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GOLD PROJECTS

THE ELDER MINE

The Elder mine property is conveniently located 10 kilometres northwest of the mining community Rouyn-Noranda, Quebec, and is 100% owned by Abcourt.  The property comprises 34 contiguous claims and a mining concession covering an area of 876 hectares.  There are royalties of 2% to 3% payable on different parts of the Elder property.

The surface plant includes an office, a service building, a hoist room and a shaft building. The mine is serviced to a depth of 794 meters (2,606 feet) by two shafts and several drifts on 16 levels. Almost all of the mining equipment is available and all the facilities are in place.

From 1995 to 2012, several surface drilling programs were completed and results obtained were used to revise the 43-101 resources. The revision of resources was completed by Mr. Jean-Pierre Bérubé, P. Eng. Mr. Bérubé is a Qualified Person under Regulation 43-101. This report is available on SEDAR.

Based on the more recent resources estimate (NI 43-101), a preliminary economic assessment report (PEA) was prepared to determine if additional exploration work was needed to increase resources before considering mine development before production, or not. This report is available on SEDAR.

The NI 43-101 preliminary economic assessment report on the Elder gold mine project prepared by Roche Ltd., Consulting Group (Roche) and independent consultants, indicates a total cash flow of $138 M with gold at US$1,400/ounce over a 10.4-year initial period of mine life. The Net Present Value (NPV) is $81.8 M at a discount rate of 8%, before-tax. The Internal Rate of Return (IRR) is 140.5% and the payback period is 1.1 years.

The P.E.A. includes approximately 130,000 tonnes of inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary assessment will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

The qualified persons responsible for this 43-101 report are Pierre Casgrain, Eng., Garand Gagnon, Eng., Alain Dorval, Eng., and Martin Magnan, Eng., of Roche Ltd., Consulting Group and Lise Chénard, Eng., Michel Bilodeau, Eng., and Jean-Pierre Bérubé, Eng., independent consultants.

For a description of the Elder property, see Abcourt's press release under News, the management discussion and analysis in Financial Information and the technical reports filed on SEDAR or under Downloads.

 

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THE SLEEPING GIANT MINE

The Sleeping Giant property is 100% owned by Abcourt since its purchase in June 2016.  The property is located half-way between Amos and Matagami, in Abitibi, Quebec, in the territory covered by the Plan Nord of the Quebec government. It comprises four (4) mining leases covering an area of approximatively 458 hectares and 69 mining claims.  A royalty of $5.00/ton on the first 350,000 tons of ore extracted from the Sleepy Giant property is payable, representing an amount of $1,750,000. 

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Click on picture to enlarge

A mill with a capacity of 700 to 750 tons of ore per day is located on the Sleeping Giant property.

The Sleeping Giant property has measured and indicated historical resources of 306,000 tons with a grade of 12.3 grams of ore per ton and 42,000 tons of inferred historical resources with a grade of 12.4 grams per ton.

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For a description of the Sleeping Giant property, see the press releases of Abcourt on News.

 

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