Disseminated on behalf of LaFleur Minerals Inc. (CSE: LFLR) (OTCQB: LFLRF) and may include paid advertising.
- Canadian near-term gold producer LaFleur Minerals is increasing its holdings within the prolific Abitibi Greenstone Belt in Quebec through the value-accretive acquisition of the 78.5-square-kilometer McKenzie East Gold Project
- LaFleur has already been conducting an exploratory drilling operation at its nearby Swanson Gold Project, which has been shown to have broad, continuous zones of gold mineralization
- Swanson, and now McKenzie East, have the potential to serve as sources of feedstock for LaFleur’s Beacon Gold Mill, which the company expects to restart later this quarter by building from 750 metric tons per day (TPD) of output to 1,250 TPD by the end of its first year
- LaFleur’s acquisition agreement provides for 100% interest in McKenzie East Gold Project, a property contiguous to Fresnillo plc’s McKenzie Break Project
Near-term gold producer LaFleur Minerals (CSE: LFLR) (OTCQB: LFLRF) is announcing a strategic, value-accretive acquisition that adds to the company’s expectations of building revenue this year through its vertically integrated mine-to-mill gold production strategy.
LaFleur is the owner of the 19,214 hectare Swanson Gold Project in the prolific Val-d’Or mining district and has now expanded its gold portfolio by acquiring a new, nearby gold project, McKenzie East. The new acquisition adds just over 1,781 hectares with 46 mineral claims in the McKenzie East Gold Project, part of the Val-d’Or region and contiguous with Fresnillo’s McKenzie Break Gold Deposit, which holds a historic high-grade indicated resource of 146,000 ounces of gold at 3.2 grams per tonne and an inferred resource of 250,600 ounces at 3.1 grams per tonne (https://nnw.fm/kuGnt).
The McKenzie Break Gold Deposit is owned by Fresnillo plc, the world’s leading primary silver producer and a major global gold miner, according to LaFleur’s announcement. A 2021 drill program completed by the previous owner of McKenzie East Gold Project found anomalous gold mineralization, and LaFleur plans to explore the potential to define gold resources, which intends to complement the company’s mine-to-mill production model leveraging its 100%-owned Beacon Gold Mill in the same region.
LaFleur plans to use a 100,000 mt bulk sample from its Swanson Gold Project to restart gold production at its nearby Beacon Gold Mill, along with an existing 10,000 to 20,000 metric tons of feedstock at the Beacon site for test runs, with first gold pour anticipated for next quarter. The mill was idled a couple of years ago by its previous owner, but remains in a state of near-readiness, and the McKenzie acquisition creates an additional potential source of mill feed to build revenues over the long-term.
LaFleur anticipates beginning its milling operation by processing mineralized material at a rate of 750 metric tons per day (“TPD”). The company expects to build to 1,000 TPD and then to 1,250 TPD during the first year of resumed mill operation, with support from recently announced financing terms received from Trafigura Canada to fund this scale-up, then to begin moving toward a target of 3,000 to 4,000 TPD in a sustainable operation.
Recent record price levels for the gold market have created excitement throughout the industry. LaFleur CEO and Director Paul Ténière has said the company’s cautious but aggressive strategy is built on an all-in sustaining costs (“AISC”) standard of US$1,569 per ounce of gold and calculated on a base case of $2,750 per ounce of gold, leaving a large margin of opportunity between it and the market’s level in early May of approximately $4,700 per ounce (https://nnw.fm/nw3BT).
Exploration at the Swanson Gold Project has led LaFleur to expect a large-scale and expanding gold system with broad, continuous zones of gold mineralization and significant expansion potential at depth.
The company’s three-tiered revenue model draws on the opportunity to employ its mineable land holdings within the Abitibi Gold Belt, Swanson and now McKenzie, sourced of mineralized material to feed production at its Beacon Gold Mill, completed by a tailings pond on site.
LaFleur’s agreement with the Vendor will grant it a 100% interest in the McKenzie East Gold Project following a cash payment of $30,000 as well as the issuance of 175,000 common shares of LaFleur Minerals Inc. to the Vendor, subject to exchange approval.
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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