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% NSR 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. The mining equipment and required 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.
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Based on these resources, 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. The PEA prepared by Roche Ltd., Consulting Group (Roche) and independent consultants indicated that enough resources were available to continue with our exploration and valuation work.
Commercial operations at the Elder mine started in January 2016. For results obtained since the start of commercial operations, please refer to the Company’s management’s discussion and analysis and financial reports filed on SEDAR and available on the Investors Relations section.