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(Kitco News) – Marathon Gold (TSX: MOZ) announced on Thursday that the Environmental Assessment Committee (“EAC”) overseeing the provincial environmental assessment (“EA”) of the Valentine Gold project has completed its review of the project’s environmental impact statement (“EIS”). “).
At the same time, the marathon said it was advised that the project had received approval from the cabinet of the Government of Newfoundland and Labrador (“NL”).
The company notes that this milestone marks the completion of the provincial EA process, allowing the marathon to begin site-specific permits, including the acquisition of the project’s mining lease.
Matt Manson, President and CEO, commented: “We are very pleased to announce both the completion of the provincial EIS review process and full NL Cabinet approval for the project. Development. The completion of the provincial EA process, and completion of the Federal EIS review, allow us to contemplate the successful completion of the overall EA process. “
Marathon is a Toronto-based gold company that continues its 100% owned Valentine Gold project in the central region of Newfoundland and Labrador, one of the top mining jurisdictions in the world. A feasibility study in April 2021 describes an open pit mining and conventional milling operation over a thirteen year mine life with a 31.5% no-tax rate of return.
The project estimated proven mineral reserves of 1.40 Moz (29.68 Mt at 1.46 g / t) and probable mineral reserves of 0.65 Moz (17.38 Mt at 1.17 g / t). Total measured mineral resources (including the mineral reserves) contain 1.92 Moz (32.59 Mt at 1.83 g / t) with Indicated Mineral Resources (including the mineral reserves) of 1.22 Moz (24.07 Mt at 1.57 g / t). Additional derived mineral resources are 1.64 Moz (29.59 Mt at 1.72 g / h Au).
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