- Gold explorer and near-term producer LaFleur Minerals is approaching restarting gold production operations at its gold deposit in the globally recognized Abitibi Greenstone Belt of Quebec
- LaFleur is undergoing a 7,500 metre drill program, with assayed results thus far showing multiple mineralized zones and favorable conditions for a near-surface, open-pit operation at its Swanson Gold Project
- The company’s position is further de-risked by a fully permitted tailings storage facility and gold mill capable of processing over 750 metric tons per day, just 60 km from its exploration project
- LaFleur has consolidated claims around its now district-scale 18,304-hectare (45,230-acre) Swanson site and production at its nearby Beacon Gold Mill will begin with a de-risked bulk sample from Swanson, while further expansion following mineral structures across the site remains a potential option
Gold explorer and near-term producer LaFleur Minerals (CSE: LFLR) (OTCQB: LFLRF) is advancing towards gold production restart at its Swanson Gold Deposit in the renowned Abitibi Greenstone Belt. With production launch aimed for early next year, LaFleur is obtaining the technical information it needs to guide dig operations, including conducting a Preliminary Economic Assessment and the capital needed to relaunch the company’s fully permitted gold mill only 60 km from its Swanson Gold Deposit, the primary source of mineralized material.
LaFleur’s ongoing 7,500 metre drilling operation has already produced assay results showing high-grade, near-surface intercepts, which exist in the district-scale site strategically located in the Val-d’Or mining district of Quebec — easily accessible by road and rail from regional transport hubs.
The company plans an open-pit mining operation, and the diamond drill cores that exhibited 7.47 g/t gold (Au) over 1.35 meters, 7.68 g/t gold (Au) over 1.0 meter, and 17.80 g/t gold (Au) over 1.0 meter in six of the test holes sustain a potential growth scenario through multiple mineralized zones.
“We are building confidence in the scale and continuity of the gold system at Swanson,” LaFleur Minerals CEO Paul Ténière stated in a news release dated Sept. 24 (https://ibn.fm/jhkky). “These assay results represent important step-outs at Swanson, extending known mineralization significantly along strike in both directions.”
LaFleur’s near-term revenue strategy centers on the company’s Beacon Gold Mill, which is situated 20 minutes’ drive from the town of Val-d’Or and proximate to the company’s Swanson exploration site. As such, it will be able to accept mineralized material for processing not only from LaFleur’s Swanson site, but also from other mining operations in the greenstone belt if they wish to contract for its custom services – whereby the region hosts over 100 historic and active gold deposits.
Gold prices have risen almost 50 percent since the start of the year. Even as market watchers eye signs of a potential sector reset, the outlook for the industry has remained optimistic (https://ibn.fm/uap95).
LaFleur’s mill is a proven asset that benefits from over $20 million worth of recent upgrades performed by the previous owner, acquired at significant bargain pricing in a bankruptcy proceeding and positioned with low production restart costs, shy of $5 million. Access to power structure and skilled labor further reduces the company’s development risk and strengthens its strategic position in one of the world’s most attractive gold belts, and Canada’s largest gold producing regions.
“There are two major structures that run through Swanson that host gold and even base metals,” LaFleur CEO Paul Ténière said during a recent interview with CEO.CA’s Inside the Boardroom podcast (https://ibn.fm/OZ8M6). “We’ve done a pretty good job of consolidating originally around the Swanson deposit and have grown it to as it is. There are other opportunities, especially to the south and southeast of Swanson. … And so, what we’re looking at doing is consolidating and adding claims from adjacent properties into (Swanson) to continue to expand. And the good news with that is that once we consolidate, we also have a rig available that we can actually start drilling on those right away.”
“Our mill alone is valued at $70 million, our market cap now is about $42 (million)-$43 million,” LaFleur Chairman Kal Malhi said as he appeared alongside Ténière in the interview. “The totality of the deal really is, I think, an exciting investment opportunity.”
For more information, visit the company’s website at LaFleurMinerals.com.
NOTE TO INVESTORS: The latest news and updates relating to LFLRF are available in the company’s newsroom at https://ibn.fm/LFLRF
Qualified Person Statement:
All scientific and technical information contained in this article has been reviewed and approved by Louis Martin, P.Geo. (OGQ), Exploration Manager and Technical Advisor of the company and considered a Qualified Person for the purposes of NI 43-101.
