Marathon Gold Corporation (“Marathon” or the “Company”;
TSX: MOZ) is pleased to announce that a draft
Environmental Assessment Report (the “EA Report”) has been filed by
the Impact Assessment Agency of Canada (“IAAC”) for the Valentine
Gold Project (the “Project”). The draft EA Report, and accompanying
draft conditions for EA release, will be available for 30 days for
public review and comment. At the conclusion of this period, the
Minister of Environment and Climate Change Canada (the “Minister”)
will be in a position to make a Decision Statement on the
acceptability of the Project for development. A positive Decision
Statement will mark the completion of the federal EA. A parallel
provincial EA concluded successfully on March 17, 2022, with
approval of the Project by the Cabinet of the Government of
Newfoundland and Labrador (“NL”).
Of note, the draft EA Report concludes that the
Project is not likely to cause significant adverse environmental
effects, taking into account the implementation of appropriate
mitigation measures. The Minister’s agreement with this finding
will mean that the Minister is able to make a Decision Statement
without reference to the federal Cabinet (Governor in Council).
Background to Today’s News
The Valentine Gold Project is subject to
regulation under the environmental protection regimes of the
Canadian Environmental Assessment Act, 2012 and the NL
Environmental Protection Act. Marathon filed a project description
with both IAAC and the NL Department of Environment and Climate
Change on April 5, 2019, which was accepted into the formal EA
process on April 16, 2019. The Project’s Environmental Impact
Statement (the “EIS”) was filed on September 29, 2020.
The federal and provincial EA processes provide
for the technical review of the EIS by multiple government agencies
and the opportunity for public comment. Following regulatory and
public review, federal Information Requirements (“IRs”) and
provincial review comments were issued to Marathon, commencing in
February 2021. The IRs and review comments are a routine part of
the EA process, reflecting requested clarifications or information
on various aspects of the EIS received from regulators, Indigenous
groups, the public, and other stakeholders.
On March 16, 2022 Marathon was informed by IAAC
that it had completed its technical review of the EIS, allowing the
draft EA Report to be prepared. On March 17, 2022, Marathon was
informed by the NL Minister of Environment and Climate Change that
the provincial EA Committee had completed its own review of the
Project’s EIS, and that, concurrently, the Project had received
approval by the provincial Cabinet. This marked the completion of
the provincial EA process, allowing Marathon to commence
site-specific permitting pertaining to provincial jurisdiction,
including the acquisition of the Project’s Mining Lease. A positive
Decision Statement by the federal Minister would represent the
completion of both EA processes, allowing permits to be acquired
for site activities pertaining to federal jurisdiction, and the
commencement of site construction.
The Draft EA Report and associated Potential
Environmental Assessment Conditions can be found at IAAC’s online
resources portal for the Valentine Gold Project:
https://iaac-aeic.gc.ca/050/evaluations/proj/80169?culture=en-CA
About Marathon
Marathon (TSX:MOZ) is a Toronto based gold
company advancing its 100%-owned Valentine Gold Project located in
the central region of Newfoundland and Labrador, one of the top
mining jurisdictions in the world. The Project comprises a
series of five mineralized deposits along a 20-kilometre system. An
April 2021 Feasibility Study outlined an open pit mining and
conventional milling operation over a thirteen-year mine life with
a 31.5% after-tax rate of return. The Project has 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 (inclusive of the Mineral Reserves) comprise 1.92
Moz (32.59 Mt at 1.83 g/t) with Indicated Mineral Resources
(inclusive of the Mineral Reserves) of 1.22 Moz (24.07 Mt at 1.57
g/t). Additional Inferred Mineral Resources are 1.64 Moz (29.59 Mt
at 1.72 g/t Au). Please see Marathon’s Annual Information Form for
the year ended December 31, 2021 and other filings made with
Canadian securities regulatory authorities and available at
www.sedar.com for further details and assumptions relating to the
Valentine Gold Project.
For more information, please
contact:
Amanda MalloughSenior Associate, Investor RelationsTel: 416
855-8202amallough@marathon-gold.com |
Matt MansonPresident & CEOmmanson@marathon-gold.com |
Julie RobertsonCFOjrobertson@marathon-gold.com |
To find out more information on Marathon Gold
Corporation and the Valentine Gold Project, please visit
www.marathon-gold.com.
