bigone thanks; Below is a message about Abcourt Mines by another ABI investor;
While the Elder Gold Mine restated after important repairs - Abcourt Mines now ready to relaunch the operations of the Sleeping Giant Gold Mine, located halfway between Amos and Matagami.
Awaken the giant ... once more;
With a capacity of 750 tonnes per day, the Sleeping Giant Gold Mine plant currently processes ore from the Elder mine, which is transported to the site by truck.
Currently, Elder's aggregate resources, which reached production in January 2016, total approximately 171,000 ounces of gold.
Abcourt could, however, add 64,630 ounces of gold by mining the adjacent Tagami zone also owned; "To date, we have operated levels 4 to 10," said the CEO of the company, Renaud Hinse.
However, we plan to exploit five additional levels by extending the current galleries. In addition, at this time, half of our work is being done outside of resources. ”
After acquiring it in June 2016 following the bankruptcy of Minerals Maudore Minerals;
Abcourt is also relying heavily on the relaunch of the former Sleeping Giant Gold mine.
About forty workers are present on the site, including a dozen underground.
"Our feasibility study shows that Sleeping Giant could be very profitable with the current price of gold," Hinse said.
The problem is, a lot of the infrastructure is outdated and needs to be replaced, while others no longer meet current safety standards.
We estimated that the work should take about a year. If all goes well, we should reach commercial production in the fall of 2022. "
Deeper
Prior to Maudore Minerals, Sleeping Giant had been owned by North American Palladium, which itself had acquired it from Cadiscor Resources in 2009, which had acquired it from Iamgold a year earlier. From 2008 to 2016, the mine successively passed into the hands of five different owners.
This time, Abcourt believes that a relaunch would be profitable, but it also plans to open new galleries more than 1 km deep.
“We started a small project on the second level, near the surface.
When our work allows us to reach the third level, we will start one there too.
As for the more in-depth work, they will allow us to exploit the high-grade gold zones that North American Palladium and Cadiscor had discovered, but which had never yet been put into production, ”explained Renaud Hinse.
On February 5, Abcourt announced that it had accepted a $ 6.5M financing proposal from the Royal Bank of Canada to accelerate the development of Sleeping Giant.
This is made up of a $ 5 million loan and a $ 1.5 million credit facility for the purchase of mining equipment.
I hope that everyone is patient. With all its ups and downs, the company's shareholders have been, at times thrilled, when the news was good. Then they become incredibly disappointed, when the company failed to deliver on time.
Renaud Hinse also seems to be more forthcoming, when talking to the local media than in his press releases to the company's shareholders. But for now, we know, more of the real story.
From the recent press releases, we know that Abcourt Mines may be doing some preliminary SG mining by the end of 2021. The preproduction period may be somewhat more extended.
Full commercial exploitation of the Sleeping Giant mine will take about another full year (the Fall of 2022).
But the mine will eventually go much deeper, where better and unexploited ore is already known to exist.
The Elder mine's production schedule has recently experienced considerable challenges. The hoist was down for a full month and it appears that getting the mine up to speed again, may take some additional time.
But the company is moving well beyond its presently defined resources by breaking into newly discovered ore zones. It is preceding in a more positive direction than in the most recent past.
According to the most recent post; the Elder mine's grades have dramatically improved (5.64 g/t). That is more typical of a grade that the Elder mine should be expected to produce.
An additional 2 g/t will add substantial profit to the company's bottom line when the Elder production numbers again return to a more reasonable tonnage of extracted ore.
The price of gold seems to be bottoming near the $1700 US level. This will also help maintain the company's profit position going forward.
The next two years may be a challenging time for Abcourt mines and for the investors who remain firmly committed to the company's longer term goals. But with substantial bank funding now in place, and with the grades now being mined at Elder dramatically improving, when the Sleeping Giant Mine does come into full production, shareholders should finally see the significant profit levels that they have long expected to receive.
The company is still engaged in much preliminary exploration and infrastructure work. And there seems to be a lot more left to accomplish! Longer term, the profit potential appears to be extremely good.
It has become more of a waiting game for investors. But after all, the company only trades for 14 cents/share.
It's a pretty cheap stock!
All the best! Java an investor with Abcourt Mines.
$Abcourt Mines Inc. (TSX-V: ABI, “Abcourt” or the “Company”) is pleased to announce that the gold grade, in February, at the mill was higher than it was in the previous quarter.
The grade of the ore extracted at the Elder mine was higher and an adjustment of the gold inventory in the mill circuit was made.
$These two factors contributed to the embellishment. In February, the mill treated 8,255 tonnes of ore and produced 1,496.7 ounces of gold;
$Gold 846.9 ounces were poured and Gold 649.8 ounces were added to inventory.
Development work at the Elder and Sleeping Giant mines;
* are continuing as follows:
* Drifting on 4Th, 10Th and 11Th levels and rehabilitation work on 12th level at Elder mine to open new ore zones.
* Rehabilitation work being done in shafts and drifts at Sleeping Giant mine and new drifts to develop new ore zones on upper levels.
This press release was prepared by Mr. Renaud Hinse, Engineer and President of Abcourt. Mr. Hinse is a “Qualified Person” under the terms of Regulation 43-101
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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