Signal Gold Accepts Crown Land Lease and Licence Offer for the Goldboro Project

Rhea-AI Summary

Signal Gold Inc. (TSX:SGNL)(OTCQB:SGNLF) has accepted the Crown Land Lease and Licence Letter of Offer for the Goldboro Project in Nova Scotia. The offer covers approximately 779 hectares for the Lease and 97 hectares for the Licence of Crown lands. Formal Cabinet approval is expected in the first half of 2025, pending completion of a land survey and other conditions.

This milestone is important for infrastructure development and demonstrates progress on permitting for the Goldboro Project. The project, subject to a positive Feasibility Study, shows potential for an 11-year open pit mine with average gold production of 100,000 ounces per annum. Signal Gold remains committed to stakeholder engagement and has already received environmental assessment approval for the project.

Positive

• Acceptance of Crown Land Lease and Licence offer for the Goldboro Project, covering 876 hectares
• Anticipation of formal Cabinet approval in the first half of 2025
• Environmental assessment approval already received from Nova Scotia Minister of Environment and Climate Change
• Feasibility Study indicates 11-year open pit mine life with average gold production of 100,000 ounces per annum
• Significant potential for further Mineral Resource expansion in the Goldboro Gold District

Negative

• Formal Cabinet approval still pending, subject to completion of land survey and other conditions

TORONTO, ON / ACCESSWIRE / September 19, 2024 / Signal Gold Inc. ("Signal Gold" or the "Company") (TSX:SGNL)(OTCQB:SGNLF) is pleased to announce that it has accepted the Crown Land Lease and Licence Letter of Offer ("Letter of Offer") for the Goldboro Project ("Goldboro" or the "Project"), issued by the Nova Scotia Department of Natural Resources and Renewables. The Lease comprises approximately 779 hectares (1,925 acres) and the Licence comprises approximately 97 hectares (240 acres) of Crown lands. It is anticipated that the Lease and Licence will receive formal Cabinet approval in the first half of 2025, upon completion of a land survey, among other standard terms and conditions. The Crown Land Lease and Licence is an integral authorization which will allow for infrastructure development.

"We are very pleased to accept the Letter of Offer from the Nova Scotia Department of Natural Resources and Renewables. This is a significant project milestone that demonstrates our continuing progress on all material permits related to the Goldboro Project through diligent attention to feedback from the regulators and constructive dialogue with the permitting agencies of both the Government of Nova Scotia and the Government of Canada. As we advance permitting of the Goldboro Project, we remain committed to ongoing engagement with stakeholder and Rightsholder groups in an open, inclusive and constructive manner."

~Kevin Bullock, President and CEO, Signal Gold Inc.

ABOUT SIGNAL GOLD
Signal Gold is advancing the Goldboro Gold Project in Nova Scotia, a significant growth project subject to a positive Feasibility Study which demonstrates an approximately 11-year open pit life of mine with average gold production of 100,000 ounces per annum and an average diluted grade of 2.26 grams per tonne gold. (Please see the ‘NI 43-101 Technical Report and Feasibility Study for the Goldboro Gold Project, Eastern Goldfields District, Nova Scotia' on January 11, 2022, for further details). On August 3, 2022, the Goldboro Project received its environmental assessment approval from the Nova Scotia Minister of Environment and Climate Change, a significant regulatory milestone, and the Company has now submitted all key permits including the Industrial Approval, Fisheries Act Authorization and Schedule 2 Amendment, and the Mining and Crown Land Leases. The Goldboro Project has significant potential for further Mineral Resource expansion, particularly towards the west along strike and at depth, and the Company has consolidated 28,525 hectares (~285 km²) of prospective exploration land in the Goldboro Gold District.

This news release has been reviewed and approved by Kevin Bullock, P. Eng., President and CEO with Signal Gold Inc., a "Qualified Person", under National Instrument 43-101 Standard for Disclosure for Mineral Projects.

FOR ADDITIONAL INFORMATION CONTACT:

Signal Gold Inc. Kevin Bullock President and CEO (647) 388-1842 kbullock@signalgold.com

Reseau ProMarket Inc. Dany Cenac Robert Investor Relations (514) 722-2276 x456 Dany.Cenac-Robert@ReseauProMarket.com

SOURCE: Signal Gold Inc.

View the original press release on accesswire.com

FAQ

What is the size of the Crown Land Lease and Licence for Signal Gold's Goldboro Project?

The Crown Land Lease comprises approximately 779 hectares (1,925 acres) and the Licence covers about 97 hectares (240 acres) of Crown lands for Signal Gold's Goldboro Project in Nova Scotia.

When is Signal Gold (SGNLF) expecting formal Cabinet approval for the Goldboro Project Crown Land Lease?

Signal Gold anticipates receiving formal Cabinet approval for the Goldboro Project Crown Land Lease and Licence in the first half of 2025, subject to completion of a land survey and other standard terms and conditions.

What is the expected gold production for Signal Gold's Goldboro Project according to the Feasibility Study?

According to the Feasibility Study, Signal Gold's Goldboro Project is expected to have an average gold production of 100,000 ounces per annum over an approximately 11-year open pit life of mine, with an average diluted grade of 2.26 grams per tonne gold.

Has Signal Gold (SGNLF) received environmental approval for the Goldboro Project?

Yes, Signal Gold received environmental assessment approval for the Goldboro Project from the Nova Scotia Minister of Environment and Climate Change on August 3, 2022.