1911 Gold Provides Company Update
TORONTO, July 23, 2020 /CNW/ - 1911 Gold Corporation ("1911 Gold" or the "Company") (TSXV: AUMB) today provides an update with respect to the Company's planned Annual General and Special Meeting ("AGM") and the proposed directors, as well as an update regarding the True North operations.
1911 Gold Corporation Logo (CNW Group/1911 Gold Corporation)
The AGM will be held on August 26, 2020, at the offices of Bennett Jones LLP, 2500 Park Place, 666 Burrard Street, Vancouver, British Columbia, V6C 2X8 at 8:00 a.m. (Pacific time). The information circular and other relevant materials are available at: www.1911gold.com/investors/agm-materials.
The Company will be nominating five directors for election to the board at the AGM. Two directors, Paul Huet and Blair Schultz, have decided not to stand for re-election to the 1911 Gold Board of Directors (the "Board"). Both Mr. Huet and Mr. Schultz have experienced increasing demands on their time outside of their roles with 1911 Gold and this has required them to step down from their director positions after the AGM. The Company wishes to express its gratitude to each of them in providing valuable guidance and direction as 1911 Gold was formed and further advanced after the 2018 spinout from Klondex Mines Ltd. We wish them continued success in their future endeavours.
The Company will be nominating David Christensen to the Board, to be approved by the shareholders at the AGM. Mr. Christensen will be an invaluable addition to the Company's Board, bringing over 30 years of financial and investment experience in the mining industry. Mr. Christensen's most recent experience includes President and CEO of ASA Gold and Precious Metals Ltd., a closed-end precious metals and mining fund trading on the New York Stock Exchange ("ASA"). Prior to joining ASA, Mr. Christensen was the Vice President, Corporate Development at Gabriel Resources Ltd., a junior gold company, from 2004 to 2007, where he worked on the feasibility study and financing plans for the Rosia Montana project. Mr. Christensen has served on a number of Boards, including the Denver Gold Group from 2010 to 2016, Hecla Mining Company from 2002 to 2011, and a limited liability subsidiary of Agnico-Eagle Mines Ltd. from 2006 to 2010.
True North Operations
Since commencing tailings reprocessing operations on May 21, 2020, the Company has processed 64,678 tonnes containing approximately 2,276 gold ounces. The operations have continued to experience heavier than normal levels of rain fall, which has led to additional downtime at the operations, with average daily tonnes processed around 1,115 tonnes per day compared with the planned 1,200 tonnes per day. However the average grade of tailings re-processed has been higher than planned, and the Company expects to produce between 4,500 ounces and 5,000 ounces during the 2020 operating season. This will be dependent on weather conditions, particularly in the fall season, as the tailings operation is susceptible to both higher rainfall and freezing conditions.
The 2020 field exploration program commenced in early May with only minor disruptions due to the ongoing COVID-19 pandemic. Field crews have since made significant progress on all project areas, including Bidou, Tinney, Gold Horse, Poundmaker, Currie's Landing, Wanipigow East and Wallace Lake. Work completed to date includes geological mapping, prospecting, outcrop stripping, channel sampling and surficial geochemistry, helping identify new drill targets for the Phase II exploration drilling program, currently planned for Q4 2020 and Q1 2021. This program will also include follow up drilling based on the successful Phase 1 drilling completed in March 2020. The Company is currently awaiting fire assay results for mineralized samples from a number of project areas and, following QA/QC checks, anticipates releasing preliminary exploration results in the coming weeks.