EnviroGold Global Seeks to Double Potential High-Grade Tailings Project Upside with Initiation of Coring Program Targeting Major Polymetallic Tailings Deposit Extension at Buchans Project in Newfoundland and Labrador, Canada
EnviroGold Global Limited
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EnviroGold Global Limited
TORONTO, Feb. 13, 2022 (GLOBE NEWSWIRE) -- EnviroGold Global Limited (CSE: NVRO | OTCQB: RGOZF |FSE: YGK) (“EnviroGold Global” or the “Company“), a Clean Technology Company accelerating the world’s transition to a circular-resource economy through the production of Metals Without Mining, is pleased to announce it will initiate a coring program targeting the recently discovered “Western Arc” polymetallic tailings extension identified by a January 2022 independent geophysical survey (link) that indicated substantial additional tailings and major upside potential in the Jeff Wall Claim. The Jeff Wall Claim is subject to EnviroGold Global’s definitive commercial agreement (link) allowing the Company to reprocess and recover precious, critical and strategic metals from legacy mine tailings located on 1,225 hectares (3,025 acres) of mining claims covering the deltaic tailings deposit around the mouth of the Buchans River.
The coring program will collect material from 99 points within the Jeff Wall Claim focusing on the highest density areas along the “Western Arc” identified by the recent tailings deposit geophysical survey. EnviroGold Global will commence coring in February 2022, so contributing to the publishing of a mineral resource estimate for the Buchans Project in mid-2022. The Company expects to initiate commercial production of precious metals (gold, silver), battery and clean-energy metals (lead, copper, zinc) in 2023.
Commenting on the recent developments, EnviroGold Global CEO, Dr. Mark Thorpe, said, “We look forward to announcing the results of the coring program, which represents another major milestone in the development of our high-value global tailings reprocessing portfolio. Our goal continues to be adding substantial ounces of gold and silver and substantial tonnes of lead, copper and zinc to a global tailings resource that will allow us to create outstanding returns for our shareholders while creating sustainable, lasting value for community and environmental stakeholders by producing Metals Without Mining.”
Image one: GPR Survey results from Buchans Project: Image one: GPR Survey results from Buchans Project
About the Buchans Project
The Buchans Tailings were produced during decades of mining operations within the Buchans Mining District, which was home to one of the world’s largest volcanogenic massive sulphide (VMS) deposits. From 1928 to 1984, American Smelting and Refining Company Inc. (ASARCO) produced approximately 16 million tonnes from five deposits with an average mill head grade of 14.51% zinc, 7.56% lead, 1.33% copper, 126 g/t silver and 1.37 g/t gold (reference: Geoscience Canada, Volume 37, Number 7, December 2010). From the start of the operation to about 1965, tailings from the operations were deposited into the Buchans River and flowed down the creek contributing to the Buchans River Delta.
The Company expects to deploy modular, scalable metal recovery and tailings remediation systems at the site designed with the capacity to process up to 1,000 tonnes per day of the reclaimed tailings.
Qualified Person Statement
All scientific and technical information contained in this news release was prepared and approved by Ian Hodkinson, MAIG RPGeo, Chief Geologist of EnviroGold Global, who is a Qualified Person as defined in NI 43-101.
About EnviroGold Global
EnviroGold Global (CSE: NVRO) (OTCQB: RGOZF) (FSE: YGK), is a CleanTech company dedicated to creating shareholder value while establishing ESG & circular economy leadership by profitably reprocessing & remediating mine waste (tailings) to recover precious, critical & strategic metals – including gold, silver, copper & nickel. Led by CEO Dr. Mark Thorpe, the Company is strategically positioned to earn and maintain social license while capitalizing the estimated US$ 3.4 trillion of in situ metal value in global tailings. Dr. Thorpe is also the Chairman of the Canadian Mining Innovation Council.
The Company’s commercial strategy involves identifying, qualifying and developing tailings reprocessing opportunities, generally targeting tailings sites with at least 6M metric tonnes of tailings and gross recoverable metal value of $124/tonne of tailings. The Company has reviewed over 300 global tailings sites to date and through further market segmentation has identified potential targets exceeding US$10 billion in gross recoverable metal value.
EnviroGold Global acquires the metal recovery rights to tailings sites by leveraging a profit share business model to create an attractive value proposition for site owners. The Company’s low-CAPEX business model is designed to generate high free-cash flow & high target IRR while eliminating the risks of traditional exploration and extraction. The Company expects to produce metals with a carbon footprint up to 96% lower than conventional metal producers while reducing the environmental footprint of legacy mining.
As of January 2022, the Company has 8 Major Projects in its global project pipeline including 1 major project under contract, 1 major project subject to an MOU, and 6 additional major projects at various stages of commercial negotiation and detailed technical/economic review.
The Company expects to commence commercial production of precious metals (gold and silver), clean energy metals and battery metals (copper, lead, zinc) 2022 and is targeting 7 major projects in commercial production by 2025.
Additional information can be found on the Company’s website (link) and publicly available corporate presentation (link)
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Forward Looking Statements
This news release contains “forward-looking statements” within the meaning of applicable securities laws, including, without limitation, earnings guidance, economic guidance, operational guidance and future capital spending amounts. All statements contained herein that are not clearly historical in nature may constitute forward-looking statements.
Graphical representations included in this news release are approximate representations which may vary from defined regulatory boundaries.
Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or may contain statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “will continue”, “will occur” or “will be achieved”. The forward-looking information and forward-looking statements contained herein include, but are not limited to, statements regarding the expected terms of the Buchans Project and its completion, the Company’s working relationship with the owner(s) of the Buchans tailings, the economic viability of the Buchans Project and statements regarding any residual precious metals as a by-product of the remediation, the Company’s expansion of its reprocessing pipeline, and the Company’s ability to accelerate the world’s transition to a circular resource economy. Forward-looking information in this news release are based on certain assumptions and expected future events, namely: the Company’s ability to continue as a going concern; the continued commercial viability and growth in the clean technology and mining waste reprocessing industry; continued approval of the Company’s activities by the relevant governmental and/or regulatory authorities; the continued development of clean technology and mining waste reprocessing technology; and the continued growth of the Company. These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including but not limited to: the potential inability of the Company to continue as a going concern; the Company’s inability to accelerate the world’s transition to a circular resource economy, the risks associated with assessing metallurgical recovery rates from mine tailings and waste and related volumetric assessments, the risks associated with the mining and mining waste recycling industry in general; increased competition in the clean technology and waste reprocessing market; the potential unviability of the clean technology and mining waste reprocessing market; incorrect assessment of the value and potential benefits of various transactions; risks associated with potential governmental and/or regulatory action with respect to clean technology and mining waste reprocessing; risks associated with a potential collapse in the value of clean technology and waste reprocessing; and risks relating to the Company’s potential inability to expand its reprocessing pipeline.
Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect the Company’s expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.
