Saber Gold starts Permittin – GuruFocus.com
VANCOUVER, British Columbia, June 07, 2022 (GLOBE NEWSWIRE) — Saber Gold Mines Corp. (TSX: SGLD, SGLDF) (“Saber Gold” or the “Company”) and its wholly-owned subsidiary, Golden Predator Exploration Ltd., have begun the permitting process for the Brewery Creek property located in the Yukon, Canada, while continuing to advance the Copperstone project located in western Arizona, United States.
On June 1, 2022, Golden Predator Exploration Ltd. has provided the Yukon Environmental and Socio-Economic Assessment Board (“YESAB”), pursuant to Rule 21 of the Pre-Bid Commitment, with 30 days written notice of intent to submit an updated Project day. description on Brewery Creek for advance review by the Executive Committee. Submission of the updated project description to YESAB is the first step required to initiate the screening at the executive committee level under the Yukon Environmental and Socio-Economic Assessment Act new pre-bid engagement process. The next step will be to work with the YESAB Executive Committee to draft the project proposal guidelines. The project proposal guidelines will frame the environmental and socio-economic assessment of the project.
The description of the Brewery Creek project has been updated to reflect the project profile as contained in the Preliminary Economic Assessment (“PEA”) recently released in January 2022, which further describes the expansion of the mine and restart of operations at the Brewery Creek mine and provides information on the construction, operation, reclamation and closure of the project.
The project is designed to mine 18,657,000 tonnes of gold mineralized material from nine open pits with a mine life of approximately 9 years. Ensero Solutions Canada, Inc. helped write the project description. The local Tr’ondëk Hwëch’in First Nations (“THFN”) were also consulted for the purposes of the initial project description.
Giulio Bonifacio, President & CEO said: “The submission of an updated project description initiates the licensing process to return the Brewery Creek mine to production with a timeline that is expected to be shortened as Brewery Creek was a former producer and fully licensed. Saber Gold looks forward to working with local First Nations and YESAB to complete the assessment process in a timely and efficient manner. Saber Gold is also renewing the Class IV land use permit at Brewery Creek for another 10 years. The land use permit authorizes exploration activities on the leases, including additional drilling to test several highly prospective drill targets within and outside of the current resource areas for expansion purposes current resources. »
Saber Gold/Golden Predator has filed on SEDAR an independent technical report prepared in accordance with National Instrument 43-101 (“NI 43-101”) in support of the outcome of a PEA on its Brewery Creek gold project, held at 100 %, located in the Yukon Territory, Canada.
- After-tax NPV at 5% of $112 million at an internal rate of return (“IRR”) of 27.6% at $1,700 per ounce of gold rising to $157 million at an IRR of 35.7 % at $1,900 per ounce of gold;
- Average annual cash flow after tax of $36 million at $1,700 per ounce of gold increasing to $44 million at $1,900 per ounce of gold;
- Average annual production of 60,000 ounces per year for a total of 473,000 ounces of gold over an initial life of 8 years;
- Total cash cost of $850 per ounce and all-in sustaining cost (“AISC”) of US$966 per ounce of gold;
- Pre-production capital costs of $105 million with life of mine sustaining costs of $18 million;
- Payback period of 2.6 years at $1,700 per ounce gold;
- Excellent expansion potential to extend mine life and annual production with three open prospective resource areas and multiple targets within a 182 square kilometer project boundary; and,
- Reduced technical and execution risk as a former brownfield producer with existing infrastructure and road access from previous mining.
The PEA was prepared in accordance with NI 43-101 and assessed the economics of resuming mining at Brewery Creek through surface mining and heap leaching of mined materials for the recovery of gold in gold. The PEA study was prepared by Kappes, Cassiday & Associates of Reno, Nevada in cooperation with Tetra Tech Inc. of Golden, CO, Gustavson and Associates of Lakewood, Colorado and Wood Environment & Infrastructure Solutions, of Vancouver, British Columbia.
