EnviroGold Global Announces Permitting Approval for Buchans Project
EnviroGold Global Limited (OTCQB: RGOZF) has received a key permit from the Government of Newfoundland and Labrador for its Buchans Project, marking a significant step towards commercial production of gold, silver, copper, and zinc slated for 2023.
The independent geophysical survey revealed substantial tailings, and core sampling will begin this February, contributing to a mineral resource estimate expected mid-2022. The company targets a low-CAPEX model for efficient metal recovery, with plans for wider production by 2025.
- Key permit received for Buchans Project, accelerating timeline for production.
- Expected commencement of commercial production of multiple metals in 2023.
- Independent survey indicates significant tailings deposits, enhancing resource potential.
- Low-CAPEX business model aimed at high cash flow and reduced environmental impact.
- Potential risks associated with the viability of clean technology and mining waste reprocessing.
- Uncertainties in accurately assessing metallurgical recovery rates and volumetric assessments from tailings.
TORONTO, Feb. 04, 2022 (GLOBE NEWSWIRE) -- EnviroGold Global Limited (CSE: NVRO | OTCQB: RGOZF | FSE: YGK) (“EnviroGold Global” or the “Company“), a Clean Technology Company accelerating the world’s transition to a circular-resource economy through the production of Metals Without Mining, is pleased to announce the approval of a key permit by the Government of Newfoundland and Labrador’s Department of Industry, Energy and Technology – Mineral Lands Division, related to its Buchans Project. The receipt of the permit is an important milestone in EnviroGold Global’s work towards commercial production of gold, silver, copper & zinc from the Buchans Project in 2023.
EnviroGold Global previously announced the results of an independent geophysical survey of the tailings at its Buchans Project that indicated substantial additional tailings along the “Western Arc” tailings deposit extending from the Buchans Central Claims (link). The Company’s permitted sampling and analysis plan will employ Vibracore type technology to collect tailings material from 99 points within the Jeff Wall Claim, which are subject to EnviroGold Global’s definitive commercial agreement (link). EnviroGold Global expects to commence work on the core sampling in February 2022. The core samples will be then sent for metal analysis and metallurgical testing, so contributing towards the development of a mineral resource estimate for the Buchans Project in mid-2022.
Qualified Person Statement
All scientific and technical information contained in this news release was prepared and approved by Ian Hodkinson, MAIG RPGeo, Chief Geologist of EnviroGold Global, who is a Qualified Person as defined in NI 43-101.
About EnviroGold Global
EnviroGold Global (CSE: NVRO) (OTCQB: RGOZF) (FSE: YGK), is a Clean Technology company dedicated to creating shareholder value while establishing ESG & circular economy leadership by profitably reprocessing & remediating mine waste (tailings) to recover precious, critical & strategic metals – including gold, silver, copper & nickel. Led by CEO Dr. Mark Thorpe, the Company is strategically positioned to earn and maintain social license while capitalizing the estimated US
The Company’s commercial strategy involves identifying, qualifying and developing tailings reprocessing opportunities, generally targeting tailings sites with at least 6M metric tonnes of tailings and gross recoverable metal value of
EnviroGold Global acquires the metal recovery rights to tailings sites by leveraging a profit share business model to create an attractive value proposition for site owners. The Company’s low-CAPEX business model is designed to generate high free-cash flow & high target IRR while eliminating the risks of traditional exploration and extraction. The Company expects to produce metals with a carbon footprint up to
As of January 2022, the Company has 8 Major Projects in its global project pipeline including 1 major project under contract, 1 major project subject to an MOU, and 6 additional major projects at various stages of commercial negotiation and detailed technical/economic review.
The Company expects to commence commercial production of gold, silver & copper in 2022 and is targeting 7 major projects in commercial production by 2025.
Additional information can be found on the Company’s website (link) and publicly available corporate presentation (link)
Further Information
Dr. Mark B. Thorpe
Chief Executive Officer
Telephone: +1 416 777 6720
Email: mark.thorpe@envirogoldglobal.com
Juan Carlos Giron Jr.
Sr. Vice President
Telephone: +1 416 777 6720
Email: juan.giron@envirogoldglobal.com
Website: www.EnviroGoldGlobal.com
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Forward Looking Statements
This news release contains “forward-looking statements” within the meaning of applicable securities laws, including, without limitation, earnings guidance, economic guidance, operational guidance and future capital spending amounts. All statements contained herein that are not clearly historical in nature may constitute forward-looking statements.
Graphical representations included in this news release are approximate representations which may vary from defined regulatory boundaries.
Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or may contain statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “will continue”, “will occur” or “will be achieved”. The forward-looking information and forward-looking statements contained herein include, but are not limited to, statements regarding the expected terms of the Buchans Project and its completion, the Company’s working relationship with the owner(s) of the Buchans tailings, the economic viability of the Buchans Project and statements regarding any residual precious metals as a by-product of the remediation, the Company’s expansion of its reprocessing pipeline, and the Company’s ability to accelerate the world’s transition to a circular resource economy. Forward-looking information in this news release are based on certain assumptions and expected future events, namely: the Company’s ability to continue as a going concern; the continued commercial viability and growth in the clean technology and mining waste reprocessing industry; continued approval of the Company’s activities by the relevant governmental and/or regulatory authorities; the continued development of clean technology and mining waste reprocessing technology; and the continued growth of the Company. These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including but not limited to: the potential inability of the Company to continue as a going concern; the Company’s inability to accelerate the world’s transition to a circular resource economy, the risks associated with assessing metallurgical recovery rates from mine tailings and waste and related volumetric assessments, the risks associated with the mining and mining waste recycling industry in general; increased competition in the clean technology and waste reprocessing market; the potential unviability of the clean technology and mining waste reprocessing market; incorrect assessment of the value and potential benefits of various transactions; risks associated with potential governmental and/or regulatory action with respect to clean technology and mining waste reprocessing; risks associated with a potential collapse in the value of clean technology and waste reprocessing; and risks relating to the Company’s potential inability to expand its reprocessing pipeline.
Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect the Company’s expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.
FAQ
What recent permit did EnviroGold Global receive for the Buchans Project?
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