On June 2016, Abcourt completed the acquisition of the Sleeping Giant mine and mill and several other properties with excellent showings of gold.
The Sleepy 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.
Among the assets that Abcourt has acquired, there is a mill with a capacity of 700 to 750 tonnes of ore per day, or 250,000 tonnes per year. This capacity is adequate to treat the Elder and the Sleeping Giant production. The process is carbon in pulp. There are also installations to deposit the mill tailings, underground infrastructures including two shafts and drifts, a mechanical shop, offices, a store, dries and mining equipment, surface installations, an important inventory of parts, five (5) mining leases and forty (40) adjacent cells and several other exploration properties.
In 2013, InnovExplo inc. of Val d’Or produced a 43-101 resource calculation for the former owner, Mines Aurbec Inc.. Resources indicate levels higher than the grade mined in Abitibi, but are not considered current by the Company and can not be published.
Abcourt is currently working on a new resources calculations and on the plans for the rehabilitation of the mine.
The treatment plant was restarted by Abcourt in August 2016.