TORONTO, June 23,
2022 /CNW/ - 1911 Gold Corporation ("1911 Gold" or
the "Company") (TSX-V: AUMB) (OTCQX: AUMBF) announces the
commencement of tailings reprocessing operations at the True North
complex at Bissett, Manitoba. The
Company expects to process between 170,000 and 190,000 tonnes of
historical tailings in 2022 to recover approximately 3,500 to 4,000
ounces of gold.
Early in 2022 the Company completed a sampling program to
characterize the grade, thickness, grain-size and moisture content
of the tailing in the targeted resource blocks to quantify the
expected gold recovery. Based on the results of this work, the
Company expects to process approximately 1,200 tonnes per day at an
average grade of 0.8 grams per tonne during the period of
operations.
The Company has also received approval for a $300,000 grant from the Manitoba Mineral
Development Fund ("MMDF") to support the restart of the 2022
tailings reprocessing operations. The proceeds from this grant will
go directly to fund the start up costs associated with the
operations, including the payroll costs during the initial ramp up
period.
The MMDF was launched by the Manitoba Government in August 2020 with the specific goal of
jump-starting mineral and economic development initiatives
throughout the province. The MMDF is administered through the
Manitoba Chambers of Commerce and aims to support new economic
development opportunities that capitalize on existing assets and
infrastructure across Manitoba,
such as the Company's True North mine, mill and tailings facilities
located at Bissett, Manitoba.
"We are pleased to receive this support from the MMDF as we
prepare for another productive year of tailings reprocessing
operations. Work completed early in 2022 will increase the
efficiency of our operations this year and maximize gold
production." Shaun Heinrichs,
President and CEO, stated, "Our exploration and production programs
at Rice Lake have historically provided employment and economic
development opportunities in the Bissett region and, with the support of the
MMDF and the Manitoba Government, 1911 Gold will continue to work
towards bringing additional growth and prosperity to surrounding
communities."
Greenbelt Property
The Company is also pleased to announce that is has received the
final payment from Alliance Mining for the $500,000 purchase of the Company's 50% interest
in the non-core 410 hectare Greenbelt property, with the remaining
50% interest remaining with Greenbelt Gold Mines Inc.
About 1911 Gold
Corporation
1911 Gold is a junior explorer that holds a highly prospective,
consolidated land package totalling more than 58,000 hectares
within and adjacent to the Archean Rice Lake greenstone belt in
Manitoba, and also owns the True
North mine and mill complex at Bissett,
Manitoba, where it is reprocessing historic tailings on a
seasonal basis. 1911 Gold believes its land package is a prime
exploration opportunity, with potential to develop a mining
district centred on the True North complex. The Company also owns
the Apex project near Snow Lake,
Manitoba and the Tully and Denton-Keefer projects near
Timmins, Ontario, and intends to
focus on both organic growth opportunities and accretive
acquisition opportunities in North
America.
1911 Gold's True North complex and exploration land package are
located within the traditional territory of the Hollow Water First
Nation, signatory to Treaty No. 5 (1875-76). 1911 Gold looks
forward to maintaining open, co-operative and respectful
communication with the Hollow Water First Nation, and all local
stakeholders, in order to build mutually beneficial working
relationships.
ON BEHALF OF THE BOARD OF DIRECTORS
Shaun Heinrichs
President and CEO
(604) 674-1293
sheinrichs@1911gold.com
CAUTIONARY STATEMENT REGARDING
FORWARD-LOOKING INFORMATION
This news release may contain forward-looking statements. Often,
but not always, forward-looking statements can be identified by the
use of words such as "plans", "expects" or "does not expect", "is
expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates" or "does not anticipate", or "believes",
or describes a "goal", or variation of such words and phrases or
state that certain actions, events or results "may", "could",
"would", "might" or "will" be taken, occur or be achieved.
All forward-looking statements reflect the Company's beliefs and
assumptions based on information available at the time the
statements were made. Actual results or events may differ from
those predicted in these forward-looking statements. All of the
Company's forward-looking statements are qualified by the
assumptions that are stated or inherent in such forward-looking
statements, including the assumptions listed below. Although the
Company believes that these assumptions are reasonable, this list
is not exhaustive of factors that may affect any of the
forward-looking statements.
Forward-looking statements involve known and unknown risks,
future events, conditions, uncertainties and other factors which
may cause the actual results, performance or achievements to be
materially different from any future results, prediction,
projection, forecast, performance or achievements expressed or
implied by the forward-looking statements. All statements that
address expectations or projections about the future, including,
but not limited to, statements about exploration plans and the
timing and results thereof, are forward-looking statements.
Although 1911 Gold has 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.
All forward-looking statements contained in this news release
are given as of the date hereof. The Company disclaims any
intention or obligation to update or revise any forward-looking
statements whether as a result of new information, future events or
otherwise, except in accordance with applicable securities
laws.
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.
SOURCE 1911 Gold Corporation