Cautionary Statement Regarding
Forward-Looking Information
Certain information contained in this news
release, constitutes forward-looking information within the meaning
of Canadian securities laws (“forward-looking statements”). All
statements in this news release, other than statements of
historical fact, which address events, results, outcomes or
developments that Marathon expects to occur are forward-looking
statements. Forward-looking statements include statements that are
predictive in nature, depend upon or refer to future events or
conditions, or include words such as “expects”, “anticipates”,
“plans”, “believes”, “estimates”, “considers”, “intends”,
“targets”, or negative versions thereof and other similar
expressions, or future or conditional verbs such as “may”, “will”,
“should”, “would” and “could”. We provide forward-looking
statements for the purpose of conveying information about our
current expectations and plans relating to the future, and readers
are cautioned that such statements may not be appropriate for other
purposes. More particularly and without restriction, this news
release contains forward-looking statements and information about
the FS and the results therefrom (including IRR, NPV5%, Capex, FCF,
AISC and other financial metrics), the realization of mineral
reserve and mineral resource estimates, the future financial or
operating performance of the Company and the Project, capital and
operating costs, the ability of the Company to obtain all
government approvals, permits and third-party consents in
connection with the Company’s exploration, development and
operating activities, the potential impact of COVID-19 on the
Company, the Company’s ability to successfully advance the Project
and anticipated benefits thereof, economic analyses for the
Valentine Gold Project, processing and recovery estimates and
strategies, future exploration and mine plans, objectives and
expectations and corporate planning of Marathon, future
environmental impact statements and the timetable for completion
and content thereof and statements as to management's expectations
with respect to, among other things, the matters and activities
contemplated in this news release.
Forward-looking statements involve known and
unknown risks, uncertainties and assumptions and accordingly,
actual results and future events could differ materially from those
expressed or implied in such statements. You are hence cautioned
not to place undue reliance on forward-looking statements. In
respect of the forward-looking statements concerning the
interpretation of exploration results and the impact on the
Project’s mineral resource estimate, the Company has provided such
statements in reliance on certain assumptions it believes are
reasonable at this time, including assumptions as to the continuity
of mineralization between drill holes. A mineral resource that is
classified as “inferred” or “indicated” has a great amount of
uncertainty as to its existence and economic and legal feasibility.
It cannot be assumed that any or part of an “indicated mineral
resource” or “inferred mineral resource” will ever be upgraded to a
higher category of mineral resource. Investors are cautioned not to
assume that all or any part of mineral deposits in these categories
will ever be converted into proven and probable mineral
reserves.
By its nature, this information is subject to
inherent risks and uncertainties that may be general or specific
and which give rise to the possibility that expectations,
forecasts, predictions, projections or conclusions will not prove
to be accurate, that assumptions may not be correct and that
objectives, strategic goals and priorities will not be achieved.
Factors that could cause future results or events to differ
materially from current expectations expressed or implied by the
forward-looking statements include risks and uncertainties relating
to the interpretation of drill results, the geology, grade and
continuity of mineral deposits and conclusions of economic
evaluations; uncertainty as to estimation of mineral resources;
inaccurate geological and metallurgical assumptions (including with
respect to the size, grade and recoverability of mineral
resources); the potential for delays or changes in plans in
exploration or development projects or capital expenditures, or the
completion of feasibility studies due to changes in logistical,
technical or other factors; the possibility that future
exploration, development, construction or mining results will not
be consistent with the Company’s expectations; risks related to the
ability of the current exploration program to identify and expand
mineral resources; risks relating to possible variations in grade,
planned mining dilution and ore loss, or recovery rates and changes
in project parameters as plans continue to be refined; operational
mining and development risks, including risks related to accidents,
equipment breakdowns, labour disputes (including work stoppages and
strikes) or other unanticipated difficulties with or interruptions
in exploration and development; risks related to the inherent
uncertainty of production and cost estimates and the potential for
unexpected costs and expenses; risks related to commodity and power
prices, foreign exchange rate fluctuations and changes in interest
rates; the uncertainty of profitability based upon the cyclical
nature of the mining industry; risks related to failure to obtain
adequate financing on a timely basis and on acceptable terms or
delays in obtaining governmental or other stakeholder approvals or
in the completion of development or construction activities; risks
related to environmental regulation and liability, government
regulation and permitting; risks relating to the Company’s ability
to attract and retain skilled staff; risks relating to the timing
of the receipt of regulatory and governmental approvals for
continued operations and future development projects; political and
regulatory risks associated with mining and exploration; risks
relating to the potential impacts of the COVID-19 pandemic on the
Company and the mining industry; changes in general economic
conditions or conditions in the financial markets; and other risks
described in Marathon’s documents filed with Canadian securities
regulatory authorities, including the Annual Information Form for
the year ended December 31, 2021.
You can find further information with respect to
these and other risks in Marathon’s Annual Information Form for the
year ended December 31, 2021 and other filings made with Canadian
securities regulatory authorities available at www.sedar.com. Other
than as specifically required by law, Marathon undertakes no
obligation to update any forward-looking statement to reflect
events or circumstances after the date on which such statement is
made, or to reflect the occurrence of unanticipated events, whether
as a result of new information, future events or results
otherwise.
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