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Signal Gold Inc. (SGNLF) is a promising mining company with its Goldboro Project in Nova Scotia, Canada. The company focuses on advancing the project, demonstrating a significant gold potential, and seeking further expansion in mineral resources. Recent exploration programs have led to the identification of high-priority growth targets, including Fowler, Stewart, Armstrong, and Hurricane, all aimed at discovering new gold mineralization. Signal Gold is committed to efficient exploration initiatives, value creation, and achieving production milestones in the Goldboro Gold District.
Signal Gold reported positive financial results for Q2 2022, selling 4,098 ounces of gold and generating revenue of $9.7 million, a 39% increase from Q2 2021. Gold production increased 70% year-over-year, totaling 5,433 ounces, while operating cash costs improved to $1,318 per ounce sold. The company ended Q2 with $10.9 million in cash and an undrawn credit facility of $3.0 million. A significant milestone was achieved with the environmental assessment approval for the Goldboro Gold Project, enhancing its development prospects.
Signal Gold Inc. has received environmental approval for its Goldboro Gold Project from the Nova Scotia Minister of Environment and Climate Change. This approval, granted on August 2, 2022, is pivotal as it allows the company to proceed with site-specific permitting processes, including Industrial Approval and Mining Lease applications. The project has undergone five years of environmental monitoring, reflecting the company's commitment to sustainable development. The Minister confirmed that adverse environmental effects can be mitigated under the project’s approved terms.
Signal Gold Inc. announced promising exploration drilling results from its Point Rousse operation in Newfoundland, totaling 4,222 meters across 29 drill holes. Key highlights include:
- 0.91 g/t gold over 17.0 meters in drill hole CS-21-005.
- 1.49 g/t gold over 3.8 meters in drill hole BB-22-003.
- 90.1 line kilometers of IP geophysical surveys identified multiple new targets.
The results indicate a strong mineralized system within the Goldenville Trend, suggesting potential for further gold resource delineation.
Signal Gold Inc. has announced the identification of new drill targets and drill results from its 100% owned Tilt Cove Gold Project in Newfoundland. The Winter 2022 Exploration Program included 2,198.3 meters of diamond drilling and a 60.8-line kilometer IP geophysical survey. Notable highlights include drill hole LP-22-003, which yielded 0.49 g/t gold over 5.2 meters. Additionally, glacial till samples at West Pond indicated a high density of gold grains, suggesting a nearby bedrock source. A total of 11 new drill targets have been identified across a 35-kilometer prospective trend.
Signal Gold Inc. (TSX:SGNL) reported strong production results for Q2 2022, achieving 5,433 ounces of gold produced, reflecting a 70% year-over-year increase and a 93% increase from Q1 2022. The company sold 4,098 ounces, generating $9.7 million in revenue at an average gold price of $2,357 CAD/ounce. Operational challenges were overcome, leading to a significant ramp-up in production from the Argyle Mine. As of June 30, 2022, Signal Gold had a cash balance of $10.9 million and an undrawn credit facility of $3.0 million.
Signal Gold announced results from a recent infill drill program at its 100%-owned Goldboro Gold Project in Nova Scotia. The program included 3,865 metres in 31 diamond drill holes aimed at converting Inferred Mineral Resources into Indicated Resources. Key highlights include intersections of 18.71 g/t gold over 2.5 metres and 11.40 g/t gold over 3.0 metres. The results may enhance project economics by improving the resource classification of 975,000 tonnes of inferred resources, currently treated as waste. Future mineral resource estimates are expected in 2023.
Signal Gold Inc. (OTCQX:SGNLF) reported an update on its Point Rousse Operation, resuming normal mining operations after addressing elevated ammonia levels in the Argyle pit. In May 2022, the operation mined 30,483 tonnes of ore, producing 2,270 ounces of gold at a grade of 2.20 g/t. Early June saw a further 7,130 tonnes mined at 3.33 g/t. The company aims to reach the lower end of its annual guidance of 21,500 to 23,000 ounces and forecasts strong cash flows. A closed $6 million private placement strengthens its position for growth.
Signal Gold Inc. announced the registration of the Environmental Assessment (EA) for the Goldboro Gold Project on June 10, 2022, initiating a 50-day review period. The EA demonstrates the company's commitment to mitigating environmental impacts and engaging the Mi'kmaq community.
The project is expected to provide significant socioeconomic benefits for the community and long-term value for shareholders. A 30-day period for Crown Consultation with the Mi'kmaq will follow, with further guidance expected by July 30, 2022.
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