STLLR Gold and Tlicho Investment Corporation Announce a Solar Farm Installation Agreement at the Colomac Gold Project

Rhea-AI Summary

STLLR Gold and Tlicho Investment (TIC) have announced a partnership to install a solar farm at the Colomac Gold Project in the Northwest Territories, Canada. Funded by the Canadian Northern Economic Development Agency (CanNor) with a grant of C$619,625, the two-year project aims to reduce diesel consumption by 86%, saving approximately 51,000 litres of diesel and cutting down 138 tonnes of CO2 emissions. The project includes the purchase and installation of solar panels, inverters, and batteries with an estimated lifespan of 25 years and 15 years respectively. This initiative underscores STLLR Gold's commitment to sustainable practices and cost reduction.

Positive

• CanNor provides C$619,625 funding for the solar farm project.
• The project aims to save 51,000 litres of diesel, reducing CO2 emissions by 138 tonnes.
• The installation will decrease STLLR Gold's diesel consumption at the camp by 86%.
• The solar panels have an estimated lifespan of 25 years, and batteries 15 years.
• The project will significantly reduce operating costs and fuel emissions.
• STLLR Gold demonstrates commitment to sustainable practices and ecosystem protection.

Negative

• Total project cost is C$774,543, requiring additional investment from TIC.
• Long-term sustainability depends on the successful operation and maintenance of the solar unit.

Toronto, Ontario--(Newsfile Corp. - May 29, 2024) - STLLR Gold Inc. (TSX: STLR) (OTCQX: STLRF) (FSE: O9D) ("STLLR" or the "Company") and the Tłı̨chǫ Investment Corporation ("TIC"), the business arm of the Tłı̨chǫ Government, are pleased to announce funding from the Canadian Northern Economic Development Agency ("CanNor") for C$619,625 to support a two-year project to install a renewable energy generation and storage unit at the Colomac Gold Project in the Northwest Territories ("NWT"), Canada. The total project cost is C$774,543 including an investment from TIC.

Project activities include the purchase and installation of a solar power generation and storage unit (panels, inverters, and batteries) and staff training on the unit's operation and maintenance. TIC has developed a collaborative and mutually beneficial relationship with Solvest Inc. for the installation phase of the project. With an estimated life span of 25 years for the solar panels, and 15 years for the batteries, TIC estimates that STLLR Gold will save approximately 51,000 litres of diesel (equivalent to 138 tonnes of CO₂ emissions), reducing STLLR Gold's camp site diesel consumption by 86%.

Keyvan Salehi, President and CEO of STLLR Gold, commented, "Our agreement with TIC to build a solar farm at the Colomac Gold Project in the NWT further strengthens our partnership with the Tłı̨chǫ Nation. The agreement also demonstrates our commitment to long-term sustainable practices and safeguarding the ecosystem at Colomac. The solar farm will supply most of our camp's power requirements, while significantly reducing operating costs and fuel emissions."

Paul Gruner, CEO of TIC, comments, "TIC firmly believes that a thriving economy needs strategic investments and collaborative partnerships to build a sustainable future. This project will contribute to our renewable energy capacity and will also serve as an exemplary model of sustainable development for the NWT and Canada as a whole."

About STLLR Gold
STLLR Gold Inc. (TSX: STLR) (OTCQX: STLRF) (FSE: O9D) is a Canadian gold development company actively advancing two cornerstone gold projects in Canada: The Tower Gold Project in the Timmins Mining Camp in Ontario and the Colomac Gold Project located north of Yellowknife, Northwest Territories. Each of these two projects has the potential for a long-life and large-scale operation and are surrounded by exploration land with favorable upside potential. STLLR's experienced management team, with a track record of successfully advancing projects and operating mines, is working towards rapidly advancing these projects.

Contact Us
STLLR Gold Investor Relations
+1 (416) 863-2105 | investors@stllrgold.com | www.STLLRgold.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/210880

FAQ

What is the STLRF solar farm project?

STLRF is partnering with Tlicho Investment to install a solar farm at the Colomac Gold Project to reduce diesel consumption and emissions.

How much funding did CanNor provide for the STLRF solar farm project?

CanNor provided C$619,625 in funding for the solar farm project.

What are the estimated diesel savings for the STLRF solar farm project?

The project is expected to save approximately 51,000 litres of diesel and reduce CO2 emissions by 138 tonnes.

How long will the solar panels and batteries last for the STLRF project?

The solar panels are estimated to last 25 years, and the batteries 15 years.

What is the total cost of the STLRF solar farm project?

The total cost of the project is C$774,543.

What percentage of diesel consumption will be reduced at the STLRF camp?

The solar farm will reduce diesel consumption at the STLRF camp by 86%.

Who is collaborating with TIC for the installation of the solar farm at the STLRF project?

TIC is collaborating with Solvest Inc. for the installation phase of the project.