacon Gold Mill to eventually build a revenue stream from processing nearby mine production as well as its own potential mineralized material from Swanson
- Gold prices have hit record highs of late and some analysts predict gold prices may continue to rise over $4,000 per ounce in the coming year
Gold exploration and development company LaFleur Minerals (CSE: LFLR) (OTCQB: LFLRF) is advancing its two gold projects in the heart of the Abitibi Greenstone Belt close to Val-d’Or, Québec, a globally renowned gold district, where the company began drilling in early July.
The company announced this past month that it had completed seven diamond drill holes totaling 1,764 meters, three of which had been sampled, sawn, and sent to the assay laboratory for analysis of the geological, geophysical, and geochemical targets up to 3 km from the Swanson Gold Deposit and along strike of a major structural break (https://nnw.fm/bBH5b).
The company states that visual core logging supports the belief that several of these holes intersected geological features similar to others in the Swanson Gold Deposit that host known mineralization.
“We are very encouraged by the early progress of the Swanson drilling program and the geological and mineralization similarities seen in the recent drill core to the known Swanson Gold Deposit,” LaFleur CEO Paul Ténière stated in the Aug. 7 news release. “We’re particularly optimistic about the mineralized zone encountered in hole SW-025-038 (a sulphide-rich zone known to be at least 17.9 meters wide) and we look forward to releasing assay results in the near future.”
LaFleur launched a capitalization drive in late July with an agreement to campaign for up to $5 million (Canadian) in debt financing over six months, while simultaneously pursuing an equity offering (https://nnw.fm/MlXbV).
The Canadian company anticipates developing a revenue stream to help fund company operations through the restart of its fully permitted and refurbished Beacon Gold Mill. LaFleur obtained the mill for $1.1 million in a bankruptcy sale, the mill had received more than $20 million in equipment and other upgrades by the former owner, and is situated near other gold miners who may be eager to avail themselves of quick access to a processing facility for their raw ore – an independent valuation report conducted by Bumigeme Inc. set the value of the mill in terms of replacement cost above $71 million.
Gold prices have hit record highs of late and analysts at J.P. Morgan Research are predicting the trend may continue, carrying gold over $4,000 per ounce in 2026 (https://nnw.fm/Luadb).
LaFleur anticipates it will cost from $3 million to $5 million to restart the mill and bring the tailings pond up to grade, allowing the company to quickly level up from explorer to producer. The mill will be capable of processing over 750 tonnes per day, whether from LaFleur’s own production or custom contracts with neighboring projects, according to the company (https://nnw.fm/WGhNq).
LaFleur hosted a site visit and tour of the mill for interested parties last month. The Aug. 7 news release noted that the company had also reached an agreement with Globex Mining Enterprises Inc. to acquire a key mineral claim in addition to its existing approximately 18,304 hectares (45,230 acres) in its Swanson Gold Project.
LaFleur has filed an updated NI 43-101 Technical Report for the project dated July 29.
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://nnw.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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