Workers return to project site to resume geotechnical and environmental field work
First Mining Gold has closed a US$22.5-million silver streaming deal with First Majestic Silver to advance its Springpole open-pit gold and silver mine project in northwestern Ontario.
In a July 2 release, the Vancouver developer said most of the proceeds will be used for the project’s prefeasibility study and the ongoing environmental assessment process on the almost 42,000-hectare property.
The project, 110 kilometres northeast of Red Lake, is now in the technical study and permitting stage. At last count, the mine has a projected 12-year operating life.
The deposit contains 24.19 million ounces of indicated silver, 1.12 million ounces of silver in the inferred category, plus 4.67 million ounces of indicated gold and 0.23 million ounces of inferred gold. The pre-feasibility study is due out early next year.