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Kirkland Lake forecasts 22 years of production for Detour Lake gold mine

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Kirkland Lake Gold Ltd. [KL-TSX, NYSE; KLA-ASX] filed a NI-43-101 technical report for its 100%-owned Detour Lake mine, northern Ontario. All dollar amounts are expressed in U.S. dollars unless otherwise indicated. Highlights of the 2021 life-of-mine plan (LOMP) include production of 680,000 to 720,000 ounces from 2021 to 2024, growing to 800,000 ounces in 2025…

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Kirkland Lake Gold Ltd. [KL-TSX, NYSE; KLA-ASX] filed a NI-43-101 technical report for its 100%-owned Detour Lake mine, northern Ontario. All dollar amounts are expressed in U.S. dollars unless otherwise indicated.

Highlights of the 2021 life-of-mine plan (LOMP) include production of 680,000 to 720,000 ounces from 2021 to 2024, growing to 800,000 ounces in 2025 and reaching over 900,000 ounces in 2032. Low unit costs, including average operating cash costs would be $524/oz and all-in sustaining costs per ounce of $775 in first five years (2021 to 2025). The large mineral reserve provides 22-year production life with potential for further growth. Encouraging exploration results supports substantial growth in mineral reserves, higher production levels and further improvements to unit costs not included in

Under the 2021 LOMP, production is expected to average 680,000 to 720,000 ounces from 2021 to 2024, before increasing to 800,000 ounces in 2025. Production would then decline for three years during a period of increased stripping before reaching over 900,000 ounces beginning in 2032. As the company continues its exploration drilling and works to factor the significant drilling success it is achieving into the 2022 LOMP, an important objective will be to achieve growth in reserves and changes to the production profile such that there is not a drop-off in production after 2025, and to achieve 900,000 ounces of production, or higher, as early in the mine life as possible, leading to further improvements in unit costs and free cash flow.

Tony Makuch, President and CEO, commented: “The 2021 LOMP represents an important interim report on our progress advancing the Detour Lake mine, defining a highly profitable operation that is well positioned to benefit from our ongoing exploration success and other value creation opportunities. Based on the new mine plan, Detour Lake is poised to become Canada’s largest gold producer and, with the potential for substantial growth in mineral reserves as our drilling programs continue, could very well become one of the largest and most profitable gold mines in the world.

“The 2021 LOMP includes significant production growth and improved unit costs compared to past operating experience. Production growth is driven by higher levels of mill throughput, reflecting increased ore tonnes mined, lower stripping ratios, better ore fragmentation and improved productivity in the mill based on a number of key business improvement initiatives.


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Eldorado completes QMX Gold acquisition

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Eldorado Gold Corp. [ELD-TSX; RGO-NYSE] has acquired all of the outstanding common shares in the capital of QMX Gold Corp. not already owned by Eldorado. The arrangement became effective at 12:01 a.m. Eastern Time on April 7, 2021, resulting in QMX becoming a wholly owned subsidiary of Eldorado. “We are very pleased to complete the…

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Eldorado Gold Corp. [ELD-TSX; RGO-NYSE] has acquired all of the outstanding common shares in the capital of QMX Gold Corp. not already owned by Eldorado. The arrangement became effective at 12:01 a.m. Eastern Time on April 7, 2021, resulting in QMX becoming a wholly owned subsidiary of Eldorado.

“We are very pleased to complete the acquisition of QMX, which significantly increases Eldorado’s position in the Abitibi greenstone belt and is consistent with our strategy to invest in world-class mining jurisdictions. Eldorado is a committed partner for mining in Quebec, with exploration and operational success across our Lamaque operations. The addition of QMX to our portfolio opens a range of opportunities to expand our activities in the region and to leverage our existing infrastructure and Eldorado’s strong operational, exploration and stakeholder expertise,” said George Burns, Eldorado’s president and CEO.

Under the terms of the arrangement, each holder of QMX shares is entitled to receive, for each QMX share held immediately prior to the effective time 7.5 cents in cash; and 0.01523 of a common share in the capital of Eldorado, for total consideration of 30 cents per QMX share (based on the closing price of the Eldorado shares on Jan. 20, 2021).

With QMX now a wholly owned subsidiary of the company, Eldorado intends to delist the QMX shares from the TSX Venture Exchange as soon as practicable. Prior to the completion of the arrangement, Eldorado owned, directly or indirectly, or exercised control or direction over, 68,125,000 QMX shares, representing approximately 15.55% of the issued and outstanding QMX shares prior to the completion of the arrangement.

Full details of the arrangement are set out in the arrangement agreement dated Jan. 20, 2021, between Eldorado and QMX, which has been filed by QMX under its profile on SEDAR.

Eldorado is a gold and base metal producer with mining, development and exploration operations in Turkey, Canada, Greece, Romania and Brazil.

QMX is a Canadian-based resource company that has been systematically exploring its extensive property position in the Val d’Or mining camp, Quebec. QMX is currently drilling in the Val d’Or East portion of its land package focused on the Bonnefond deposit and in the Bourlamaque batholith. In addition to its extensive land package, QMX owns the strategically located Aurbel gold mill and tailings facility.


