Sabina Gold & Silver Reports on Pre-development Activities at the Back River Gold Project
October 27 2020 - 7:55AM
Sabina Gold & Silver Corp (SBB.T/SGSVF.OTCQX), (“Sabina” or the
“Company”) is pleased to report on ongoing pre-development
activities at the Goose Property on its 100%-owned Back River Gold
Project (“Back River” or the “Project”) in Nunavut, Canada.
Working under a COVID-19 Operational Framework
which utilizes pre-deployment monitoring and testing, a reduced
workforce and numerous onsite protective measures, the Project
Development team mobilized to site during the first week of July.
Work commenced on key initiatives to progress infrastructure as
well as to prepare for the construction of an exploration ramp to
access the high-grade underground corridor at the Umwelt
deposit.
Work commenced on extending the existing
all-weather airstrip from 3,000 to 4,500 feet to facilitate the use
of large capacity cargo and transport aircraft to support
development and future operations. The use of larger aircraft
enables the delivery of bulk fuel at a savings of $2.00 per litre,
as well as the timely delivery of underground equipment to build
the exploration decline and other infrastructure. To date, 53 ATR
flights and the first Hercules aircraft of a planned 12 flight
delivery program have been successfully received and the extension
of the airstrip was completed safely and on schedule.
Major equipment and services for the underground
exploration decline and portal workshop structure have been
procured at a commitment of approximately C$8m. The majority of
this equipment has already been staged in Yellowknife and is in the
process of being transferred to site as part of the Hercules
delivery program.
Additionally, in preparation for the construction
of the exploration ramp, blasting and quarrying was completed to
construct network roads connecting key areas within the Project
footprint. These roads connect the quarry and existing exploration
camp with the future underground mechanical shop and laydown area
for the ramp portal. The portal box cut is well underway and is
expected to be completed before winter break demobilization in
December. Preliminary works are underway for the roads to the
settling pond which will be constructed next year.
Detailed engineering for all aspects of the
workshop, ramp dewatering, ventilation and utility requirements has
been completed and the team is ready to procure the bulk material
required for commencement of ramp development in the Winter of
2021.
To see pictures of site activities and progress
click this link.
https://www.sabinagoldsilver.com/assets/docs/Photo%20Gallery%20Preconstruction%20activities%2020201020.pdf
“We have made considerable advances in our work at
the Goose Property this year,” said Bruce McLeod, President &
CEO “Despite COVID-19 restrictions we have accomplished what we set
out to do this year, while maintaining the safety and well-being of
our employees and contractors at camp. The extension of the
airstrip at Goose is particularly important as it enables us to
transport bulk fuel and equipment more cost efficiently and with
more flexibility. All this work is in preparation for construction
of our exploration ramp at Umwelt underground, which will enable us
access for continued exploration drilling of the high-grade
corridor. Based on the exploration success to-date on this
high-grade zone, we believe that further exploration could
demonstrate significant positive impact on project economics and
production profile if it were to be mined first.”
Sabina Gold & Silver Corp.
Sabina Gold & Silver Corp. is well-financed
and is an emerging precious metals company with district scale,
advanced, high grade gold assets in one of the world’s newest,
politically stable mining jurisdictions: Nunavut, Canada.
Sabina released a Feasibility Study on its 100%
owned Back River Gold Project which presents a project that has
been designed on a fit-for purpose basis, with the potential to
produce ~200,000 ounces a year for ~11 years with a rapid payback
of 2.9 years (see “Technical Report for the Initial Project
Feasibility Study on the Back River Gold Property, Nunavut, Canada”
dated October 28, 2015).
The Project received its final Project
Certificate on December 19, 2017. The Project received its Type A
Water License on November 14, 2018 and its listing to enable
deposition of tailings on Schedule 2 of the Metals and Diamond
Mining Effluent Regulations on June 25, 2020. The Company is now in
receipt of all major authorizations for construction and
operations.
In addition to Back River, Sabina also owns a
significant silver royalty on Glencore’s Hackett River Project. The
silver royalty on Hackett River’s silver production is comprised of
22.5% of the first 190 million ounces produced and 12.5% of all
silver produced thereafter.
For further information please contact:
Nicole Hoeller, Vice-President, Communications:
1 888 648-4218
nhoeller@sabinagoldsilver.com
Forward Looking InformationThis
news release contains “forward-looking information” within the
meaning of applicable securities laws (the “forward-looking
statements”), including our belief as to the extent, results and
timing of and various studies relating to engineering studies,
infrastructure improvement activities, exploration results and
permitting and licensing outcomes. These forward-looking statements
are made as of the date of this news release. Readers are cautioned
not to place undue reliance on forward-looking statements, as there
can be no assurance that the future circumstances, outcomes or
results anticipated in or implied by such forward-looking
statements will occur or that plans, intentions or expectations
upon which the forward-looking statements are based will occur.
While we have based these forward-looking statements on our
expectations about future events as at the date that such
statements were prepared, the statements are not a guarantee that
such future events will occur and are subject to risks,
uncertainties, assumptions and other factors which could cause
events or outcomes to differ materially from those expressed or
implied by such forward-looking statements. Such factors and
assumptions include, among others, the effects of general economic
conditions, commodity prices, changing foreign exchange rates and
actions by government and regulatory authorities and misjudgments
in the course of preparing forward-looking statements. In addition,
there are known and unknown risk factors which could cause our
actual results, performance or achievements to differ materially
from any future results, performance or achievements expressed or
implied by the forward-looking statements. Known risk factors
include risks associated with exploration and project development;
the need for additional financing; the calculation of mineral
resources and reserves; operational risks associated with mining
and mineral processing; fluctuations in metal prices; title
matters; government regulation; obtaining and renewing necessary
licenses and permits; environmental liability and insurance;
reliance on key personnel; the potential for conflicts of interest
among certain of our officers or directors; the absence of
dividends; currency fluctuations; labour disputes; competition;
dilution; the volatility of the our common share price and volume;
future sales of shares by existing shareholders; and other risks
and uncertainties, including those relating to the Back River
Project and general risks associated with the mineral exploration
and development industry described in our Annual Information Form,
financial statements and MD&A for the fiscal period ended
December 31, 2019 filed with the Canadian Securities Administrators
and available at www.sedar.com. Although we have attempted to
identify important factors that could cause actual actions, events
or results to differ materially from those described in
forward-looking statements, there may be other factors that cause
actions, events or results not to be as anticipated, estimated or
intended. There can be no assurance that forward-looking statements
will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on
forward-looking statements. We are under no obligation to update or
alter any forward-looking statements except as required under
applicable securities laws. This news release has been authorized
by the undersigned on behalf of Sabina Gold & Silver Corp.
Bruce McLeod, President & CEOSuite 1800 – Two
Bentall Centre555 Burrard StreetVancouver, BC V7X 1M7Tel 604
998-4175 Fax 604
998-1051http://www.sabinagoldsilver.com
Sabina Gold and Silver (TSX:SBB)
Historical Stock Chart
From Mar 2024 to Apr 2024
Sabina Gold and Silver (TSX:SBB)
Historical Stock Chart
From Apr 2023 to Apr 2024