The technical information contained in this press release has been reviewed and approved by Michael Maslowski, CPG, a Qualified Person as defined by National Instrument 43-101 and is employed by the Company as Vice President, Chief operation.
Saber Gold continues to optimize Copperstone by advancing detailed engineering, as previously reported on April 28, 2022. The recent addition of Mike Maslowski, COO and Sid Tolbert, VP GM and their collective wealth of underground experience have allowed detailed examinations. several areas that should further optimize the economics of the project.
As previously reported, Saber Gold continues to advance discussions regarding project debt and is actively engaging with current lenders and stakeholders. Copperstone remains on track to move into production within twelve months of financing with a strategy that remains focused on minimizing dilution for our existing stakeholders. In the meantime, project activities will focus on capital preservation until project financing is secured.
Website – Copperstone Investor Tour
Saber Gold recently updated its website to include an up-to-date investor tour of the Copperstone Gold Project which can be viewed on the Saber Gold website home page and investor page at www.sabre.gold. Alternatively, you can access the investor tour via the following link: https://www.sabre.gold/video/
All shareholders and investors are encouraged to view the Investor Tour as it will further highlight the significant nature of the existing infrastructure in place at the Copperstone Gold Project. The existing infrastructure, production restart permits and short production start-up time remain key value drivers from which all shareholders will benefit.
About Saber Gold Mines Corp.
Saber Gold is a diversified, multi-asset North American short-term gold producer that owns 100% ownership of the fully licensed Copperstone Gold Mine located in Arizona, USA, and the ‘or Creek Brewery located in Yukon, Canada, both of whom are former producers. Management intends to restart production at Copperstone and then Brewery Creek in the short term. Saber Gold also has other investments and projects in various stages of development.
Saber Gold’s two advanced projects contain approximately 1.5 million ounces of gold in the measured and indicated categories, and approximately 1.2 million ounces of gold in the inferred category. Additionally, Copperstone and Brewery Creek have considerable exploration potential with a combined land package of over 230 square kilometers that will be drill tested with currently identified high priority targets. Saber Gold is led by an experienced team of mining professionals with a background in exploration, construction and mining operations.
For more information, please visit the Saber Gold Mines Corp website. (www.sabre.gold).
Caution Regarding Forward-Looking Statements
This press release contains forward-looking information under Canadian securities laws, including statements regarding drilling results, potential mineralization, potential expansion and upgrading of mineral resources and current expectations regarding future exploration and development plans. Forward-looking information includes, but is not limited to, the results of the Brewery Creek PEA, including statements relating to net present value, future production, cash cost estimates, operating plans and methods. proposed mines, life of mine estimates, cash flow forecasts, metal recoveries, capital and operating cost estimates, timing for obtaining permits and environmental assessments, completion of estimates of mineral resources, capital and operating cost estimates, project and life of mine estimates, ability to obtain permits on schedule, project size and ranking on achievement of production, estimates of economic return, timing and amount of estimated future production and investments, operating and exploration expenses and benefits s potentials and the alternatives.
These forward-looking statements also involve various risks and uncertainties that could cause actual results to differ materially from those reflected in such forward-looking statements. These statements are based on current expectations, are subject to a number of uncertainties and risks, and actual results may differ materially from those contained in these statements. These uncertainties and risks include, but are not limited to: the strength of the Canadian economy; the price of gold; operational, funding and liquidity risks; reliance on third parties, exploration risk, inability to upgrade resources, the extent to which mineral resource and reserve estimates reflect actual mineral resources and reserves; the extent to which the factors which would make a mineral deposit commercially viable are present, and the risks and dangers associated with underground operations and other risks involved in the mineral exploration and development industry.
Risks and uncertainties regarding Saber Gold’s business are further discussed in the Company’s disclosure documents, including its Annual Information Form and MD&A, filed with securities regulators in Canada and available at www.sedar.com and readers are urged to read these documents. Saber Gold undertakes no obligation to update any forward-looking statements or to update why actual results may differ from such statements, except as required by law.
For more information, please contact:
Saber Gold Mines Corp.
President and CEO