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Canada Nickel launches ESIA at Crawford Project, Ontario

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Canada Nickel Company Inc. [CNC-TSXV; CNIKF-OTCQB] said Thursday April 8 that it has launched an environmental and social impact assessment (ESIA) at its 100%-owned Crawford nickel-cobalt sulphide project in northern Ontario. “Canada Nickel is rapidly advancing the development of the Crawford mine to deliver NetZero Nickel and Cobalt products in a sustainable, environmentally responsible way,”…

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Canada Nickel Company Inc. [CNC-TSXV; CNIKF-OTCQB] said Thursday April 8 that it has launched an environmental and social impact assessment (ESIA) at its 100%-owned Crawford nickel-cobalt sulphide project in northern Ontario.

“Canada Nickel is rapidly advancing the development of the Crawford mine to deliver NetZero Nickel and Cobalt products in a sustainable, environmentally responsible way,” said Canada Nickel Chair and CEO Mark Selby.

“We will be announcing results from our preliminary economic analysis (PEA) shortly and expect the feasibility study to be completed by year-end, therefore we want to begin this critical ESIA work as quickly as possible,” Selby said.

“Initiating environmental data acquisition and our social engagement process at this early stage sends a clear signal of the importance that the company places in reducing its environmental footprint and building lasting and meaningful relationships with all project stakeholders,” he added.

The company has hired Transfer Environmental Society (TES), a consulting firm specializing in community engagement, to support the company in designing and implementing a rigorous community consultation process.

On Thursday, Canada Nickel shares rose 2.2% or $0.07 to $3.27 in light trading The shares are trading in a 52-week range of $4.54 and 42 cents.

Canada Nickel is launching the ESIA after recently entering into a non-binding MOU with Glencore Canada Corp. to examine the potential use of Glencore’s Kidd concentrator and metallurgical site in Timmins, Ont., for the treatment and processing of material mined from the Crawford nickel-cobalt sulphide project.

Crawford is located 40 km north of Glencore’s operations in the Timmins-Cochrane area of northern Ontario.

“The opportunity to utilize the excess capacity and existing infrastructure at the Kidd met site provides the potential to allow a faster, simpler, smaller-scale start-up of Crawford at a vastly lower capital cost while the company continues to permit and develop a much-larger-scale project currently being contemplated,” Selby said recently.

He said the nickel market is increasingly driven by demand for nickel from the electric vehicle (EV) market which will require new nickel projects to be built over the coming decade.

Canada Nickel is exploring a number of key technologies in a bid to establish Crawford as a zero-carbon footprint operation. They include the utilization of rope shovels and trolley trucks which utilize electricity rather than diesel fuel as a power source wherever possible.


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Corvus hits 108.2 metres of 1.13 g/t gold in Nevada

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Corvus Gold Inc. [KOR-TSX, NASDAQ] said Thursday April 8 that it has received results from four additional drill holes in the new Lynnda Strip oxide gold discovery about two kilometres north of its Mother Lode deposit in Nevada. The company said the latest results are continuing to expand this large, new, oxide, bulk tonnage, Nevada…

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Corvus Gold Inc. [KOR-TSX, NASDAQ] said Thursday April 8 that it has received results from four additional drill holes in the new Lynnda Strip oxide gold discovery about two kilometres north of its Mother Lode deposit in Nevada.

The company said the latest results are continuing to expand this large, new, oxide, bulk tonnage, Nevada gold discovery with drill hole ML20-186 returning 108.2 metres at 1.13 g/t gold, including 36.6 metres at 2.75 g/t gold. Hole ML20-188 returned 114.30 metres at 0.96 g/t gold, while hole ML20-189 intersected 178.3 metres at 0.66 g/t gold in the upper zone followed by 100.6 metres at 0.94 g/t gold in the lower zone.

Corvus said the Lynnda Strip deposit is demonstrating gold continuity across its width and the large vein/stockwork zones within it. It said the thickness, grade and strong oxidation of this new discovery make it an ideal target for open-pit mining and heap leach processing.

Corvus shares advanced on the news, rising 1.2% or $0.03 to $2.47 in light trading. The shares are currently trading in a 52-week range of $4.26 and $1.48

Corvus is a North American gold exploration and development company. Its key assets are the wholly-owned North Bullfrog and Motherlode projects in Nevada.

North Bullfrog covers 90.5 square kilometres and is situated 10 kilometres north of Beatty, Nevada, 8.0 kilometres north of the Bullfrog Mine, which was formerly operated by Barrick Gold Corp. [ABX-TSX; GOLD-NYSE]

Motherlode is located approximately 10 km southeast of the North Bullfrog Project and covers 365 square kilometres.

The Moderlode property is estimated to contain 1.6 million ounces of gold and 1.5 million ounces of silver in the measured and indicated resource category.

Studies have indicated that an on stand alone basis, Motherlode could produce 170,980 ounces of gold annually at an all-in-sustaining cost of US$677 an ounce.

“The recent Lynnda Strip discovery is an example of the potential that exists in the re-emerging Bullfrog Gold District,” said Corvus President and CEO Jeffrey Pontius. He said Corvus would continue to expand the Lynnda Strip discovery with an initial mineral resource estimate planned for early fall of this year to assess its potential value for a future mining operation.

Corvus has a number of other targets in the region that it will address in the future to determine how extensive this new gold system is regionally.


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