Shaun Heinrichs, President and CEO of 1911 Gold Corp (TSXV: AUMB) (OTCBB: AUMBF), joins me to introduce this junior exploration Company that is advancing their True North Project, which includes a permitted mine and mill complex located on the Company’s 100%-owned Rice Lake Gold property, spanning 61,647 hectares within and adjacent to the Archean Rice Lake greenstone belt in Manitoba, Canada.
Shaun outlines how 1911 Gold believes its land package is a prime exploration opportunity, with the potential to develop a mining district centered on expanding resources and eventually moving back into the development of the past-producing True North complex. In addition to the permitted mine, there is a 1300 tpd permitted mill in place, which is expandable to 2250 tpd, which would have access to cheap hydroelectric power, and there is a permitted tailings area.
There is an ongoing aggressive exploration program underway at surface for shallow high-grade targets as well as at depth, to keep expanding the known resources of around 1.1 million ounces of gold in all categories. There will be a steady stream of exploration updates over the balance of this year. Additionally, this exploration date will be fed into future resource updates and mining and engineering models as the company works towards a PEA, anticipated by year-end.
There is also the exploration upside across the larger land package with idea to provide organically funded regional scale exploration for a hub and spoke approach once the True North mine and mill moves back into production.
The company is financially sound, with Eric Sprott, 3 institutional investors, and 2 corporate gold producers all in as strategic shareholders in the company. The treasury is cashed up with around $8 million raised the end of last year, and partners that will help provide access to capital on further financings.
If you have any questions for Shaun regarding 1911 Gold Corp, then please email me at Shad@kereport.com.
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