Canada’s Newest Open Pit Gold Mine
Atlantic Gold Corporation (Atlantic) is a well-financed, growth-oriented gold development group with a long-term strategy to build a mid-tier gold production group focused on manageable, executable projects in mining-friendly jurisdictions. Its board and management team, with extensive experience in geology, mining and mine development, process and metallurgy and project financing, is currently focused on the mining and development of its project portfolio of advanced gold development properties located in Nova Scotia, Canada.
Atlantic owns Canada’s newest open pit gold mine Moose River Consolidated in Nova Scotia with first gold pour and initial production achieved in October 2017. Phase 1 Life of Mine production guidance for 2018 is between 82,000-90,000 oz. gold at All-In-Sustaining-Costs (AISC) between $CAD675/oz.-$735/oz. (US$540-588/oz.) as stated in the Company’s news release (January 19, 2018). (Please see NI 43-101 Technical Report Feasibility Study for Moose River Consolidated Project, Nova Scotia here).
The Phase 2 Life of Mine Expansion will have gold production ramping up to + 200,000 ounces per annum while maintaining the company’s industry lowest quartile cash costs at all-in sustaining cash cost (AISC) of CAD$692/oz. Au (USD$555/oz. Au) as stated in the Company’s news release (January 29, 2018).
The company’s planned future development of the region will be based on a central processing facility concept with staged integration of satellite deposits into the production schedule and staged capital expenditures for expansion opportunities managed with cashflow from operations at Touquoy and additional debt capacity as a long term low cost gold producer.
A Phase 3 expansion is expected to come from success of its expected extensions of mineralization and definition drilling program at its FMS and CH deposits, and a regional program commencing in March 2018 systematically drilling 80kms of prospective structure targeting the Atlantic model for disseminated style gold deposits amenable to open pit mining.
Recognition of disseminated style mineralization in recent years has changed the understanding of the potential of the region. Shale hosted mineralization previously overlooked combined with traditional quartz veins results in 50-100 m wide bulk mineable zones in open pit. The Region is underexplored for this deposit model.
Atlantic Gold is committed to the highest standards of environmental and social responsibility and continually invests in people and technology to manage risks, maximize outcomes and returns to all stakeholders.